<SEC-DOCUMENT>0001213900-20-005682.txt : 20200309
<SEC-HEADER>0001213900-20-005682.hdr.sgml : 20200309
<ACCEPTANCE-DATETIME>20200309090129
ACCESSION NUMBER:		0001213900-20-005682
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20200305
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Unregistered Sales of Equity Securities
ITEM INFORMATION:		Material Modifications to Rights of Security Holders
ITEM INFORMATION:		Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200309
DATE AS OF CHANGE:		20200309

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:		20696677

	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>ea119370-8k_cadizinc.htm
<DESCRIPTION>CURRENT REPORT
<TEXT>
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<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>UNITED
STATES</B></FONT></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

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

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

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

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

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>FORM 8-K</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Securities Exchange Act of 1934</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of report (Date of earliest event
reported): March 5, 2020</B></P>

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

<P STYLE="font: 24pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 14pt"><B>Cadiz
Inc. </B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Exact Name of Registrant as Specified
in its Charter)</B></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 32%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>DELAWARE</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 32%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>0-12114</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; width: 2%; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 32%; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>77-0313235</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(State or Other Jurisdiction</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>of Incorporation)</B></P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.8pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Commission File Number)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>(IRS Employer</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0; text-align: center"><B>Identification No.)</B></P></TD></TR>
</TABLE>


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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; width: 49%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in; text-align: center"><B>550 S. Hope Street, Suite 2850</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.4in; text-align: center"><B>Los Angeles, CA</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; width: 49%; padding-right: 0.4in; padding-left: 0.4in; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>90071</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0.4in; padding-left: 0.4in; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Address of Principal Executive Offices)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 0.4in; padding-left: 0.4in; font-size: 10pt; text-align: center"><FONT STYLE="font-size: 10pt"><B>(Zip Code)</B></FONT></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registrant&rsquo;s telephone number,
including area code: <FONT STYLE="font-size: 10pt">(231) 271-1600</FONT></B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Former name or former address, if changed
since last report)</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0">Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 23.95pt; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; width: 552.05pt; padding-right: 0.8pt; font-size: 10pt">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 23.95pt; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; width: 552.05pt; padding-right: 0.8pt; font-size: 10pt">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 23.95pt; padding-right: 0.8pt; font-size: 10pt">&#9744;</TD>
    <TD STYLE="text-align: justify; width: 552.05pt; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 23.95pt; padding-right: 0.8pt; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify; width: 552.05pt; padding-right: 0.8pt; font-size: 10pt">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Title of each class</TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Trading symbol(s)</TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; border-bottom: black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Name of exchange on which registered</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Common Stock, par value $0.01 per share</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">CDZI</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">The NASDAQ Global Market</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify">Emerging growth company</TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></TD>
    <TD STYLE="text-align: justify">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.</TD></TR>
</TABLE>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="text-align: justify; width: 9%"><B>Item 1.01.</B></TD><TD STYLE="text-align: justify; width: 91%"><B>Entry into a Material Definitive Agreement. </B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Conversion and Exchange Agreements</U></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As previously disclosed in the Form 8-K
filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo;) in December 2015, pursuant to the Indenture, dated as
of December 10, 2015 (the &ldquo;Indenture&rdquo;), between Cadiz Inc. (the &ldquo;Company&rdquo; or &ldquo;us&rdquo; or &ldquo;we&rdquo;),
as the issuer, and U.S. Bank National Association, as trustee, the Company issued of 7.00% Convertible Senior Notes due 2020 (the
&ldquo;Convertible Notes&rdquo;).</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 5, 2020, the Company entered into
Conversion and Exchange Agreements (the &ldquo;Exchange Agreements&rdquo;) with certain holders (the &ldquo;Holders&rdquo;) of
Convertible Notes having an aggregate original principal amount of $27,381,000. Pursuant to the terms of the Exchange Agreements,
the Holders exchanged an aggregate amount payable of $27,340,875.00 under the Convertible Notes (such portion of the Convertible
Notes, the &ldquo;Exchanged Notes&rdquo;) for an aggregate of 10,000 shares of Series 1 Preferred Stock, par value $0.01 per share,
of the Company (the &ldquo;Series 1 Preferred Stock&rdquo;). In addition, pursuant to the terms of the Exchange Agreements, the
Holders converted the remaining aggregate amount payable of $17,480,302.33 under the Convertible Notes (excluding the amount payable
under the Exchanged Notes) into an aggregate of 2,589,674 shares of our Common Stock, par value $0.01 per share (the &ldquo;Common
Stock&rdquo;), at a conversion price of $6.75 per share of Common Stock in accordance with the terms of the Indenture. Following
the transactions contemplated by the Exchange Agreements, all of the Convertible Notes held by the Holders have been satisfied
in full and cancelled.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company also entered into a Registration
Rights Agreement with the holders of the Preferred Shares with respect to the Preferred Shares and the shares of our Common Stock
issuable upon conversion of the Preferred Shares.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Waiver and Amendment No. 1 to Credit Agreement</U></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 5, 2020, the Company entered into
a Waiver and Amendment No. 1 to the Credit Agreement (the &ldquo;Credit Agreement Amendment&rdquo;), with Cadiz Real Estate LLC,
Wells Fargo Bank National Association, as the agent (the &ldquo;Agent&rdquo;), and the Required Lenders (as defined in the Credit
Agreement), to amend the Credit Agreement, dated as of May 1, 2017, by and among the Company and Cadiz Real Estate LLC, as the
Borrowers, the Agent, and the lenders party thereto from time to time (the &ldquo;Credit Agreement&rdquo;). Under the Credit Agreement
Amendment, the Required Lenders waived certain covenants in the Credit Agreement with respects to the transactions contemplated
by the Exchange Agreements. In addition, the following amendments were made to the Credit Agreement:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">The Borrowers have the option to extend the maturity date of the loan for a period of twelve (12) months, upon payment of an
extension option fee. If the Borrowers exercise their right to extend the maturity date of the Credit Agreement, then the Applicable
Cash Rate (as defined in the Credit Agreement) will automatically increase on a quarterly basis by one-half of a percentage point
(0.500%) per annum, and the Applicable PIK Rate (as defined in the Credit Agreement) will automatically increase on a quarterly
basis by one percentage point (1.000%) per annum.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">The applicable prepayment premium was increased to 5.00% of the accreted value of the secured term loans under the Credit Agreement,
provided, that (i) the applicable prepayment premium will increase to 7.00% of the accreted value of the secured term loans under
the Credit Agreement if the obligations under the Credit Agreement are not paid on or prior to April 3, 2020, and (ii) the applicable
prepayment premium will increase to 10.00% of the accreted value of the secured term loans under the Credit Agreement if the Borrowers
exercise their right to extend the maturity date of the Credit Agreement.</TD></TR></TABLE>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Amendment No. 1 to Warrants</U></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 5, 2020, the Company entered into
an Amendment No. 1 to Warrant (the &ldquo;Warrant Amendment&rdquo;), with the holder of the Warrant to Purchase 357,500 Shares
(Subject to Adjustment) of Common Stock of the Company, dated May 25, 2017 (as amended, the &ldquo;Warrant&rdquo;), to amend the
Warrant as follows:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">The Exercise Price (as defined in the Warrant) was decreased to $6.75 per share. If the Borrowers exercise their right to extend
the Maturity Date of the Credit Agreement, the Exercise Price will automatically decrease to $0.01 per share.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0.25in"></TD><TD STYLE="text-align: justify; width: 0.25in">&#9679;</TD><TD STYLE="text-align: justify">The Expiration Date (as defined in the Warrant) will automatically be extended by twelve (12) months, in the event that the
Borrowers exercise their right to extend the Maturity Date of the Credit Agreement.</TD></TR></TABLE>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The foregoing descriptions of the Exchange
Agreements, the Credit Agreement Amendment and the Warrant Amendment are not complete and are qualified in their entirety by references
to the full text of such documents, which are filed as Exhibits 10.1, 10.2, 10.4 and 10.5, respectively, to this Current Report
and are incorporated by reference herein.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0%"></TD><TD STYLE="text-align: justify; width: 9%"><B>Item 3.02.</B></TD><TD STYLE="text-align: justify; width: 91%"><B>Unregistered Sales of Equity Securities.</B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To the extent required,
the information included in Item 1.01 and Item 5.03 of this Current Report are hereby incorporated by reference into this Item
3.02. The Preferred Shares were issued in reliance on Section 4(a)(2) and/or Section 3(a)(9) under the Securities Act of 1933,
as amended.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0%"></TD><TD STYLE="text-align: justify; width: 9%"><B>Item 3.03.</B></TD><TD STYLE="text-align: justify; width: 91%"><B>Material Modification to Rights of Security Holders.</B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent required, the information
included in Item 1.01 and Item 5.03 of this Current Report are hereby incorporated by reference into this Item 3.03.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0%"></TD><TD STYLE="text-align: justify; width: 9%"><B>Item 5.03.</B></TD><TD STYLE="text-align: justify; width: 91%"><B>Amendment to Certificate of Incorporation; Change in Fiscal Year.</B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 5, 2020, the Company filed a Certificate
of Designation of Series 1 Preferred Stock in the State of Delaware to designate 10,000 shares of our preferred stock, par value
$0.01 per share, as Series 1 Preferred Stock.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following is a description of the Series
1 Preferred Stock:</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Ranking and Liquidation</I>. Prior to
March 5, 2025 (the &ldquo;Mandatory Conversion Date&rdquo;), subject to applicable law and the rights of the holders of any outstanding
series of our preferred stock, in the event of a voluntary or involuntary liquidation, dissolution or winding up of the Company,
each share of Series 1 Preferred Stock (a &ldquo;Preferred Share&rdquo;) will be entitled to receive an amount in cash equal to
$2,734.09 per share (as may be adjusted for any dividends of Preferred Shares, subdivision of the outstanding Preferred Shares
or combination of the outstanding Preferred Shares), before any payment may be made to holders of our Common Stock or any outstanding
series of our preferred stock junior in liquidation preference to the Preferred Shares. In addition, prior to the Mandatory Conversion
Date, subject to applicable law and the rights of the holders of any outstanding series of our preferred stock, Preferred Shares
will be entitled to participate pro rata on an as-converted into common stock basis with all of our Common Stock in the distribution
of any remaining proceeds from the voluntary or involuntary liquidation, dissolution or winding up. After the Mandatory Conversion
Date, subject to applicable law and the rights of the holders of any outstanding series of our preferred stock, Preferred Shares
will not receive any preference and will only be entitled to participate pro rata on an as-converted into common stock basis with
all of our Common Stock in the distribution of any remaining proceeds from the voluntary or involuntary liquidation, dissolution
or winding up.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Conversion</I>. Each Preferred Share
is convertible at any time at the option of the holder into 405.05 shares of our Common Stock (the &ldquo;Conversion Rate&rdquo;),
provided that the holder will be prohibited from converting Preferred Shares into shares of our Common Stock if, as a result of
such conversion, the holder, together with its affiliates, would beneficially own more than 9.9% of the total number of shares
of our Common Stock then issued and outstanding after giving effect to such conversion. On the Mandatory Conversion Date, each
Preferred Share will automatically convert into shares of our Common Stock at the Conversion Rate then in effect; provided, that
the Preferred Shares will not automatically convert shares of our Common Stock to the extent that, as a result of such conversion,
the holder, together with its affiliates, would beneficially own more than 9.9% of the total number of shares of our Common Stock
then issued and outstanding after giving effect to such conversion. Any Preferred Shares that remain outstanding after the Mandatory
Conversion Date as a result of such limitations will be convertible at any time thereafter, at the option of the holder, subject
to the beneficial ownership limitations in the Certificate of Designation of Series 1 Preferred Stock of the Company.</P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Voting Rights</I>. Prior to the Mandatory
Conversion Date, except as provided by applicable law, each Preferred Share will be entitled to 301.98 votes (the &ldquo;Voting
Rate&rdquo;) on all matters on which stockholders are generally entitled to vote (provided that no holder of Preferred Shares will
be entitled to such number of votes in excess of such holder&rsquo;s beneficial ownership limitation). Additionally, prior to the
Mandatory Conversion Date, the vote or written consent of holders of a majority of the outstanding Preferred Shares, voting separately
as a single class, will be required for certain amendments to our certificate of incorporation, to incur certain indebtedness other
than permitted indebtedness, to enter into certain affiliate transactions, to issue additional Preferred Shares and to issue any
capital stock senior or having parity in preference to the Preferred Shares, other than preferred shares that may be issued in
one or more financing transactions as an alternative to the Company incurring permitted indebtedness. After the Mandatory Conversion
Date, the Preferred Shares will have no voting rights, except as required by applicable law.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Dividends</I>. Prior to the Mandatory
Conversion Date, the holders of Preferred Shares will not be entitled to participate in any dividends or distributions. After the
Mandatory Conversion Date, subject to the applicable law and the rights of the holders of any outstanding series of our preferred
stock, Preferred Shares will rank pari passu on an as-converted to common stock basis with all of our Common Stock as to dividends
and distributions. However, holders of Preferred Shares will not be entitled to participate in dividends consisting of shares of
our Common Stock or other securities convertible into or exercisable for shares of our Common Stock to the extent that, as a result
of such dividend, the holder, together with its affiliates, would beneficially own more than 9.9% of the total number of shares
of our Common Stock then issued and outstanding after giving effect to such dividend.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><I>Anti-Dilution</I>. The Conversion Rate
and the Voting Rate are subject to proportionate adjustment upon the issuance by the Company of stock dividends, stock splits,
and similar proportionately applied changes affecting the Company&rsquo;s outstanding Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Redemption</I>.
At any time after March 5, 2021, the Company may redeem Preferred Shares by payment of an amount per Preferred Share equal to $13.50
(as may be adjusted for any dividends of Preferred Shares, subdivision of the outstanding Preferred Shares or combination of the
outstanding Preferred Shares) multiplied by the Conversion Rate then in effect; provided, that as to each holder of Preferred Shares,
the number of shares redeemed must be at least 25% of the Preferred Shares originally issued to such holder.</P>



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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Rights as a Stockholder.</I>
Except as otherwise provided in the Certificate of Designation of Series 1 Preferred Stock, or by virtue of such holder&rsquo;s
ownership of shares of our Common Stock, the holders of Preferred Shares do not have the rights or privileges of holders of shares
of our Common Stock, until they convert their Preferred Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>Amendments</I>.
Certain terms of the Series 1 Preferred Stock may be amended or modified with the vote or written consent of the holders of a majority
of the then-outstanding Preferred Shares.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The foregoing description of the Series
1 Preferred Stock is qualified in its entirety by reference to the full text of the Certificate of Designation of the Series 1
Preferred Stock, which is filed as Exhibit 3.1 to this Current Report and are incorporated by reference herein.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="text-align: justify; width: 0%"></TD><TD STYLE="text-align: justify; width: 9%"><B>Item 8.01</B></TD><TD STYLE="text-align: justify; width: 91%"><B>Other Events. </B></TD></TR></TABLE>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On March 9, 2020, the Company issued a press
release regarding the transactions contemplated by the Conversion and Exchange Agreements. A copy of the press release is filed
as Exhibit&nbsp;99.1 to this Current Report on Form&nbsp;8-K and is incorporated by reference herein.</P>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD><TD STYLE="width: 9%"><B>Item 9.01</B></TD><TD STYLE="width: 91%"><B>Financial Statements and Exhibits. </B></TD></TR></TABLE>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 9%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exhibit No.</B></P></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; border-bottom: Black 1.5pt solid; width: 90%"><B>Description</B></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>3.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea119370ex3-1_cadizinc.htm">Certificate of Designation of Series 1 Preferred Stock of Cadiz Inc.</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea119370ex10-1_cadizinc.htm">Conversion and Exchange Agreement, dated March 5, 2020,
    by and between Cadiz Inc. and LC Capital Master Fund, Ltd.</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea119370ex10-2_cadizinc.htm">Conversion and Exchange Agreement, dated March 5, 2020,
    by and between Cadiz Inc. and Elkhorn Partners Limited Partnership</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea119370ex10-3_cadizinc.htm">Registration Rights Agreement, dated March 5, 2020, by and among Cadiz Inc. and the other parties thereto</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>10.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea119370ex10-4_cadizinc.htm">Waiver and Amendment No. 1 to Credit Agreement, dated
    as of March 5, 2020, by and among Cadiz Inc., Cadiz Real Estate LLC, the Required Lenders and Wells Fargo Bank, National Association,
    as administrative agent</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD>10.5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea119370ex10-5_cadizinc.htm">Amendment No. 1 to Warrant, dated as of March 5, 2020,
    by and between Cadiz Inc. and other party thereto</A></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea119370ex99-1_cadizinc.htm">Press Release dated March 9, 2020</A></TD></TR>
</TABLE>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CADIZ INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;/s/ Timothy J. Shaheen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Timothy J. Shaheen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Chief Financial Officer </TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: March 9, 2020</P>

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

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

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">5</P>



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

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<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>ea119370ex3-1_cadizinc.htm
<DESCRIPTION>CERTIFICATE OF DESIGNATION OF SERIES 1 PREFERRED STOCK OF CADIZ INC.
<TEXT>
<HTML>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 3.1</B></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>SERIES
1 PREFERRED STOCK</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>CADIZ
inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(Pursuant
to Section 151 of the General Corporation Law of the State of Delaware)</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cadiz
Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (hereinafter, the &ldquo;<U>Corporation</U>&rdquo;),
hereby certifies that the following resolution was duly adopted by the Board of Directors of the Corporation as required by Section
151 of the General Corporation Law of the State of Delaware:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;NOW,
THEREFORE, BE IT RESOLVED, that pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation
in accordance with the provisions of the certificate of incorporation of the Corporation, there is hereby created and provided
out of the authorized but unissued preferred stock, par value $0.01 per share, of the Corporation (&ldquo;<U>Preferred Stock</U>&rdquo;),
a new series of Preferred Stock, and there is hereby stated and fixed the number of shares constituting such series and the designation
of such series and the powers (including voting powers), if any, of such series and the preferences and relative, participating,
optional, special or other rights, if any, and the qualifications, limitations or restrictions, if any, of such series as follows:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><I>Series
1 Preferred Stock:</I></B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
1. <U>Designation and Amount</U>. The shares of such series shall be designated as shares of &ldquo;Series 1 Preferred Stock,&rdquo;
par value $0.01 per share, of the Corporation (the &ldquo;<U>Series 1 Preferred Stock</U>&rdquo;), and the number of shares constituting
such series shall be ten thousand (10,000).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
2. <U>Definitions</U>. The following terms shall have the following meanings for purposes of this Certificate of Designation (as
the same may be amended, amended and restated or restated from time to time, this &ldquo;<U>Certificate of Designation</U>&rdquo;):</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
&ldquo;<U>Affiliates</U>&rdquo; with respect to any Person shall mean any Person that, directly or indirectly through one or more
intermediaries, controls or is controlled by or is under common control with such Person, as such terms are used in and construed
under Rule 405 of the Securities Act.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&ldquo;<U>Attribution Parties</U>&rdquo; with respect to a holder of outstanding shares of Series 1 Preferred Stock shall mean
such holder&rsquo;s Affiliates and any Persons acting as group together with such holder or any of such holder&rsquo;s Affiliates.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
&ldquo;<U>Beneficial Ownership Limitation</U>&rdquo; with respect to a holder of outstanding shares of Series 1 Preferred Stock
shall mean 9.9% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon conversion of Series 1 Preferred Stock held by such holder pursuant to this Certificate of Designation;
<I>provided</I>, <I>however</I>, that a holder of any outstanding shares of Series 1 Preferred Stock, upon written notice to the
Corporation, may increase or decrease the Beneficial Ownership Limitation provisions of this definition applicable to the outstanding
shares of Series 1 Preferred Stock held by such holder; <I>provided</I> that the Beneficial Ownership Limitation shall in no event
exceed 9.9% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares
of Common Stock issuable upon conversion of Series 1 Preferred Stock held by such holder pursuant to this Certificate of Designation
and the provisions of this definition shall continue to apply. Any such increase in the Beneficial Ownership Limitation shall
not be effective until the 61<SUP>st</SUP> day after such written notice is delivered to the Corporation and shall only apply
to the holder of outstanding shares of Series 1 Preferred Stock providing such notice and no other holder of outstanding shares
of Series 1 Preferred Stock. The provisions of this definition shall, to the fullest extent permitted by applicable law, be construed
and implemented in a manner otherwise than in strict conformity with the terms of this definition to correct this definition (or
any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation contained herein
or to make changes or supplements necessary or desirable to properly give effect to such limitation.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
&ldquo;<U>Beneficially Own</U>&rdquo; shall mean &ldquo;beneficial ownership&rdquo; in accordance with Section 13(d) of the Exchange
Act and shall include the number of shares of Common Stock issuable upon conversion of the outstanding shares of Series 1 Preferred
Stock sought to be converted pursuant to this Certificate of Designation, but shall exclude the number of shares of Common Stock
which are issuable upon (i) conversion of any other outstanding shares of Series 1 Preferred Stock and (ii) exercise or conversion
of the unexercised or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or
exercise analogous to the limitation contained herein.&nbsp;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
&ldquo;<U>Board of Directors</U>&rdquo; shall mean the Board of Directors of the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
&ldquo;<U>Capital Lease Obligations</U>&rdquo; means, with respect to any Person, the obligations of such Person to pay rent or
other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination
thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person
under GAAP and, for the purposes of this Indenture, the amount of such obligations at any time shall be the capitalized amount
thereof at such time determined in accordance with GAAP.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
&ldquo;<U>Certificate of Incorporation</U>&rdquo; shall mean the certificate of incorporation of the Corporation, as the same
may be amended, amended and restated or restated from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
&ldquo;<U>Closing Price</U>&rdquo; of Common Stock or any other security on any date shall mean the closing sale price per share
(or, if no closing sale price is reported, the average of the last bid and last ask prices or, if more than one in either case,
the average of the average bid and the average ask prices) on that date as reported in composite transactions for the principal
United States securities exchange on which Common Stock or such other security is traded.&nbsp;&nbsp;If Common Stock or such other
security is not listed for trading on a United States national or regional securities exchange on the relevant date, the Closing
Price will be the last quoted bid price for Common Stock or such other security in the over-the-counter market on the relevant
date as reported by OTC Markets Group Inc. or a similar organization.&nbsp;&nbsp;If Common Stock or such other security is not
so quoted, the Closing Price will be the average of the mid-point of the last bid and ask prices for Common Stock or such other
security on the relevant date from each of at least three nationally recognized independent investment banking firms selected
by the Corporation for this purpose.&nbsp;&nbsp;The Closing Price will be determined without reference to extended or after hours
trading.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
&ldquo;<U>Commission</U>&rdquo; shall mean the United States Securities and Exchange Commission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
&ldquo;<U>Commodity Price Protection Agreement</U>&rdquo; means, with respect to any Person, any forward contract, futures contract,
commodity swap, commodity option or other similar agreement or arrangement (including derivative agreements or arrangements) as
to which such Person is a party or a beneficiary relating to, or the value of which is dependent upon or which is designed to
protect such Person against, fluctuations in commodity prices.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
&ldquo;<U>Common Stock</U>&rdquo; shall mean the common stock, par value $0.01 per share, of the Corporation.</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
&ldquo;<U>Common Stock Equivalents</U>&rdquo; shall mean any securities of the Corporation which would entitle the holder thereof
to acquire at any time shares of Common Stock, including, without limitation, any Debt, preferred stock, rights, options, warrants
or other securities that are at any time convertible into or exercisable for, or otherwise entitle the holder thereof to receive,
shares of Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
&ldquo;<U>Conversion Date</U>&rdquo; shall mean an Optional Conversion Date or a Mandatory Conversion Date, as the circumstances
shall require.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
&ldquo;<U>Conversion Limitation Determination</U>&rdquo; shall have the meaning set forth in <U>Section 7(c)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
&ldquo;<U>Conversion Rate</U>&rdquo; shall mean 405.05, as such amount may be adjusted pursuant to <U>Section 8</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)
&ldquo;<U>Convertible Senior Notes due 2020</U>&rdquo; shall mean <FONT STYLE="background-color: white">the Corporation&rsquo;s
7.00% Convertible Senior Notes due 2020&nbsp;issued pursuant to the Indenture dated as of December 10, 2015, between the Corporation
and U.S. Bank National Association (including any additional notes issued under such Indenture in an aggregate original principal
amount not to exceed $5,000,000 at any one time outstanding),</FONT> as amended, amended and restated, restated, supplemented
or otherwise modified from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)
&ldquo;<U>Corporation</U>&rdquo; means Cadiz Inc., a Delaware corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)
<FONT STYLE="background-color: white">&ldquo;<U>Credit Agreement</U>&rdquo; means the Credit Agreement, dated as of May 1, 2017,
among the Corporation, Apollo Special Situations Fund, L.P., the other lenders from time to time party thereto, and </FONT>Wells
Fargo Bank, National Association<FONT STYLE="background-color: white">, as the agent for the lenders, as amended, amended and
restated, restated, extended, renewed, supplemented or otherwise modified from time to time, and one or more agreements, including,
without limitation, an indenture, governing the Debt Incurred by the Corporation and/or its subsidiaries to Refinance, in whole
or in part, the Debt then outstanding under the Credit Agreement or one or more successor Credit Agreements; <I>provided</I>,
<I>however</I>, that the principal amount of such Refinanced Debt (or accreted value, in the case of such Refinanced Debt issued
at a discount) does not exceed the principal amount (or accreted value, as the case may be) of the Debt so Refinanced, plus the
amount of accrued and unpaid interest on the Debt so Refinanced, any premium paid to holders of the Debt so Refinanced and reasonable
expenses (including underwriting discounts) Incurred in connection with the Refinancing of such Debt. </FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)
<FONT STYLE="background-color: white">&ldquo;<U>Currency Agreement</U>&rdquo; means, with respect to any Person, any foreign exchange
contract, currency swap agreement or other similar agreement or arrangement (including derivative agreements or arrangements)
as to which such Person is a party or a beneficiary designed to hedge foreign currency risk of such Person,</FONT> as amended,
amended and restated, restated, supplemented or otherwise modified from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)
&ldquo;<U>Debt</U>&rdquo; means, with respect to any Person at any date, without duplication, (i) all indebtedness of such Person
for borrowed money, (ii) all obligations of such Person for the deferred purchase price of property or services (other than current
trade payables incurred in the ordinary course of such Person&rsquo;s business), (iii) all obligations of such Person evidenced
by notes, bonds, debentures or other similar instruments, (iv) all indebtedness created or arising under any conditional sale
or other title retention agreement with respect to property acquired by such Person (even though the rights and remedies of the
seller or lender under such agreement in the event of default are limited to repossession or sale of such property), (v) all Capital
Lease Obligations of such Person, (vi) all obligations of such Person, contingent or otherwise, as an account party or applicant
under or in respect of acceptances, letters of credit, surety bonds or similar arrangements, (vii) the liquidation value of all
redeemable preferred capital stock of such Person, (viii) all Guarantee Obligations of such Person in respect of obligations of
the kind referred to in clauses (i) through (vii) above, (ix) all obligations of the kind referred to in clauses (i) through (viii)
above secured by (or for which the holder of such obligation has an existing right, contingent or otherwise, to be secured by)
any Lien on property (including accounts and contract rights) owned by such Person, whether or not such Person has assumed or
become liable for the payment of such obligation, and (x) all obligations under Hedging Obligations of such Person. The Debt of
any Person shall include the Debt of any other entity (including any partnership in which such Person is a general partner) to
the extent such Person is liable therefor as a result of such Person&rsquo;s ownership interest in or other relationship with
such entity, except to the extent the terms of such Debt expressly provide that such Person is not liable therefor.</FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)
&ldquo;<U>Dividend Junior Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, any outstanding series
of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation raking junior to the Series
1 Preferred Stock as to dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
&ldquo;<U>Dividend Parity Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, the Common Stock and any
outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking
<I>pari passu</I> to the Series 1 Preferred Stock as to dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)
&ldquo;<U>Dividend Senior Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, any outstanding series
of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking senior to the
Series 1 Preferred Stock as to dividends.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)
&ldquo;<U>Exchange Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)
&ldquo;<U>Exchange Agreements</U>&rdquo; shall mean the Conversion and Exchange Agreements, dated on or about the Original Issue
Date, between the Corporation and each original Holder (as defined therein), as amended, amended and restated, restated, supplemented
or otherwise modified from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)
&ldquo;<U>Existing Debt</U>&rdquo; shall mean the following <FONT STYLE="background-color: white">Debt of the Corporation and
its subsidiaries outstanding on the Original Issue Date: (i) the Corporation&rsquo;s 7.00% Convertible Senior Notes due 2018 issued
pursuant to the Indenture dated as of March 5, 2013, between the Corporation and U.S. Bank National Association (as successor
to The Bank of New York Mellon Trust Company, N.A.), as trustee, </FONT>as amended, amended and restated, restated, supplemented
or otherwise modified from time to time<FONT STYLE="background-color: white">, (ii) the Convertible Senior Notes due 2020</FONT>,
<FONT STYLE="background-color: white">(iii) any Debt of the Corporation and/or its subsidiaries Incurred pursuant to the Credit
Agreement in an aggregate original principal amount not to exceed $60,000,000 outstanding at any time, plus any accretion pursuant
to the terms of the Credit Agreement, (iv) debt Incurred in connection with </FONT>that certain Amended and Restated Cadiz &ndash;
Fenner Valley Farm Lease, dated as of February 8, 2016, entered into among Fenner Valley Farm, LLC, the Corporation and the other
signatories thereto, <FONT STYLE="background-color: white">and (v) any Debt Incurred under any credit agreement, loan, note or
indenture governing the Debt Incurred by the Corporation and/or its subsidiaries to Refinance, in whole or in part, any other
Existing Debt then outstanding; <I>provided</I>, <I>however</I>, that the principal amount of such Refinanced Debt (or accreted
value, in the case of such Refinanced Debt issued at a discount) does not exceed the principal amount (or accreted value, as the
case may be) of the Debt so Refinanced, plus the amount of accrued and unpaid interest on the Debt so Refinanced, any premium
paid to holders of the Debt so Refinanced and reasonable expenses (including underwriting discounts) Incurred in connection with
the Refinancing of such Debt.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)
&ldquo;<U>Farming Project</U>&rdquo; shall have the meaning set forth in <U>Section 4(b)(ii)(B)(2)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)
<FONT STYLE="background-color: white">&ldquo;<U>GAAP</U>&rdquo; means generally accepted accounting principles in the United States
of America, as in effect from time to time.</FONT></FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)
&ldquo;<U>Guarantee Obligation</U>&rdquo; means, with respect to any Person (the &ldquo;<U>Guaranteeing Person</U>&rdquo;), any
obligation, including a reimbursement, counterindemnity or similar obligation, of the Guaranteeing Person that guarantees or in
effect guarantees, or which is given to induce the creation of a separate obligation by another Person (including any bank under
any letter of credit) that guarantees or in effect guarantees, any Debt, leases, dividends or other obligations (the &ldquo;<U>Primary
Obligations</U>&rdquo;) of any other third Person (the &ldquo;<U>Primary Obligor</U>&rdquo;) in any manner, whether directly or
indirectly, including any obligation of the Guaranteeing Person, whether or not contingent, (i) to purchase any such Primary Obligation
or any property constituting direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment
of any such Primary Obligation or (2) to maintain working capital or equity capital of the Primary Obligor or otherwise to maintain
the net worth or solvency of the Primary Obligor, (iii) to purchase property, securities or services primarily for the purpose
of assuring the owner of any such Primary Obligation of the ability of the Primary Obligor to make payment of such Primary Obligation
or (iv) otherwise to assure or hold harmless the owner of any such Primary Obligation against loss in respect thereof; <I>provided</I>,
<I>however</I>, that the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in
the ordinary course of business. The amount of any Guarantee Obligation of any Guaranteeing Person shall be deemed to be the maximum
amount for which such Guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation,
unless such Primary Obligation and the maximum amount for which such Guaranteeing Person may be liable are not stated or determinable,
in which case the amount of such Guarantee Obligation shall be such Guaranteeing Person&rsquo;s maximum reasonably anticipated
liability in respect thereof as determined by the Guaranteeing Person in good faith.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)
&ldquo;<U>Hedging Obligations</U>&rdquo; mean, with respect to any Person, the obligations of such Person pursuant to any Interest
Rate Agreement, Currency Agreement or Commodity Price Protection Agreement, as amended, amended and restated, restated, supplemented
or otherwise modified from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)
&ldquo;<U>Incur</U>&rdquo; means, with respect to any Debt or other obligation of any Person, to create, issue, incur (including
by conversion, exchange or otherwise), assume, guarantee or otherwise become liable in respect of such Debt or other obligation
on the balance sheet of such Person (and &ldquo;<U>Incurrence</U>,&rdquo; &ldquo;<U>Incurred</U>&rdquo; and &ldquo;<U>Incurring</U>&rdquo;
will have meanings correlative to the foregoing); <I>provided</I> that a change in GAAP that results in an obligation of such
Person that exists at such time becoming Debt will not be deemed an Incurrence of such Debt. Accrual of interest, the accretion
of accreted value, the payment of interest in the form of additional Debt and increases in Debt outstanding solely as a result
of fluctuations in the exchange rate of currencies will not be deemed to be an Incurrence of Debt. Any Debt issued at a discount
(including Debt on which interest is payable through the issuance of additional Debt) will be deemed Incurred at the time of original
issuance of the Debt at the accreted amount thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)
&ldquo;<U>Interest Rate Agreement</U>&rdquo; means, with respect to any Person, any interest rate protection agreement, interest
rate swaps, caps, floors or collars, option, future or derivative agreements or arrangements and similar agreements or arrangements
and/or other types of hedging agreements as of which such Person is a party or beneficiary designed to hedge interest rate risk
of such Person, as amended, amended and restated, restated, supplemented or otherwise modified from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)
&ldquo;<U>Lien</U>&rdquo; means any security interest, pledge, lien or other encumbrance.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh)
&ldquo;<U>Liquidation</U>&rdquo; shall have the meaning set forth in <U>Section 5(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
&ldquo;<U>Liquidation Junior Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, the Common Stock
and any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation
ranking junior to Series 1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time
after the Mandatory Conversion Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions
of the Certificate of Incorporation ranking junior to the Series 1 Preferred Stock upon a Liquidation.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jj)
&ldquo;<U>Liquidation Parity Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, any outstanding
series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking <I>pari
passu</I> to the Series 1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after
the Mandatory Conversion Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the
Certificate of Incorporation ranking <I>pari passu</I> to the Series 1 Preferred Stock upon a Liquidation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kk)
&ldquo;<U>Liquidation Proceeds</U>&rdquo; shall mean the assets of the Corporation legally available for distribution to its stockholders
upon a Liquidation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ll)
&ldquo;<U>Liquidation Senior Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, any outstanding
series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking senior
to the Series 1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory
Conversion Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate
of Incorporation ranking senior to the Series 1 Preferred Stock upon a Liquidation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mm)
&ldquo;<U>Liquidation Value</U>&rdquo; shall mean, with respect to any share of Series 1 Preferred Stock (i) on any given date
prior to the Mandatory Conversion Date, $2,734.09 per share (as adjusted for any (A) dividend in respect of any class or series
of stock of the Corporation in shares of Series 1 Preferred Stock, (B) subdivision, whether by reclassification or recapitalization,
of the outstanding shares of Series 1 Preferred Stock into a greater number of shares of Series 1 Preferred Stock, or (C) combination,
whether by reclassification or recapitalization, of the outstanding shares of Series 1 Preferred Stock into a lesser number of
shares of Series 1 Preferred Stock), and (ii) on any given date on or after the Mandatory Conversion Date, $0.00 per share.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nn)
&ldquo;<U>Mandatory Conversion</U>&rdquo; shall have the meaning set forth in <U>Section 7(b)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(oo)
&ldquo;<U>Mandatory Conversion Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(b)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pp)
&ldquo;<U>NASDAQ</U>&rdquo; shall mean the Nasdaq Stock Market or any successor national securities exchange (or other applicable
securities exchange or quotation system) or any other national securities exchange on which shares of Common Stock are listed
from time to time.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(qq)
&ldquo;<U>Northern Pipeline Project</U>&rdquo; shall mean the water conservation project of the Corporation utilizing the existing
idle natural gas pipeline that extends northwest from the Corporation&rsquo;s property terminating in Barstow, California, and
a further 124-mile segment connecting such pipeline from Barstow to Wheeler Ridge, California for which the Corporation has entered
into a purchase agreement, and all associated well-field and pumping stations.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(rr)
&ldquo;<U>Notice of Conversion</U>&rdquo; shall have the meaning set forth in <U>Section 7(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ss)
&ldquo;<U>Optional Conversion Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(tt)
&ldquo;<U>Original Issue Date</U>&rdquo; shall mean the first date on which one or more shares of Series 1 Preferred Stock is/are
issued by the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(uu)
&ldquo;<U>Person</U>&rdquo; shall mean an individual or corporation, partnership, trust, incorporated or unincorporated association,
joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity
of any kind.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vv)
&ldquo;<U>Preferred Stock</U>&rdquo; shall have the meaning set forth in the recitals.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ww)
&ldquo;<U>Redemption Date</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(xx)
&ldquo;<U>Redemption Notice</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(yy)
&ldquo;<U>Redemption Notice Date</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(zz)
&ldquo;<U>Redemption Price</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aaa)
&ldquo;<U>Refinance</U>&rdquo; means, in respect of any Debt, to refinance, extend (including pursuant to any defeasance or discharge
mechanism), renew, refund, repay, prepay, redeem, defease or retire, or to issue Debt in exchange or replacement for, such Debt
in whole or in part. &ldquo;<U>Refinanced</U>&rdquo; and &ldquo;<U>Refinancing</U>&rdquo; will have correlative meanings.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bbb)
&ldquo;<U>Required Holders</U>&rdquo; means the holders of at least a majority of the outstanding shares of Series 1 Preferred
Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ccc)
&ldquo;<U>Securities Act</U>&rdquo; shall mean means the Securities Act of 1933, as amended, and the rules and regulations promulgated
thereunder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ddd)
&ldquo;<U>Series 1 Preferred Stock</U>&rdquo; shall have the meaning set forth in <U>Section 1</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(eee)
&ldquo;<U>Share Delivery Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(d)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(fff)
&ldquo;<U>Southern Pipeline Project</U>&rdquo; shall mean the water conservation project of the Corporation using its 43-mile
southerly right-of-way, including pipeline, well field and related water distribution, pumping facilities, water treatment and
associated power facilities.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ggg)
&ldquo;<U>Trading Day</U>&rdquo; shall mean any day on which NASDAQ is open for business and on which shares of Common Stock may
be traded (other than a day on which NASDAQ is scheduled to or does close prior to its regular weekday closing time).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hhh)
&ldquo;<U>Transfer Agent</U>&rdquo; shall mean Continental Stock Transfer &amp; Trust Company, New York, New York, the current
transfer agent of the Corporation, with a mailing address of 1 State Street, 30<SUP>th</SUP> Floor, New York, New York 10004,
and includes any successor transfer agent of the Corporation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
&ldquo;<U>Voting Rate</U>&rdquo; shall mean 301.98, as such amount may be adjusted pursuant to <U>Section 8</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jjj)
&ldquo;<U>Water Projects</U>&rdquo; shall have the meaning set forth in <U>Section 4(b)(ii)(B)(1)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3. <U>Dividends</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<U>Prior to the Mandatory Conversion Date</U>. Except as provided in <U>Section 3(b)</U>, the holders of outstanding shares of
Series 1 Preferred Stock shall not be entitled to share in any dividends or distributions of any kind or nature whatsoever, and
in furtherance thereof, shall not have any dividend or distribution privileges of any kind or nature whatsoever.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>After the Mandatory Conversion Date</U>. After the Mandatory Conversion Date and for so long as any shares of Series 1 Preferred
Stock shall be outstanding, subject to applicable law and the rights of the holders of any outstanding shares of Dividend Senior
Stock, the holders of outstanding shares of Series 1 Preferred Stock shall be entitled to receive dividends, when, as and if declared
by the Board of Directors on the then outstanding shares of Dividend Parity Stock, on a <I>pari passu</I> basis with the holders
of the then outstanding shares of Dividend Parity Stock and in preference and prior to the holders of any then outstanding shares
of Dividend Junior Stock, in an amount per then outstanding share of Series 1 Preferred Stock determined by multiplying (i) the
dividend amount per then outstanding share of Common Stock being declared by (ii) the Conversion Rate, with each share of Series
1 Preferred Stock receiving such dividend on an as converted to Common Stock basis (without regard to any limitation or restriction
on such conversion); <I>provided</I>, that no dividend shall be declared and paid or set apart for payment on the then outstanding
shares of Common Stock unless a dividend shall also be declared and paid or set apart for payment on the then outstanding shares
of Series 1 Preferred Stock. Notwithstanding the foregoing, to the extent that the right of a holder of Series 1 Preferred Stock
to receive a dividend consisting of shares of Common Stock or Common Stock Equivalents would result in such holder and such holder&rsquo;s
Attribution Parties exceeding such holder&rsquo;s Beneficial Ownership Limitation, then such holder shall, to the fullest extent
permitted by applicable law, not be entitled to receive such dividend to the extent of such Beneficial Ownership Limitation (and
shall not be entitled to Beneficially Own such shares of Common Stock or Common Stock Equivalents as a result of such dividend
to the extent of any such excess) and such dividend to such extent shall be held in abeyance for the benefit of such holder until
such time or times, if ever, as such holder&rsquo;s right thereto would not result in such holder and such holder&rsquo;s Attribution
Parties exceeding such holder&rsquo;s Beneficial Ownership Limitation, at which time or times such dividend (and any dividend
consisting of Common Stock or Common Stock Equivalents declared on such initial dividend or on any subsequent dividend held similarly
in abeyance to the same extent as if there had been no such limitation) shall be paid to such holder.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
4. <U>Voting Rights</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<U>General</U>. Except as provided by this Certificate of Designation or applicable law, from and after the Original Issue Date
and prior to the Mandatory Conversion Date, each holder of a share of Series 1 Preferred Stock, as such, shall be entitled to
the number of votes determined by multiplying the Voting Rate by each outstanding share of Series 1 Preferred Stock held of record
by such holder on all matters on which stockholders are generally entitled to vote; <I>provided</I>, <I>however</I>, that in no
event shall a holder of Series 1 Preferred Stock, together with such holder&rsquo;s Attribution Parties, be entitled to a number
of votes in excess of such holder&rsquo;s Beneficial Ownership Limitation. After the Mandatory Conversion Date, except as otherwise
required by applicable law, each holder of a share of Series 1 Preferred Stock, as such, shall not be entitled to vote and shall
not be entitled to any voting powers in respect thereof.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>Protective Provisions</U>. From and after the Original Issue Date and prior to the Mandatory Conversion Date, for so long as
any shares of Series 1 Preferred Stock shall be outstanding, the Corporation shall not, at any time or from time to time, without
the prior vote or written consent of the Required Holders, voting separately as a single class:</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
amend, alter or repeal any provision of the Certificate of Incorporation, if such amendment, alteration or repeal would alter
or change the powers, preferences or special rights of the Series 1 Preferred Stock so as to affect them adversely;</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
<FONT STYLE="background-color: white">directly or indirectly, Incur (or permit any of its subsidiaries to Incur) any Debt other
than (A) any Existing Debt and (B) up to an aggregate of $600,000,000 of Debt related to (1) the Southern Pipeline Project or
Northern Pipeline Project, including water storage (collectively, the &ldquo;<U>Water Projects</U>&rdquo;), (2) the establishment
of related infrastructure and farming costs for developing agriculture on land owned by the Corporation and its subsidiaries (the
&ldquo;<U>Farming Project</U>&rdquo;), (3) working capital for the Water Projects, the Farming Project or general corporate purposes,
and (4) a Refinancing of any of the Debt described in the foregoing clauses (1) &ndash; (3);</FONT></FONT></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
enter into any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer
or exchange of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except (A) transactions
between the Corporation and its subsidiaries or between or among the Corporation&rsquo;s subsidiaries and (B) transactions approved
by a majority of the Corporation&rsquo;s independent directors and a majority of the members of the Board of Directors as no less
favorable to the Corporation or its subsidiaries than would be obtainable in a comparable arm&rsquo;s length transaction between
fully informed, willing unaffiliated parties who are under no compulsion to act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
issue any additional shares of Series 1 Preferred Stock (other than as contemplated by the Exchange Agreements);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
authorize, create or issue any additional class or series of Liquidation Senior Stock or Liquidation Parity Stock other than the
authorization, creation or issuance of any additional class or series of Liquidation Senior Stock or Liquidation Parity Stock
in one or more financing transactions for the purpose of financing the Northern Pipeline Project and the Southern Pipeline Project,
the gross cash proceeds of which shall be offset against, and shall not exceed in the aggregate, the $600,000,000 limit of Debt
permitted to be Incurred pursuant to <U>Section 4(b)(ii)(B)</U>; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
consummate a Liquidation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
5. <U>Liquidation</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<U>Prior to the Mandatory Conversion Date</U>. In the event of any voluntary or involuntary liquidation, dissolution or winding
up of the Corporation (a &ldquo;<U>Liquidation</U>&rdquo;), from and after the Original Issue Date and prior to the Mandatory
Conversion Date, subject to applicable law and the rights of the holders of any outstanding shares of Liquidation Senior Stock,
each holder of any outstanding shares of Series 1 Preferred Stock shall be entitled to receive, together with the holders of any
Liquidation Parity Stock, an amount in cash equal to the aggregate Liquidation Value of all shares of Series 1 Preferred Stock
held by such holder, to be paid out of the Liquidation Proceeds, before any payment shall be made to the holders of Liquidation
Junior Stock by reason of their ownership thereof. If upon any Liquidation the remaining assets of the Corporation available for
distribution to its stockholders shall be insufficient to pay the holders of shares of Series 1 Preferred Stock and the holders
of any Liquidation Parity Stock the full preferential amount to which they are entitled, (i) the holders of shares of Series 1
Preferred Stock and the holders of any Liquidation Parity Stock shall share ratably in any distribution of the Liquidation Proceeds
in proportion to the respective full preferential amounts which would otherwise be payable to a holder of shares of Series 1 Preferred
Stock or Liquidation Parity Stock in respect of such shares if all preferential amounts payable on or with respect to such shares
in a Liquidation were paid in full, and (ii) the Corporation shall not make or agree to make any payments to the holders of Liquidation
Junior Stock. In the event of a Liquidation prior to the Mandatory Conversion Date, in addition to and after payment in full of
all preferential amounts required to be paid to the holders of Series 1 Preferred Stock upon a Liquidation prior to the Mandatory
Conversion Date under the foregoing provisions of this <U>Section 5(a)</U>, the holders of shares of Series 1 Preferred Stock
then outstanding shall be entitled to participate with the holders of shares of Liquidation Junior Stock then outstanding, <I>pro
rata</I> as a single class based on the number of outstanding shares of Liquidation Junior Stock on an as-converted into Common
Stock basis held by each holder as of immediately prior to the Liquidation, in the distribution of all the remaining Liquidation
Proceeds available for distribution to its stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>After the Mandatory Conversion Date</U>. In the event of a Liquidation, after the Mandatory Conversion Date, for so long as
any shares of Series 1 Preferred Stock shall be outstanding, the holders of shares of Series 1 Preferred Stock then outstanding
shall be entitled to participate with the holders of shares of Liquidation Junior Stock then outstanding, <I>pro rata</I> as a
single class based on the number of outstanding shares of Liquidation Junior Stock on an as-converted into Common Stock basis
held by each holder as of immediately prior to the Liquidation, in the distribution of all the remaining Liquidation Proceeds
available for distribution to its stockholders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<U>Notice of Liquidation</U>. In the event of any Liquidation, the Corporation shall, within ten (10) days of the date the Board
of Directors approves such action, or no later than twenty (20) days of any stockholders&rsquo; meeting called to approve such
action, whichever is earlier, give each holder of shares of Series 1 Preferred Stock written notice of the proposed action. Such
written notice shall describe the material terms and conditions of such proposed action, including a description of the stock,
cash, and property to be received by the holders of shares of Series 1 Preferred Stock upon consummation of the proposed action
and the date of delivery thereof. If any material change in the facts set forth in the initial notice shall occur, the Corporation
shall promptly give written notice to each holder of shares of Series 1 Preferred Stock of such material change. A merger or consolidation
of the Corporation with or into any other corporation or other entity, or a sale, lease, exchange, exclusive license or other
disposition of all or any part of the assets of the Corporation and/or any of its subsidiaries (which shall not in fact result
in the Liquidation of the Corporation and the distribution of assets to its stockholders) shall not be deemed to be a Liquidation
for purposes of this <U>Section 5</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
6. <U>Redemption</U>. Each outstanding share of Series 1 Preferred Stock shall be redeemable, in whole or in part, at the option
of the Corporation, exercisable as hereinafter provided in this <U>Section 6</U>, at any time and from time to time after the
first (1<SUP>st</SUP>) anniversary of the Original Issue Date and prior to the Mandatory Conversion Date, <I>provided</I> that
any redemption hereunder by the Corporation as to each holder of Series 1 Preferred Stock shall, to the fullest extent permitted
by applicable law, be for a number of shares equal to no less than twenty-five percent (25%) of the number of shares of Series
1 Preferred Stock originally issued to such holder. Each share of Series 1 Preferred Stock subject to redemption pursuant to this
<U>Section 6</U> shall be redeemed by the Corporation in cash at a price per share equal to the Conversion Rate then in effect
<I>multiplied by</I> $13.50, (as adjusted for any for any (A) dividend in respect of any class or series of stock of the Corporation
in shares of Series 1 Preferred Stock, (B) subdivision, whether by reclassification or recapitalization, of the outstanding shares
of Series 1 Preferred Stock into a greater number of shares of Series 1 Preferred Stock, or (C) combination, whether by reclassification
or recapitalization, of the outstanding shares of Series 1 Preferred Stock into a lesser number of shares of Series 1 Preferred
Stock) (the &ldquo;<U>Redemption Price</U>&rdquo;). The Corporation may exercise its option to redeem all or any portion of the
outstanding shares of Series 1 Preferred Stock pursuant to this <U>Section 6</U> by delivering a written notice thereof to all,
but not less than all, of the holders of outstanding shares of Series 1 Preferred Stock (such notice, the &ldquo;<U>Redemption
Notice</U>&rdquo;, and the date on which all such holders receive such notice, the &ldquo;<U>Redemption Notice Date</U>&rdquo;).
Each Redemption Notice shall be irrevocable and shall (a) state the date on which the redemption shall occur (the &ldquo;<U>Redemption
Date</U>&rdquo;), which date shall not be less than thirty (30) days following the Redemption Notice Date, (b) state the aggregate
number of outstanding shares of Series 1 Preferred Stock to be redeemed on the Redemption Date and (c) state the aggregate number
of outstanding shares of Series 1 Preferred Stock to be redeemed from each holder of Series 1 Preferred Stock (which shall be
effected <I>pro rata</I> based on the number of outstanding shares of Series 1 Preferred Stock held by such holder bears to the
number of outstanding shares of Series 1 Preferred Stock held by all holders of Series 1 Preferred Stock). Notwithstanding the
receipt of any Redemption Notice, for the avoidance of doubt, a holder of Series 1 Preferred Stock may convert such holder&rsquo;s
shares of Series 1 Preferred Stock into shares of Common Stock pursuant to the terms of <U>Section 7(a)</U> at any time prior
to the Redemption Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
7. <U>Conversion</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<U>Optional Conversion</U>. Each outstanding share of Series 1 Preferred Stock shall be convertible, at any time and from time
to time from and after the Original Issue Date and prior to the Mandatory Conversion Date, at the option of the holder thereof,
into that number of shares of Common Stock (subject to the limitations set forth in <U>Section 7(c)</U>) as is determined by multiplying
one (1) by the Conversion Rate then in effect. Any holder of Series 1 Preferred Stock desiring to effect such conversion shall
deliver to the Corporation a notice of conversion in the form attached hereto as <U>Annex A</U> (a &ldquo;<U>Notice of Conversion</U>&rdquo;),
which Notice of Conversion shall specify the number of shares of Series 1 Preferred Stock to be converted, the number of outstanding
shares of Series 1 Preferred Stock held by such holder immediately prior to such conversion, the number of outstanding shares
of Series 1 Preferred Stock held by such holder immediately following such conversion, and, the date on which such conversion
is to be effected, which conversion date shall not be prior to the date on which the applicable Notice of Conversion is given
to the Corporation (the &ldquo;<U>Optional Conversion Date</U>&rdquo;). No ink-original Notice of Conversion shall be required,
nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion be required. The calculations
and entries set forth in a Notice of Conversion shall, to the fullest extent permitted by applicable law, control and be conclusive
and binding in the absence of manifest or mathematical error.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
<U>Mandatory Conversion</U>. On the fifth (5<SUP>th</SUP>) anniversary of the Original Issue Date (the &ldquo;<U>Mandatory Conversion
Date</U>&rdquo;), each outstanding share of Series 1 Preferred Stock shall automatically convert (subject to the limitations set
forth in <U>Section 7(c)</U>) into that number of shares of Common Stock as is determined by multiplying one (1) by the Conversion
Rate in effect on the Mandatory Conversion Date (the &ldquo;<U>Mandatory Conversion</U>&rdquo;); <I>provided</I>, <I>however</I>,
that to the extent any shares of Series 1 Preferred Stock remain outstanding after the Mandatory Conversion Date (as a result
of the limitations set forth in <U>Section 7(c)</U>), each outstanding share of Series 1 Preferred Stock shall continue to be
convertible, at any time and from time to time, at the option of the holder thereof, pursuant to the provisions of this Certificate
of Designation otherwise applicable to the Series 1 Preferred Stock and set forth in <U>Section 7(a)</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
<U>Limitations on the Right to Convert</U>. Notwithstanding anything contained herein to the contrary, no outstanding share of
Series 1 Preferred Stock shall be converted pursuant to this <U>Section 7</U> to the extent that, after giving effect to a conversion
pursuant to this <U>Section 7</U>, the holder of such shares of Series 1 Preferred Stock, together with such holder&rsquo;s Attribution
Parties, would, as determined by such holder, in its sole discretion, and reflected in a written notice given to the Corporation
no later than five (5) days prior to the Conversion Date (the &ldquo;<U>Conversion Limitation Determination</U>&rdquo;), Beneficially
Own in excess of the Beneficial Ownership Limitation. A holder&rsquo;s submission of a Conversion Limitation Determination shall
be deemed to be such holder&rsquo;s determination and representation to the Corporation that the proposed conversion of the number
of outstanding shares of Series 1 Preferred Stock set forth in the Conversion Limitation Determination is consistent with the
foregoing sentence, and such determination shall, to the fullest extent permitted by applicable law, be final, binding and conclusive
and the Corporation shall have no obligation to verify or confirm the accuracy of such determination or representation. For purposes
of this <U>Section 7(c)</U>, in determining the number of outstanding shares of Common Stock, a holder of outstanding shares of
Series 1 Preferred Stock may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following:
(i) the Corporation&rsquo;s most recent periodic or annual report filed with the Commission, as the case may be; (ii) a more recent
public announcement by the Corporation; or (iii) a more recent written notice by the Corporation or the Transfer Agent setting
forth the number of shares of Common Stock outstanding.&nbsp; Upon the written or oral request (which may be via electronic transmission)
of a holder of outstanding shares of Series 1 Preferred Stock, the Corporation shall within one (1) Trading Day confirm orally
and in writing to such holder the number of shares of Common Stock then outstanding. &nbsp;In any case, the number of outstanding
shares of Common Stock shall be determined as provided in this <U>Section 7</U> after giving effect to the conversion or exercise
of Common Stock Equivalents, including the outstanding shares of Series 1 Preferred Stock, held by such holder or such holder&rsquo;s
Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
<U>Delivery of Shares of Common Stock</U>. Not later than two (2) Trading Days after the relevant Conversion Date (the &ldquo;<U>Share
Delivery Date</U>&rdquo;), the Corporation shall deliver, or cause to be delivered, to the converting holder, the number of shares
of Common Stock to which such holder is entitled pursuant to this <U>Section 7</U>. The Person(s) entitled to receive shares of
Common Stock issuable upon conversion of shares of Series 1 Preferred Stock pursuant to this <U>Section 7</U> shall be treated
for all purposes as the record holder(s) of such shares of Common Stock as of the relevant Conversion Date. The Person(s) entitled
to receive shares of Common Stock <FONT STYLE="background-color: white">upon conversion </FONT>pursuant to this <U>Section 7</U>
<FONT STYLE="background-color: white">shall not be entitled to any rights as a holder of Common Stock with respect to shares issuable
upon conversion, including, among other things, the right to vote and receive dividends and notices of stockholder meetings, until
the relevant Conversion Date.</FONT></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
<U>Transfer Taxes and Expenses</U>. The issuance of shares of Common Stock upon conversion of outstanding shares of Series 1 Preferred
Stock pursuant to this Certificate of Designation shall be made without charge to any holder thereof for any documentary stamp
or similar taxes that may be payable in respect of the issue or delivery of such shares of Common Stock; <I>provided</I>, <I>however</I>,
that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
and delivery of any shares of Common Stock upon the conversion of outstanding shares of Series 1 Preferred Stock pursuant to this
Certificate of Designation in a name other than that of the holder of the outstanding shares of Series 1 Preferred Stock converted
pursuant to this Certificate of Designation, and the Corporation shall not be required to issue or deliver such shares of Common
Stock unless or until the Person(s) requesting the issuance thereof shall have paid to the Corporation the amount of such tax
or shall have established to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer
Agent fees required for same-day processing of any Notice of Conversion or in connection with the Mandatory Conversion and all
fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for,
if applicable, same-day electronic delivery of shares of Common Stock upon the conversion of outstanding shares of Series 1 Preferred
Stock pursuant to this Certificate of Designation.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
<U>Fractional Shares of Common Stock</U>. The Corporation shall not be obligated to deliver to the holders of Series 1 Preferred
Stock any fraction(s) of a share of Common Stock upon a conversion of outstanding shares of Series 1 Preferred Stock pursuant
to this <U>Section 7</U>, the Corporation being entitled to round down to the nearest whole share of Common Stock if the fraction
is less than one-half (0.5) of one share of Common Stock, and round up to the nearest whole share of Common Stock if the fraction
is equal to or greater than one-half (0.5) of one share of Common Stock.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
8. <U>Adjustments to Conversion Rate and Voting Rate</U>. In the event that the Corporation shall, at any time for from time to
time after the Original Issue Date and while any shares of Series 1 Preferred Stock are outstanding, (a) pay a dividend in respect
of any class or series of stock of the Corporation in shares of Common Stock or Common Stock Equivalents (other than a dividend
in accordance with <U>Section 3(b)</U>), (b) subdivide, whether by reclassification or recapitalization, the outstanding shares
of Common Stock into a greater number of shares of Common Stock, or (c) combine, whether by reclassification or recapitalization,
the outstanding shares of Common Stock into a smaller number of shares of Common Stock, the Conversion Rate and the Voting Rate,
in each case, as in effect immediately prior to the effectiveness of such action shall be adjusted by multiplying such Conversion
Rate or the Voting Rate (as applicable) by a fraction, the numerator of which is the total number of shares of Common Stock outstanding
(including, for this purpose, all shares of Common Stock then issuable upon the conversion or exercise of all outstanding Common
Stock Equivalents) immediately prior to the effectiveness of such action, and the denominator of which is the total number of
shares of Common Stock outstanding (including, for this purpose, all shares of Common Stock then issuable upon the conversion
or exercise of all outstanding Common Stock Equivalents) immediately after the effectiveness of such action. Any adjustment pursuant
to this <U>Section 8</U> shall be given effect (i) in the case of a dividend (other than a dividend in accordance with <U>Section
3(b)</U>), upon the payment of such dividend as of the record date for determining the holders of outstanding stock entitled to
receive such dividend or (ii) in the case of a subdivision or combination, whether by reclassification or recapitalization, upon
the effective date of such subdivision or combination.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
9. <U>Transfer Rights</U>. Subject to applicable securities laws and any registration rights agreement between the holder thereof
and the Corporation, the shares of Series 1 Preferred Stock and any share of Common Stock issued upon the conversion or redemption
of any share of Series 1 Preferred Stock may be freely sold or otherwise transferred by the holder of such shares.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
10. <U>Notices</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Any notice or other communication required to be given by the Corporation to any holder of Series 1 Preferred Stock pursuant to
this Certificate of Designation shall be (i) in writing, (ii) directed to the holder&rsquo;s mailing or electronic mail, as applicable,
address as it appears on the records of the Corporation and (iii) delivered via (A) United States mail, (B) courier service, or
(C) electronic transmission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Any notice or other communication required to be given by any holder of Series 1 Preferred Stock to the Corporation pursuant to
this Certificate of Designation shall be (i) in writing, (ii) directed to (A) the Corporation&rsquo;s principal place of business
or its registered agent in the State of Delaware or (B) the electronic mail address of the Corporation&rsquo;s Chief Financial
Officer or Secretary, as applicable, and (iii) delivered via (A) United States mail, (B) courier service, or (C) electronic transmission.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Any notice or other communication given by (i) United States mail shall be deemed to have been given when deposited, (ii) courier
service shall be deemed to have been given upon the earlier of the time of receipt or when such notice is left at the relevant
address, and (iii) electronic mail when directed to the relevant electronic mail address.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
11. <U>Reservation of Shares</U>.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Corporation shall at all times keep reserved, free from preemptive or subscription rights, out of its authorized but unissued
shares of Common Stock, or shares held in treasury, sufficient shares of Common Stock to provide for the conversion of Series
1 Preferred Stock as required by this Certificate of Designation from time to time as shares of Series 1 Preferred Stock are presented
for conversion.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Notwithstanding the foregoing, the Corporation shall be entitled to deliver upon conversion of outstanding shares of Series 1
Preferred Stock pursuant to this Certificate of Designation shares of Common Stock reacquired and held in the treasury of the
Corporation (in lieu of the issuance of authorized and unissued shares of Common Stock), so long as any such treasury shares are
free and clear of all Liens.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
All Common Stock delivered upon conversion of outstanding shares of Series 1 Preferred Stock shall be duly authorized, validly
issued, fully paid and non-assessable, free and clear of all Liens.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
12. <U>Status of Converted, Redeemed or Repurchased Shares</U><I>.</I> If any share of Series 1 Preferred Stock is converted,
redeemed, repurchased or otherwise acquired by the Corporation, in any manner whatsoever, the share of Series 1 Preferred Stock
so acquired shall, to the fullest extent permitted by applicable law, be retired and cancelled upon such acquisition, and shall
not be reissued as a share of Series 1 Preferred Stock. Any share of Series 1 Preferred Stock so acquired shall, upon its retirement
and cancellation, and upon the taking of any action required by law, become an authorized but unissued share of Preferred Stock
undesignated as to series and may be reissued a part of a new series of Preferred Stock, subject to the conditions and restrictions
set forth in the Certificate of Incorporation or imposed by the General Corporation Law of the State of Delaware.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
13. <U>Waiver</U>. The powers (including voting powers), if any, of the Series 1 Preferred Stock and the preferences and relative,
participating, optional, special or other rights, if any, and the qualifications, limitations or restrictions, if any, of the
Series 1 Preferred Stock may be waived as to all shares of Series 1 Preferred Stock in any instance (without the necessity of
calling, noticing or holding a meeting of stockholders) by the written consent or agreement of the holders of at least a majority
of the shares of Series 1 Preferred Stock then outstanding, consenting or agreeing separately as a single class.&rdquo;</FONT></P>

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IN
WITNESS WHEREOF, the undersigned has executed this Certificate of Designation of Series 1 Preferred Stock of Cadiz Inc. on this
5<SUP>th</SUP> day of March, 2020.</FONT></P>

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><B>CADIZ INC.</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 35%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">&nbsp;/s/ Timothy J. Shaheen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Name:</TD>
    <TD>Timothy J. Shaheen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>Title:</TD>
    <TD>Chief Financial Officer </TD></TR>
</TABLE>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Certificate of Designation of Series
1 Preferred Stock]</P>

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



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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undersigned, constituting the holder of record of the number of outstanding shares of Series 1 Preferred Stock (the &ldquo;<U>Series
1 Preferred Stock</U>&rdquo;), par value $0.01 per share, of Cadiz Inc., a Delaware corporation (the &ldquo;<U>Corporation</U>&rdquo;),
indicated below, hereby elects to convert such number of shares of Series 1 Preferred Stock listed below (which number of shares
does not exceed the number of shares of Series 1 Preferred Stock held of record by the undersigned) into shares of common stock,
par value $0.01 per share, of the Corporation (the &ldquo;<U>Common Stock</U>&rdquo;), pursuant to the Certificate of Designation
of Series 1 Preferred Stock of the Corporation, as the same may be amended or amended and restated from time to time (the &ldquo;<U>Certificate
of Designation</U>&rdquo;).</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
shares of Common Stock are to be issued upon the conversion of the number of shares of Series 1 Preferred Stock set forth below
pursuant to the Certificate of Designation (&ldquo;<U>Conversion</U>&rdquo;) in the name of a person other than the undersigned,
the undersigned agrees that it shall pay all transfer taxes payable with respect thereto and is delivering herewith such certificates
and opinions as may be required by the Corporation in connection therewith.</FONT></P>

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

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 50%; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">No.
    of shares of Series 1 Preferred Stock to be Converted:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; width: 50%; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 58%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
    No. of shares of Series 1 Preferred Stock held of record:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; width: 22%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 20%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 61%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anticipated
    No. of shares of Common Stock to be issued upon Conversion: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; width: 19%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 20%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; width: 50%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Anticipated
    No. of shares of Series 1 Preferred Stock </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; width: 50%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">held
    of record subsequent to Conversion:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: left; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address
    for delivery:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 4%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; width: 36%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 60%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Or</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    </TR>
</TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">DWAC
    Instructions:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 12%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker
    no:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; width: 28%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 60%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Account
    no:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">HOLDER:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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

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<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; width: 5%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; width: 35%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; width: 60%; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; border-bottom: Black 1.5pt solid; text-align: justify; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding: 0; text-indent: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0">A-1</P>

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

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ea119370ex10-1_cadizinc.htm
<DESCRIPTION>CONVERSION AND EXCHANGE AGREEMENT, DATED MARCH 5, 2020, BY AND BETWEEN CADIZ INC. AND LC CAPITAL MASTER FUND, LTD
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONVERSION
AND EXCHANGE AGREEMENT</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
Conversion and Exchange Agreement (the &ldquo;<U>Agreement</U>&rdquo;) is made as of March 5, 2020, by and between LC Capital
Master Fund, Ltd. (the &ldquo;<U>Holder</U>&rdquo;) and Cadiz Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;).</FONT></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company is party to that certain Indenture, dated as of December 10, 2015 (the &ldquo;<U>Indenture</U>&rdquo;), between Cadiz,
as issuer, and U.S. Bank National Association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;), pursuant to which Cadiz issued certain
7.00% Convertible Senior Notes due 2020 (&ldquo;<U>Convertible&nbsp;Notes</U>&rdquo;);</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Holder has acquired Convertible Notes under the Indenture in the aggregate original principal amount of $26,480,000 (such
Convertible Notes acquired by the Holder, the &ldquo;<U>Notes</U>&rdquo;).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
as of the date hereof, there remains approximately $43,346,290.34 in outstanding aggregate original principal amount and accrued
but unpaid interest under the Notes (the &ldquo;<U>Outstanding Amount</U>&rdquo;).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the current Maturity Date of the Notes is March 5, 2020.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Holder desires to convert $16,904,930.13 of the Outstanding Amount (the &ldquo;<U>Conversion Amount</U>&rdquo;) into common
stock, par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;), of the Company in accordance with the terms of the Indenture
and simultaneously exchange $26,441,360.21 (the &ldquo;<U>Exchange Amount</U>&rdquo;) of the Outstanding Amount for shares of
a new series of preferred stock, par value $0.01 per share, of the Company titled &ldquo;Series 1 Preferred Stock&rdquo; (the
&ldquo;<U>Preferred Stock</U>&rdquo;) in an exchange qualifying as a recapitalization pursuant to Section 368(1)(E) of the Internal
Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the &ldquo;<U>Code</U>&rdquo;).
The exchange of such portion of the Notes as is equal to the Exchange Amount for the Preferred Stock is referred to herein as
the &ldquo;<U>Exchange</U>&rdquo;.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
Notes comprising the Exchange Amount are to be exchanged for 9,671 shares of Preferred Stock.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Preferred Stock shall have the rights, preferences and privileges set forth in the form of Certificate of Designations of
Series 1 Preferred Stock attached hereto as <U>Exhibit A</U> (the &ldquo;<U>Certificate</U>&rdquo;), including that each share
of Preferred Stock will be convertible into 405.05 shares of Common Stock, subject to certain adjustments set forth therein.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Closing Preferred Shares and the Conversion Shares (each as defined below) will have the benefit of the Registration Rights
Agreement, to be dated as of the Closing Date (as defined below), by and between the Company and the Holder (the &ldquo;<U>Registration
Rights Agreement</U>&rdquo;), in the form attached hereto as <U>Exhibit B</U>.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Exchange is being made in reliance upon the exemption from registration provided by Section&nbsp;4(a)(2) and/or Section 3(a)(9)
of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Indenture.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, on and subject to the terms hereof, the parties hereto agree as follows:</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;I</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONVERSION
OF THE CONVERSION AMOUNT</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms set forth in this Agreement and the Indenture, the Holder shall execute and deliver a Conversion Notice to the Conversion
Agent on the date of this Agreement, thereby effecting the conversion of the Conversion Amount, and the Company shall cause to
be delivered to the Holder the number of shares of Common Stock equal to the applicable Settlement Amount, all subject to and
in accordance with Article 10 of the Indenture, including, without limitation, the procedural requirements set forth in Section
10.02 of the Indenture (the &ldquo;<U>Conversion</U>&rdquo;).</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;II<BR>
<BR>
EXCHANGE OF THE EXCHANGE AMOUNT<BR>
<BR>
FOR THE pREFERRED STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms set forth in this Agreement, at the Closing (as defined herein), the Holder hereby agrees to convey, assign and transfer
to the Company such portion of the Notes as is equal to the Exchange Amount, in exchange for which the Company agrees to issue
to the Holder 9,671 shares of Preferred Stock (the &ldquo;<U>Closing Preferred Shares</U>&rdquo;). At the Closing, the Holder
shall deliver to the Registrar the Notes comprising the Exchange Amount (to the extent such Notes were not previously delivered
to the Conversion Agent for purposes of the Conversion pursuant to <U>Article I</U> hereof), and the Company shall issue the Closing
Preferred Shares to the Holder in book entry form. Subject to <U>Section&nbsp;6.1</U>, the consummation of the Exchange (the &ldquo;<U>Closing</U>&rdquo;)
shall occur on a mutually agreed upon date (the &ldquo;<U>Closing Date</U>&rdquo;) no later than two business days after the date
of this Agreement. The Company shall file the Certificate with the Secretary of State of the State of Delaware on the Closing
Date.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;III<BR>
<BR>
REPRESENTATIONS AND<BR>
<BR>
WARRANTIES OF THE HOLDER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holder hereby makes the following representations and warranties to the Company, each of which is and shall be true and correct
on the date hereof and at the Closing, and all such representations and warranties shall survive the Closing:</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.1 <U>Power
and Authorization</U>.&nbsp;&nbsp;The Holder is duly organized, validly existing and in good standing, and has the power, authority
and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated
hereby.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.2 <U>Valid
and Enforceable Agreement; No Violations</U>.&nbsp;&nbsp;This Agreement has been duly executed and delivered by the Holder and
constitutes a legal, valid and binding obligation of the Holder, enforceable against the Holder in accordance with its terms,
except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
other similar laws affecting or relating to enforcement of creditors&rsquo; rights generally, and (b)&nbsp;general principles
of equity, whether such enforceability is considered in a proceeding at law or in equity (such qualifications in clauses (a) and
(b) being the &ldquo;<U>Enforceability Exceptions</U>&rdquo;). This Agreement and consummation of the transactions contemplated
hereby will not violate, conflict with or result in a breach of or default under (i)&nbsp;the Holder&rsquo;s organizational documents,
(ii)&nbsp;any agreement or instrument to which the Holder is a party or by which the Holder or any of its assets are bound, or
(iii)&nbsp;any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Holder.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.3 <U>Title
to the Notes</U>.&nbsp;&nbsp;The Holder has not, in whole or in part, (a)&nbsp;assigned, transferred, hypothecated, pledged, exchanged
or otherwise disposed of any of its rights in the Notes, or (b)&nbsp;given any person or entity any transfer order, power of attorney
or other authority of any nature whatsoever with respect to the Notes.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.4 <U>Hold
Period</U>.&nbsp;&nbsp;From the date of this Agreement until the Closing Date, the Holder shall not, and shall not allow any of
its Affiliates to, offer, sell, contract to sell or otherwise dispose of, except as provided hereunder, all or any portion of
the Notes.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.5 <U>Accredited
Investor/Qualified Institutional Buyer</U>.&nbsp;&nbsp;The Holder is either (i) an &ldquo;accredited investor&rdquo; within the
meaning of Rule 501(a) of Regulation D (&ldquo;<U>Regulation D</U>&rdquo;) promulgated under the Securities Act, (ii) has (and
if applicable, its officers, employees, directors or equity owners have) either alone or with his, her or its purchaser representative
or representatives, if any, such knowledge and experience in financial and business matters that he, she or it is capable of evaluating
the merits and risks of the Exchange or (iii) a &ldquo;qualified institutional buyer&rdquo; within the meaning of Rule 144A promulgated
under the Securities Act (&ldquo;<U>Rule 144A</U>&rdquo;).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.6 <U>Restricted
Stock</U>.&nbsp;&nbsp;The Holder (a)&nbsp;acknowledges (i) that the issuance of the Preferred Stock pursuant to this Agreement
and the issuance of any shares of Common Stock upon conversion of any of the Preferred Stock (the &ldquo;<U>Conversion Shares</U>&rdquo;)
have not been registered, nor does the Company have a plan or intent to register such issuance of Preferred Stock or Conversion
Shares, under the Securities Act or any state securities laws except as contemplated by the Registration Rights Agreement, (ii)
the Preferred Stock and Conversion Shares are being offered and sold in reliance upon exemptions provided in the Securities Act
and state securities laws for transactions not involving any public offering and, therefore, cannot be sold, transferred, offered
for sale, pledged, hypothecated or otherwise disposed of unless they are subsequently registered and qualified under the Securities
Act and applicable state laws or unless an exemption from such registration and qualification is available, (iii) the Preferred
Stock and Conversion Shares are &ldquo;<U>restricted securities</U>&rdquo; as that term is defined in Rule 144 promulgated under
the Securities Act and (iv) any and all certificates representing the Preferred Stock and Conversion Shares shall bear a restrictive
legend substantially as set forth in <U>Section&nbsp;7.2</U> hereof to the extent required thereby and (b)&nbsp;is purchasing
the Preferred Stock and Conversion Shares for investment purposes only for the account of the Holder and not with any view toward
a distribution thereof or with any intention of selling, distributing or otherwise disposing of the Preferred Stock or Conversion
Shares in a manner that would violate the registration requirements of the Securities Act. The Holder is able to bear the economic
risk of holding the Preferred Stock and Conversion Shares for an indefinite period and has sufficient knowledge and experience
in financial and business matters so as to be capable of evaluating the merits and risk of its investment in the Preferred Stock
and Conversion Shares.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.7 <U>Adequate
Information; No Reliance</U>. The Holder acknowledges and agrees that (a)&nbsp;the Holder has conducted its own review of materials
it considers relevant to making an investment decision to enter into the Conversion and the Exchange and has had the opportunity
to review the Company&rsquo;s filings and submissions with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;),
including, without limitation, all information filed or furnished pursuant to the Exchange Act and all information incorporated
into such filings and submissions, (b) the Holder has sufficient knowledge and expertise to make an investment decision with respect
to the transactions contemplated hereby, (c)&nbsp;the Holder has had a full opportunity to speak directly with directors, officers
and &ldquo;<U>Affiliates</U>&rdquo; (as that term is defined in Rule 501(b) of Regulation D under the Securities Act) of the Company
and to ask questions of the Company and such directors, officers and Affiliates of the Company concerning the Company, its business,
operations, financial performance, financial condition and prospects, and the terms and conditions of the Conversion and the Exchange,
and to obtain such additional information as it deems necessary to verify the accuracy of the information furnished to it and
has asked such questions, received such answers and obtained such information as it deems necessary, (d)&nbsp;the Holder has had
the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in
the Conversion and the Exchange and to make an informed investment decision with respect to the Conversion and the Exchange and
(e)&nbsp;the Holder is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal
or other), representation or warranty made by the Company or any of its affiliates or representatives, except for (A)&nbsp;the
publicly available filings and submissions made by the Company with the SEC under the Exchange Act, together with all information
incorporated into such filings and submissions, and (B)&nbsp;the representations and warranties made by the Company in this Agreement
and the other agreements contemplated hereby.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.8 <U>Holder&rsquo;s
Reporting Requirement.</U> The Company has made no representations to the Holder regarding the Holder&rsquo;s reporting requirements
with the SEC related to the Holder&rsquo;s ownership in the Company, and the Holder acknowledges and agrees that it is the responsibility
of the Holder to ensure that it complies with any disclosure and reporting requirements of the SEC.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.9 <U>No
Public Market</U>.&nbsp;&nbsp;The Holder understands that no public market exists for the Preferred Stock, and that there is no
assurance that a public market will ever develop for the Preferred Stock.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.10 <U>No
General Solicitation or Advertising</U>. The offer to enter into the Exchange was directly communicated to the Holder, and the
Holder was able to ask questions of and receive answers concerning the terms of the Exchange.&nbsp;&nbsp;At no time was the Holder
presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form
of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with
such communicated offer.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.11 <U>Legal
Opinions</U>.&nbsp;&nbsp;The Holder acknowledges and understands that a legal opinion is being delivered by counsel to the Company
in reliance on, and assuming the accuracy of, the foregoing representations and warranties of the Holder.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;IV<BR>
<BR>
REPRESENTATIONS AND<BR>
<BR>
WARRANTIES OF THE COMPANY</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company hereby makes the following representations and warranties, each of which is and shall be true and correct on the date
hereof and at the Closing, to the Holder, and all such representations and warranties shall survive the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1 <U>Exchange
Act Filings</U>. The Company has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, reports
and documents required to be filed or furnished by it with the SEC pursuant to the Exchange Act or the Securities Act since December
31, 2017 (the &ldquo;<U>Company Reports</U>&rdquo;). The Company Reports, when they became effective or were filed with or furnished
to the SEC, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act,
as applicable, and the rules and regulations thereunder and none of such documents contained any untrue statement of a material
fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading; and any further documents so filed or furnished after the date
hereof and on or prior to the Closing, when such documents become effective or are filed with the SEC, as the case may be, will
conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and
regulations of the SEC thereunder and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading. On or before the second business day following the date of this Agreement, the Company shall issue a publicly
available press release or file with the SEC a Current Report on Form 8-K disclosing all material terms of the transactions contemplated
hereby.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2 <U>Due
Incorporation</U>.&nbsp;&nbsp;Each of the Company and each of its Subsidiaries has been duly organized and is validly existing
as a corporation or other legal entity in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction
of incorporation or organization.&nbsp;&nbsp;Each of the Company and its Subsidiaries is duly qualified to do business and is
in good standing as a foreign corporation or other legal entity in each jurisdiction in which its ownership or lease of its properties
or the conduct of its business requires such qualification and has all power and authority (corporate or other) necessary to own
or hold its properties and to conduct the businesses in which each is engaged, except where the failure to so qualify or have
such power or authority (i) would not have and would not reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the condition (financial or otherwise), results of operations, assets or business of the Company and its Subsidiaries,
taken as a whole, or (ii) impair in any material respect the ability of the Company to perform its obligations under this Agreement
or the Indenture or to consummate any transactions contemplated hereby or thereby (any such effect as described in clauses (i)
or (ii), a &ldquo;<U>Material Adverse Effect</U>&rdquo;). As used in this Agreement, &ldquo;<U>Subsidiary</U>&rdquo; shall have
the meaning set forth in Rule 1-02 of Regulation S-X of the SEC.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.3 <U>Subsidiaries</U>.
The membership interests or capital stock, as applicable, of each Subsidiary have been duly authorized and validly issued, are
fully paid and nonassessable and, except to the extent set forth in the Company Reports, are owned by the Company directly, free
and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third
party.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.4 <U>Due
Authorization</U>.&nbsp;&nbsp;The Company has the full right, power and authority to enter into this Agreement and the Registration
Rights Agreement and to perform and to discharge its obligations hereunder and thereunder; and this Agreement and the Registration
Rights Agreement have been duly authorized, this Agreement has been, and at Closing the Registration Rights Agreement will be,
duly executed and delivered by the Company, and each such agreement constitutes or will constitute upon Closing a valid and binding
obligation of the Company enforceable in accordance with its terms, subject to the Enforceability Exceptions.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.5 <U>The
Preferred Stock and the Conversion Shares</U>. The Preferred Stock to be issued to the Holder hereunder has been duly authorized
and, when issued and delivered upon sale, will be validly issued, fully paid, and nonassessable and free of any preemptive or
similar rights. The Conversion Shares have been duly authorized for issuance by the Company and, when issued in accordance with
the terms of the Certificate, will be validly issued, fully paid and nonassessable and free of any preemptive or similar rights.&nbsp;&nbsp;The
Preferred Stock and the Conversion Shares will be issued in compliance with all federal and state securities laws.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.6 <U>Capitalization</U>.
The authorized capital stock of the Company consists of 70,000,000 shares of Common Stock, of which 30,227,632 shares of Common
Stock were outstanding as of the close of business on March 1, 2020, and 100,000 shares of preferred stock, none of which are,
or will be immediately prior to the Closing, outstanding. All of the outstanding shares of Common Stock have been duly authorized
and are validly issued, fully paid and nonassessable.&nbsp;&nbsp;Other than 1,145,555 shares of Common Stock reserved for issuance
under the Company&rsquo;s employee benefit plans, stock option and employee stock purchase plans or other employee compensation
plans as such plans are in existence on the date hereof and described in the Company Reports and 362,500 shares of Common Stock
reserved for issuance upon exercise of warrants outstanding on the date hereof and previously described in the Company Reports,
the Company has no shares of capital stock reserved for issuance.&nbsp;&nbsp;Except as set forth above or pursuant to this Agreement,
there are no preemptive or other outstanding rights, options, warrants, conversion rights, stock appreciation rights, redemption
rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that obligate the Company or any
of its Subsidiaries to issue or sell any shares of capital stock or other securities of the Company or any of its Subsidiaries
or any securities or obligations convertible or exchangeable into or exercisable for, or giving any person a right to subscribe
for or acquire, any securities of the Company or any of its Subsidiaries, and no securities or obligations evidencing such rights
are authorized, issued or outstanding. The Company does not have outstanding any bonds, debentures, notes or other debt obligations
the holders of which have the right to vote with the stockholders of the Company on any matter in their capacity as such holders.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.7 <U>No
Default, Termination or Lien</U>. The execution, delivery and performance of this Agreement and the Registration Rights Agreement
by the Company, the issuance, sale and delivery of the Preferred Stock by the Company, the issuance and delivery of the Conversion
Shares in accordance with the terms of the Certificate, the consummation of the transactions contemplated hereby and thereby,
and compliance by the Company with the terms of this Agreement and the Registration Rights Agreement will not (with or without
notice or lapse of time or both) conflict with or result in a breach or violation of any of the terms or provisions of, constitute
a default under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation
or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge
upon any property or assets of the Company or any Subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of
its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject, nor
will such actions result in any violation of the provisions of the charter or by-laws (or analogous governing instruments, as
applicable) of the Company or any of its Subsidiaries or any law, statute, rule, regulation, judgment, order or decree of any
court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or
any of their properties or assets.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.8 <U>No
Consents</U>. No consent, notice, approval, authorization or order of, or qualification with, any governmental body, agency or
other person is required for the performance by the Company of its obligations under this Agreement or the Registration Rights
Agreement, except such as is required pursuant to that certain Credit Agreement, dated May 1, 2017, among the Company, Apollo
Special Situations Fund L.P., Wells Fargo Bank N.A. and the other parties signatory thereto, which consent shall have been obtained
prior to the Closing Date, and such as may be required by the securities or blue sky laws of the various states and the NASDAQ
Global Market in connection with the offer and sale of the Preferred Stock.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.9 <U>Independent
Accountants</U>. PricewaterhouseCoopers LLP (&ldquo;<U>PwC</U>&rdquo;), who have certified certain financial statements and related
schedules included or incorporated by reference in the Company Reports, is an independent registered public accounting firm as
required by the Securities Act and the rules and regulations thereunder and the Public Company Accounting Oversight Board (United
States).&nbsp;&nbsp;Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, PwC
has not been engaged by the Company to perform any &ldquo;prohibited activities&rdquo; (as defined in Section 10A of the Exchange
Act).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.10 <U>Financial
Statements</U>. The financial statements, together with the related notes and schedules, included in the Company Reports fairly
present the financial position and the results of operations and changes in financial position of the Company and its consolidated
Subsidiaries and other consolidated entities at the respective dates or for the respective periods therein specified.&nbsp;&nbsp;Such
statements and related notes and schedules have been prepared in accordance with the generally accepted accounting principles
in the United States (&ldquo;<U>GAAP</U>&rdquo;) applied on a consistent basis throughout the periods involved except as may be
set forth in the related notes.&nbsp;&nbsp;Such financial statements, together with the related notes and schedules, comply in
all material respects with the Securities Act, the Exchange Act, and the rules and regulations thereunder.&nbsp;&nbsp;No other
financial statements or supporting schedules or exhibits are required by the Exchange Act or the rules and regulations thereunder
to be filed with the SEC.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.11 <U>No
Material Adverse Change</U>. There has not occurred any material adverse change, or any development involving a prospective material
adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its Subsidiaries,
taken as a whole, from that set forth or contemplated in the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019, filed with the SEC on November 12, 2019 (the &ldquo;<U>Latest Quarterly Report</U>&rdquo;).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.12 <U>Legal
Proceedings</U>. There are no legal or governmental proceedings, actions, suits or claims pending or, to the Company&rsquo;s knowledge,
threatened to which the Company or any of its Subsidiaries is a party or to which any of the properties or assets of the Company
or any of its Subsidiaries is subject (i) other than proceedings accurately described in all material respects in the Company
Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections
of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking in nature and
not statements of historical fact), litigation in connection with a Qualified Water Project (as defined in the Indenture), the
Northern Pipeline Project (as defined in the Certificate) and the Southern Pipeline Project (as defined in the Certificate), and
proceedings that would not have and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect, or (ii) that are required to be described in the Company Reports and are not so described; and there are no statutes,
regulations, contracts or other documents to which the Company or any of its Subsidiaries is subject or by which the Company or
any of its Subsidiaries is bound that are required to be described in the Company Reports or to be filed as exhibits to the Company
Reports that are not described or filed as required. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has been the subject of any legal or governmental proceedings, actions, suits or claims of violation of or liability under
federal or state securities laws or a claim of breach of fiduciary duty.&nbsp;&nbsp;For purposes of this Agreement, &ldquo;<U>Company&rsquo;s
Knowledge</U>&rdquo; means the actual knowledge of the executive officers (as defined in Exchange Act Rule 3b-7) of the Company
or its Subsidiaries, after reasonable due inquiry.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.13 <U>Regulatory
Permits</U>. Each of the Company and its Subsidiaries possesses or has applied for all certificates, authorizations, licenses,
franchises, permits, orders and approvals issued or granted by the appropriate governmental or regulatory authorities, agencies,
courts, commissions or other entities, whether federal, state, local or foreign, or applicable self-regulatory organizations necessary
to conduct its business as currently conducted, except (i) where the failure to possess such certificates, authorizations, licenses,
franchises, permits, orders and approval, individually or in the aggregate, has not and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect (&ldquo;<U>Material Permits</U>&rdquo;) and (ii) as accurately described
in all material respects in the Company Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking
statements&rdquo; sections of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking
in nature and not statements of historical fact), and neither the Company nor any of its Subsidiaries has received any written
notice of proceedings relating to the revocation or material adverse modification of any such Material Permits (except as accurately
described in all material respects in the Company Reports, including the Latest Quarterly Report), and to the Company&rsquo;s
Knowledge, there are no facts or circumstances that would give rise to the revocation or material adverse modifications of any
Material Permits (except as accurately described in all material respects in the Company Reports, including the Latest Quarterly
Report (excluding any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such report
and any other disclosures included therein, to the extent they are predictive or forward-looking in nature and not statements
of historical fact)).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.14 <U>Material
Contracts</U>. Except for the Material Contracts, the Company and its Subsidiaries are not party to any agreements, contracts
or commitments that are material to the business, financial condition, assets or operations of the Company and its Subsidiaries
that would be required to be filed pursuant to Item 601(b)(10) of Regulation S-K under the Exchange Act.&nbsp;&nbsp;Neither the
Company nor any of its Subsidiaries is in material default under or in material violation of, nor to the Company&rsquo;s Knowledge,
has received written notice of termination or default under any Material Contract.&nbsp;&nbsp;For purposes of this Agreement,
&ldquo;<U>Material Contract</U>&rdquo; means any contract of the Company that was filed as an exhibit to the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 18, 2019 (as amended, the &ldquo;<U>2018
Annual Report</U>&rdquo;), and any Company Report filed after the filing of the 2018 Annual Report.</FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.15 <U>Investment
Company Act</U>. Neither the Company nor any of its Subsidiaries is or, after giving effect to the Conversion and the Exchange,
will become an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended, and the
rules and regulations of the SEC thereunder.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.16 <U>No
Price Stabilization</U>. Neither the Company, its Subsidiaries nor any of the Company&rsquo;s or its Subsidiaries&rsquo; officers,
directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate
the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected
to cause or result in, stabilization or manipulation of the price of any security of the Company.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.17 <U>Title
to Property</U>. The Company and its Subsidiaries have good and marketable title to all real and personal property owned by them
which is material to the business of the Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens,
encumbrances and defects of title except such as are described in the Company Reports (excluding in each case any disclosures
set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included
therein, to the extent they are predictive or forward-looking in nature and not statements of historical fact) or such as do not
materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by
the Company and its Subsidiaries; and any real property and buildings held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with
the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries, in each case except as
described in the Company Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking
statements&rdquo; sections of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking
in nature and not statements of historical fact).</FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.18 <U>No
Labor Disputes</U>. No labor problem or dispute with the employees of the Company exists, or, to the Company&rsquo;s Knowledge,
is threatened or imminent, which would or would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect.&nbsp;&nbsp;The Company is not aware that any key employee or significant group of employees of the Company plans
to terminate employment with the Company.&nbsp;&nbsp;To the Company&rsquo;s Knowledge, no executive officer (as defined in Rule
501(f) of the Securities Act) of the Company or any of its Subsidiaries is in violation of any material term of any employment
contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement.&nbsp;&nbsp;Except for
matters which would not and would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse
Effect, (i)&nbsp;the Company has not engaged in any unfair labor practice; (ii) there is (A)&nbsp;no unfair labor practice complaint
pending or, to the Company&rsquo;s Knowledge, threatened against the Company before the National Labor Relations Board, and no
grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company&rsquo;s
Knowledge, threatened, (B)&nbsp;no strike, labor dispute, slowdown or stoppage pending or, to the Company&rsquo;s knowledge, threatened
against the Company and (C)&nbsp;no union representation dispute currently existing concerning the employees of the Company; and
(iii)&nbsp;to the Company&rsquo;s knowledge, (A)&nbsp;no union organizing activities are currently taking place concerning the
employees of the Company and (B)&nbsp;there has been no violation of any federal, state, local or foreign law relating to discrimination
in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee Retirement Income
Security Act of 1974 (&ldquo;<U>ERISA</U>&rdquo;) or the rules and regulations promulgated thereunder concerning the employees
of the Company.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.19 <U>Taxes</U>.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) The
Company (i)&nbsp;has timely filed all necessary federal, state, local and foreign income and franchise tax returns (or timely
filed applicable extensions therefore) that have been required to be filed and (ii)&nbsp; is not in default in the payment of
any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company
is contesting in good faith and for which adequate reserves have been provided and reflected in the financial statements included
in the Company Reports. The Company does not have any tax deficiency that has been or, to the Company&rsquo;s Knowledge, is reasonably
likely to be asserted or threatened against it that would result or would reasonably be expected to result in, individually or
in the aggregate, a Material Adverse Effect.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Assuming
that for federal income tax purposes (i) the Notes qualify as &ldquo;securities&rdquo; within the meaning of Section 354 of the
Code, (ii) none of the Preferred Stock received by the Holder is attributable to interest which has accrued on the Notes and (iii)
the Holder holds the Notes as capital assets as of the Closing Date, the following should be the federal income tax consequences
of the Exchange: (A) The Holder shall recognize no gain or loss as a result of the Exchange; (B) The Holder&rsquo;s basis in the
Preferred Stock shall be the same as the Holder&rsquo;s basis in the Notes exchanged for such Preferred Stock; and (C) The Holder&rsquo;s
holding period in respect of the Preferred Stock shall include the Holder&rsquo;s holding period in respect of the Notes exchanged
for such Preferred Stock.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.20 <U>ERISA</U>.
The Company is in compliance in all material respects with all presently applicable provisions of ERISA; no &ldquo;reportable
event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA) for which
the Company would have any liability; the Company has not incurred and does not expect to incur liability under (i)&nbsp;Title
IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Sections&nbsp;412
or 4971 of the Code; and each &ldquo;pension plan&rdquo; for which the Company would have any liability that is intended to be
qualified under Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by
action or by failure to act, which would cause the loss of such qualification.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.21 <U>Compliance
with Environmental Laws</U>. Except as disclosed in the Company Reports (excluding in each case any disclosures set forth in the
risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included therein,
to the extent they are predictive or forward-looking in nature and not statements of historical fact), neither the Company nor
any of its Subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body
or any court, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration
of the environment or human exposure to hazardous or toxic substances (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;),
or to the Company&rsquo;s Knowledge, operates any real property contaminated with any substance that is subject to any Environmental
Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating
to any Environmental Laws, which violation, contamination, liability or claim would or would reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect; and the Company is not aware of any pending investigation which might
lead to such a claim.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.22 <U>Intellectual
Property Rights</U>. The Company and its Subsidiaries own or possess, or have the right to use, adequate trademarks, trade names
and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively,
&ldquo;<U>Intellectual Property Rights</U>&rdquo;) necessary to conduct the business now operated by them, or presently employed
by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual
Property Rights, except such as would not and would not reasonably be expected to,&nbsp;individually or in the aggregate, have
a Material Adverse Effect.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.23 <U>Foreign
Corrupt Practices Act</U>. Neither the Company nor any of its Subsidiaries, nor to its knowledge, any director, officer, employee
or other person associated with or acting on behalf of the Company or any of its Subsidiaries has:&nbsp;&nbsp;(i) used any Company
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any
direct or indirect unlawful payment to any foreign or domestic government official or employee from Company funds; (iii) caused
the Company or any of its Subsidiaries to be in violation of any provision of the United States Foreign Corrupt Practices Act
of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment from Company funds.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.24 <U>OFAC
and Similar Laws</U>. None of the Company, any of its Subsidiaries or, to the Company&rsquo;s Knowledge, any director, officer,
agent, employee, affiliate or representative of the Company or any of its subsidiaries is an individual or entity (&ldquo;<U>Person</U>&rdquo;)
currently the subject or target of any&nbsp;sanctions administered or enforced by the United States Government, including, without
limitation, the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;), the United
Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
&ldquo;<U>Sanctions</U>&rdquo;), nor is the Company or any of its Subsidiaries located, organized or resident in a country or
territory that is the subject of Sanctions; and the Company will not directly or indirectly use its or its Subsidiaries&rsquo;
funds, or lend, contribute or otherwise make available such funds to any Subsidiaries, joint venture partners or other Person,
to knowingly fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding,
is the subject of&nbsp;Sanctions or in any other manner that will result in a violation by any Person (including any Person participating
in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.</FONT></P>

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.25 <U>Disclosure
Controls and Procedures</U>. The Company has established and maintains disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) that are effective in all material respects to ensure that material information relating to
the Company, including any consolidated Subsidiaries, is made known to its chief executive officer and chief financial officer
by others within those entities.&nbsp;&nbsp;The Company&rsquo;s certifying officers have evaluated the effectiveness of the Company&rsquo;s
controls and procedures as of December 31, 2018 (such date, the &ldquo;<U>Evaluation Date</U>&rdquo;).&nbsp;&nbsp;The Company
presented in the 2018 Annual Report the conclusions of the certifying officers about the effectiveness of the disclosure controls
and procedures based on their evaluations as of the Evaluation Date.&nbsp;&nbsp;Since the Evaluation Date, there have been no
material changes in the Company&rsquo;s internal controls (as such term is defined in the rules of the SEC under the Exchange
Act) or in other factors that could affect the Company&rsquo;s internal controls.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.26 <U>Accounting
Controls</U>. The Company and its Subsidiaries maintain a system of internal accounting and other controls sufficient to provide
reasonable assurances that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific
authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.&nbsp;&nbsp;Except as described in the Company Reports (excluding in each case
any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other
disclosures included therein, to the extent they are predictive or forward-looking in nature and not statements of historical
fact), since December 31, 2016, there has been (A) no material weakness in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) and (B)&nbsp;no change in the Company&rsquo;s internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial
reporting.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.27 <U>Absence
of Material Changes</U>. Subsequent to the respective dates as of which information is given in the Company Reports, and except
as may be otherwise disclosed in such Company Reports (excluding in each case any disclosures set forth in the risk factors or
&ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included therein to the extent they
are predictive or forward-looking in nature and not statements of historical fact), there has not been (i)&nbsp;any Material Adverse
Effect, (ii)&nbsp;any transaction which is material to the Company, (iii)&nbsp;any obligation, direct or contingent (including
any off-balance sheet obligations), incurred by the Company, which is material to the Company, (iv)&nbsp; any dividend or distribution
of any kind declared, paid or made on the capital stock of the Company, (v)&nbsp;any change in the capital stock (other than a
change in the number of outstanding shares of Common Stock due to grants of stock under the Company&rsquo;s stock incentive plans
existing on the date hereof or the issuance of shares upon the exercise of outstanding options or warrants) or any issuance of
options, warrants, convertible securities or other rights to purchase the capital stock (other than grants of stock options under
the Company&rsquo;s stock option plans existing on the date hereof) of the Company.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.28 <U>Brokers
Fees</U>. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person
that would give rise to a valid claim against the Company for a brokerage commission, finder&rsquo;s fee or like payment in connection
with the Exchange or any transaction contemplated by this Agreement.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.29 <U>Listing
and Maintenance Requirements</U>. The Company is subject to and in compliance in all material respects with the reporting requirements
of Section 13 or Section 15(d) of the Exchange Act, as applicable.&nbsp;&nbsp;The Common Stock is registered pursuant to Section
12(b) of the Exchange Act and is listed on the NASDAQ Global Market, and the Company has taken no action designed to, or reasonably
likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common
Stock from the NASDAQ Global Market, nor has the Company received any notification that the SEC or NASDAQ is contemplating terminating
such registration or listing.&nbsp;&nbsp;The Conversion Shares will be duly authorized for listing on the NASDAQ Global Market
immediately upon conversion of the Preferred Stock in accordance with the terms of the Certificate.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.30 <U>Sarbanes-Oxley
Act</U>. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002
and all applicable rules and regulations promulgated thereunder or implementing the provisions thereof that are then in effect.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.31 <U>NASDAQ
Shareholder Approval Rules</U>. No approval of the stockholders of the Company under the rules and regulations of NASDAQ (including
Rule 5635 of the NASDAQ Marketplace Rules) is required for the Company to issue and deliver the Preferred Stock to the Holder
or the Conversion Shares upon conversion of the Preferred Stock.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.32 <U>No
General Solicitation</U>. Neither the Company nor any person acting on its or their behalf has offered or sold the Preferred Stock
or will offer or sell the Preferred Stock by means of any general solicitation or general advertising, including the methods described
in Rule 502(c) under the Securities Act.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.33 <U>Integration</U>.
No offers and sales of securities of the same or similar class as the Preferred Stock have been made by the Company or on its
behalf during the six-month period ending with the date of this Agreement and no such offers or sales are<B>&nbsp;</B>currently
being made or contemplated (in each case, whether pursuant to outstanding warrants, options, convertible or exchangeable securities,
acquisition agreements or otherwise).</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;V<BR>
<BR>
OTHER AGREEMENTS</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.1 <U>Termination
of Director Appointment Rights</U>. The Holder&rsquo;s rights to designate directors to serve on the Company&rsquo;s board of
directors as provided by Section 4.2 of that certain Exchange Agreement, dated as of March 4, 2013, among the Company, the Holder
and the other signatories thereto are hereby terminated in their entirety and of no further force or effect. The foregoing shall
not affect the current term of service of any director so designated by the Holder prior to the date of this Agreement, which
term of service shall continue until the earlier of such director&rsquo;s resignation, death, removal or failure to be elected
at the Company&rsquo;s next annual meeting of stockholders following the date of this Agreement.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.2 <U>Cancellation
of Notes</U>. The Holder acknowledges and agrees that upon giving effect to the Conversion and the Exchange, all of the Company&rsquo;s
obligations under the Notes shall have been satisfied in full and thereafter the Notes shall be null and void and of no further
force or effect.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;VI<BR>
<BR>
CONDITIONS TO CLOSING</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.1 <U>Holder&rsquo;s
Conditions Precedent</U>.&nbsp; The obligations of the Holder to complete the Conversion and the Exchange are, in each case, subject
to the satisfaction of each of the following conditions precedent:</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) each
of the representations and warranties of the Company contained in this Agreement shall be true and correct as of the Closing Date,
with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the
extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty
need only be true and correct as of such date;</FONT></P>

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

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) the
Notification Form: Listing of Additional Shares, to be filed with the NASDAQ prior to issuing any Preferred Stock or Conversion
Shares, shall have been filed;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) the
Company shall have delivered to the Holder all consents, notices and approvals required in connection with the transactions contemplated
hereby (including any consent or notice set forth in <U>Section&nbsp;4.8</U>), in form and substance reasonably satisfactory to
the Holder;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) the
Holder shall have received the Registration Rights Agreement, executed and delivered by the Company;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) the
Company shall have duly filed the Certificate with the Secretary of State of the State of Delaware;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) the
Company shall have duly performed and complied in all material respects with all covenants and agreements contained in this Agreement
that are required to be performed or complied with by it at or before the Closing;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) no
court or other governmental or regulatory authorities, agencies,&nbsp;commissions or other entities, whether federal, state, local
or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent)
that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement,
and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) Greenberg
Traurig, LLP, counsel for the Company, shall have furnished to the Holder an opinion, in the form attached hereto as <U>Exhibit
C</U>, dated the Closing Date and addressed to the Holder;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) the
Chief Executive Officer and Chief Financial Officer of the Company shall have delivered to the Holder a certificate, dated as
of the Closing Date, certifying to their knowledge, after reasonable inquiry as to the matters set forth in paragraphs 6.1(a)
and (f) above.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.2 <U>Company
Conditions Precedent</U>. The obligations of the Company to complete the Conversion and the Exchange are, in each case, subject
to the satisfaction of each of the following conditions precedent:</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Each
of the representations and warranties of the Holder contained in this Agreement shall be true and correct as of the Closing Date,
with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the
extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty
need only be true and correct as of such date;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) the
Holder shall have duly performed and complied in all material respects with all covenants and agreements contained in this Agreement
that are required to be performed or complied with by it at or before the Closing;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) no
court or other governmental or regulatory authorities, agencies,&nbsp;commissions or other entities, whether federal, state, local
or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent)
that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement,
and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) the
Trustee, the Conversion Agent and the Registrar, as applicable, shall have received from the Holder such documents and instruments
reasonably requested by them with respect to the Conversion and the Exchange; and</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) the
Holder shall have delivered to the Company an executed counterpart to the Registration Rights Agreement.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;VII<BR>
<BR>
MISCELLANEOUS</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1 <U>Certain
Actions</U>.&nbsp;&nbsp;Each of the Company and the Holder shall reasonably cooperate with each other and use (and shall cause
their respective affiliates to use) reasonable efforts to take or cause to be taken all actions, and do or cause to be done all
things, necessary, proper or advisable on its part under this Agreement and applicable law and stock exchange listing standards
to consummate the transactions contemplated by this Agreement as soon as practicable.&nbsp;&nbsp;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.2 Legends.
To the extent reasonably necessary under applicable law, any share certificate or book entry representing the Preferred Stock
or Conversion Shares shall have endorsed, to the extent appropriate, upon its face the following words:</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 102px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;ACT&rdquo;),
    OR THE SECURITIES LAWS OF ANY JURISDICTION.&nbsp;&nbsp;SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, ASSIGNED,
    ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (I) A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES
    THAT IS EFFECTIVE UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAW, OR (II) ANY EXEMPTION FROM REGISTRATION UNDER SUCH ACT,
    OR APPLICABLE STATE SECURITIES LAW, RELATING TO THE DISPOSITION OF SECURITIES, INCLUDING RULE 144.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.3 <U>Legend
Removal</U>. Upon the request of the Holder or any transferee or proposed transferee thereof, the Company shall remove the legend
contemplated by <U>Section&nbsp;7.2</U> of this Agreement and the Company shall issue a stock certificate or enter a book entry
without such legend to the Holder or transferee (and shall revoke any related stop transfer or similar instructions to its registrar
and transfer agent), or shall cause such shares upon initial issuance not to be so legended (and shall not issue any such stop
transfer or similar legends to its registrar and transfer agent) if the applicable shares of Preferred Stock or Conversion Shares
are covered by an effective registration statement under the Securities Act or if such person provides reasonable evidence and
an opinion of counsel to the effect that a sale, transfer or assignment of such Conversion Shares may be made without registration
under the Securities Act or that such Conversion Shares are eligible for resale pursuant to Rule 144 under the Securities Act.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.4 <U>Entire
Agreement</U>.&nbsp;&nbsp;This Agreement and any documents and agreements executed in connection with the Conversion and the Exchange
embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all
prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda
and understandings between or among the parties or any of their agents, representatives or affiliates relative to such subject
matter, including, without limitation, any term sheets, emails or draft documents.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.5 <U>Construction</U>.&nbsp;&nbsp;References
in the singular shall include the plural, and vice versa, unless the context otherwise requires. References in the masculine shall
include the feminine and neuter, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective
counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language
in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either
party.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.6 <U>Governing
Law; Venue</U>.&nbsp;&nbsp;This Agreement shall in all respects be construed in accordance with and governed by the substantive
laws of the State of New York, without reference to its choice of law rules. Venue for any legal action under this Agreement shall
be in the state or federal courts located in the Borough of Manhattan in the City of New York, New York.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.7 <U>Counterparts</U>.&nbsp;&nbsp;This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument. Any counterpart or other signature hereon delivered by facsimile shall be deemed for all purposes
as constituting good and valid execution and delivery of this Agreement by such party.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.8 <U>Specific
Performance</U>. Each party acknowledges and agrees that, in addition to other remedies, the parties shall be entitled to enforce
the terms of this Agreement by decree of specific performance without the necessity of proving the inadequacy of monetary damages
as a remedy and to obtain injunctive relief against any breach or threatened breach of this Agreement.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.9 <U>Certain
Definitional Provisions</U>.&nbsp;&nbsp;Unless the express context otherwise requires: the words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;,
and &ldquo;hereunder&rdquo; and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole
and not to any particular provision of this Agreement; any references herein to a specific Section, Schedule or Annex shall refer,
respectively, to Sections, Schedules or Annexes of this Agreement; wherever the word &ldquo;include&rdquo;, &ldquo;includes&rdquo;,
or &ldquo;including&rdquo; is used in this Agreement, it shall be deemed to be followed by the words &ldquo;without limitation&rdquo;;
and references herein to any gender includes each other gender.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Pages Follow]</FONT></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, each of the parties hereto has caused this Conversion and Exchange Agreement to be executed as of the date first
above written.&nbsp;&nbsp;</FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Company</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CADIZ INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%">/s/ Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT>&nbsp;</TD>
    <TD>Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Exchange Agreement]</FONT></P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Holder</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LC CAPITAL MASTER FUND, LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%">/s/ Steven Lampe</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify">Steven Lampe</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Managing Member</FONT></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Exchange Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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

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

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

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

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

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

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<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 33%"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 34%"><FONT STYLE="font: 16pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">Page 1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The First State</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><B><I>I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE
OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF DESIGNATION OF &ldquo;CADIZ INC.&rdquo;,
FILED IN THIS OFFICE ON THE FIFTH DAY OF MARCH, A.D. 2020, AT 4:47 O`CLOCK P.M.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><B><I>A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO
THE NEW CASTLE COUNTY RECORDER OF DEEDS.</I></B></P>

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

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

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    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 40%; font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
    W. Bullock</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Jeffrey
    W. Bullock</B></FONT><B>, Secretary of State</B></TD></TR>
</TABLE>


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

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    <TD STYLE="text-align: left; white-space: nowrap; width: 28%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2295882&nbsp;&nbsp;&nbsp; 8100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SR# 20201953970</P></TD>
    <TD STYLE="white-space: nowrap; width: 49%; text-align: center; font-size: 10pt"><IMG SRC="ex10-1_001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; width: 23%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Authentication: 202526555</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: 03-05-20</P></TD></TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may verify this certificate online at corp.delaware.gov/authver.shtml</P>



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

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    <TD STYLE="white-space: nowrap; width: 65%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 35%"><B>State of Delaware</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Secretary of State</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Division of Corporations</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Delivered 04:47 PM 03/05/2020</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>FILED 04:47 PM 03/05/2020</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>SR 20201953970 -  File Number 2295882</B></TD></TR>
</TABLE>


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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SERIES 1 PREFERRED STOCK</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CADIZ
inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Pursuant to Section 151 of the General
Corporation Law of the State of Delaware)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cadiz Inc., a corporation
organized and existing under the General Corporation Law of the State of Delaware (hereinafter, the &ldquo;<U>Corporation</U>&rdquo;),
hereby certifies that the following resolution was duly adopted by the Board of Directors of the Corporation as required by Section
151 of the General Corporation Law of the State of Delaware:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;NOW, THEREFORE,
BE IT RESOLVED, that pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation in
accordance with the provisions of the certificate of incorporation of the Corporation, there is hereby created and provided out
of the authorized but unissued preferred stock, par value $0.01 per share, of the Corporation (&ldquo;<U>Preferred Stock</U>&rdquo;),
a new series of Preferred Stock, and there is hereby stated and fixed the number of shares constituting such series and the designation
of such series and the powers (including voting powers), if any, of such series and the preferences and relative, participating,
optional, special or other rights, if any, and the qualifications, limitations or restrictions, if any, of such series as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Series 1 Preferred
Stock:</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <U>Designation
and Amount</U>. The shares of such series shall be designated as shares of &ldquo;Series 1 Preferred Stock,&rdquo; par value $0.01
per share, of the Corporation (the &ldquo;<U>Series 1 Preferred Stock</U>&rdquo;), and the number of shares constituting such series
shall be ten thousand (10,000).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <U>Definitions</U>.
The following terms shall have the following meanings for purposes of this Certificate of Designation (as the same may be amended,
amended and restated or restated from time to time, this &ldquo;<U>Certificate of Designation</U>&rdquo;):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) &ldquo;<U>Affiliates</U>&rdquo;
with respect to any Person shall mean any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 of the Securities
Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) &ldquo;<U>Attribution
Parties</U>&rdquo; with respect to a holder of outstanding shares of Series 1 Preferred Stock shall mean such holder&rsquo;s Affiliates
and any Persons acting as group together with such holder or any of such holder&rsquo;s Affiliates.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) &ldquo;<U>Beneficial
Ownership Limitation</U>&rdquo; with respect to a holder of outstanding shares of Series 1 Preferred Stock shall mean 9.9% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable
upon conversion of Series 1 Preferred Stock held by such holder pursuant to this Certificate of Designation; <I>provided</I>, <I>however</I>,
that a holder of any outstanding shares of Series 1 Preferred Stock, upon written notice to the Corporation, may increase or decrease
the Beneficial Ownership Limitation provisions of this definition applicable to the outstanding shares of Series 1 Preferred Stock
held by such holder; <I>provided</I> that the Beneficial Ownership Limitation shall in no event exceed 9.9% of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion
of Series 1 Preferred Stock held by such holder pursuant to this Certificate of Designation and the provisions of this definition
shall continue to apply. Any such increase in the Beneficial Ownership Limitation shall not be effective until the 61<SUP>st</SUP>
day after such written notice is delivered to the Corporation and shall only apply to the holder of outstanding shares of Series
1 Preferred Stock providing such notice and no other holder of outstanding shares of Series 1 Preferred Stock. The provisions of
this definition shall, to the fullest extent permitted by applicable law, be construed and implemented in a manner otherwise than
in strict conformity with the terms of this definition to correct this definition (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary
or desirable to properly give effect to such limitation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) &ldquo;<U>Beneficially
Own</U>&rdquo; shall mean &ldquo;beneficial ownership&rdquo; in accordance with Section 13(d) of the Exchange Act and shall include
the number of shares of Common Stock issuable upon conversion of the outstanding shares of Series 1 Preferred Stock sought to be
converted pursuant to this Certificate of Designation, but shall exclude the number of shares of Common Stock which are issuable
upon (i) conversion of any other outstanding shares of Series 1 Preferred Stock and (ii) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or exercise analogous to
the limitation contained herein.&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) &ldquo;<U>Board
of Directors</U>&rdquo; shall mean the Board of Directors of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) &ldquo;<U>Capital
Lease Obligations</U>&rdquo; means, with respect to any Person, the obligations of such Person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes
of this Indenture, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in
accordance with GAAP.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) &ldquo;<U>Certificate
of Incorporation</U>&rdquo; shall mean the certificate of incorporation of the Corporation, as the same may be amended, amended
and restated or restated from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) &ldquo;<U>Closing
Price</U>&rdquo; of Common Stock or any other security on any date shall mean the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid and last ask prices or, if more than one in either case, the average of the
average bid and the average ask prices) on that date as reported in composite transactions for the principal United States securities
exchange on which Common Stock or such other security is traded.&nbsp;&nbsp;If Common Stock or such other security is not listed
for trading on a United States national or regional securities exchange on the relevant date, the Closing Price will be the last
quoted bid price for Common Stock or such other security in the over-the-counter market on the relevant date as reported by OTC
Markets Group Inc. or a similar organization.&nbsp;&nbsp;If Common Stock or such other security is not so quoted, the Closing Price
will be the average of the mid-point of the last bid and ask prices for Common Stock or such other security on the relevant date
from each of at least three nationally recognized independent investment banking firms selected by the Corporation for this purpose.&nbsp;&nbsp;The
Closing Price will be determined without reference to extended or after hours trading.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) &ldquo;<U>Commission</U>&rdquo;
shall mean the United States Securities and Exchange Commission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) &ldquo;<U>Commodity
Price Protection Agreement</U>&rdquo; means, with respect to any Person, any forward contract, futures contract, commodity swap,
commodity option or other similar agreement or arrangement (including derivative agreements or arrangements) as to which such Person
is a party or a beneficiary relating to, or the value of which is dependent upon or which is designed to protect such Person against,
fluctuations in commodity prices.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) &ldquo;<U>Common
Stock</U>&rdquo; shall mean the common stock, par value $0.01 per share, of the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l) &ldquo;<U>Common
Stock Equivalents</U>&rdquo; shall mean any securities of the Corporation which would entitle the holder thereof to acquire at
any time shares of Common Stock, including, without limitation, any Debt, preferred stock, rights, options, warrants or other securities
that are at any time convertible into or exercisable for, or otherwise entitle the holder thereof to receive, shares of Common
Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m) &ldquo;<U>Conversion
Date</U>&rdquo; shall mean an Optional Conversion Date or a Mandatory Conversion Date, as the circumstances shall require.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n) &ldquo;<U>Conversion
Limitation Determination</U>&rdquo; shall have the meaning set forth in <U>Section 7(c)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o) &ldquo;<U>Conversion
Rate</U>&rdquo; shall mean 405.05, as such amount may be adjusted pursuant to <U>Section 8</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p) &ldquo;<U>Convertible
Senior Notes due 2020</U>&rdquo; shall mean <FONT STYLE="background-color: white">the Corporation&rsquo;s 7.00% Convertible Senior
Notes due 2020&nbsp;issued pursuant to the Indenture dated as of December 10, 2015, between the Corporation and U.S. Bank National
Association (including any additional notes issued under such Indenture in an aggregate original principal amount not to exceed
$5,000,000 at any one time outstanding),</FONT> as amended, amended and restated, restated, supplemented or otherwise modified
from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q) &ldquo;<U>Corporation</U>&rdquo;
means Cadiz Inc., a Delaware corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r) <FONT STYLE="background-color: white">&ldquo;<U>Credit
Agreement</U>&rdquo; means the Credit Agreement, dated as of May 1, 2017, among the Corporation, Apollo Special Situations Fund,
L.P., the other lenders from time to time party thereto, and </FONT>Wells Fargo Bank, National Association<FONT STYLE="background-color: white">,
as the agent for the lenders, as amended, amended and restated, restated, extended, renewed, supplemented or otherwise modified
from time to time, and one or more agreements, including, without limitation, an indenture, governing the Debt Incurred by the
Corporation and/or its subsidiaries to Refinance, in whole or in part, the Debt then outstanding under the Credit Agreement or
one or more successor Credit Agreements; <I>provided</I>, <I>however</I>, that the principal amount of such Refinanced Debt (or
accreted value, in the case of such Refinanced Debt issued at a discount) does not exceed the principal amount (or accreted value,
as the case may be) of the Debt so Refinanced, plus the amount of accrued and unpaid interest on the Debt so Refinanced, any premium
paid to holders of the Debt so Refinanced and reasonable expenses (including underwriting discounts) Incurred in connection with
the Refinancing of such Debt. </FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s) <FONT STYLE="background-color: white">&ldquo;<U>Currency
Agreement</U>&rdquo; means, with respect to any Person, any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement (including derivative agreements or arrangements) as to which such Person is a party or a beneficiary
designed to hedge foreign currency risk of such Person,</FONT> as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t) &ldquo;<U>Debt</U>&rdquo;
means, with respect to any Person at any date, without duplication, (i) all indebtedness of such Person for borrowed money, (ii)
all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred
in the ordinary course of such Person&rsquo;s business), (iii) all obligations of such Person evidenced by notes, bonds, debentures
or other similar instruments, (iv) all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such property), (v) all Capital Lease Obligations of such Person,
(vi) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances,
letters of credit, surety bonds or similar arrangements, (vii) the liquidation value of all redeemable preferred capital stock
of such Person, (viii) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (i)
through (vii) above, (ix) all obligations of the kind referred to in clauses (i) through (viii) above secured by (or for which
the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including
accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of
such obligation, and (x) all obligations under Hedging Obligations of such Person. The Debt of any Person shall include the Debt
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person&rsquo;s ownership interest in or other relationship with such entity, except to the extent the terms
of such Debt expressly provide that such Person is not liable therefor.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u) &ldquo;<U>Dividend
Junior Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, any outstanding series of Preferred Stock
provided for or fixed pursuant to the provisions of the Certificate of Incorporation raking junior to the Series 1 Preferred Stock
as to dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v) &ldquo;<U>Dividend
Parity Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, the Common Stock and any outstanding series
of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking <I>pari passu</I>
to the Series 1 Preferred Stock as to dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w) &ldquo;<U>Dividend
Senior Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, any outstanding series of Preferred Stock
provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking senior to the Series 1 Preferred Stock
as to dividends.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x) &ldquo;<U>Exchange
Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y) &ldquo;<U>Exchange
Agreements</U>&rdquo; shall mean the Conversion and Exchange Agreements, dated on or about the Original Issue Date, between the
Corporation and each original Holder (as defined therein), as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z) &ldquo;<U>Existing
Debt</U>&rdquo; shall mean the following <FONT STYLE="background-color: white">Debt of the Corporation and its subsidiaries outstanding
on the Original Issue Date: (i) the Corporation&rsquo;s 7.00% Convertible Senior Notes due 2018 issued pursuant to the Indenture
dated as of March 5, 2013, between the Corporation and U.S. Bank National Association (as successor to The Bank of New York Mellon
Trust Company, N.A.), as trustee, </FONT>as amended, amended and restated, restated, supplemented or otherwise modified from time
to time<FONT STYLE="background-color: white">, (ii) the Convertible Senior Notes due 2020</FONT>, <FONT STYLE="background-color: white">(iii)
any Debt of the Corporation and/or its subsidiaries Incurred pursuant to the Credit Agreement in an aggregate original principal
amount not to exceed $60,000,000 outstanding at any time, plus any accretion pursuant to the terms of the Credit Agreement, (iv)
debt Incurred in connection with </FONT>that certain Amended and Restated Cadiz &ndash; Fenner Valley Farm Lease, dated as of February
8, 2016, entered into among Fenner Valley Farm, LLC, the Corporation and the other signatories thereto, <FONT STYLE="background-color: white">and
(v) any Debt Incurred under any credit agreement, loan, note or indenture governing the Debt Incurred by the Corporation and/or
its subsidiaries to Refinance, in whole or in part, any other Existing Debt then outstanding; <I>provided</I>, <I>however</I>,
that the principal amount of such Refinanced Debt (or accreted value, in the case of such Refinanced Debt issued at a discount)
does not exceed the principal amount (or accreted value, as the case may be) of the Debt so Refinanced, plus the amount of accrued
and unpaid interest on the Debt so Refinanced, any premium paid to holders of the Debt so Refinanced and reasonable expenses (including
underwriting discounts) Incurred in connection with the Refinancing of such Debt.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa) &ldquo;<U>Farming
Project</U>&rdquo; shall have the meaning set forth in <U>Section 4(b)(ii)(B)(2)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb) <FONT STYLE="background-color: white">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in the United States of America, as in effect from time to time.</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc) &ldquo;<U>Guarantee
Obligation</U>&rdquo; means, with respect to any Person (the &ldquo;<U>Guaranteeing Person</U>&rdquo;), any obligation, including
a reimbursement, counterindemnity or similar obligation, of the Guaranteeing Person that guarantees or in effect guarantees, or
which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit)
that guarantees or in effect guarantees, any Debt, leases, dividends or other obligations (the &ldquo;<U>Primary Obligations</U>&rdquo;)
of any other third Person (the &ldquo;<U>Primary Obligor</U>&rdquo;) in any manner, whether directly or indirectly, including any
obligation of the Guaranteeing Person, whether or not contingent, (i) to purchase any such Primary Obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such Primary Obligation
or (2) to maintain working capital or equity capital of the Primary Obligor or otherwise to maintain the net worth or solvency
of the Primary Obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any
such Primary Obligation of the ability of the Primary Obligor to make payment of such Primary Obligation or (iv) otherwise to assure
or hold harmless the owner of any such Primary Obligation against loss in respect thereof; <I>provided</I>, <I>however</I>, that
the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of
business. The amount of any Guarantee Obligation of any Guaranteeing Person shall be deemed to be the maximum amount for which
such Guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such
Primary Obligation and the maximum amount for which such Guaranteeing Person may be liable are not stated or determinable, in which
case the amount of such Guarantee Obligation shall be such Guaranteeing Person&rsquo;s maximum reasonably anticipated liability
in respect thereof as determined by the Guaranteeing Person in good faith.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd) &ldquo;<U>Hedging
Obligations</U>&rdquo; mean, with respect to any Person, the obligations of such Person pursuant to any Interest Rate Agreement,
Currency Agreement or Commodity Price Protection Agreement, as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee) &ldquo;<U>Incur</U>&rdquo;
means, with respect to any Debt or other obligation of any Person, to create, issue, incur (including by conversion, exchange or
otherwise), assume, guarantee or otherwise become liable in respect of such Debt or other obligation on the balance sheet of such
Person (and &ldquo;<U>Incurrence</U>,&rdquo; &ldquo;<U>Incurred</U>&rdquo; and &ldquo;<U>Incurring</U>&rdquo; will have meanings
correlative to the foregoing); <I>provided</I> that a change in GAAP that results in an obligation of such Person that exists at
such time becoming Debt will not be deemed an Incurrence of such Debt. Accrual of interest, the accretion of accreted value, the
payment of interest in the form of additional Debt and increases in Debt outstanding solely as a result of fluctuations in the
exchange rate of currencies will not be deemed to be an Incurrence of Debt. Any Debt issued at a discount (including Debt on which
interest is payable through the issuance of additional Debt) will be deemed Incurred at the time of original issuance of the Debt
at the accreted amount thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ff) &ldquo;<U>Interest
Rate Agreement</U>&rdquo; means, with respect to any Person, any interest rate protection agreement, interest rate swaps, caps,
floors or collars, option, future or derivative agreements or arrangements and similar agreements or arrangements and/or other
types of hedging agreements as of which such Person is a party or beneficiary designed to hedge interest rate risk of such Person,
as amended, amended and restated, restated, supplemented or otherwise modified from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(gg) &ldquo;<U>Lien</U>&rdquo;
means any security interest, pledge, lien or other encumbrance.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hh) &ldquo;<U>Liquidation</U>&rdquo;
shall have the meaning set forth in <U>Section 5(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) &ldquo;<U>Liquidation
Junior Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, the Common Stock and any outstanding
series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking junior to
Series 1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory
Conversion Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate
of Incorporation ranking junior to the Series 1 Preferred Stock upon a Liquidation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jj) &ldquo;<U>Liquidation
Parity Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, any outstanding series of Preferred
Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking <I>pari passu</I> to the Series
1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory Conversion
Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation
ranking <I>pari passu</I> to the Series 1 Preferred Stock upon a Liquidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(kk) &ldquo;<U>Liquidation
Proceeds</U>&rdquo; shall mean the assets of the Corporation legally available for distribution to its stockholders upon a Liquidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ll) &ldquo;<U>Liquidation
Senior Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, any outstanding series of Preferred
Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking senior to the Series 1 Preferred
Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory Conversion Date, any
outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking
senior to the Series 1 Preferred Stock upon a Liquidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(mm) &ldquo;<U>Liquidation
Value</U>&rdquo; shall mean, with respect to any share of Series 1 Preferred Stock (i) on any given date prior to the Mandatory
Conversion Date, $2,734.09 per share (as adjusted for any (A) dividend in respect of any class or series of stock of the Corporation
in shares of Series 1 Preferred Stock, (B) subdivision, whether by reclassification or recapitalization, of the outstanding shares
of Series 1 Preferred Stock into a greater number of shares of Series 1 Preferred Stock, or (C) combination, whether by reclassification
or recapitalization, of the outstanding shares of Series 1 Preferred Stock into a lesser number of shares of Series 1 Preferred
Stock), and (ii) on any given date on or after the Mandatory Conversion Date, $0.00 per share.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(nn) &ldquo;<U>Mandatory
Conversion</U>&rdquo; shall have the meaning set forth in <U>Section 7(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(oo) &ldquo;<U>Mandatory
Conversion Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(b)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(pp) &ldquo;<U>NASDAQ</U>&rdquo;
shall mean the Nasdaq Stock Market or any successor national securities exchange (or other applicable securities exchange or quotation
system) or any other national securities exchange on which shares of Common Stock are listed from time to time.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(qq) &ldquo;<U>Northern
Pipeline Project</U>&rdquo; shall mean the water conservation project of the Corporation utilizing the existing idle natural gas
pipeline that extends northwest from the Corporation&rsquo;s property terminating in Barstow, California, and a further 124-mile
segment connecting such pipeline from Barstow to Wheeler Ridge, California for which the Corporation has entered into a purchase
agreement, and all associated well-field and pumping stations.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(rr) &ldquo;<U>Notice
of Conversion</U>&rdquo; shall have the meaning set forth in <U>Section 7(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ss) &ldquo;<U>Optional
Conversion Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(tt) &ldquo;<U>Original
Issue Date</U>&rdquo; shall mean the first date on which one or more shares of Series 1 Preferred Stock is/are issued by the Corporation.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(uu) &ldquo;<U>Person</U>&rdquo;
shall mean an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vv) &ldquo;<U>Preferred
Stock</U>&rdquo; shall have the meaning set forth in the recitals.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ww) &ldquo;<U>Redemption
Date</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(xx) &ldquo;<U>Redemption
Notice</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(yy) &ldquo;<U>Redemption
Notice Date</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(zz) &ldquo;<U>Redemption
Price</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aaa) &ldquo;<U>Refinance</U>&rdquo;
means, in respect of any Debt, to refinance, extend (including pursuant to any defeasance or discharge mechanism), renew, refund,
repay, prepay, redeem, defease or retire, or to issue Debt in exchange or replacement for, such Debt in whole or in part. &ldquo;<U>Refinanced</U>&rdquo;
and &ldquo;<U>Refinancing</U>&rdquo; will have correlative meanings.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bbb) &ldquo;<U>Required
Holders</U>&rdquo; means the holders of at least a majority of the outstanding shares of Series 1 Preferred Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ccc) &ldquo;<U>Securities
Act</U>&rdquo; shall mean means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ddd) &ldquo;<U>Series
1 Preferred Stock</U>&rdquo; shall have the meaning set forth in <U>Section 1</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(eee) &ldquo;<U>Share
Delivery Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(d)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(fff) &ldquo;<U>Southern
Pipeline Project</U>&rdquo; shall mean the water conservation project of the Corporation using its 43-mile southerly right-of-way,
including pipeline, well field and related water distribution, pumping facilities, water treatment and associated power facilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ggg) &ldquo;<U>Trading
Day</U>&rdquo; shall mean any day on which NASDAQ is open for business and on which shares of Common Stock may be traded (other
than a day on which NASDAQ is scheduled to or does close prior to its regular weekday closing time).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hhh) &ldquo;<U>Transfer
Agent</U>&rdquo; shall mean Continental Stock Transfer &amp; Trust Company, New York, New York, the current transfer agent of the
Corporation, with a mailing address of 1 State Street, 30<SUP>th</SUP> Floor, New York, New York 10004, and includes any successor
transfer agent of the Corporation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) &ldquo;<U>Voting
Rate</U>&rdquo; shall mean 301.98, as such amount may be adjusted pursuant to <U>Section 8</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jjj) &ldquo;<U>Water
Projects</U>&rdquo; shall have the meaning set forth in <U>Section 4(b)(ii)(B)(1)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <U>Dividends</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Prior
to the Mandatory Conversion Date</U>. Except as provided in <U>Section 3(b)</U>, the holders of outstanding shares of Series 1
Preferred Stock shall not be entitled to share in any dividends or distributions of any kind or nature whatsoever, and in furtherance
thereof, shall not have any dividend or distribution privileges of any kind or nature whatsoever.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>After
the Mandatory Conversion Date</U>. After the Mandatory Conversion Date and for so long as any shares of Series 1 Preferred Stock
shall be outstanding, subject to applicable law and the rights of the holders of any outstanding shares of Dividend Senior Stock,
the holders of outstanding shares of Series 1 Preferred Stock shall be entitled to receive dividends, when, as and if declared
by the Board of Directors on the then outstanding shares of Dividend Parity Stock, on a <I>pari passu</I> basis with the holders
of the then outstanding shares of Dividend Parity Stock and in preference and prior to the holders of any then outstanding shares
of Dividend Junior Stock, in an amount per then outstanding share of Series 1 Preferred Stock determined by multiplying (i) the
dividend amount per then outstanding share of Common Stock being declared by (ii) the Conversion Rate, with each share of Series
1 Preferred Stock receiving such dividend on an as converted to Common Stock basis (without regard to any limitation or restriction
on such conversion); <I>provided</I>, that no dividend shall be declared and paid or set apart for payment on the then outstanding
shares of Common Stock unless a dividend shall also be declared and paid or set apart for payment on the then outstanding shares
of Series 1 Preferred Stock. Notwithstanding the foregoing, to the extent that the right of a holder of Series 1 Preferred Stock
to receive a dividend consisting of shares of Common Stock or Common Stock Equivalents would result in such holder and such holder&rsquo;s
Attribution Parties exceeding such holder&rsquo;s Beneficial Ownership Limitation, then such holder shall, to the fullest extent
permitted by applicable law, not be entitled to receive such dividend to the extent of such Beneficial Ownership Limitation (and
shall not be entitled to Beneficially Own such shares of Common Stock or Common Stock Equivalents as a result of such dividend
to the extent of any such excess) and such dividend to such extent shall be held in abeyance for the benefit of such holder until
such time or times, if ever, as such holder&rsquo;s right thereto would not result in such holder and such holder&rsquo;s Attribution
Parties exceeding such holder&rsquo;s Beneficial Ownership Limitation, at which time or times such dividend (and any dividend consisting
of Common Stock or Common Stock Equivalents declared on such initial dividend or on any subsequent dividend held similarly in abeyance
to the same extent as if there had been no such limitation) shall be paid to such holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <U>Voting
Rights</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>General</U>.
Except as provided by this Certificate of Designation or applicable law, from and after the Original Issue Date and prior to the
Mandatory Conversion Date, each holder of a share of Series 1 Preferred Stock, as such, shall be entitled to the number of votes
determined by multiplying the Voting Rate by each outstanding share of Series 1 Preferred Stock held of record by such holder on
all matters on which stockholders are generally entitled to vote; <I>provided</I>, <I>however</I>, that in no event shall a holder
of Series 1 Preferred Stock, together with such holder&rsquo;s Attribution Parties, be entitled to a number of votes in excess
of such holder&rsquo;s Beneficial Ownership Limitation. After the Mandatory Conversion Date, except as otherwise required by applicable
law, each holder of a share of Series 1 Preferred Stock, as such, shall not be entitled to vote and shall not be entitled to any
voting powers in respect thereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Protective
Provisions</U>. From and after the Original Issue Date and prior to the Mandatory Conversion Date, for so long as any shares of
Series 1 Preferred Stock shall be outstanding, the Corporation shall not, at any time or from time to time, without the prior vote
or written consent of the Required Holders, voting separately as a single class:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) amend,
alter or repeal any provision of the Certificate of Incorporation, if such amendment, alteration or repeal would alter or change
the powers, preferences or special rights of the Series 1 Preferred Stock so as to affect them adversely;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii) <FONT STYLE="background-color: white">directly
or indirectly, Incur (or permit any of its subsidiaries to Incur) any Debt other than (A) any Existing Debt and (B) up to an aggregate
of $600,000,000 of Debt related to (1) the Southern Pipeline Project or Northern Pipeline Project, including water storage (collectively,
the &ldquo;<U>Water Projects</U>&rdquo;), (2) the establishment of related infrastructure and farming costs for developing agriculture
on land owned by the Corporation and its subsidiaries (the &ldquo;<U>Farming Project</U>&rdquo;), (3) working capital for the Water
Projects, the Farming Project or general corporate purposes, and (4) a Refinancing of any of the Debt described in the foregoing
clauses (1) &ndash; (3);</FONT></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii) enter
into any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange
of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except (A) transactions between
the Corporation and its subsidiaries or between or among the Corporation&rsquo;s subsidiaries and (B) transactions approved by
a majority of the Corporation&rsquo;s independent directors and a majority of the members of the Board of Directors as no less
favorable to the Corporation or its subsidiaries than would be obtainable in a comparable arm&rsquo;s length transaction between
fully informed, willing unaffiliated parties who are under no compulsion to act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv) issue
any additional shares of Series 1 Preferred Stock (other than as contemplated by the Exchange Agreements);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v) authorize,
create or issue any additional class or series of Liquidation Senior Stock or Liquidation Parity Stock other than the authorization,
creation or issuance of any additional class or series of Liquidation Senior Stock or Liquidation Parity Stock in one or more financing
transactions for the purpose of financing the Northern Pipeline Project and the Southern Pipeline Project, the gross cash proceeds
of which shall be offset against, and shall not exceed in the aggregate, the $600,000,000 limit of Debt permitted to be Incurred
pursuant to <U>Section 4(b)(ii)(B)</U>; or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vi) consummate
a Liquidation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <U>Liquidation</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Prior
to the Mandatory Conversion Date</U>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation (a &ldquo;<U>Liquidation</U>&rdquo;), from and after the Original Issue Date and prior to the Mandatory Conversion
Date, subject to applicable law and the rights of the holders of any outstanding shares of Liquidation Senior Stock, each holder
of any outstanding shares of Series 1 Preferred Stock shall be entitled to receive, together with the holders of any Liquidation
Parity Stock, an amount in cash equal to the aggregate Liquidation Value of all shares of Series 1 Preferred Stock held by such
holder, to be paid out of the Liquidation Proceeds, before any payment shall be made to the holders of Liquidation Junior Stock
by reason of their ownership thereof. If upon any Liquidation the remaining assets of the Corporation available for distribution
to its stockholders shall be insufficient to pay the holders of shares of Series 1 Preferred Stock and the holders of any Liquidation
Parity Stock the full preferential amount to which they are entitled, (i) the holders of shares of Series 1 Preferred Stock and
the holders of any Liquidation Parity Stock shall share ratably in any distribution of the Liquidation Proceeds in proportion to
the respective full preferential amounts which would otherwise be payable to a holder of shares of Series 1 Preferred Stock or
Liquidation Parity Stock in respect of such shares if all preferential amounts payable on or with respect to such shares in a Liquidation
were paid in full, and (ii) the Corporation shall not make or agree to make any payments to the holders of Liquidation Junior Stock.
In the event of a Liquidation prior to the Mandatory Conversion Date, in addition to and after payment in full of all preferential
amounts required to be paid to the holders of Series 1 Preferred Stock upon a Liquidation prior to the Mandatory Conversion Date
under the foregoing provisions of this <U>Section 5(a)</U>, the holders of shares of Series 1 Preferred Stock then outstanding
shall be entitled to participate with the holders of shares of Liquidation Junior Stock then outstanding, <I>pro rata</I> as a
single class based on the number of outstanding shares of Liquidation Junior Stock on an as-converted into Common Stock basis held
by each holder as of immediately prior to the Liquidation, in the distribution of all the remaining Liquidation Proceeds available
for distribution to its stockholders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>After
the Mandatory Conversion Date</U>. In the event of a Liquidation, after the Mandatory Conversion Date, for so long as any shares
of Series 1 Preferred Stock shall be outstanding, the holders of shares of Series 1 Preferred Stock then outstanding shall be entitled
to participate with the holders of shares of Liquidation Junior Stock then outstanding, <I>pro rata</I> as a single class based
on the number of outstanding shares of Liquidation Junior Stock on an as-converted into Common Stock basis held by each holder
as of immediately prior to the Liquidation, in the distribution of all the remaining Liquidation Proceeds available for distribution
to its stockholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Notice
of Liquidation</U>. In the event of any Liquidation, the Corporation shall, within ten (10) days of the date the Board of Directors
approves such action, or no later than twenty (20) days of any stockholders&rsquo; meeting called to approve such action, whichever
is earlier, give each holder of shares of Series 1 Preferred Stock written notice of the proposed action. Such written notice shall
describe the material terms and conditions of such proposed action, including a description of the stock, cash, and property to
be received by the holders of shares of Series 1 Preferred Stock upon consummation of the proposed action and the date of delivery
thereof. If any material change in the facts set forth in the initial notice shall occur, the Corporation shall promptly give written
notice to each holder of shares of Series 1 Preferred Stock of such material change. A merger or consolidation of the Corporation
with or into any other corporation or other entity, or a sale, lease, exchange, exclusive license or other disposition of all or
any part of the assets of the Corporation and/or any of its subsidiaries (which shall not in fact result in the Liquidation of
the Corporation and the distribution of assets to its stockholders) shall not be deemed to be a Liquidation for purposes of this
<U>Section 5</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <U>Redemption</U>.
Each outstanding share of Series 1 Preferred Stock shall be redeemable, in whole or in part, at the option of the Corporation,
exercisable as hereinafter provided in this <U>Section 6</U>, at any time and from time to time after the first (1<SUP>st</SUP>)
anniversary of the Original Issue Date and prior to the Mandatory Conversion Date, <I>provided</I> that any redemption hereunder
by the Corporation as to each holder of Series 1 Preferred Stock shall, to the fullest extent permitted by applicable law, be for
a number of shares equal to no less than twenty-five percent (25%) of the number of shares of Series 1 Preferred Stock originally
issued to such holder. Each share of Series 1 Preferred Stock subject to redemption pursuant to this <U>Section 6</U> shall be
redeemed by the Corporation in cash at a price per share equal to the Conversion Rate then in effect <I>multiplied by</I> $13.50,
(as adjusted for any for any (A) dividend in respect of any class or series of stock of the Corporation in shares of Series 1 Preferred
Stock, (B) subdivision, whether by reclassification or recapitalization, of the outstanding shares of Series 1 Preferred Stock
into a greater number of shares of Series 1 Preferred Stock, or (C) combination, whether by reclassification or recapitalization,
of the outstanding shares of Series 1 Preferred Stock into a lesser number of shares of Series 1 Preferred Stock) (the &ldquo;<U>Redemption
Price</U>&rdquo;). The Corporation may exercise its option to redeem all or any portion of the outstanding shares of Series 1 Preferred
Stock pursuant to this <U>Section 6</U> by delivering a written notice thereof to all, but not less than all, of the holders of
outstanding shares of Series 1 Preferred Stock (such notice, the &ldquo;<U>Redemption Notice</U>&rdquo;, and the date on which
all such holders receive such notice, the &ldquo;<U>Redemption Notice Date</U>&rdquo;). Each Redemption Notice shall be irrevocable
and shall (a) state the date on which the redemption shall occur (the &ldquo;<U>Redemption Date</U>&rdquo;), which date shall not
be less than thirty (30) days following the Redemption Notice Date, (b) state the aggregate number of outstanding shares of Series
1 Preferred Stock to be redeemed on the Redemption Date and (c) state the aggregate number of outstanding shares of Series 1 Preferred
Stock to be redeemed from each holder of Series 1 Preferred Stock (which shall be effected <I>pro rata</I> based on the number
of outstanding shares of Series 1 Preferred Stock held by such holder bears to the number of outstanding shares of Series 1 Preferred
Stock held by all holders of Series 1 Preferred Stock). Notwithstanding the receipt of any Redemption Notice, for the avoidance
of doubt, a holder of Series 1 Preferred Stock may convert such holder&rsquo;s shares of Series 1 Preferred Stock into shares of
Common Stock pursuant to the terms of <U>Section 7(a)</U> at any time prior to the Redemption Date.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <U>Conversion</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Optional
Conversion</U>. Each outstanding share of Series 1 Preferred Stock shall be convertible, at any time and from time to time from
and after the Original Issue Date and prior to the Mandatory Conversion Date, at the option of the holder thereof, into that number
of shares of Common Stock (subject to the limitations set forth in <U>Section 7(c)</U>) as is determined by multiplying one (1)
by the Conversion Rate then in effect. Any holder of Series 1 Preferred Stock desiring to effect such conversion shall deliver
to the Corporation a notice of conversion in the form attached hereto as <U>Annex A</U> (a &ldquo;<U>Notice of Conversion</U>&rdquo;),
which Notice of Conversion shall specify the number of shares of Series 1 Preferred Stock to be converted, the number of outstanding
shares of Series 1 Preferred Stock held by such holder immediately prior to such conversion, the number of outstanding shares of
Series 1 Preferred Stock held by such holder immediately following such conversion, and, the date on which such conversion is to
be effected, which conversion date shall not be prior to the date on which the applicable Notice of Conversion is given to the
Corporation (the &ldquo;<U>Optional Conversion Date</U>&rdquo;). No ink-original Notice of Conversion shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion be required. The calculations
and entries set forth in a Notice of Conversion shall, to the fullest extent permitted by applicable law, control and be conclusive
and binding in the absence of manifest or mathematical error.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Mandatory
Conversion</U>. On the fifth (5<SUP>th</SUP>) anniversary of the Original Issue Date (the &ldquo;<U>Mandatory Conversion Date</U>&rdquo;),
each outstanding share of Series 1 Preferred Stock shall automatically convert (subject to the limitations set forth in <U>Section
7(c)</U>) into that number of shares of Common Stock as is determined by multiplying one (1) by the Conversion Rate in effect on
the Mandatory Conversion Date (the &ldquo;<U>Mandatory Conversion</U>&rdquo;); <I>provided</I>, <I>however</I>, that to the extent
any shares of Series 1 Preferred Stock remain outstanding after the Mandatory Conversion Date (as a result of the limitations set
forth in <U>Section 7(c)</U>), each outstanding share of Series 1 Preferred Stock shall continue to be convertible, at any time
and from time to time, at the option of the holder thereof, pursuant to the provisions of this Certificate of Designation otherwise
applicable to the Series 1 Preferred Stock and set forth in <U>Section 7(a)</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Limitations
on the Right to Convert</U>. Notwithstanding anything contained herein to the contrary, no outstanding share of Series 1 Preferred
Stock shall be converted pursuant to this <U>Section 7</U> to the extent that, after giving effect to a conversion pursuant to
this <U>Section 7</U>, the holder of such shares of Series 1 Preferred Stock, together with such holder&rsquo;s Attribution Parties,
would, as determined by such holder, in its sole discretion, and reflected in a written notice given to the Corporation no later
than five (5) days prior to the Conversion Date (the &ldquo;<U>Conversion Limitation Determination</U>&rdquo;), Beneficially Own
in excess of the Beneficial Ownership Limitation. A holder&rsquo;s submission of a Conversion Limitation Determination shall be
deemed to be such holder&rsquo;s determination and representation to the Corporation that the proposed conversion of the number
of outstanding shares of Series 1 Preferred Stock set forth in the Conversion Limitation Determination is consistent with the foregoing
sentence, and such determination shall, to the fullest extent permitted by applicable law, be final, binding and conclusive and
the Corporation shall have no obligation to verify or confirm the accuracy of such determination or representation. For purposes
of this <U>Section 7(c)</U>, in determining the number of outstanding shares of Common Stock, a holder of outstanding shares of
Series 1 Preferred Stock may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following:
(i) the Corporation&rsquo;s most recent periodic or annual report filed with the Commission, as the case may be; (ii) a more recent
public announcement by the Corporation; or (iii) a more recent written notice by the Corporation or the Transfer Agent setting
forth the number of shares of Common Stock outstanding.&nbsp; Upon the written or oral request (which may be via electronic transmission)
of a holder of outstanding shares of Series 1 Preferred Stock, the Corporation shall within one (1) Trading Day confirm orally
and in writing to such holder the number of shares of Common Stock then outstanding. &nbsp;In any case, the number of outstanding
shares of Common Stock shall be determined as provided in this <U>Section 7</U> after giving effect to the conversion or exercise
of Common Stock Equivalents, including the outstanding shares of Series 1 Preferred Stock, held by such holder or such holder&rsquo;s
Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <U>Delivery
of Shares of Common Stock</U>. Not later than two (2) Trading Days after the relevant Conversion Date (the &ldquo;<U>Share Delivery
Date</U>&rdquo;), the Corporation shall deliver, or cause to be delivered, to the converting holder, the number of shares of Common
Stock to which such holder is entitled pursuant to this <U>Section 7</U>. The Person(s) entitled to receive shares of Common Stock
issuable upon conversion of shares of Series 1 Preferred Stock pursuant to this <U>Section 7</U> shall be treated for all purposes
as the record holder(s) of such shares of Common Stock as of the relevant Conversion Date. The Person(s) entitled to receive shares
of Common Stock <FONT STYLE="background-color: white">upon conversion </FONT>pursuant to this <U>Section 7</U> <FONT STYLE="background-color: white">shall
not be entitled to any rights as a holder of Common Stock with respect to shares issuable upon conversion, including, among other
things, the right to vote and receive dividends and notices of stockholder meetings, until the relevant Conversion Date.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <U>Transfer
Taxes and Expenses</U>. The issuance of shares of Common Stock upon conversion of outstanding shares of Series 1 Preferred Stock
pursuant to this Certificate of Designation shall be made without charge to any holder thereof for any documentary stamp or similar
taxes that may be payable in respect of the issue or delivery of such shares of Common Stock; <I>provided</I>, <I>however</I>,
that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
and delivery of any shares of Common Stock upon the conversion of outstanding shares of Series 1 Preferred Stock pursuant to this
Certificate of Designation in a name other than that of the holder of the outstanding shares of Series 1 Preferred Stock converted
pursuant to this Certificate of Designation, and the Corporation shall not be required to issue or deliver such shares of Common
Stock unless or until the Person(s) requesting the issuance thereof shall have paid to the Corporation the amount of such tax or
shall have established to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer
Agent fees required for same-day processing of any Notice of Conversion or in connection with the Mandatory Conversion and all
fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for, if
applicable, same-day electronic delivery of shares of Common Stock upon the conversion of outstanding shares of Series 1 Preferred
Stock pursuant to this Certificate of Designation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) <U>Fractional
Shares of Common Stock</U>. The Corporation shall not be obligated to deliver to the holders of Series 1 Preferred Stock any fraction(s)
of a share of Common Stock upon a conversion of outstanding shares of Series 1 Preferred Stock pursuant to this <U>Section 7</U>,
the Corporation being entitled to round down to the nearest whole share of Common Stock if the fraction is less than one-half (0.5)
of one share of Common Stock, and round up to the nearest whole share of Common Stock if the fraction is equal to or greater than
one-half (0.5) of one share of Common Stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. <U>Adjustments
to Conversion Rate and Voting Rate</U>. In the event that the Corporation shall, at any time for from time to time after the Original
Issue Date and while any shares of Series 1 Preferred Stock are outstanding, (a) pay a dividend in respect of any class or series
of stock of the Corporation in shares of Common Stock or Common Stock Equivalents (other than a dividend in accordance with <U>Section
3(b)</U>), (b) subdivide, whether by reclassification or recapitalization, the outstanding shares of Common Stock into a greater
number of shares of Common Stock, or (c) combine, whether by reclassification or recapitalization, the outstanding shares of Common
Stock into a smaller number of shares of Common Stock, the Conversion Rate and the Voting Rate, in each case, as in effect immediately
prior to the effectiveness of such action shall be adjusted by multiplying such Conversion Rate or the Voting Rate (as applicable)
by a fraction, the numerator of which is the total number of shares of Common Stock outstanding (including, for this purpose, all
shares of Common Stock then issuable upon the conversion or exercise of all outstanding Common Stock Equivalents) immediately prior
to the effectiveness of such action, and the denominator of which is the total number of shares of Common Stock outstanding (including,
for this purpose, all shares of Common Stock then issuable upon the conversion or exercise of all outstanding Common Stock Equivalents)
immediately after the effectiveness of such action. Any adjustment pursuant to this <U>Section 8</U> shall be given effect (i)
in the case of a dividend (other than a dividend in accordance with <U>Section 3(b)</U>), upon the payment of such dividend as
of the record date for determining the holders of outstanding stock entitled to receive such dividend or (ii) in the case of a
subdivision or combination, whether by reclassification or recapitalization, upon the effective date of such subdivision or combination.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. <U>Transfer
Rights</U>. Subject to applicable securities laws and any registration rights agreement between the holder thereof and the Corporation,
the shares of Series 1 Preferred Stock and any share of Common Stock issued upon the conversion or redemption of any share of Series
1 Preferred Stock may be freely sold or otherwise transferred by the holder of such shares.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)
Any notice or other communication required to be given by the Corporation to any holder of Series 1 Preferred Stock pursuant to
this Certificate of Designation shall be (i) in writing, (ii) directed to the holder&rsquo;s mailing or electronic mail, as applicable,
address as it appears on the records of the Corporation and (iii) delivered via (A) United States mail, (B) courier service, or
(C) electronic transmission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Any
notice or other communication required to be given by any holder of Series 1 Preferred Stock to the Corporation pursuant to this
Certificate of Designation shall be (i) in writing, (ii) directed to (A) the Corporation&rsquo;s principal place of business or
its registered agent in the State of Delaware or (B) the electronic mail address of the Corporation&rsquo;s Chief Financial Officer
or Secretary, as applicable, and (iii) delivered via (A) United States mail, (B) courier service, or (C) electronic transmission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Any
notice or other communication given by (i) United States mail shall be deemed to have been given when deposited, (ii) courier service
shall be deemed to have been given upon the earlier of the time of receipt or when such notice is left at the relevant address,
and (iii) electronic mail when directed to the relevant electronic mail address.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. <U>Reservation
of Shares</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The
Corporation shall at all times keep reserved, free from preemptive or subscription rights, out of its authorized but unissued shares
of Common Stock, or shares held in treasury, sufficient shares of Common Stock to provide for the conversion of Series 1 Preferred
Stock as required by this Certificate of Designation from time to time as shares of Series 1 Preferred Stock are presented for
conversion.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Notwithstanding
the foregoing, the Corporation shall be entitled to deliver upon conversion of outstanding shares of Series 1 Preferred Stock pursuant
to this Certificate of Designation shares of Common Stock reacquired and held in the treasury of the Corporation (in lieu of the
issuance of authorized and unissued shares of Common Stock), so long as any such treasury shares are free and clear of all Liens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) All
Common Stock delivered upon conversion of outstanding shares of Series 1 Preferred Stock shall be duly authorized, validly issued,
fully paid and non-assessable, free and clear of all Liens.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12. <U>Status
of Converted, Redeemed or Repurchased Shares</U><I>.</I> If any share of Series 1 Preferred Stock is converted, redeemed, repurchased
or otherwise acquired by the Corporation, in any manner whatsoever, the share of Series 1 Preferred Stock so acquired shall, to
the fullest extent permitted by applicable law, be retired and cancelled upon such acquisition, and shall not be reissued as a
share of Series 1 Preferred Stock. Any share of Series 1 Preferred Stock so acquired shall, upon its retirement and cancellation,
and upon the taking of any action required by law, become an authorized but unissued share of Preferred Stock undesignated as to
series and may be reissued a part of a new series of Preferred Stock, subject to the conditions and restrictions set forth in the
Certificate of Incorporation or imposed by the General Corporation Law of the State of Delaware.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 13. <U>Waiver</U>.
The powers (including voting powers), if any, of the Series 1 Preferred Stock and the preferences and relative, participating,
optional, special or other rights, if any, and the qualifications, limitations or restrictions, if any, of the Series 1 Preferred
Stock may be waived as to all shares of Series 1 Preferred Stock in any instance (without the necessity of calling, noticing or
holding a meeting of stockholders) by the written consent or agreement of the holders of at least a majority of the shares of Series
1 Preferred Stock then outstanding, consenting or agreeing separately as a single class.&rdquo;</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Designation of Series 1 Preferred Stock of Cadiz Inc. on this 5<SUP>th</SUP> day
of March, 2020.</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt">CADIZ INC.</FONT></TD>
    </TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%"></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tim Shaheen</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"> Chief Financial Officer and Secretary</TD>
    </TR>
</TABLE>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Certificate of
Designation of Series 1 Preferred Stock]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<!-- Field: Page; Sequence: 33 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SERIES 1 PREFERRED STOCK</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, constituting the holder
of record of the number of outstanding shares of Series 1 Preferred Stock (the &ldquo;<U>Series 1 Preferred Stock</U>&rdquo;),
par value $0.01 per share, of Cadiz Inc., a Delaware corporation (the &ldquo;<U>Corporation</U>&rdquo;), indicated below, hereby
elects to convert such number of shares of Series 1 Preferred Stock listed below (which number of shares does not exceed the number
of shares of Series 1 Preferred Stock held of record by the undersigned) into shares of common stock, par value $0.01 per share,
of the Corporation (the &ldquo;<U>Common Stock</U>&rdquo;), pursuant to the Certificate of Designation of Series 1 Preferred Stock
of the Corporation, as the same may be amended or amended and restated from time to time (the &ldquo;<U>Certificate of Designation</U>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If shares of Common Stock are to be issued
upon the conversion of the number of shares of Series 1 Preferred Stock set forth below pursuant to the Certificate of Designation
(&ldquo;<U>Conversion</U>&rdquo;) in the name of a person other than the undersigned, the undersigned agrees that it shall pay
all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by
the Corporation in connection therewith.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%; text-align: left"><FONT STYLE="font-size: 10pt">No. of shares of Series 1
    Preferred Stock to be Converted:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Aggregate No. of shares of Series 1 Preferred Stock held of
    record:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Anticipated No. of shares of Common Stock to be issued upon
    Conversion: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Anticipated No. of shares of Series 1 Preferred Stock held of
    record subsequent to Conversion:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address for delivery:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 30%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 12%"><FONT STYLE="font-size: 10pt">Or</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">DWAC Instructions:</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 12%"><FONT STYLE="font-size: 10pt">Broker no:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Account no:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">HOLDER:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
OF REGISTRATION RIGHTS AGREEMENT</FONT></P>

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

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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





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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 5, 2020</P>

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

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

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

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

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

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

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


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 1.</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><A HREF="#rra_001">Certain Definitions</A></FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 2.</FONT></TD>
    <TD><A HREF="#rra_002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Initial Shelf Registration and Demand Registration Rights</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 3.</FONT></TD>
    <TD><A HREF="#rra_003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Piggy-Back Registration Rights</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 4.</FONT></TD>
    <TD><A HREF="#rra_004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Selection of Underwriters</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 5.</FONT></TD>
    <TD><A HREF="#rra_005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Blackout Periods</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 6.</FONT></TD>
    <TD><A HREF="#rra_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Holdback</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 7.</FONT></TD>
    <TD><A HREF="#rra_007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Ineligibility to Effect a Demand Registration</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 8.</FONT></TD>
    <TD><A HREF="#rra_008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Intentionally Omitted</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 9.</FONT></TD>
    <TD><A HREF="#rra_009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Registration Procedures</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 10.</FONT></TD>
    <TD><A HREF="#rra_010"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Registration Expenses</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 11.</FONT></TD>
    <TD><A HREF="#rra_011"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Rule 144</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 12.</FONT></TD>
    <TD><A HREF="#rra_012"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Covenants of Holders</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 13.</FONT></TD>
    <TD><A HREF="#rra_013"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Indemnification; Contribution</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 14.</FONT></TD>
    <TD><A HREF="#rra_014">I<FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">njunctions</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 15.</FONT></TD>
    <TD><A HREF="#rra_015"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Amendments and Waivers</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 16.</FONT></TD>
    <TD><A HREF="#rra_016"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Notices</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 17.</FONT></TD>
    <TD><A HREF="#rra_017"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Successors and Assigns</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 18.</FONT></TD>
    <TD><A HREF="#rra_018"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Representations and Warranties of the Company</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 19.</FONT></TD>
    <TD><A HREF="#rra_019"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Counterparts</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 20.</FONT></TD>
    <TD><A HREF="#rra_020"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Descriptive Headings</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 21.</FONT></TD>
    <TD><A HREF="#rra_021"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Choice of Law</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 22.</FONT></TD>
    <TD><A HREF="#rra_022"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Severability</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 23.</FONT></TD>
    <TD><A HREF="#rra_023"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Entire Agreement</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 24.</FONT></TD>
    <TD><A HREF="#rra_024"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Further Actions; Reasonable Best Efforts</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
</TABLE>


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

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


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">This Registration Rights Agreement (this
&ldquo;<B>Agreement</B>&rdquo;) is made as of this 5<SUP>th</SUP> day of March 2020 by and among Cadiz Inc., a Delaware corporation
(the &ldquo;<B>Company</B>&rdquo;), and each holder of Registrable Securities (as defined herein) reflected on the signature page
hereto (&ldquo;<B>Holders</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company is party to that certain
Indenture, dated as of December 10, 2015 (the &ldquo;<B>Indenture</B>&rdquo;), between the Company, as issuer, and U.S. Bank National
Association, as trustee (the &ldquo;<B>Trustee&rdquo;</B>), pursuant to which the Company issued certain 7.00% Convertible Senior
Notes due 2020 (the &ldquo;<B>Convertible Notes&rdquo;</B>);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company and the Holders have
each entered into a separate Conversion and Exchange Agreement dated as of March 5, 2020 pursuant to which the Holders have agreed
to exchange a portion of the outstanding Convertible Notes for shares of a new series of preferred stock, par value $0.01 per share,
of the Company titled &ldquo;Series 1 Preferred Stock&rdquo; (the &ldquo;<B>Preferred Stock</B>&rdquo;), which Preferred Stock
is convertible into shares of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;),
upon the terms and subject to the limitations and conditions set forth in the Certificate of Designations of Series 1 Preferred
Stock (the &ldquo;<B>Certificate</B>&rdquo;); and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company has agreed to enter
into a registration rights agreement pursuant to which the Company shall grant the Holders registration rights with respect to
the Registrable Securities and which registration rights agreement shall, with respect to the Holders, supersede and replace the
Amended and Restated Registration Rights Agreement by and among the Company and the holders party thereto dated as of March 5,
2013 (the &ldquo;<B>2013 Registration Rights Agreement</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">NOW THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_001"></A>Section 1. <U>Certain Definitions</U>.
For purposes of this Agreement, the following terms have the following meanings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) <B>&ldquo;2013
Registration Rights Agreement&rdquo; </B>has the meaning specified in the Recitals hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) &ldquo;<B>2019
Form 10-K</B>&rdquo; has the meaning specified in <U>Section 2(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) &ldquo;<B>Affiliate</B>&rdquo;
has the meaning ascribed to such term in Rule 12b-2 of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) &ldquo;<B>Agreement</B>&rdquo;
has the meaning specified in the Preamble hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e) &ldquo;<B>Beneficially
Own</B>&rdquo; has the meaning ascribed to such term in Rule 13d-3 of the Exchange Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f) &ldquo;<B>Blackout
Period</B>&rdquo; has the meaning specified in <U>Section 5</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(g) &ldquo;<B>Board</B>&rdquo;
has the meaning specified in <U>Section 5</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(h) &ldquo;<B>Business
Day</B>&rdquo; means a day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the
laws of the State of New York and the United States of America.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(i) &ldquo;<B>Certificate</B>&rdquo;
has the meaning specified in the Recitals hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(j) &ldquo;<B>Common
Stock</B>&rdquo; has the meaning specified in the Recitals hereof.</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(k) &ldquo;<B>Company</B>&rdquo;
has the meaning specified in the Preamble hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(l) &ldquo;<B>Convertible
Notes</B>&rdquo; has the meaning specified in the Recitals hereof.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(m) &ldquo;<B>Demand</B>&rdquo;
has the meaning specified in <U>Section 2(b)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(n) &ldquo;<B>Demand
Registration</B>&rdquo; has the meaning specified in <U>Section 2(b)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(o) &ldquo;<B>Effective
Date</B>&rdquo; means the date of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(p) &ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder, all
as the same shall be in effect at the time that reference is made thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(q) &ldquo;<B>FINRA</B>&rdquo;
means the Financial Industry Regulatory Authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(r) &ldquo;<B>Holdback
Period</B>&rdquo; has the meaning specified in <U>Section 6(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(s) &ldquo;<B>Holder</B>&rdquo;
has the meaning specified in the Preamble hereof, and shall include any person to whom the rights of a Holder under this Agreement
have been transferred in accordance with the provisions of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(t) &ldquo;<B>Indenture</B>&rdquo;
has the meaning specified in the Recitals hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(u) &ldquo;<B>Ineligibility
Accommodation Period</B>&rdquo; has the meaning specified in <U>Section 7</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(v) &ldquo;<B>Inspectors</B>&rdquo;
has the meaning specified in <U>Section 9(k)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(w) &ldquo;<B>NASDAQ</B>&rdquo;
means the Nasdaq Stock Market, Inc.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(x) &ldquo;<B>NYSE</B>&rdquo;
means the New York Stock Exchange.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(y) &ldquo;<B>Other
Rights Holders</B>&rdquo; has the meaning specified in <U>Section 2(h)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(z) &ldquo;<B>Person</B>&rdquo;
means any individual, firm, partnership, corporation (including, without limitation, a business trust), limited liability company,
joint stock company, trust, unincorporated association, joint venture or other entity, and shall include any successor (by merger
or otherwise) of any such entity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(aa) &ldquo;<B>Piggy-Back Request</B>&rdquo;
has the meaning specified in <U>Section 3(b)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(bb) &ldquo;<B>Piggy-Back Rights</B>&rdquo;
has the meaning specified in <U>Section 3(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(cc) &ldquo;<B>Preferred Stock</B>&rdquo;
has the meaning set forth in the Recitals hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(dd) &ldquo;<B>Prospectus</B>&rdquo;
means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect
to the terms of the offering of any portion of the Registrable Securities covered by any Registration Statement and by all other
amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in
such prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ee) &ldquo;<B>Records</B>&rdquo; has
the meaning specified in <U>Section 9(k)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ff) &ldquo;<B>Registrable Securities</B>&rdquo;
means any and all of (i) the outstanding shares of Common Stock held by a Holder as of the date of this Agreement; (ii) the shares
of Common Stock received by Holders upon conversion of the Convertible Notes; (iii) the shares of Preferred Stock; (iv) the shares
of Common Stock received by Holders upon conversion of the Preferred Stock, and (v) any securities issuable or issued or distributed
in respect of any of the securities identified in clauses (i), (ii), (iii) and (iv) by way of stock dividend or stock split or
in connection with a combination of shares, recapitalization, reorganization, merger, consolidation or otherwise. Registrable Securities
shall cease to be Registrable Securities when and to the extent that they (x) shall have been Transferred by Holders pursuant to
an effective Registration Statement or pursuant to Rule 144; (y) shall have ceased to be outstanding; or (z) may be transferred
without restriction or limitation pursuant to Rule 144.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(gg) &ldquo;<B>Registration Expenses</B>&rdquo;
means any and all reasonable out-of-pocket expenses incident to performance of or compliance with this Agreement, including, without
limitation, (i) all SEC, FINRA and securities exchange registration and filing fees, (ii) all fees and expenses of complying with
state securities or &ldquo;blue sky&rdquo; laws (including fees and disbursements of counsel for any underwriters in connection
with blue sky qualifications of the Registrable Securities), (iii) all processing, printing, copying, messenger and delivery expenses,
(iv) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange pursuant
to <U>Section 9(h)</U> hereof, (v) all fees and disbursements of counsel for the Company and of its independent public accountants
(including the expenses of any special audits or comfort letters), and (vi) the reasonable fees and expenses of any special experts
retained in connection with a registration under this Agreement, but excluding (A) any underwriting discounts and commissions and
transfer taxes relating to the sale or disposition of Registrable Securities pursuant to a Registration Statement, and (B) any
fees, expenses or disbursements of counsel and other advisers to the Holders and any Other Rights Holders, other than the reasonable
fees and disbursements of one counsel to all Holders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(hh) &ldquo;<B>Registration Statement</B>&rdquo;
means any registration statement (including a Shelf Registration) of the Company referred to in <U>Section 2</U> or <U>Section
3 </U>hereof, including any Prospectus, amendments and supplements to any such registration statement, including post-effective
amendments, and all exhibits and all material incorporated by reference in any such registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ii) &ldquo;<B>Rule
144</B>&rdquo; means Rule 144 under the Securities Act, or any similar or successor rules or regulations hereafter adopted by the
SEC.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(jj) &ldquo;<B>S-3 Eligible</B>&rdquo;
has the meaning specified in <U>Section 2(a)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(kk) &ldquo;<B>SEC</B>&rdquo; means the
United States Securities and Exchange Commission and any successor federal agency having similar powers.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ll) &ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933, as amended, and the rules and regulations of the SEC thereunder, all as the same shall be in
effect at the time that reference is made thereto.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(mm) &ldquo;<B>Shelf Registration</B>&rdquo;
means a &ldquo;shelf&rdquo; registration statement on an appropriate form pursuant to Rule 415 under the Securities Act (or any
successor rule that may be adopted by the SEC).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(nn) &ldquo;<B>Transfer</B>&rdquo; means,
with respect to any security, any direct or indirect sale, transfer, assignment, hypothecation, pledge or any other disposition
of such security or any interest therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(oo) &ldquo;<B>Uncontrolled
Event</B>&rdquo; has the meaning specified in <U>Section 5</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(pp) &ldquo;<B>Underwritten Offering</B>&rdquo;
means an offering in which securities of the Company are sold to an underwriter for reoffering to the public pursuant to an effective
Registration Statement under the Securities Act.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_002"></A>Section 2. <U>Initial Shelf Registration
and Demand Registration Rights</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) As
soon as commercially reasonable following the Company&rsquo;s filing of the Annual Report on Form 10-K for the fiscal year ended
December 31, 2019 (the &ldquo;<B>2019 Form 10-K</B>&rdquo;), and no later than thirty (30) days after the filing of the 2019 Form
10-K, the Company shall (i) prepare and file with the SEC (x) a Registration Statement on Form S-3 or a successor form, if the
Company is then eligible to file a Registration Statement on Form S-3 (&ldquo;<B>S-3 Eligible</B>&rdquo;), or (y) any other appropriate
form under the Securities Act for the type of offering contemplated by the Holders, if the Company is not then S-3 Eligible, or
(ii) use an existing Form S-3 filed with the SEC, in each case providing for an offering to be made on a continuous basis pursuant
to Rule 415 under the Securities Act or any successor rule thereto that covers all Registrable Securities then outstanding for
an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto.
If permitted under the Securities Act, such Registration Statement shall be an &ldquo;automatic shelf registration statement&rdquo;
as defined in Rule 405 under the Securities Act. The Company shall use its best efforts to (x) cause the Shelf Registration filed
pursuant to this <U>Section 2(a)</U> to be declared effective by the SEC or otherwise become effective under the Securities Act
as promptly as practicable after the filing thereof and (y) keep such Shelf Registration continuously effective and in compliance
with the Securities Act and useable for the resale of Registrable Securities until such time as there are no remaining Registrable
Securities then outstanding, including by filing successive replacement or renewal Registration Statements upon the expiration
of such Shelf Registration.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) Any
Holder may, subject to the terms hereof, request the Company in writing (each such request, a &ldquo;<B>Demand</B>&rdquo;) to effect
a registration with the SEC under and in accordance with the provisions of the Securities Act of all or part of the Registrable
Securities Beneficially Owned by such Holder (a &ldquo;<B>Demand Registration</B>&rdquo;). The Demand shall specify the aggregate
number of shares of Registrable Securities requested to be so registered on behalf of such Holder. Any request received by the
Company from a Holder as provided in this <U>Section 2(b)</U> shall be deemed to be a &ldquo;Demand&rdquo; for purposes of this
Agreement, unless the Company, in accordance with the terms of this Agreement, shall have notified such Holder in writing, prior
to its receipt of such request from such Holder, of its intention to register securities with the SEC, in which case the request
from such Holder shall be governed by <U>Section 3</U> hereof, not this <U>Section 2</U>. All Demands to be made by a Holder pursuant
to this <U>Section 2(b)</U> and any notifications by the Company pursuant to the preceding sentence must be based upon a good faith
intent of such Holder or the Company, as the case may be, to effect the sale of securities pursuant to such registrations as promptly
as practicable after the date of the Demand or notification, as the case may be, in accordance with the terms of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) After
receipt of a Demand from a Holder, the Company shall, as soon as practicable thereafter, but in no event later than ninety (90)
days following such Demand, file and cause to be effective a Registration Statement for the Registrable Securities so requested
to be registered.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) Notwithstanding
anything in this Agreement to the contrary, the Company shall not be required to file a Registration Statement for Registrable
Securities pursuant to a Demand:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(i) if
the Company shall have previously effected a Demand Registration at any time during the immediately preceding ninety (90) day period;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(ii) if
the Company shall have previously effected a registration of Registrable Securities to be issued and sold by the Company at any
time during the immediately preceding ninety (90) day period (other than a registration on Form S-4, Form S-8 or Form S-3 (with
respect to dividend reinvestment plans and similar plans) or any successor forms thereto);</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iii) during
any Blackout Period;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iv) during
any Ineligibility Accommodation Period;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(v) if
the aggregate value of the Registrable Securities to be registered pursuant to a Demand Registration does not equal at least $2,500,000;
or</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(vi) if
the Registrable Securities that are the subject of the Demand are the subject of an effective Shelf Registration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e) The
Company shall be permitted to satisfy its obligations under this <U>Section 2</U> by amending (to the extent permitted by applicable
law) any Shelf Registration previously filed by the Company under the Securities Act so that such Shelf Registration (as amended)
shall permit the disposition (in accordance with the intended methods of disposition specified as aforesaid) of all of the Registrable
Securities for which a Demand shall have been made. Notwithstanding the foregoing, the Company shall have no obligation under this
Agreement to file any Shelf Registration.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f) A
requested Demand Registration shall not be deemed to count as a Demand Registration described in <U>Section 2(d)(ii)</U> hereof
if: (i) such registration has not been declared effective by the SEC or does not become effective in accordance with the Securities
Act, (ii) after becoming effective, such registration is materially interfered with by any stop order, injunction or similar order
or requirement of the SEC or other governmental agency or court for any reason not attributable to a Holder and does not thereafter
become effective, (iii) the conditions to closing specified in any underwriting agreement entered into in connection with such
Demand Registration are not satisfied or waived other than by reason of an act or omission on the part of a Holder, or (iv) the
Holder making a Demand shall have withdrawn its Demand or otherwise determined not to pursue such registration, <I>provided</I>
that, in the case of this clause (iv), such Holder shall have reimbursed the Company for all of its out- of-pocket expenses incurred
in connection with such Demand.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(g) At
any time and from time to time that a Registration Statement is effective, if a Holder of Registrable Securities requests (i) the
registration under the Securities Act of additional Registrable Securities pursuant to such Registration Statement or (ii) that
such Holder be added as a selling stockholder in such Registration Statement, the Company shall as promptly as practicable amend
or supplement the Registration Statement to cover such additional Registrable Securities and/or Holder.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(h) If
the lead managing underwriters of an Underwritten Offering made pursuant to a Demand shall advise the Holder making a Demand in
writing (with a copy to the Company) that marketing or other factors require a limitation on the number of shares of Registrable
Securities which can be sold in such offering within a price range acceptable to the Holder, then (i) if the Company shall have
elected to include any securities to be issued and sold by the Company or sold on behalf of any of the Company&rsquo;s security
holders excluding such Holder (&ldquo;<B>Other Rights Holders</B>&rdquo;) in such Registration Statement, then the Company shall
reduce the number of securities the Company shall intend to issue and sell (and, if applicable, the number of securities being
sold on behalf of the Other Rights Holders) pursuant to such Registration Statement such that the total number of securities being
sold by each such party shall be equal to the number which can be sold in such offering within a price range acceptable to such
Holder, and (ii) if the Company shall not have elected to include any securities to be issued and sold by the Company or sold on
behalf of Other Rights Holders in such Registration Statement or if the reduction referred to in the previous clause (i) shall
not be sufficient, then, the Holder shall reduce the number of Registrable Securities requested to be included in such offering
to the number that the lead managing underwriter advises can be sold in such offering within a price range acceptable to the Holder.
The Holder shall not be required to reduce the number of Registrable Securities requested to be included in any such offering until
the number of securities referred to in the previous clause (i) shall have been reduced to zero (0).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_003"></A>Section 3. <U>Piggy-Back Registration Rights</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) At
any time on or after the date hereof, whenever the Company shall propose to file a Registration Statement under the Securities
Act relating to the public offering of securities for sale for cash, the Company shall give written notice to the Holders as promptly
as practicable, but in no event less than fifteen (15) days prior to the anticipated filing thereof, specifying the approximate
date on which the Company proposes to file such Registration Statement and the intended method of distribution in connection therewith,
and advising Holders of their right to have any or all of the Registrable Securities then Beneficially Owned by them included among
the securities to be covered by such Registration Statement (the &ldquo;<B>Piggy-Back Rights</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) Subject
to <U>Section 3(c)</U> and <U>Section 3(d)</U> hereof, in the event that Holders have and shall elect to utilize their Piggy-Back
Rights, the Company shall include in the Registration Statement the Registrable Securities identified by the Holders in a written
request (a &ldquo;<B>Piggy-Back Request</B>&rdquo;) given to the Company not later than five (5) Business Days prior to the proposed
filing date of the Registration Statement. The Registrable Securities identified in a Piggy-Back Request shall be included in the
Registration Statement on the same terms and conditions as the other securities included in the Registration Statement, <I>provided</I>,
that, any Holder of Registrable Securities shall have the right to withdraw a Piggy-Back Request for any reason or no reason whatsoever
prior to the effectiveness of the Registration Statement covering such Piggy-Back Rights.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) Notwithstanding
anything in this Agreement to the contrary, Holders shall not have Piggy-Back Rights with respect to (i) a Registration Statement
on Form S-4 or Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor forms thereto
or (ii) a Registration Statement filed in connection with an exchange offer or an offering of securities solely to employees of
the Company.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) If
the lead managing underwriters selected by the Company for an Underwritten Offering for which Piggy-Back Rights are requested shall
advise the Company in writing that marketing or other factors require a limitation on the number of shares of securities which
can be sold in such offering within a price range acceptable to the Company, then, (i) such underwriters shall provide written
notice thereof to the Holders and (ii) there shall be included in the offering, (A) first, all securities proposed by the Company
to be sold for its account (or such lesser amount as shall equal the maximum number determined by the lead managing underwriters
as aforesaid); (B) second, all Registrable Securities requested to be included in such Registration Statement by Holders, or such
lesser number as shall equal, together with the amount referred to in (A), the maximum number determined by the lead managing underwriters
as aforesaid; and (C) third, only that number of securities requested to be included by any Other Rights Holders that such lead
managing underwriters reasonably and in good faith believe will not substantially interfere with (including, without limitation,
adversely affecting the pricing of) the offering of all the securities that the Company desires to sell for its own account and
all the Registrable Securities that the Holders desire to sell for their own accounts.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e) Nothing
contained in this <U>Section 3</U> shall create any liability on the part of the Company to the Holders if the Company for any
reason should decide not to file a Registration Statement for which Piggy-Back Rights are available or to withdraw such Registration
Statement subsequent to its filing, regardless of any action whatsoever Holders may have taken, whether as a result of the issuance
by the Company of any notice hereunder or otherwise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f) A
request made by Holders pursuant to their Piggy- Back Rights to include Registrable Securities in a Registration Statement shall
not be deemed to be a Demand Registration described in <U>Section 2(d)(ii)</U> hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_004"></A>Section 4. <U>Selection of Underwriters</U>.
In connection with any Underwritten Offering made pursuant to a Demand or a Piggy-Back Right, the Company may, at its sole discretion,
select a book running managing underwriter to manage the Underwritten Offering with the prior written consent of the Holders (which
consent shall not be unreasonably withheld); <I>provided, however,</I> that the Company shall have no obligation to use an underwriter
in connection with any registration made pursuant to a Demand or Piggy-Back Request.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_005"></A>Section 5. <U>Blackout Periods</U>. If (i)
within five (5) Business Days following the exercise by a Holder of a Demand, the Company determines in good faith and notifies
such Holder in writing that the registration and distribution of Registrable Securities (or the use of the Registration Statement
or related Prospectus) resulting from a Demand received from such Holder would materially and adversely interfere with any planned
or proposed business combination transaction involving the Company, or any pending financing, acquisition, corporate reorganization
or any other corporate development involving the Company or any of its subsidiaries or (ii) following the exercise by such Holder
of a Demand but before the effectiveness of the Registration Statement, (A) a business combination, tender offer, acquisition
or other corporate event involving the Company is proposed, initiated or announced by another Person beyond the control of the
Company (an &ldquo;<B>Uncontrolled Event</B>&rdquo;), (B) in the reasonable judgment of at least a majority of the members of
the Board of Directors of the Company (the &ldquo;<B>Board</B>&rdquo;), the filing or seeking the effectiveness of the Registration
Statement would materially and adversely interfere with such Uncontrolled Event or would otherwise materially and adversely affect
the Company and (C) the Company promptly so notifies such Holder, then the Company shall be entitled to (x) postpone the filing
of the Registration Statement otherwise required to be filed by the Company pursuant to <U>Section 2</U> hereof, or (y) elect
that the effective Registration Statement not be used, in either case for a reasonable period of time, but not to exceed ninety
(90) days after the date that (1) the Demand was made (in the case of an clause (i) above) or (2) the Company so notifies such
Holder of such determination (in the case of clause (ii) above) (each, a &ldquo;<B>Blackout Period</B>&rdquo;). Any such written
notice shall contain a general statement of the reasons for such postponement or restriction on use and an estimate of the anticipated
delay. The Company shall (a) promptly notify the Holder making a Demand of the expiration or earlier termination of such Blackout
Period and (b) use its reasonable best efforts to effect the Demand Registration as promptly as practicable after the end of the
Blackout Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_006"></A>Section 6. <U>Holdback</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) If
(i) at any time after the date hereof, the Company shall file a Registration Statement (other than a registration on Form S-4,
Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor forms thereto) with respect
to any shares of its capital stock, and (ii) upon reasonable prior notice the managing underwriter or underwriters (in the case
of an Underwritten Offering) advise the Company and the Holders in writing that a sale or distribution of Registrable Securities
would adversely impact such offering, then the Holders shall, to the extent not inconsistent with applicable law, refrain from
effecting any sale or distribution of Registrable Securities during the period commencing on the effective date of such Registration
Statement and continuing until the ninetieth (90th) day after the effective date of such Registration Statement; <I>provided</I>
that such restriction shall apply to the Holders only if in connection with such offering, the underwriters require the directors
and executive officers of the Company to refrain from selling the Company&rsquo;s securities for a like period and on like terms
(such period, a &ldquo;<B>Holdback Period</B>&rdquo;).</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) During
the ninety (90) day period commencing on the effective date of a Registration Statement filed by the Company on behalf of Holders
in connection with an Underwritten Offering pursuant to a Demand, the Company shall not effect (except pursuant to registrations
on Form S-4 or Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor forms thereto
and except pursuant to <U>Section 2(h)</U> hereof) any public sale or distribution of its securities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_007"></A>Section 7. <U>Ineligibility to Effect a Demand
Registration</U>. If, following receipt of a Demand (other than the Initial Demand) from a Holder, after giving effect to any
Holdback Period and any Blackout Period, the Company has not filed a Registration Statement for the Registrable Securities so
requested to be registered or has not used its reasonable best efforts to cause such Registration Statement to become effective
because it is not eligible to effect a registration pursuant to the Securities Act, the Company shall have 60 additional days
to file such Registration Statement for the Registrable Securities so requested to be registered or to use its reasonable best
efforts to cause such Registration Statement to become effective (such additional days, the &ldquo;<B>Ineligibility Accommodation
Period</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_008"></A>Section 8. <U>Intentionally Omitted</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_009"></A>Section 9. <U>Registration Procedures</U>.
If and whenever the Company shall be required to use its reasonable best efforts to effect or cause the registration of any Registrable
Securities under the Securities Act as provided in this Agreement, the Company shall and, with respect to <U>Section 9(m)</U>
and <U>Section 9(n)</U>, the Holders shall:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) prepare
and file with the SEC a Registration Statement with respect to such Registrable Securities on any form for which the Company then
qualifies or that counsel for the Company shall deem appropriate, and which form shall be available for the sale of the Registrable
Securities in accordance with the intended methods of distribution thereof, and use its reasonable best efforts to cause such Registration
Statement to become and remain effective;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) prepare
and file with the SEC amendments and post- effective amendments to such Registration Statement and such amendments and supplements
to the Prospectus used in connection therewith as may be necessary to maintain the effectiveness of such registration or as may
be required by the rules, regulations or instructions applicable to the registration form utilized by the Company or by the Securities
Act for a Shelf Registration or otherwise necessary to keep such Registration Statement effective for at least ninety (90) days
(or one hundred eighty (180) days in the case of a Shelf Registration) and cause the Prospectus as so supplemented to be filed
pursuant to Rule 424 under the Securities Act, and to otherwise comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by such Registration Statement until the earlier of (x) such 90th or 180th day, as the
case may be, or (y) such time as all Registrable Securities covered by such Registration Statement shall have ceased to be Registrable
Securities (it being understood that the Company at its option may determine to maintain such effectiveness for a longer period,
whether pursuant to a Shelf Registration or otherwise); <I>provided, however,</I> that a reasonable time before filing a Registration
Statement or Prospectus, or any amendments or supplements thereto (other than reports required to be filed by it under the Exchange
Act), the Company shall furnish to the Holders, the managing underwriter and their respective counsel for review and comment, copies
of all documents proposed to be filed;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) furnish,
without charge, to the Holders and to any underwriter in connection with an Underwritten Offering such number of conformed copies
of such Registration Statement and of each amendment and post-effective amendment thereto (in each case including all exhibits)
and such number of copies of any Prospectus or Prospectus supplement and such other documents as Holders or such underwriter may
reasonably request in order to facilitate the disposition of the Registrable Securities by the Holders or the underwriter (the
Company hereby consenting to the use (subject to the limitations set forth in <U>Section 9(n)</U> hereof) of the Prospectus or
any amendment or supplement thereto in connection with such disposition);</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) use
its reasonable best efforts to register or qualify such Registrable Securities covered by such Registration Statement under such
other securities or &ldquo;blue sky&rdquo; laws of such jurisdictions as Holders shall reasonably request, except that the Company
shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where,
but for the requirements of this <U>Section 9(d)</U>, it would not be obligated to be so qualified, to subject itself to taxation
in any such jurisdiction, or to consent to general service of process in any such jurisdiction;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e) as
promptly as practicable, notify the managing underwriters (if any) and Holders, at any time when a Prospectus relating thereto
is required to be delivered under the Securities Act within the appropriate period mentioned in <U>Section 9(b)</U> hereof, of
the Company&rsquo;s becoming aware that the Prospectus included in such Registration Statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing, and, as promptly as practicable, prepare and furnish to the
Holders a reasonable number of copies of an amendment or supplement to such Registration Statement or related Prospectus as may
be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not include
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f) notify
the Holders, as promptly as practicable, at any time:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(i) when
the Prospectus or any Prospectus supplement or post- effective amendment has been filed, and, with respect to the Registration
Statement or any post-effective amendment, when the same has become effective;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(ii) of
any request by the SEC for amendments or supplements to the Registration Statement or the Prospectus or for additional information;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iii) of
the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or any order preventing the
use of a related Prospectus, or the initiation (or any overt threats) of any proceedings for such purposes;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iv) of
the receipt by the Company of any written notification of the suspension of the qualification of any of the Registrable Securities
for sale in any jurisdiction or the initiation (or overt threats) of any proceeding for that purpose; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(v) if
at any time the representations and warranties of the Company contemplated by <U>Section 9(i)(i)</U> below cease to be true and
correct in all material respects;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(g) otherwise
comply with all applicable rules and regulations of the SEC, and make available to Holders an earnings statement that shall satisfy
the provisions of Section 11(a) of the Securities Act, <I>provided</I> that the Company shall be deemed to have complied with this
<U>Section 9(g)</U> if it shall have complied with Rule 158 under the Securities Act;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(h) use
its reasonable best efforts to cause all such Registrable Securities to be listed on the NYSE, NASDAQ or any other national securities
exchange or automated quotation system on which the class of Registrable Securities being registered is then listed, if such Registrable
Securities are not already so listed and if such listing is then permitted under the rules of such exchange, and to provide a transfer
agent and registrar for such Registrable Securities covered by such Registration Statement no later than the effective date of
such Registration Statement;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(i) enter
into agreements (including, if applicable, an underwriting agreement and other customary agreements in the form customarily entered
into by other companies in comparable underwritten offerings) and take all other appropriate and all commercially reasonable actions
in order to expedite or facilitate the disposition of such Registrable Securities and in such connection, whether or not an underwriting
agreement shall be entered into and whether or not the registration shall be an underwritten registration:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(i) make
such representations and warranties to the Holders and the underwriters, if any, in form, substance and scope as are customarily
made by companies to underwriters in comparable underwritten offerings;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(ii) obtain
opinions of counsel to the Company and updates thereof (which counsel and opinions shall be reasonably satisfactory (in form, scope
and substance) to the managing underwriters) addressed to the underwriters covering the matters customarily covered in opinions
requested in comparable underwritten offerings by the Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iii) obtain
&ldquo;comfort letters&rdquo; and updates thereof from the Company&rsquo;s independent certified public accountants addressed to
the Board and the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered
in &ldquo;comfort letters&rdquo; by independent accountants in connection with comparable underwritten offerings on such date or
dates as may be reasonably requested by the managing underwriters, or if such offering is not an Underwritten Offering, the Board;
<I>provided, however,</I> that in connection with any non-Underwritten Offering, such comfort letter shall not be required except
to the extent requested by the Board;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iv) provide
the indemnification in accordance with the provisions and procedures of Section 13 hereof to all parties to be indemnified pursuant
to such Section 13 and any other indemnification customarily required in underwritten public offerings; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(v) deliver
such documents and certificates as may be reasonably requested by the Holders and the managing underwriters, if any, to evidence
compliance with <U>Section 9(f)</U> above and with any customary conditions contained in the underwriting agreement or other agreement
entered into by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(j) cooperate
with the Holders and the managing underwriter or underwriters, if any, to facilitate, to the extent reasonable under the circumstances,
the timely preparation and delivery of certificates representing the securities to be sold under such Registration Statement, and
enable such securities to be in such denominations and registered in such names as the managing underwriter or underwriters, if
any, or the Holders may request and/or in a form eligible for deposit with the Depository Trust Company;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(k) make
available to the Holders, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney,
accountant or other agent retained by the Holders or such underwriter (collectively, the &ldquo;<B>Inspectors</B>&rdquo;), reasonable
access to appropriate officers and employees of the Company and the Company&rsquo;s subsidiaries to ask questions and to obtain
information reasonably requested by such Inspector and all financial and other records and other information, pertinent corporate
documents and properties of any of the Company and its subsidiaries and Affiliates (collectively, the &ldquo;<B>Records</B>&rdquo;),
as shall be reasonably necessary to enable them to exercise their due diligence responsibility; <I>provided, however,</I> that
the Records that the Company determines, in good faith, to be confidential and which it notifies the Inspectors in writing are
confidential shall not be disclosed to any Inspector unless such Inspector signs a confidentiality agreement in customary form
reasonably satisfactory to the Company or either (i) the disclosure of such Records is necessary to avoid or correct a misstatement
or omission of a material fact in such Registration Statement, or (ii) the release of such Records is ordered pursuant to a subpoena
or other order from a court of competent jurisdiction; <I>provided, further</I>, that any decision regarding the disclosure of
information pursuant to subclause (i) shall be made only after consultation with counsel for the applicable Inspectors; and <I>provided,
further,</I> that the Holders agree that they shall, promptly after learning that disclosure of such Records is sought in a court
having jurisdiction, give notice to the Company and allow the Company, at the Company&rsquo;s expense, to undertake appropriate
action to prevent disclosure of such Records;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(l) in
the event of the issuance of any stop order suspending the effectiveness of the Registration Statement or of any order suspending
or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in the Registration
Statement for sale in any jurisdiction, the Company shall use its reasonable best efforts promptly to obtain its withdrawal;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(m) the
Holders shall furnish the Company with such information regarding them and pertinent to the disclosure requirements relating to
the registration and the distribution of such securities as the Company may from time to time reasonably request in writing or
as shall be required in connection with the action to be taken by the Company hereunder; and</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(n) the
Holders shall, upon receipt of any notice from the Company of the happening of any event of the kind described in <U>Section 9(e)</U>
hereof, forthwith discontinue disposition of Registrable Securities pursuant to the Prospectus or Registration Statement covering
such Registrable Securities until the Holders shall have received copies of the supplemented or amended Prospectus contemplated
by <U>Section 9(e)</U> hereof, and, if so directed by the Company, the Holders shall deliver to the Company (at the Company&rsquo;s
expense) all copies, other than permanent file copies then in their possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_010"></A>Section 10. <U>Registration Expenses</U>.
Except as otherwise provided herein, in connection with all registrations of Registrable Securities made pursuant to the Shelf
Registration to be filed pursuant to <U>Section 2(a)</U> or any Demand Registration or Piggy-Back Rights, the Company shall pay
all Registration Expenses; <I>provided, however,</I> that the Holders shall pay, and shall hold the Company harmless from, (i)&nbsp;any
underwriting discounts and commissions and transfer taxes relating to the sale or disposition of Registrable Securities and (ii)
any fees, expenses or disbursements of Holders&rsquo; counsel and other advisors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_011"></A>Section 11. <U>Rule 144</U>. From and after
the date which is more than one hundred eighty (180) days after the date hereof, the Company shall, at all times when the Holders
Beneficially Own any Registrable Securities, take such measures and file and/or make available such information, documents and
reports as shall be required by the SEC as a condition to the availability of Rule 144; <I>provided</I>, <I>however</I>, that
the Company need not take any of the foregoing actions during any Ineligibility Accommodation Period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_012"></A>Section 12. <U>Covenants of Holders</U>.
Each Holder hereby covenants and agrees that it shall not sell any Registrable Securities in violation of the Securities Act or
this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_013"></A>Section 13. <U>Indemnification; Contribution</U>.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) The
Company shall indemnify and hold harmless each Holder, its respective officers and directors, and each Person, if any, who controls
such Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and any agents, representatives
or advisers thereof against all losses, claims, damages, liabilities and expenses (including reasonable attorneys&rsquo; fees and
expenses and reasonable costs of investigation) incurred by such party pursuant to any actual or threatened action, suit, proceeding
or investigation arising out of or based upon (i) any untrue or alleged untrue statement of material fact contained in any Registration
Statement, any Prospectus or preliminary Prospectus, or any amendment or supplement to any of the foregoing, (ii) any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
(in the case of a Prospectus or a preliminary Prospectus, in light of the circumstances then existing) not misleading, or (iii)
any violation or alleged violation by the Company of any United States federal, state or common law rule or regulation applicable
to the Company and relating to action required of or inaction by the Company in connection with any such registration except in
each case insofar as the same arise out of or are based upon, any such untrue statement or omission made in reliance on and in
conformity with written information with respect to the Holders furnished in writing to the Company by the Holders or their counsel
expressly for use therein. In connection with an Underwritten Offering, the Company shall indemnify the underwriters thereof, their
officers, directors and agents and each Person who controls such underwriters (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders.</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) Any
Person entitled to indemnification hereunder agrees to give prompt written notice to the indemnifying party after the receipt by
such indemnified party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof
made in writing for which such indemnified party may claim indemnification or contribution pursuant to this <U>Section 13</U> (<I>provided</I>
that failure to give such notification shall not affect the obligations of the indemnifying party pursuant to this <U>Section 13</U>
except to the extent the indemnifying party shall have been materially prejudiced as a result of such failure). In case any such
action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall
not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to
such indemnified party under this <U>Section 13</U> for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.
Notwithstanding the foregoing, if (i) the indemnifying party shall not have employed counsel reasonably satisfactory to such indemnified
party to take charge of the defense of such action within a reasonable time after notice of commencement of such action (so long
as such failure to employ counsel is not the result of an unreasonable determination by such indemnified party that counsel selected
pursuant to the immediately preceding sentence is unsatisfactory) or if the indemnifying party shall not have demonstrated to the
reasonable satisfaction of the indemnified party its ability to finance such defense, or (ii) the indemnified party shall have
reasonably concluded or been advised by counsel that there may be legal defenses available to other indemnified parties to such
action which could result in a conflict of interest for such counsel or prejudice the prosecution of the defenses available to
such indemnified party, then such indemnified party shall have the right to employ separate counsel of its choosing, at the expense
of the indemnifying party. No indemnifying party shall consent to entry of any judgment or enter into any settlement without the
consent (which consent, in the case of an action, suit, claim or proceeding exclusively seeking monetary relief, shall not be unreasonably
withheld) of the applicable indemnified party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) If
the indemnification from the indemnifying party provided for in this <U>Section 13</U> is unavailable to an indemnified party hereunder
in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and indemnified party in connection with the actions or omissions which resulted in such losses, claims, damages, liabilities
and expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified
party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied (in writing, in the case of the Holders) by, such indemnifying party or indemnified party, and the parties&rsquo; relative
intent, knowledge, access to information and opportunity to correct or prevent such action or omission. The amount paid or payable
by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject
to the limitations set forth in <U>Section 13(b)</U> hereof, any legal and other fees and expenses reasonably incurred by such
indemnified party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable
if contribution pursuant to this <U>Section 13(c)</U> were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to above in this <U>Section 13(c)</U>. Any underwriter&rsquo;s
obligations in this <U>Section 13(c)</U> to contribute shall be several in proportion to the number of Registrable Securities underwritten
by them and not joint. Notwithstanding the provisions of this <U>Section 13(c)</U>, no underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed
to the public were offered to the public exceeds the amount of any damages which such underwriter has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation. If indemnification is available under this <U>Section 13</U>, the indemnifying parties shall
indemnify each indemnified party to the fullest extent provided in <U>Section 13(a)</U> hereof without regard to the relative fault
of such indemnifying parties or indemnified party or any other equitable consideration provided for in this <U>Section 13(c)</U>.</P>

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

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

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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) The
provisions of this <U>Section 13</U> shall be in addition to any liability which any party may have to any other party and shall
survive any termination of this Agreement. The indemnification provided by this <U>Section 13</U> shall survive the Transfer of
such Registrable Securities by the Holders and shall remain in full force and effect irrespective of any investigation made by
or on behalf of an indemnified party.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_014"></A>Section 14. <U>Injunctions</U>. EACH PARTY
HERETO ACKNOWLEDGES AND AGREES THAT IRREPARABLE DAMAGE WOULD OCCUR IN THE EVENT THAT ANY OF THE PROVISIONS OF THIS AGREEMENT WERE
NOT PERFORMED IN ACCORDANCE WITH ITS SPECIFIC TERMS OR WERE OTHERWISE BREACHED. THEREFORE, EACH PARTY SHALL BE ENTITLED TO AN
INJUNCTION OR INJUNCTIONS TO PREVENT BREACHES OF THE PROVISIONS OF THIS AGREEMENT AND TO ENFORCE SPECIFICALLY THE TERMS AND PROVISIONS
HEREOF IN ANY COURT HAVING JURISDICTION, SUCH REMEDY BEING IN ADDITION TO ANY OTHER REMEDY TO WHICH SUCH PARTY MAY BE ENTITLED
AT LAW OR IN EQUITY.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_015"></A>Section 15. <U>Amendments and Waivers</U>.
No amendment, modification, supplement, termination, consent or waiver of any provision of this Agreement, nor consent to any
departure herefrom, shall in any event be effective unless the same is in writing and is signed by the party against whom enforcement
of the same is sought. Any waiver of any provision of this Agreement and any consent to any departure from the terms of any provision
of this Agreement shall be effective only in the specific instance and for the specific purpose for which given.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_016"></A>Section 16. <U>Notices</U>. All notices,
consents, requests, demands and other communications hereunder must be in writing, and shall be deemed to have been duly given
or made: (i) when delivered in person; (ii) three (3) days after deposited in the United States mail, first class postage prepaid;
(iii) in the case of telegraph or overnight courier services, one (1) Business Day after delivery to the telegraph company or
overnight courier service with payment provided; or (iv) in the case of telex or telecopy or fax, when sent, verification received;
in each case addressed as follows:</P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, CA 90071</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (213) 271-1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (213) 271-1614</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>with a copy to:</I></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1840 Century Park East, suite 1900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, CA 90067-2121</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (310) 586-7747</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (310) 586-7800</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">if to the Holders, to the addresses set forth on the signature
pages attached hereto,</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>with a copy to:</I></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cadwalader, Wickersham &amp; Taft LLP</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (212) 504-6888</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (212) 504-6666</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_017"></A>Section 17. <U>Successors and Assigns</U>.
<FONT STYLE="background-color: white">This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties hereto, without the need for an express consent by the Company thereto,&nbsp;<I>provided</I>, that (A)&nbsp;a
transferring Holder shall, within ten (10) days after a transfer, furnish the Company written notice of the name and address of
the transferee or assignee and (B)&nbsp;such transferee or assignee, prior to or simultaneous with such transfer or assignment,
shall agree in writing to be subject to and bound by the terms of this Agreement as a Holder party hereto.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_018"></A>Section 18. <U>Representations and Warranties
of the Company</U>. The Company and each of the Holders represents and warrants to the other parties hereto as follows:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) Such
party is duly organized and validly existing under the laws of its jurisdiction of organization.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) Such
party has full corporate or other organizational power and authority to enter into this Agreement and to carry out and perform
its obligations hereunder. The execution, delivery and performance by such party of this Agreement have been duly authorized and
approved by all necessary corporate or other organizational action. This Agreement has been duly authorized, executed and delivered
by such party and constitutes the legal, valid and binding obligation of such party enforceable against it in accordance with its
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally and to general
principles of equity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) The
execution, delivery and performance by such party of its obligations under this Agreement, and compliance by such party with the
terms and conditions hereof will not (i) violate, with or without the giving of notice or the lapse of time, or both, or require
any registration, qualification, approval or filing (other than registrations, qualifications, approvals and filings that have
already been made or obtained) under, any provision of law, statute, ordinance or regulation applicable to it or any of its subsidiaries
and (ii) conflict with, or require any consent or approval under, or result in the breach or termination of any provision of, or
constitute a default under, or result in the acceleration of the performance of the obligations of such party or any of its subsidiaries
under, or result in the creation of any claim, lien, charge or encumbrance upon any of the properties, assets or businesses of
such party or any of its subsidiaries pursuant to (x) its organizational documents, (y) any order, judgment, decree, law, ordinance
or regulation applicable to it or any of its subsidiaries or (z) any contract, instrument, agreement or restriction to which it
or any of its subsidiaries is a party or by which it or any of its subsidiaries or any of its respective assets or properties is
bound.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_019"></A>Section 19. <U>Counterparts</U>. This Agreement
may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective
when one or more counterparts have been signed by each of the parties and delivered to the other parties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_020"></A>Section 20. <U>Descriptive Headings</U>.
The descriptive headings used herein are inserted for convenience of reference only and are not intended to be part of or to affect
the meaning or interpretation of this Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_021"></A>Section 21. <U>Choice of Law; Venue</U>.
THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND THE RIGHTS OF THE PARTIES DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. VENUE FOR ANY LEGAL ACTION UNDER THIS AGREEMENT SHALL
BE IN THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK, NEW YORK.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_022"></A>Section 22. <U>Severability</U>. In the event
that any one or more of the provisions contained herein, or the application thereof in any circumstances, shall be held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended that
all remaining provisions contained herein shall not be in any way impaired thereby.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_023"></A>Section 23. <U>Entire Agreement</U>. This
Agreement, including any schedules, exhibits or attachments referred to herein, is intended by the parties as a final expression
and a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
hereof. There are no restrictions, promises, warranties or undertakings with respect to the subject matter hereof, other than
those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings between the parties with
respect to such subject matter, including the 2013 Registration Rights Agreement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_024"></A>Section 24. <U>Further Actions; Reasonable
Best Efforts</U>. Each Holder shall use its reasonable best effort to take or cause to be taken all appropriate action and to
do or cause to be done all things reasonably necessary, proper or advisable under applicable law and regulations to assist the
Company in the performance of its obligations hereunder, including, without limitation, the preparation and filing of any Registration
Statements pursuant to any Demand.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Signature Pages Follow]</P>

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

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

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the day and year first above written.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">CADIZ INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Name:&nbsp;</TD>
    <TD>Tim Shaheen</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD> Chief Financial Officer and Secretary</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Registration Rights
Agreement]</P>

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

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

<!-- Field: Page; Sequence: 51 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>HOLDERS:</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">LC CAPITAL MASTER FUND, LTD.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Name:&nbsp;</TD>
    <TD> Steven G. Lampe</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD>Managing Member of General Partner</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Address:</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">c/o Lampe, Conway &amp; Co., LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="border-bottom: Black 1.5pt solid">680 Fifth Avenue, 12th Floor&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">New York, NY 10019-5429</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Registration Rights
Agreement]</P>

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

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

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    <!-- Field: /Page -->

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="background-color: white">ELKHORN PARTNERS LIMITED PARTNERSHIP</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Name:&nbsp;</TD>
    <TD> Alan S. Parson</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD>Sole Managing Partner</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Address:</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="background-color: white">ELKHORN PARTNERS L.P.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">8405 Indian Hills Drive</P></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">#2A8</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">Omaha, NE 68114 - 4093</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Registration
Rights Agreement]&nbsp;</P>

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

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

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

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>ea119370ex10-2_cadizinc.htm
<DESCRIPTION>CONVERSION AND EXCHANGE AGREEMENT, DATED MARCH 5, 2020, BY AND BETWEEN CADIZ INC. AND ELKHORN PARTNERS LIMITED PARTNERSHIP
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.2</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONVERSION
AND EXCHANGE AGREEMENT</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-size: 10pt">This Conversion
and Exchange Agreement (the &ldquo;<U>Agreement</U>&rdquo;) is made as of March 5, 2020, by and between Elkhorn Partners Limited
Partnership (the &ldquo;<U>Holder</U>&rdquo;) and Cadiz Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;).</FONT></P>

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

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company is party to that certain Indenture, dated as of December 10, 2015 (the &ldquo;<U>Indenture</U>&rdquo;), between Cadiz,
as issuer, and U.S. Bank National Association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;), pursuant to which Cadiz issued certain
7.00% Convertible Senior Notes due 2020 (&ldquo;<U>Convertible&nbsp;Notes</U>&rdquo;);</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">WHEREAS, the
Holder has acquired Convertible Notes under the Indenture in the aggregate original principal amount of $901,000 (such Convertible
Notes acquired by the Holder, the &ldquo;<U>Notes</U>&rdquo;).</FONT></P>



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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">WHEREAS, as
of the date hereof, there remains approximately $1,474,886.99 in outstanding aggregate original principal amount and accrued but
unpaid interest under the Notes (the &ldquo;<U>Outstanding Amount</U>&rdquo;).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the current Maturity Date of the Notes is March 5, 2020.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-size: 10pt">WHEREAS, the
Holder desires to convert $575,372.21 of the Outstanding Amount (the &ldquo;<U>Conversion Amount</U>&rdquo;) into common stock,
par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;), of the Company in accordance with the terms of the Indenture and
simultaneously exchange $899,514.79 (the &ldquo;<U>Exchange Amount</U>&rdquo;) of the Outstanding Amount for shares of a new series
of preferred stock, par value $0.01 per share, of the Company titled &ldquo;Series 1 Preferred Stock&rdquo; (the &ldquo;<U>Preferred
Stock</U>&rdquo;) in an exchange qualifying as a recapitalization pursuant to Section 368(1)(E) of the Internal Revenue Code of
1986, as amended, including the regulations and published interpretations thereunder (the &ldquo;<U>Code</U>&rdquo;). The exchange
of such portion of the Notes as is equal to the Exchange Amount for the Preferred Stock is referred to herein as the &ldquo;<U>Exchange</U>&rdquo;.</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-size: 10pt">WHEREAS, Notes
comprising the Exchange Amount are to be exchanged for 329 shares of Preferred Stock.</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Preferred Stock shall have the rights, preferences and privileges set forth in the form of Certificate of Designations of
Series 1 Preferred Stock attached hereto as <U>Exhibit A</U> (the &ldquo;<U>Certificate</U>&rdquo;), including that each share
of Preferred Stock will be convertible into 405.05 shares of Common Stock, subject to certain adjustments set forth therein.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Closing Preferred Shares and the Conversion Shares (each as defined below) will have the benefit of the Registration Rights
Agreement, to be dated as of the Closing Date (as defined below), by and between the Company and the Holder (the &ldquo;<U>Registration
Rights Agreement</U>&rdquo;), in the form attached hereto as <U>Exhibit B</U>.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Exchange is being made in reliance upon the exemption from registration provided by Section&nbsp;4(a)(2) and/or Section 3(a)(9)
of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Indenture.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, on and subject to the terms hereof, the parties hereto agree as follows:</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;I</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONVERSION
OF THE CONVERSION AMOUNT</B></FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the terms set forth in this Agreement and the Indenture, the Holder shall execute and deliver a Conversion Notice to the Conversion
Agent on the date of this Agreement, thereby effecting the conversion of the Conversion Amount, and the Company shall cause to
be delivered to the Holder the number of shares of Common Stock equal to the applicable Settlement Amount, all subject to and
in accordance with Article 10 of the Indenture, including, without limitation, the procedural requirements set forth in Section
10.02 of the Indenture (the &ldquo;<U>Conversion</U>&rdquo;).</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;II<BR>
<BR>
EXCHANGE OF THE EXCHANGE AMOUNT<BR>
<BR>
FOR THE pREFERRED STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-size: 9pt">Subject to
the terms set forth in this Agreement, at the Closing (as defined herein), the Holder hereby agrees to convey, assign and transfer
to the Company such portion of the Notes as is equal to the Exchange Amount, in exchange for which the Company agrees to issue
to the Holder 329 shares of Preferred Stock (the &ldquo;<U>Closing Preferred Shares</U>&rdquo;). At the Closing, the Holder shall
deliver to the Registrar the Notes comprising the Exchange Amount (to the extent such Notes were not previously delivered to the
Conversion Agent for purposes of the Conversion pursuant to <U>Article I</U> hereof), and the Company shall issue the Closing
Preferred Shares to the Holder in book entry form. Subject to <U>Section&nbsp;6.1</U>, the consummation of the Exchange (the &ldquo;<U>Closing</U>&rdquo;)
shall occur on a mutually agreed upon date (the &ldquo;<U>Closing Date</U>&rdquo;) no later than two business days after the date
of this Agreement. The Company shall file the Certificate with the Secretary of State of the State of Delaware on the Closing
Date.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;III<BR>
<BR>
REPRESENTATIONS AND<BR>
<BR>
WARRANTIES OF THE HOLDER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Holder hereby makes the following representations and warranties to the Company, each of which is and shall be true and correct
on the date hereof and at the Closing, and all such representations and warranties shall survive the Closing:</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.1 <U>Power
and Authorization</U>.&nbsp;&nbsp;The Holder is duly organized, validly existing and in good standing, and has the power, authority
and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated
hereby.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.2 <U>Valid
and Enforceable Agreement; No Violations</U>.&nbsp;&nbsp;This Agreement has been duly executed and delivered by the Holder and
constitutes a legal, valid and binding obligation of the Holder, enforceable against the Holder in accordance with its terms,
except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
other similar laws affecting or relating to enforcement of creditors&rsquo; rights generally, and (b)&nbsp;general principles
of equity, whether such enforceability is considered in a proceeding at law or in equity (such qualifications in clauses (a) and
(b) being the &ldquo;<U>Enforceability Exceptions</U>&rdquo;). This Agreement and consummation of the transactions contemplated
hereby will not violate, conflict with or result in a breach of or default under (i)&nbsp;the Holder&rsquo;s organizational documents,
(ii)&nbsp;any agreement or instrument to which the Holder is a party or by which the Holder or any of its assets are bound, or
(iii)&nbsp;any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Holder.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.3 <U>Title
to the Notes</U>.&nbsp;&nbsp;The Holder has not, in whole or in part, (a)&nbsp;assigned, transferred, hypothecated, pledged, exchanged
or otherwise disposed of any of its rights in the Notes, or (b)&nbsp;given any person or entity any transfer order, power of attorney
or other authority of any nature whatsoever with respect to the Notes.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.4 <U>Hold
Period</U>.&nbsp;&nbsp;From the date of this Agreement until the Closing Date, the Holder shall not, and shall not allow any of
its Affiliates to, offer, sell, contract to sell or otherwise dispose of, except as provided hereunder, all or any portion of
the Notes.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.5 <U>Accredited
Investor/Qualified Institutional Buyer</U>.&nbsp;&nbsp;The Holder is either (i) an &ldquo;accredited investor&rdquo; within the
meaning of Rule 501(a) of Regulation D (&ldquo;<U>Regulation D</U>&rdquo;) promulgated under the Securities Act, (ii) has (and
if applicable, its officers, employees, directors or equity owners have) either alone or with his, her or its purchaser representative
or representatives, if any, such knowledge and experience in financial and business matters that he, she or it is capable of evaluating
the merits and risks of the Exchange or (iii) a &ldquo;qualified institutional buyer&rdquo; within the meaning of Rule 144A promulgated
under the Securities Act (&ldquo;<U>Rule 144A</U>&rdquo;).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.6 <U>Restricted
Stock</U>.&nbsp;&nbsp;The Holder (a)&nbsp;acknowledges (i) that the issuance of the Preferred Stock pursuant to this Agreement
and the issuance of any shares of Common Stock upon conversion of any of the Preferred Stock (the &ldquo;<U>Conversion Shares</U>&rdquo;)
have not been registered, nor does the Company have a plan or intent to register such issuance of Preferred Stock or Conversion
Shares, under the Securities Act or any state securities laws except as contemplated by the Registration Rights Agreement, (ii)
the Preferred Stock and Conversion Shares are being offered and sold in reliance upon exemptions provided in the Securities Act
and state securities laws for transactions not involving any public offering and, therefore, cannot be sold, transferred, offered
for sale, pledged, hypothecated or otherwise disposed of unless they are subsequently registered and qualified under the Securities
Act and applicable state laws or unless an exemption from such registration and qualification is available, (iii) the Preferred
Stock and Conversion Shares are &ldquo;<U>restricted securities</U>&rdquo; as that term is defined in Rule 144 promulgated under
the Securities Act and (iv) any and all certificates representing the Preferred Stock and Conversion Shares shall bear a restrictive
legend substantially as set forth in <U>Section&nbsp;7.2</U> hereof to the extent required thereby and (b)&nbsp;is purchasing
the Preferred Stock and Conversion Shares for investment purposes only for the account of the Holder and not with any view toward
a distribution thereof or with any intention of selling, distributing or otherwise disposing of the Preferred Stock or Conversion
Shares in a manner that would violate the registration requirements of the Securities Act. The Holder is able to bear the economic
risk of holding the Preferred Stock and Conversion Shares for an indefinite period and has sufficient knowledge and experience
in financial and business matters so as to be capable of evaluating the merits and risk of its investment in the Preferred Stock
and Conversion Shares.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.7 <U>Adequate
Information; No Reliance</U>. The Holder acknowledges and agrees that (a)&nbsp;the Holder has conducted its own review of materials
it considers relevant to making an investment decision to enter into the Conversion and the Exchange and has had the opportunity
to review the Company&rsquo;s filings and submissions with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;),
including, without limitation, all information filed or furnished pursuant to the Exchange Act and all information incorporated
into such filings and submissions, (b) the Holder has sufficient knowledge and expertise to make an investment decision with respect
to the transactions contemplated hereby, (c)&nbsp;the Holder has had a full opportunity to speak directly with directors, officers
and &ldquo;<U>Affiliates</U>&rdquo; (as that term is defined in Rule 501(b) of Regulation D under the Securities Act) of the Company
and to ask questions of the Company and such directors, officers and Affiliates of the Company concerning the Company, its business,
operations, financial performance, financial condition and prospects, and the terms and conditions of the Conversion and the Exchange,
and to obtain such additional information as it deems necessary to verify the accuracy of the information furnished to it and
has asked such questions, received such answers and obtained such information as it deems necessary, (d)&nbsp;the Holder has had
the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in
the Conversion and the Exchange and to make an informed investment decision with respect to the Conversion and the Exchange and
(e)&nbsp;the Holder is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal
or other), representation or warranty made by the Company or any of its affiliates or representatives, except for (A)&nbsp;the
publicly available filings and submissions made by the Company with the SEC under the Exchange Act, together with all information
incorporated into such filings and submissions, and (B)&nbsp;the representations and warranties made by the Company in this Agreement
and the other agreements contemplated hereby.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.8 <U>Holder&rsquo;s
Reporting Requirement.</U> The Company has made no representations to the Holder regarding the Holder&rsquo;s reporting requirements
with the SEC related to the Holder&rsquo;s ownership in the Company, and the Holder acknowledges and agrees that it is the responsibility
of the Holder to ensure that it complies with any disclosure and reporting requirements of the SEC.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.9 <U>No
Public Market</U>.&nbsp;&nbsp;The Holder understands that no public market exists for the Preferred Stock, and that there is no
assurance that a public market will ever develop for the Preferred Stock.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.10 <U>No
General Solicitation or Advertising</U>. The offer to enter into the Exchange was directly communicated to the Holder, and the
Holder was able to ask questions of and receive answers concerning the terms of the Exchange.&nbsp;&nbsp;At no time was the Holder
presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form
of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with
such communicated offer.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;3.11 <U>Legal
Opinions</U>.&nbsp;&nbsp;The Holder acknowledges and understands that a legal opinion is being delivered by counsel to the Company
in reliance on, and assuming the accuracy of, the foregoing representations and warranties of the Holder.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;IV<BR>
<BR>
REPRESENTATIONS AND<BR>
<BR>
WARRANTIES OF THE COMPANY</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company hereby makes the following representations and warranties, each of which is and shall be true and correct on the date
hereof and at the Closing, to the Holder, and all such representations and warranties shall survive the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.1 <U>Exchange
Act Filings</U>. The Company has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, reports
and documents required to be filed or furnished by it with the SEC pursuant to the Exchange Act or the Securities Act since December
31, 2017 (the &ldquo;<U>Company Reports</U>&rdquo;). The Company Reports, when they became effective or were filed with or furnished
to the SEC, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act,
as applicable, and the rules and regulations thereunder and none of such documents contained any untrue statement of a material
fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading; and any further documents so filed or furnished after the date
hereof and on or prior to the Closing, when such documents become effective or are filed with the SEC, as the case may be, will
conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and
regulations of the SEC thereunder and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading. On or before the second business day following the date of this Agreement, the Company shall issue a publicly
available press release or file with the SEC a Current Report on Form 8-K disclosing all material terms of the transactions contemplated
hereby.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.2 <U>Due
Incorporation</U>.&nbsp;&nbsp;Each of the Company and each of its Subsidiaries has been duly organized and is validly existing
as a corporation or other legal entity in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction
of incorporation or organization.&nbsp;&nbsp;Each of the Company and its Subsidiaries is duly qualified to do business and is
in good standing as a foreign corporation or other legal entity in each jurisdiction in which its ownership or lease of its properties
or the conduct of its business requires such qualification and has all power and authority (corporate or other) necessary to own
or hold its properties and to conduct the businesses in which each is engaged, except where the failure to so qualify or have
such power or authority (i) would not have and would not reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the condition (financial or otherwise), results of operations, assets or business of the Company and its Subsidiaries,
taken as a whole, or (ii) impair in any material respect the ability of the Company to perform its obligations under this Agreement
or the Indenture or to consummate any transactions contemplated hereby or thereby (any such effect as described in clauses (i)
or (ii), a &ldquo;<U>Material Adverse Effect</U>&rdquo;). As used in this Agreement, &ldquo;<U>Subsidiary</U>&rdquo; shall have
the meaning set forth in Rule 1-02 of Regulation S-X of the SEC.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.3 <U>Subsidiaries</U>.
The membership interests or capital stock, as applicable, of each Subsidiary have been duly authorized and validly issued, are
fully paid and nonassessable and, except to the extent set forth in the Company Reports, are owned by the Company directly, free
and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third
party.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.4 <U>Due
Authorization</U>.&nbsp;&nbsp;The Company has the full right, power and authority to enter into this Agreement and the Registration
Rights Agreement and to perform and to discharge its obligations hereunder and thereunder; and this Agreement and the Registration
Rights Agreement have been duly authorized, this Agreement has been, and at Closing the Registration Rights Agreement will be,
duly executed and delivered by the Company, and each such agreement constitutes or will constitute upon Closing a valid and binding
obligation of the Company enforceable in accordance with its terms, subject to the Enforceability Exceptions.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.5 <U>The
Preferred Stock and the Conversion Shares</U>. The Preferred Stock to be issued to the Holder hereunder has been duly authorized
and, when issued and delivered upon sale, will be validly issued, fully paid, and nonassessable and free of any preemptive or
similar rights. The Conversion Shares have been duly authorized for issuance by the Company and, when issued in accordance with
the terms of the Certificate, will be validly issued, fully paid and nonassessable and free of any preemptive or similar rights.&nbsp;&nbsp;The
Preferred Stock and the Conversion Shares will be issued in compliance with all federal and state securities laws.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.6 <U>Capitalization</U>.
The authorized capital stock of the Company consists of 70,000,000 shares of Common Stock, of which 30,227,632 shares of Common
Stock were outstanding as of the close of business on March 1, 2020, and 100,000 shares of preferred stock, none of which are,
or will be immediately prior to the Closing, outstanding. All of the outstanding shares of Common Stock have been duly authorized
and are validly issued, fully paid and nonassessable.&nbsp;&nbsp;Other than 1,145,555 shares of Common Stock reserved for issuance
under the Company&rsquo;s employee benefit plans, stock option and employee stock purchase plans or other employee compensation
plans as such plans are in existence on the date hereof and described in the Company Reports and 362,500 shares of Common Stock
reserved for issuance upon exercise of warrants outstanding on the date hereof and previously described in the Company Reports,
the Company has no shares of capital stock reserved for issuance.&nbsp;&nbsp;Except as set forth above or pursuant to this Agreement,
there are no preemptive or other outstanding rights, options, warrants, conversion rights, stock appreciation rights, redemption
rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that obligate the Company or any
of its Subsidiaries to issue or sell any shares of capital stock or other securities of the Company or any of its Subsidiaries
or any securities or obligations convertible or exchangeable into or exercisable for, or giving any person a right to subscribe
for or acquire, any securities of the Company or any of its Subsidiaries, and no securities or obligations evidencing such rights
are authorized, issued or outstanding. The Company does not have outstanding any bonds, debentures, notes or other debt obligations
the holders of which have the right to vote with the stockholders of the Company on any matter in their capacity as such holders.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.7 <U>No
Default, Termination or Lien</U>. The execution, delivery and performance of this Agreement and the Registration Rights Agreement
by the Company, the issuance, sale and delivery of the Preferred Stock by the Company, the issuance and delivery of the Conversion
Shares in accordance with the terms of the Certificate, the consummation of the transactions contemplated hereby and thereby,
and compliance by the Company with the terms of this Agreement and the Registration Rights Agreement will not (with or without
notice or lapse of time or both) conflict with or result in a breach or violation of any of the terms or provisions of, constitute
a default under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation
or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge
upon any property or assets of the Company or any Subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of
its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject, nor
will such actions result in any violation of the provisions of the charter or by-laws (or analogous governing instruments, as
applicable) of the Company or any of its Subsidiaries or any law, statute, rule, regulation, judgment, order or decree of any
court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or
any of their properties or assets.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.8 <U>No
Consents</U>. No consent, notice, approval, authorization or order of, or qualification with, any governmental body, agency or
other person is required for the performance by the Company of its obligations under this Agreement or the Registration Rights
Agreement, except such as is required pursuant to that certain Credit Agreement, dated May 1, 2017, among the Company, Apollo
Special Situations Fund L.P., Wells Fargo Bank N.A. and the other parties signatory thereto, which consent shall have been obtained
prior to the Closing Date, and such as may be required by the securities or blue sky laws of the various states and the NASDAQ
Global Market in connection with the offer and sale of the Preferred Stock.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.9 <U>Independent
Accountants</U>. PricewaterhouseCoopers LLP (&ldquo;<U>PwC</U>&rdquo;), who have certified certain financial statements and related
schedules included or incorporated by reference in the Company Reports, is an independent registered public accounting firm as
required by the Securities Act and the rules and regulations thereunder and the Public Company Accounting Oversight Board (United
States).&nbsp;&nbsp;Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, PwC
has not been engaged by the Company to perform any &ldquo;prohibited activities&rdquo; (as defined in Section 10A of the Exchange
Act).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.10 <U>Financial
Statements</U>. The financial statements, together with the related notes and schedules, included in the Company Reports fairly
present the financial position and the results of operations and changes in financial position of the Company and its consolidated
Subsidiaries and other consolidated entities at the respective dates or for the respective periods therein specified.&nbsp;&nbsp;Such
statements and related notes and schedules have been prepared in accordance with the generally accepted accounting principles
in the United States (&ldquo;<U>GAAP</U>&rdquo;) applied on a consistent basis throughout the periods involved except as may be
set forth in the related notes.&nbsp;&nbsp;Such financial statements, together with the related notes and schedules, comply in
all material respects with the Securities Act, the Exchange Act, and the rules and regulations thereunder.&nbsp;&nbsp;No other
financial statements or supporting schedules or exhibits are required by the Exchange Act or the rules and regulations thereunder
to be filed with the SEC.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.11 <U>No
Material Adverse Change</U>. There has not occurred any material adverse change, or any development involving a prospective material
adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its Subsidiaries,
taken as a whole, from that set forth or contemplated in the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019, filed with the SEC on November 12, 2019 (the &ldquo;<U>Latest Quarterly Report</U>&rdquo;).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.12 <U>Legal
Proceedings</U>. There are no legal or governmental proceedings, actions, suits or claims pending or, to the Company&rsquo;s knowledge,
threatened to which the Company or any of its Subsidiaries is a party or to which any of the properties or assets of the Company
or any of its Subsidiaries is subject (i) other than proceedings accurately described in all material respects in the Company
Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections
of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking in nature and
not statements of historical fact), litigation in connection with a Qualified Water Project (as defined in the Indenture), the
Northern Pipeline Project (as defined in the Certificate) and the Southern Pipeline Project (as defined in the Certificate), and
proceedings that would not have and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect, or (ii) that are required to be described in the Company Reports and are not so described; and there are no statutes,
regulations, contracts or other documents to which the Company or any of its Subsidiaries is subject or by which the Company or
any of its Subsidiaries is bound that are required to be described in the Company Reports or to be filed as exhibits to the Company
Reports that are not described or filed as required. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has been the subject of any legal or governmental proceedings, actions, suits or claims of violation of or liability under
federal or state securities laws or a claim of breach of fiduciary duty.&nbsp;&nbsp;For purposes of this Agreement, &ldquo;<U>Company&rsquo;s
Knowledge</U>&rdquo; means the actual knowledge of the executive officers (as defined in Exchange Act Rule 3b-7) of the Company
or its Subsidiaries, after reasonable due inquiry.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.13 <U>Regulatory
Permits</U>. Each of the Company and its Subsidiaries possesses or has applied for all certificates, authorizations, licenses,
franchises, permits, orders and approvals issued or granted by the appropriate governmental or regulatory authorities, agencies,
courts, commissions or other entities, whether federal, state, local or foreign, or applicable self-regulatory organizations necessary
to conduct its business as currently conducted, except (i) where the failure to possess such certificates, authorizations, licenses,
franchises, permits, orders and approval, individually or in the aggregate, has not and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect (&ldquo;<U>Material Permits</U>&rdquo;) and (ii) as accurately described
in all material respects in the Company Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking
statements&rdquo; sections of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking
in nature and not statements of historical fact), and neither the Company nor any of its Subsidiaries has received any written
notice of proceedings relating to the revocation or material adverse modification of any such Material Permits (except as accurately
described in all material respects in the Company Reports, including the Latest Quarterly Report), and to the Company&rsquo;s
Knowledge, there are no facts or circumstances that would give rise to the revocation or material adverse modifications of any
Material Permits (except as accurately described in all material respects in the Company Reports, including the Latest Quarterly
Report (excluding any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such report
and any other disclosures included therein, to the extent they are predictive or forward-looking in nature and not statements
of historical fact)).</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.14 <U>Material
Contracts</U>. Except for the Material Contracts, the Company and its Subsidiaries are not party to any agreements, contracts
or commitments that are material to the business, financial condition, assets or operations of the Company and its Subsidiaries
that would be required to be filed pursuant to Item 601(b)(10) of Regulation S-K under the Exchange Act.&nbsp;&nbsp;Neither the
Company nor any of its Subsidiaries is in material default under or in material violation of, nor to the Company&rsquo;s Knowledge,
has received written notice of termination or default under any Material Contract.&nbsp;&nbsp;For purposes of this Agreement,
&ldquo;<U>Material Contract</U>&rdquo; means any contract of the Company that was filed as an exhibit to the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 18, 2019 (as amended, the &ldquo;<U>2018
Annual Report</U>&rdquo;), and any Company Report filed after the filing of the 2018 Annual Report.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.15 <U>Investment
Company Act</U>. Neither the Company nor any of its Subsidiaries is or, after giving effect to the Conversion and the Exchange,
will become an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended, and the
rules and regulations of the SEC thereunder.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.16 <U>No
Price Stabilization</U>. Neither the Company, its Subsidiaries nor any of the Company&rsquo;s or its Subsidiaries&rsquo; officers,
directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate
the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected
to cause or result in, stabilization or manipulation of the price of any security of the Company.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.17 <U>Title
to Property</U>. The Company and its Subsidiaries have good and marketable title to all real and personal property owned by them
which is material to the business of the Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens,
encumbrances and defects of title except such as are described in the Company Reports (excluding in each case any disclosures
set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included
therein, to the extent they are predictive or forward-looking in nature and not statements of historical fact) or such as do not
materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by
the Company and its Subsidiaries; and any real property and buildings held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with
the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries, in each case except as
described in the Company Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking
statements&rdquo; sections of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking
in nature and not statements of historical fact).</FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.18 <U>No
Labor Disputes</U>. No labor problem or dispute with the employees of the Company exists, or, to the Company&rsquo;s Knowledge,
is threatened or imminent, which would or would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect.&nbsp;&nbsp;The Company is not aware that any key employee or significant group of employees of the Company plans
to terminate employment with the Company.&nbsp;&nbsp;To the Company&rsquo;s Knowledge, no executive officer (as defined in Rule
501(f) of the Securities Act) of the Company or any of its Subsidiaries is in violation of any material term of any employment
contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement.&nbsp;&nbsp;Except for
matters which would not and would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse
Effect, (i)&nbsp;the Company has not engaged in any unfair labor practice; (ii) there is (A)&nbsp;no unfair labor practice complaint
pending or, to the Company&rsquo;s Knowledge, threatened against the Company before the National Labor Relations Board, and no
grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company&rsquo;s
Knowledge, threatened, (B)&nbsp;no strike, labor dispute, slowdown or stoppage pending or, to the Company&rsquo;s knowledge, threatened
against the Company and (C)&nbsp;no union representation dispute currently existing concerning the employees of the Company; and
(iii)&nbsp;to the Company&rsquo;s knowledge, (A)&nbsp;no union organizing activities are currently taking place concerning the
employees of the Company and (B)&nbsp;there has been no violation of any federal, state, local or foreign law relating to discrimination
in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee Retirement Income
Security Act of 1974 (&ldquo;<U>ERISA</U>&rdquo;) or the rules and regulations promulgated thereunder concerning the employees
of the Company.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.19 <U>Taxes</U>.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) The
Company (i)&nbsp;has timely filed all necessary federal, state, local and foreign income and franchise tax returns (or timely
filed applicable extensions therefore) that have been required to be filed and (ii)&nbsp; is not in default in the payment of
any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company
is contesting in good faith and for which adequate reserves have been provided and reflected in the financial statements included
in the Company Reports. The Company does not have any tax deficiency that has been or, to the Company&rsquo;s Knowledge, is reasonably
likely to be asserted or threatened against it that would result or would reasonably be expected to result in, individually or
in the aggregate, a Material Adverse Effect.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Assuming
that for federal income tax purposes (i) the Notes qualify as &ldquo;securities&rdquo; within the meaning of Section 354 of the
Code, (ii) none of the Preferred Stock received by the Holder is attributable to interest which has accrued on the Notes and (iii)
the Holder holds the Notes as capital assets as of the Closing Date, the following should be the federal income tax consequences
of the Exchange: (A) The Holder shall recognize no gain or loss as a result of the Exchange; (B) The Holder&rsquo;s basis in the
Preferred Stock shall be the same as the Holder&rsquo;s basis in the Notes exchanged for such Preferred Stock; and (C) The Holder&rsquo;s
holding period in respect of the Preferred Stock shall include the Holder&rsquo;s holding period in respect of the Notes exchanged
for such Preferred Stock.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.20 <U>ERISA</U>.
The Company is in compliance in all material respects with all presently applicable provisions of ERISA; no &ldquo;reportable
event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA) for which
the Company would have any liability; the Company has not incurred and does not expect to incur liability under (i)&nbsp;Title
IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Sections&nbsp;412
or 4971 of the Code; and each &ldquo;pension plan&rdquo; for which the Company would have any liability that is intended to be
qualified under Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by
action or by failure to act, which would cause the loss of such qualification.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.21 <U>Compliance
with Environmental Laws</U>. Except as disclosed in the Company Reports (excluding in each case any disclosures set forth in the
risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included therein,
to the extent they are predictive or forward-looking in nature and not statements of historical fact), neither the Company nor
any of its Subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body
or any court, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration
of the environment or human exposure to hazardous or toxic substances (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;),
or to the Company&rsquo;s Knowledge, operates any real property contaminated with any substance that is subject to any Environmental
Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating
to any Environmental Laws, which violation, contamination, liability or claim would or would reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect; and the Company is not aware of any pending investigation which might
lead to such a claim.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.22 <U>Intellectual
Property Rights</U>. The Company and its Subsidiaries own or possess, or have the right to use, adequate trademarks, trade names
and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively,
&ldquo;<U>Intellectual Property Rights</U>&rdquo;) necessary to conduct the business now operated by them, or presently employed
by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual
Property Rights, except such as would not and would not reasonably be expected to,&nbsp;individually or in the aggregate, have
a Material Adverse Effect.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.23 <U>Foreign
Corrupt Practices Act</U>. Neither the Company nor any of its Subsidiaries, nor to its knowledge, any director, officer, employee
or other person associated with or acting on behalf of the Company or any of its Subsidiaries has:&nbsp;&nbsp;(i) used any Company
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any
direct or indirect unlawful payment to any foreign or domestic government official or employee from Company funds; (iii) caused
the Company or any of its Subsidiaries to be in violation of any provision of the United States Foreign Corrupt Practices Act
of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment from Company funds.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.24 <U>OFAC
and Similar Laws</U>. None of the Company, any of its Subsidiaries or, to the Company&rsquo;s Knowledge, any director, officer,
agent, employee, affiliate or representative of the Company or any of its subsidiaries is an individual or entity (&ldquo;<U>Person</U>&rdquo;)
currently the subject or target of any&nbsp;sanctions administered or enforced by the United States Government, including, without
limitation, the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;), the United
Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
&ldquo;<U>Sanctions</U>&rdquo;), nor is the Company or any of its Subsidiaries located, organized or resident in a country or
territory that is the subject of Sanctions; and the Company will not directly or indirectly use its or its Subsidiaries&rsquo;
funds, or lend, contribute or otherwise make available such funds to any Subsidiaries, joint venture partners or other Person,
to knowingly fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding,
is the subject of&nbsp;Sanctions or in any other manner that will result in a violation by any Person (including any Person participating
in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.</FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.25 <U>Disclosure
Controls and Procedures</U>. The Company has established and maintains disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) that are effective in all material respects to ensure that material information relating to
the Company, including any consolidated Subsidiaries, is made known to its chief executive officer and chief financial officer
by others within those entities.&nbsp;&nbsp;The Company&rsquo;s certifying officers have evaluated the effectiveness of the Company&rsquo;s
controls and procedures as of December 31, 2018 (such date, the &ldquo;<U>Evaluation Date</U>&rdquo;).&nbsp;&nbsp;The Company
presented in the 2018 Annual Report the conclusions of the certifying officers about the effectiveness of the disclosure controls
and procedures based on their evaluations as of the Evaluation Date.&nbsp;&nbsp;Since the Evaluation Date, there have been no
material changes in the Company&rsquo;s internal controls (as such term is defined in the rules of the SEC under the Exchange
Act) or in other factors that could affect the Company&rsquo;s internal controls.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.26 <U>Accounting
Controls</U>. The Company and its Subsidiaries maintain a system of internal accounting and other controls sufficient to provide
reasonable assurances that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific
authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.&nbsp;&nbsp;Except as described in the Company Reports (excluding in each case
any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other
disclosures included therein, to the extent they are predictive or forward-looking in nature and not statements of historical
fact), since December 31, 2016, there has been (A) no material weakness in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) and (B)&nbsp;no change in the Company&rsquo;s internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial
reporting.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.27 <U>Absence
of Material Changes</U>. Subsequent to the respective dates as of which information is given in the Company Reports, and except
as may be otherwise disclosed in such Company Reports (excluding in each case any disclosures set forth in the risk factors or
&ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included therein to the extent they
are predictive or forward-looking in nature and not statements of historical fact), there has not been (i)&nbsp;any Material Adverse
Effect, (ii)&nbsp;any transaction which is material to the Company, (iii)&nbsp;any obligation, direct or contingent (including
any off-balance sheet obligations), incurred by the Company, which is material to the Company, (iv)&nbsp; any dividend or distribution
of any kind declared, paid or made on the capital stock of the Company, (v)&nbsp;any change in the capital stock (other than a
change in the number of outstanding shares of Common Stock due to grants of stock under the Company&rsquo;s stock incentive plans
existing on the date hereof or the issuance of shares upon the exercise of outstanding options or warrants) or any issuance of
options, warrants, convertible securities or other rights to purchase the capital stock (other than grants of stock options under
the Company&rsquo;s stock option plans existing on the date hereof) of the Company.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.28 <U>Brokers
Fees</U>. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person
that would give rise to a valid claim against the Company for a brokerage commission, finder&rsquo;s fee or like payment in connection
with the Exchange or any transaction contemplated by this Agreement.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.29 <U>Listing
and Maintenance Requirements</U>. The Company is subject to and in compliance in all material respects with the reporting requirements
of Section 13 or Section 15(d) of the Exchange Act, as applicable.&nbsp;&nbsp;The Common Stock is registered pursuant to Section
12(b) of the Exchange Act and is listed on the NASDAQ Global Market, and the Company has taken no action designed to, or reasonably
likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common
Stock from the NASDAQ Global Market, nor has the Company received any notification that the SEC or NASDAQ is contemplating terminating
such registration or listing.&nbsp;&nbsp;The Conversion Shares will be duly authorized for listing on the NASDAQ Global Market
immediately upon conversion of the Preferred Stock in accordance with the terms of the Certificate.</FONT></P>

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

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.30 <U>Sarbanes-Oxley
Act</U>. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002
and all applicable rules and regulations promulgated thereunder or implementing the provisions thereof that are then in effect.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.31 <U>NASDAQ
Shareholder Approval Rules</U>. No approval of the stockholders of the Company under the rules and regulations of NASDAQ (including
Rule 5635 of the NASDAQ Marketplace Rules) is required for the Company to issue and deliver the Preferred Stock to the Holder
or the Conversion Shares upon conversion of the Preferred Stock.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.32 <U>No
General Solicitation</U>. Neither the Company nor any person acting on its or their behalf has offered or sold the Preferred Stock
or will offer or sell the Preferred Stock by means of any general solicitation or general advertising, including the methods described
in Rule 502(c) under the Securities Act.</FONT></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;4.33 <U>Integration</U>.
No offers and sales of securities of the same or similar class as the Preferred Stock have been made by the Company or on its
behalf during the six-month period ending with the date of this Agreement and no such offers or sales are<B>&nbsp;</B>currently
being made or contemplated (in each case, whether pursuant to outstanding warrants, options, convertible or exchangeable securities,
acquisition agreements or otherwise).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;V<BR>
<BR>
OTHER AGREEMENTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.1 <U>Termination
of Director Appointment Rights</U>. The Holder&rsquo;s rights to designate directors to serve on the Company&rsquo;s board of
directors as provided by Section 4.2 of that certain Exchange Agreement, dated as of March 4, 2013, among the Company, the Holder
and the other signatories thereto are hereby terminated in their entirety and of no further force or effect. The foregoing shall
not affect the current term of service of any director so designated by the Holder prior to the date of this Agreement, which
term of service shall continue until the earlier of such director&rsquo;s resignation, death, removal or failure to be elected
at the Company&rsquo;s next annual meeting of stockholders following the date of this Agreement.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;5.2 <U>Cancellation
of Notes</U>. The Holder acknowledges and agrees that upon giving effect to the Conversion and the Exchange, all of the Company&rsquo;s
obligations under the Notes shall have been satisfied in full and thereafter the Notes shall be null and void and of no further
force or effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;VI<BR>
<BR>
CONDITIONS TO CLOSING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.1 <U>Holder&rsquo;s
Conditions Precedent</U>.&nbsp; The obligations of the Holder to complete the Conversion and the Exchange are, in each case, subject
to the satisfaction of each of the following conditions precedent:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) each
of the representations and warranties of the Company contained in this Agreement shall be true and correct as of the Closing Date,
with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the
extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty
need only be true and correct as of such date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) the
Notification Form: Listing of Additional Shares, to be filed with the NASDAQ prior to issuing any Preferred Stock or Conversion
Shares, shall have been filed;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) the
Company shall have delivered to the Holder all consents, notices and approvals required in connection with the transactions contemplated
hereby (including any consent or notice set forth in <U>Section&nbsp;4.8</U>), in form and substance reasonably satisfactory to
the Holder;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) the
Holder shall have received the Registration Rights Agreement, executed and delivered by the Company;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) the
Company shall have duly filed the Certificate with the Secretary of State of the State of Delaware;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) the
Company shall have duly performed and complied in all material respects with all covenants and agreements contained in this Agreement
that are required to be performed or complied with by it at or before the Closing;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) no
court or other governmental or regulatory authorities, agencies,&nbsp;commissions or other entities, whether federal, state, local
or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent)
that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement,
and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) Greenberg
Traurig, LLP, counsel for the Company, shall have furnished to the Holder an opinion, in the form attached hereto as <U>Exhibit
C</U>, dated the Closing Date and addressed to the Holder;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) the
Chief Executive Officer and Chief Financial Officer of the Company shall have delivered to the Holder a certificate, dated as
of the Closing Date, certifying to their knowledge, after reasonable inquiry as to the matters set forth in paragraphs 6.1(a)
and (f) above.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;6.2 <U>Company
Conditions Precedent</U>. The obligations of the Company to complete the Conversion and the Exchange are, in each case, subject
to the satisfaction of each of the following conditions precedent:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Each
of the representations and warranties of the Holder contained in this Agreement shall be true and correct as of the Closing Date,
with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the
extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty
need only be true and correct as of such date;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) the
Holder shall have duly performed and complied in all material respects with all covenants and agreements contained in this Agreement
that are required to be performed or complied with by it at or before the Closing;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) no
court or other governmental or regulatory authorities, agencies,&nbsp;commissions or other entities, whether federal, state, local
or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent)
that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement,
and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) the
Trustee, the Conversion Agent and the Registrar, as applicable, shall have received from the Holder such documents and instruments
reasonably requested by them with respect to the Conversion and the Exchange; and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) the
Holder shall have delivered to the Company an executed counterpart to the Registration Rights Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;VII<BR>
<BR>
MISCELLANEOUS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.1 <U>Certain
Actions</U>.&nbsp;&nbsp;Each of the Company and the Holder shall reasonably cooperate with each other and use (and shall cause
their respective affiliates to use) reasonable efforts to take or cause to be taken all actions, and do or cause to be done all
things, necessary, proper or advisable on its part under this Agreement and applicable law and stock exchange listing standards
to consummate the transactions contemplated by this Agreement as soon as practicable.&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.2 Legends.
To the extent reasonably necessary under applicable law, any share certificate or book entry representing the Preferred Stock
or Conversion Shares shall have endorsed, to the extent appropriate, upon its face the following words:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 102px"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">THE
    SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;ACT&rdquo;),
    OR THE SECURITIES LAWS OF ANY JURISDICTION.&nbsp;&nbsp;SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, ASSIGNED,
    ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (I) A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES
    THAT IS EFFECTIVE UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAW, OR (II) ANY EXEMPTION FROM REGISTRATION UNDER SUCH ACT,
    OR APPLICABLE STATE SECURITIES LAW, RELATING TO THE DISPOSITION OF SECURITIES, INCLUDING RULE 144.</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.3 <U>Legend
Removal</U>. Upon the request of the Holder or any transferee or proposed transferee thereof, the Company shall remove the legend
contemplated by <U>Section&nbsp;7.2</U> of this Agreement and the Company shall issue a stock certificate or enter a book entry
without such legend to the Holder or transferee (and shall revoke any related stop transfer or similar instructions to its registrar
and transfer agent), or shall cause such shares upon initial issuance not to be so legended (and shall not issue any such stop
transfer or similar legends to its registrar and transfer agent) if the applicable shares of Preferred Stock or Conversion Shares
are covered by an effective registration statement under the Securities Act or if such person provides reasonable evidence and
an opinion of counsel to the effect that a sale, transfer or assignment of such Conversion Shares may be made without registration
under the Securities Act or that such Conversion Shares are eligible for resale pursuant to Rule 144 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.4 <U>Entire
Agreement</U>.&nbsp;&nbsp;This Agreement and any documents and agreements executed in connection with the Conversion and the Exchange
embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all
prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda
and understandings between or among the parties or any of their agents, representatives or affiliates relative to such subject
matter, including, without limitation, any term sheets, emails or draft documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.5 <U>Construction</U>.&nbsp;&nbsp;References
in the singular shall include the plural, and vice versa, unless the context otherwise requires. References in the masculine shall
include the feminine and neuter, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective
counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language
in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either
party.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.6 <U>Governing
Law; Venue</U>.&nbsp;&nbsp;This Agreement shall in all respects be construed in accordance with and governed by the substantive
laws of the State of New York, without reference to its choice of law rules. Venue for any legal action under this Agreement shall
be in the state or federal courts located in the Borough of Manhattan in the City of New York, New York.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.7 <U>Counterparts</U>.&nbsp;&nbsp;This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument. Any counterpart or other signature hereon delivered by facsimile shall be deemed for all purposes
as constituting good and valid execution and delivery of this Agreement by such party.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.8 <U>Specific
Performance</U>. Each party acknowledges and agrees that, in addition to other remedies, the parties shall be entitled to enforce
the terms of this Agreement by decree of specific performance without the necessity of proving the inadequacy of monetary damages
as a remedy and to obtain injunctive relief against any breach or threatened breach of this Agreement.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;7.9 <U>Certain
Definitional Provisions</U>.&nbsp;&nbsp;Unless the express context otherwise requires: the words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;,
and &ldquo;hereunder&rdquo; and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole
and not to any particular provision of this Agreement; any references herein to a specific Section, Schedule or Annex shall refer,
respectively, to Sections, Schedules or Annexes of this Agreement; wherever the word &ldquo;include&rdquo;, &ldquo;includes&rdquo;,
or &ldquo;including&rdquo; is used in this Agreement, it shall be deemed to be followed by the words &ldquo;without limitation&rdquo;;
and references herein to any gender includes each other gender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Pages Follow]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, each of the parties hereto has caused this Conversion and Exchange Agreement to be executed as of the date first
above written.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The Company</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CADIZ INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%">/s/ Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT>&nbsp;</TD>
    <TD>Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Exchange Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>The
    Holder</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>ELKHORN PARTNERS LIMITED PARTNERSHIP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 36%"><FONT STYLE="font-size: 10pt">/s/ Alan S. Parson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alan S. Parson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sole Managing Partner</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Exchange Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
A</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
OF CERTIFICATE OF DESIGNATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 33%"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 34%"><FONT STYLE="font: 16pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">Page 1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The First State</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><B><I>I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE
OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF DESIGNATION OF &ldquo;CADIZ INC.&rdquo;,
FILED IN THIS OFFICE ON THE FIFTH DAY OF MARCH, A.D. 2020, AT 4:47 O`CLOCK P.M.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><B><I>A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO
THE NEW CASTLE COUNTY RECORDER OF DEEDS.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 40%; font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Jeffrey
    W. Bullock</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Jeffrey
    W. Bullock</B></FONT><B>, Secretary of State</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <TD STYLE="text-align: left; white-space: nowrap; width: 28%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2295882&nbsp;&nbsp;&nbsp; 8100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SR# 20201953970</P></TD>
    <TD STYLE="white-space: nowrap; width: 49%; text-align: center; font-size: 10pt"><IMG SRC="ex10-2_001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; width: 23%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Authentication: 202526555</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: 03-05-20</P></TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may verify this certificate online at corp.delaware.gov/authver.shtml</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0"></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 65%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 35%"><B>State of Delaware</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Secretary of State</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Division of Corporations</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Delivered 04:47 PM 03/05/2020</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>FILED 04:47 PM 03/05/2020</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>SR 20201953970 -  File Number 2295882</B></TD></TR>
</TABLE>


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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATE OF DESIGNATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SERIES 1 PREFERRED STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CADIZ
inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Pursuant to Section 151 of the General
Corporation Law of the State of Delaware)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cadiz Inc., a corporation
organized and existing under the General Corporation Law of the State of Delaware (hereinafter, the &ldquo;<U>Corporation</U>&rdquo;),
hereby certifies that the following resolution was duly adopted by the Board of Directors of the Corporation as required by Section
151 of the General Corporation Law of the State of Delaware:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;NOW, THEREFORE,
BE IT RESOLVED, that pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation in
accordance with the provisions of the certificate of incorporation of the Corporation, there is hereby created and provided out
of the authorized but unissued preferred stock, par value $0.01 per share, of the Corporation (&ldquo;<U>Preferred Stock</U>&rdquo;),
a new series of Preferred Stock, and there is hereby stated and fixed the number of shares constituting such series and the designation
of such series and the powers (including voting powers), if any, of such series and the preferences and relative, participating,
optional, special or other rights, if any, and the qualifications, limitations or restrictions, if any, of such series as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Series 1 Preferred
Stock:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <U>Designation
and Amount</U>. The shares of such series shall be designated as shares of &ldquo;Series 1 Preferred Stock,&rdquo; par value $0.01
per share, of the Corporation (the &ldquo;<U>Series 1 Preferred Stock</U>&rdquo;), and the number of shares constituting such series
shall be ten thousand (10,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <U>Definitions</U>.
The following terms shall have the following meanings for purposes of this Certificate of Designation (as the same may be amended,
amended and restated or restated from time to time, this &ldquo;<U>Certificate of Designation</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) &ldquo;<U>Affiliates</U>&rdquo;
with respect to any Person shall mean any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) &ldquo;<U>Attribution
Parties</U>&rdquo; with respect to a holder of outstanding shares of Series 1 Preferred Stock shall mean such holder&rsquo;s Affiliates
and any Persons acting as group together with such holder or any of such holder&rsquo;s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) &ldquo;<U>Beneficial
Ownership Limitation</U>&rdquo; with respect to a holder of outstanding shares of Series 1 Preferred Stock shall mean 9.9% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable
upon conversion of Series 1 Preferred Stock held by such holder pursuant to this Certificate of Designation; <I>provided</I>, <I>however</I>,
that a holder of any outstanding shares of Series 1 Preferred Stock, upon written notice to the Corporation, may increase or decrease
the Beneficial Ownership Limitation provisions of this definition applicable to the outstanding shares of Series 1 Preferred Stock
held by such holder; <I>provided</I> that the Beneficial Ownership Limitation shall in no event exceed 9.9% of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion
of Series 1 Preferred Stock held by such holder pursuant to this Certificate of Designation and the provisions of this definition
shall continue to apply. Any such increase in the Beneficial Ownership Limitation shall not be effective until the 61<SUP>st</SUP>
day after such written notice is delivered to the Corporation and shall only apply to the holder of outstanding shares of Series
1 Preferred Stock providing such notice and no other holder of outstanding shares of Series 1 Preferred Stock. The provisions of
this definition shall, to the fullest extent permitted by applicable law, be construed and implemented in a manner otherwise than
in strict conformity with the terms of this definition to correct this definition (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary
or desirable to properly give effect to such limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) &ldquo;<U>Beneficially
Own</U>&rdquo; shall mean &ldquo;beneficial ownership&rdquo; in accordance with Section 13(d) of the Exchange Act and shall include
the number of shares of Common Stock issuable upon conversion of the outstanding shares of Series 1 Preferred Stock sought to be
converted pursuant to this Certificate of Designation, but shall exclude the number of shares of Common Stock which are issuable
upon (i) conversion of any other outstanding shares of Series 1 Preferred Stock and (ii) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or exercise analogous to
the limitation contained herein.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) &ldquo;<U>Board
of Directors</U>&rdquo; shall mean the Board of Directors of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) &ldquo;<U>Capital
Lease Obligations</U>&rdquo; means, with respect to any Person, the obligations of such Person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes
of this Indenture, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in
accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) &ldquo;<U>Certificate
of Incorporation</U>&rdquo; shall mean the certificate of incorporation of the Corporation, as the same may be amended, amended
and restated or restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) &ldquo;<U>Closing
Price</U>&rdquo; of Common Stock or any other security on any date shall mean the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid and last ask prices or, if more than one in either case, the average of the
average bid and the average ask prices) on that date as reported in composite transactions for the principal United States securities
exchange on which Common Stock or such other security is traded.&nbsp;&nbsp;If Common Stock or such other security is not listed
for trading on a United States national or regional securities exchange on the relevant date, the Closing Price will be the last
quoted bid price for Common Stock or such other security in the over-the-counter market on the relevant date as reported by OTC
Markets Group Inc. or a similar organization.&nbsp;&nbsp;If Common Stock or such other security is not so quoted, the Closing Price
will be the average of the mid-point of the last bid and ask prices for Common Stock or such other security on the relevant date
from each of at least three nationally recognized independent investment banking firms selected by the Corporation for this purpose.&nbsp;&nbsp;The
Closing Price will be determined without reference to extended or after hours trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) &ldquo;<U>Commission</U>&rdquo;
shall mean the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) &ldquo;<U>Commodity
Price Protection Agreement</U>&rdquo; means, with respect to any Person, any forward contract, futures contract, commodity swap,
commodity option or other similar agreement or arrangement (including derivative agreements or arrangements) as to which such Person
is a party or a beneficiary relating to, or the value of which is dependent upon or which is designed to protect such Person against,
fluctuations in commodity prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) &ldquo;<U>Common
Stock</U>&rdquo; shall mean the common stock, par value $0.01 per share, of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l) &ldquo;<U>Common
Stock Equivalents</U>&rdquo; shall mean any securities of the Corporation which would entitle the holder thereof to acquire at
any time shares of Common Stock, including, without limitation, any Debt, preferred stock, rights, options, warrants or other securities
that are at any time convertible into or exercisable for, or otherwise entitle the holder thereof to receive, shares of Common
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m) &ldquo;<U>Conversion
Date</U>&rdquo; shall mean an Optional Conversion Date or a Mandatory Conversion Date, as the circumstances shall require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n) &ldquo;<U>Conversion
Limitation Determination</U>&rdquo; shall have the meaning set forth in <U>Section 7(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o) &ldquo;<U>Conversion
Rate</U>&rdquo; shall mean 405.05, as such amount may be adjusted pursuant to <U>Section 8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p) &ldquo;<U>Convertible
Senior Notes due 2020</U>&rdquo; shall mean <FONT STYLE="background-color: white">the Corporation&rsquo;s 7.00% Convertible Senior
Notes due 2020&nbsp;issued pursuant to the Indenture dated as of December 10, 2015, between the Corporation and U.S. Bank National
Association (including any additional notes issued under such Indenture in an aggregate original principal amount not to exceed
$5,000,000 at any one time outstanding),</FONT> as amended, amended and restated, restated, supplemented or otherwise modified
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q) &ldquo;<U>Corporation</U>&rdquo;
means Cadiz Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r) <FONT STYLE="background-color: white">&ldquo;<U>Credit
Agreement</U>&rdquo; means the Credit Agreement, dated as of May 1, 2017, among the Corporation, Apollo Special Situations Fund,
L.P., the other lenders from time to time party thereto, and </FONT>Wells Fargo Bank, National Association<FONT STYLE="background-color: white">,
as the agent for the lenders, as amended, amended and restated, restated, extended, renewed, supplemented or otherwise modified
from time to time, and one or more agreements, including, without limitation, an indenture, governing the Debt Incurred by the
Corporation and/or its subsidiaries to Refinance, in whole or in part, the Debt then outstanding under the Credit Agreement or
one or more successor Credit Agreements; <I>provided</I>, <I>however</I>, that the principal amount of such Refinanced Debt (or
accreted value, in the case of such Refinanced Debt issued at a discount) does not exceed the principal amount (or accreted value,
as the case may be) of the Debt so Refinanced, plus the amount of accrued and unpaid interest on the Debt so Refinanced, any premium
paid to holders of the Debt so Refinanced and reasonable expenses (including underwriting discounts) Incurred in connection with
the Refinancing of such Debt. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s) <FONT STYLE="background-color: white">&ldquo;<U>Currency
Agreement</U>&rdquo; means, with respect to any Person, any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement (including derivative agreements or arrangements) as to which such Person is a party or a beneficiary
designed to hedge foreign currency risk of such Person,</FONT> as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t) &ldquo;<U>Debt</U>&rdquo;
means, with respect to any Person at any date, without duplication, (i) all indebtedness of such Person for borrowed money, (ii)
all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred
in the ordinary course of such Person&rsquo;s business), (iii) all obligations of such Person evidenced by notes, bonds, debentures
or other similar instruments, (iv) all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such property), (v) all Capital Lease Obligations of such Person,
(vi) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances,
letters of credit, surety bonds or similar arrangements, (vii) the liquidation value of all redeemable preferred capital stock
of such Person, (viii) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (i)
through (vii) above, (ix) all obligations of the kind referred to in clauses (i) through (viii) above secured by (or for which
the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including
accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of
such obligation, and (x) all obligations under Hedging Obligations of such Person. The Debt of any Person shall include the Debt
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person&rsquo;s ownership interest in or other relationship with such entity, except to the extent the terms
of such Debt expressly provide that such Person is not liable therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u) &ldquo;<U>Dividend
Junior Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, any outstanding series of Preferred Stock
provided for or fixed pursuant to the provisions of the Certificate of Incorporation raking junior to the Series 1 Preferred Stock
as to dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v) &ldquo;<U>Dividend
Parity Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, the Common Stock and any outstanding series
of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking <I>pari passu</I>
to the Series 1 Preferred Stock as to dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w) &ldquo;<U>Dividend
Senior Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, any outstanding series of Preferred Stock
provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking senior to the Series 1 Preferred Stock
as to dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x) &ldquo;<U>Exchange
Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y) &ldquo;<U>Exchange
Agreements</U>&rdquo; shall mean the Conversion and Exchange Agreements, dated on or about the Original Issue Date, between the
Corporation and each original Holder (as defined therein), as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z) &ldquo;<U>Existing
Debt</U>&rdquo; shall mean the following <FONT STYLE="background-color: white">Debt of the Corporation and its subsidiaries outstanding
on the Original Issue Date: (i) the Corporation&rsquo;s 7.00% Convertible Senior Notes due 2018 issued pursuant to the Indenture
dated as of March 5, 2013, between the Corporation and U.S. Bank National Association (as successor to The Bank of New York Mellon
Trust Company, N.A.), as trustee, </FONT>as amended, amended and restated, restated, supplemented or otherwise modified from time
to time<FONT STYLE="background-color: white">, (ii) the Convertible Senior Notes due 2020</FONT>, <FONT STYLE="background-color: white">(iii)
any Debt of the Corporation and/or its subsidiaries Incurred pursuant to the Credit Agreement in an aggregate original principal
amount not to exceed $60,000,000 outstanding at any time, plus any accretion pursuant to the terms of the Credit Agreement, (iv)
debt Incurred in connection with </FONT>that certain Amended and Restated Cadiz &ndash; Fenner Valley Farm Lease, dated as of February
8, 2016, entered into among Fenner Valley Farm, LLC, the Corporation and the other signatories thereto, <FONT STYLE="background-color: white">and
(v) any Debt Incurred under any credit agreement, loan, note or indenture governing the Debt Incurred by the Corporation and/or
its subsidiaries to Refinance, in whole or in part, any other Existing Debt then outstanding; <I>provided</I>, <I>however</I>,
that the principal amount of such Refinanced Debt (or accreted value, in the case of such Refinanced Debt issued at a discount)
does not exceed the principal amount (or accreted value, as the case may be) of the Debt so Refinanced, plus the amount of accrued
and unpaid interest on the Debt so Refinanced, any premium paid to holders of the Debt so Refinanced and reasonable expenses (including
underwriting discounts) Incurred in connection with the Refinancing of such Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa) &ldquo;<U>Farming
Project</U>&rdquo; shall have the meaning set forth in <U>Section 4(b)(ii)(B)(2)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb) <FONT STYLE="background-color: white">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in the United States of America, as in effect from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc) &ldquo;<U>Guarantee
Obligation</U>&rdquo; means, with respect to any Person (the &ldquo;<U>Guaranteeing Person</U>&rdquo;), any obligation, including
a reimbursement, counterindemnity or similar obligation, of the Guaranteeing Person that guarantees or in effect guarantees, or
which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit)
that guarantees or in effect guarantees, any Debt, leases, dividends or other obligations (the &ldquo;<U>Primary Obligations</U>&rdquo;)
of any other third Person (the &ldquo;<U>Primary Obligor</U>&rdquo;) in any manner, whether directly or indirectly, including any
obligation of the Guaranteeing Person, whether or not contingent, (i) to purchase any such Primary Obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such Primary Obligation
or (2) to maintain working capital or equity capital of the Primary Obligor or otherwise to maintain the net worth or solvency
of the Primary Obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any
such Primary Obligation of the ability of the Primary Obligor to make payment of such Primary Obligation or (iv) otherwise to assure
or hold harmless the owner of any such Primary Obligation against loss in respect thereof; <I>provided</I>, <I>however</I>, that
the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of
business. The amount of any Guarantee Obligation of any Guaranteeing Person shall be deemed to be the maximum amount for which
such Guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such
Primary Obligation and the maximum amount for which such Guaranteeing Person may be liable are not stated or determinable, in which
case the amount of such Guarantee Obligation shall be such Guaranteeing Person&rsquo;s maximum reasonably anticipated liability
in respect thereof as determined by the Guaranteeing Person in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd) &ldquo;<U>Hedging
Obligations</U>&rdquo; mean, with respect to any Person, the obligations of such Person pursuant to any Interest Rate Agreement,
Currency Agreement or Commodity Price Protection Agreement, as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee) &ldquo;<U>Incur</U>&rdquo;
means, with respect to any Debt or other obligation of any Person, to create, issue, incur (including by conversion, exchange or
otherwise), assume, guarantee or otherwise become liable in respect of such Debt or other obligation on the balance sheet of such
Person (and &ldquo;<U>Incurrence</U>,&rdquo; &ldquo;<U>Incurred</U>&rdquo; and &ldquo;<U>Incurring</U>&rdquo; will have meanings
correlative to the foregoing); <I>provided</I> that a change in GAAP that results in an obligation of such Person that exists at
such time becoming Debt will not be deemed an Incurrence of such Debt. Accrual of interest, the accretion of accreted value, the
payment of interest in the form of additional Debt and increases in Debt outstanding solely as a result of fluctuations in the
exchange rate of currencies will not be deemed to be an Incurrence of Debt. Any Debt issued at a discount (including Debt on which
interest is payable through the issuance of additional Debt) will be deemed Incurred at the time of original issuance of the Debt
at the accreted amount thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ff) &ldquo;<U>Interest
Rate Agreement</U>&rdquo; means, with respect to any Person, any interest rate protection agreement, interest rate swaps, caps,
floors or collars, option, future or derivative agreements or arrangements and similar agreements or arrangements and/or other
types of hedging agreements as of which such Person is a party or beneficiary designed to hedge interest rate risk of such Person,
as amended, amended and restated, restated, supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(gg) &ldquo;<U>Lien</U>&rdquo;
means any security interest, pledge, lien or other encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hh) &ldquo;<U>Liquidation</U>&rdquo;
shall have the meaning set forth in <U>Section 5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) &ldquo;<U>Liquidation
Junior Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, the Common Stock and any outstanding
series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking junior to
Series 1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory
Conversion Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate
of Incorporation ranking junior to the Series 1 Preferred Stock upon a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jj) &ldquo;<U>Liquidation
Parity Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, any outstanding series of Preferred
Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking <I>pari passu</I> to the Series
1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory Conversion
Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation
ranking <I>pari passu</I> to the Series 1 Preferred Stock upon a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(kk) &ldquo;<U>Liquidation
Proceeds</U>&rdquo; shall mean the assets of the Corporation legally available for distribution to its stockholders upon a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ll) &ldquo;<U>Liquidation
Senior Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, any outstanding series of Preferred
Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking senior to the Series 1 Preferred
Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory Conversion Date, any
outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking
senior to the Series 1 Preferred Stock upon a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(mm) &ldquo;<U>Liquidation
Value</U>&rdquo; shall mean, with respect to any share of Series 1 Preferred Stock (i) on any given date prior to the Mandatory
Conversion Date, $2,734.09 per share (as adjusted for any (A) dividend in respect of any class or series of stock of the Corporation
in shares of Series 1 Preferred Stock, (B) subdivision, whether by reclassification or recapitalization, of the outstanding shares
of Series 1 Preferred Stock into a greater number of shares of Series 1 Preferred Stock, or (C) combination, whether by reclassification
or recapitalization, of the outstanding shares of Series 1 Preferred Stock into a lesser number of shares of Series 1 Preferred
Stock), and (ii) on any given date on or after the Mandatory Conversion Date, $0.00 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(nn) &ldquo;<U>Mandatory
Conversion</U>&rdquo; shall have the meaning set forth in <U>Section 7(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(oo) &ldquo;<U>Mandatory
Conversion Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(pp) &ldquo;<U>NASDAQ</U>&rdquo;
shall mean the Nasdaq Stock Market or any successor national securities exchange (or other applicable securities exchange or quotation
system) or any other national securities exchange on which shares of Common Stock are listed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(qq) &ldquo;<U>Northern
Pipeline Project</U>&rdquo; shall mean the water conservation project of the Corporation utilizing the existing idle natural gas
pipeline that extends northwest from the Corporation&rsquo;s property terminating in Barstow, California, and a further 124-mile
segment connecting such pipeline from Barstow to Wheeler Ridge, California for which the Corporation has entered into a purchase
agreement, and all associated well-field and pumping stations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(rr) &ldquo;<U>Notice
of Conversion</U>&rdquo; shall have the meaning set forth in <U>Section 7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ss) &ldquo;<U>Optional
Conversion Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(tt) &ldquo;<U>Original
Issue Date</U>&rdquo; shall mean the first date on which one or more shares of Series 1 Preferred Stock is/are issued by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(uu) &ldquo;<U>Person</U>&rdquo;
shall mean an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vv) &ldquo;<U>Preferred
Stock</U>&rdquo; shall have the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ww) &ldquo;<U>Redemption
Date</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(xx) &ldquo;<U>Redemption
Notice</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(yy) &ldquo;<U>Redemption
Notice Date</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(zz) &ldquo;<U>Redemption
Price</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aaa) &ldquo;<U>Refinance</U>&rdquo;
means, in respect of any Debt, to refinance, extend (including pursuant to any defeasance or discharge mechanism), renew, refund,
repay, prepay, redeem, defease or retire, or to issue Debt in exchange or replacement for, such Debt in whole or in part. &ldquo;<U>Refinanced</U>&rdquo;
and &ldquo;<U>Refinancing</U>&rdquo; will have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bbb) &ldquo;<U>Required
Holders</U>&rdquo; means the holders of at least a majority of the outstanding shares of Series 1 Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ccc) &ldquo;<U>Securities
Act</U>&rdquo; shall mean means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ddd) &ldquo;<U>Series
1 Preferred Stock</U>&rdquo; shall have the meaning set forth in <U>Section 1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(eee) &ldquo;<U>Share
Delivery Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(fff) &ldquo;<U>Southern
Pipeline Project</U>&rdquo; shall mean the water conservation project of the Corporation using its 43-mile southerly right-of-way,
including pipeline, well field and related water distribution, pumping facilities, water treatment and associated power facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ggg) &ldquo;<U>Trading
Day</U>&rdquo; shall mean any day on which NASDAQ is open for business and on which shares of Common Stock may be traded (other
than a day on which NASDAQ is scheduled to or does close prior to its regular weekday closing time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hhh) &ldquo;<U>Transfer
Agent</U>&rdquo; shall mean Continental Stock Transfer &amp; Trust Company, New York, New York, the current transfer agent of the
Corporation, with a mailing address of 1 State Street, 30<SUP>th</SUP> Floor, New York, New York 10004, and includes any successor
transfer agent of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) &ldquo;<U>Voting
Rate</U>&rdquo; shall mean 301.98, as such amount may be adjusted pursuant to <U>Section 8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jjj) &ldquo;<U>Water
Projects</U>&rdquo; shall have the meaning set forth in <U>Section 4(b)(ii)(B)(1)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <U>Dividends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Prior
to the Mandatory Conversion Date</U>. Except as provided in <U>Section 3(b)</U>, the holders of outstanding shares of Series 1
Preferred Stock shall not be entitled to share in any dividends or distributions of any kind or nature whatsoever, and in furtherance
thereof, shall not have any dividend or distribution privileges of any kind or nature whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>After
the Mandatory Conversion Date</U>. After the Mandatory Conversion Date and for so long as any shares of Series 1 Preferred Stock
shall be outstanding, subject to applicable law and the rights of the holders of any outstanding shares of Dividend Senior Stock,
the holders of outstanding shares of Series 1 Preferred Stock shall be entitled to receive dividends, when, as and if declared
by the Board of Directors on the then outstanding shares of Dividend Parity Stock, on a <I>pari passu</I> basis with the holders
of the then outstanding shares of Dividend Parity Stock and in preference and prior to the holders of any then outstanding shares
of Dividend Junior Stock, in an amount per then outstanding share of Series 1 Preferred Stock determined by multiplying (i) the
dividend amount per then outstanding share of Common Stock being declared by (ii) the Conversion Rate, with each share of Series
1 Preferred Stock receiving such dividend on an as converted to Common Stock basis (without regard to any limitation or restriction
on such conversion); <I>provided</I>, that no dividend shall be declared and paid or set apart for payment on the then outstanding
shares of Common Stock unless a dividend shall also be declared and paid or set apart for payment on the then outstanding shares
of Series 1 Preferred Stock. Notwithstanding the foregoing, to the extent that the right of a holder of Series 1 Preferred Stock
to receive a dividend consisting of shares of Common Stock or Common Stock Equivalents would result in such holder and such holder&rsquo;s
Attribution Parties exceeding such holder&rsquo;s Beneficial Ownership Limitation, then such holder shall, to the fullest extent
permitted by applicable law, not be entitled to receive such dividend to the extent of such Beneficial Ownership Limitation (and
shall not be entitled to Beneficially Own such shares of Common Stock or Common Stock Equivalents as a result of such dividend
to the extent of any such excess) and such dividend to such extent shall be held in abeyance for the benefit of such holder until
such time or times, if ever, as such holder&rsquo;s right thereto would not result in such holder and such holder&rsquo;s Attribution
Parties exceeding such holder&rsquo;s Beneficial Ownership Limitation, at which time or times such dividend (and any dividend consisting
of Common Stock or Common Stock Equivalents declared on such initial dividend or on any subsequent dividend held similarly in abeyance
to the same extent as if there had been no such limitation) shall be paid to such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <U>Voting
Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>General</U>.
Except as provided by this Certificate of Designation or applicable law, from and after the Original Issue Date and prior to the
Mandatory Conversion Date, each holder of a share of Series 1 Preferred Stock, as such, shall be entitled to the number of votes
determined by multiplying the Voting Rate by each outstanding share of Series 1 Preferred Stock held of record by such holder on
all matters on which stockholders are generally entitled to vote; <I>provided</I>, <I>however</I>, that in no event shall a holder
of Series 1 Preferred Stock, together with such holder&rsquo;s Attribution Parties, be entitled to a number of votes in excess
of such holder&rsquo;s Beneficial Ownership Limitation. After the Mandatory Conversion Date, except as otherwise required by applicable
law, each holder of a share of Series 1 Preferred Stock, as such, shall not be entitled to vote and shall not be entitled to any
voting powers in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Protective
Provisions</U>. From and after the Original Issue Date and prior to the Mandatory Conversion Date, for so long as any shares of
Series 1 Preferred Stock shall be outstanding, the Corporation shall not, at any time or from time to time, without the prior vote
or written consent of the Required Holders, voting separately as a single class:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) amend,
alter or repeal any provision of the Certificate of Incorporation, if such amendment, alteration or repeal would alter or change
the powers, preferences or special rights of the Series 1 Preferred Stock so as to affect them adversely;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii) <FONT STYLE="background-color: white">directly
or indirectly, Incur (or permit any of its subsidiaries to Incur) any Debt other than (A) any Existing Debt and (B) up to an aggregate
of $600,000,000 of Debt related to (1) the Southern Pipeline Project or Northern Pipeline Project, including water storage (collectively,
the &ldquo;<U>Water Projects</U>&rdquo;), (2) the establishment of related infrastructure and farming costs for developing agriculture
on land owned by the Corporation and its subsidiaries (the &ldquo;<U>Farming Project</U>&rdquo;), (3) working capital for the Water
Projects, the Farming Project or general corporate purposes, and (4) a Refinancing of any of the Debt described in the foregoing
clauses (1) &ndash; (3);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii) enter
into any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange
of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except (A) transactions between
the Corporation and its subsidiaries or between or among the Corporation&rsquo;s subsidiaries and (B) transactions approved by
a majority of the Corporation&rsquo;s independent directors and a majority of the members of the Board of Directors as no less
favorable to the Corporation or its subsidiaries than would be obtainable in a comparable arm&rsquo;s length transaction between
fully informed, willing unaffiliated parties who are under no compulsion to act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv) issue
any additional shares of Series 1 Preferred Stock (other than as contemplated by the Exchange Agreements);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v) authorize,
create or issue any additional class or series of Liquidation Senior Stock or Liquidation Parity Stock other than the authorization,
creation or issuance of any additional class or series of Liquidation Senior Stock or Liquidation Parity Stock in one or more financing
transactions for the purpose of financing the Northern Pipeline Project and the Southern Pipeline Project, the gross cash proceeds
of which shall be offset against, and shall not exceed in the aggregate, the $600,000,000 limit of Debt permitted to be Incurred
pursuant to <U>Section 4(b)(ii)(B)</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vi) consummate
a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <U>Liquidation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Prior
to the Mandatory Conversion Date</U>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation (a &ldquo;<U>Liquidation</U>&rdquo;), from and after the Original Issue Date and prior to the Mandatory Conversion
Date, subject to applicable law and the rights of the holders of any outstanding shares of Liquidation Senior Stock, each holder
of any outstanding shares of Series 1 Preferred Stock shall be entitled to receive, together with the holders of any Liquidation
Parity Stock, an amount in cash equal to the aggregate Liquidation Value of all shares of Series 1 Preferred Stock held by such
holder, to be paid out of the Liquidation Proceeds, before any payment shall be made to the holders of Liquidation Junior Stock
by reason of their ownership thereof. If upon any Liquidation the remaining assets of the Corporation available for distribution
to its stockholders shall be insufficient to pay the holders of shares of Series 1 Preferred Stock and the holders of any Liquidation
Parity Stock the full preferential amount to which they are entitled, (i) the holders of shares of Series 1 Preferred Stock and
the holders of any Liquidation Parity Stock shall share ratably in any distribution of the Liquidation Proceeds in proportion to
the respective full preferential amounts which would otherwise be payable to a holder of shares of Series 1 Preferred Stock or
Liquidation Parity Stock in respect of such shares if all preferential amounts payable on or with respect to such shares in a Liquidation
were paid in full, and (ii) the Corporation shall not make or agree to make any payments to the holders of Liquidation Junior Stock.
In the event of a Liquidation prior to the Mandatory Conversion Date, in addition to and after payment in full of all preferential
amounts required to be paid to the holders of Series 1 Preferred Stock upon a Liquidation prior to the Mandatory Conversion Date
under the foregoing provisions of this <U>Section 5(a)</U>, the holders of shares of Series 1 Preferred Stock then outstanding
shall be entitled to participate with the holders of shares of Liquidation Junior Stock then outstanding, <I>pro rata</I> as a
single class based on the number of outstanding shares of Liquidation Junior Stock on an as-converted into Common Stock basis held
by each holder as of immediately prior to the Liquidation, in the distribution of all the remaining Liquidation Proceeds available
for distribution to its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>After
the Mandatory Conversion Date</U>. In the event of a Liquidation, after the Mandatory Conversion Date, for so long as any shares
of Series 1 Preferred Stock shall be outstanding, the holders of shares of Series 1 Preferred Stock then outstanding shall be entitled
to participate with the holders of shares of Liquidation Junior Stock then outstanding, <I>pro rata</I> as a single class based
on the number of outstanding shares of Liquidation Junior Stock on an as-converted into Common Stock basis held by each holder
as of immediately prior to the Liquidation, in the distribution of all the remaining Liquidation Proceeds available for distribution
to its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Notice
of Liquidation</U>. In the event of any Liquidation, the Corporation shall, within ten (10) days of the date the Board of Directors
approves such action, or no later than twenty (20) days of any stockholders&rsquo; meeting called to approve such action, whichever
is earlier, give each holder of shares of Series 1 Preferred Stock written notice of the proposed action. Such written notice shall
describe the material terms and conditions of such proposed action, including a description of the stock, cash, and property to
be received by the holders of shares of Series 1 Preferred Stock upon consummation of the proposed action and the date of delivery
thereof. If any material change in the facts set forth in the initial notice shall occur, the Corporation shall promptly give written
notice to each holder of shares of Series 1 Preferred Stock of such material change. A merger or consolidation of the Corporation
with or into any other corporation or other entity, or a sale, lease, exchange, exclusive license or other disposition of all or
any part of the assets of the Corporation and/or any of its subsidiaries (which shall not in fact result in the Liquidation of
the Corporation and the distribution of assets to its stockholders) shall not be deemed to be a Liquidation for purposes of this
<U>Section 5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <U>Redemption</U>.
Each outstanding share of Series 1 Preferred Stock shall be redeemable, in whole or in part, at the option of the Corporation,
exercisable as hereinafter provided in this <U>Section 6</U>, at any time and from time to time after the first (1<SUP>st</SUP>)
anniversary of the Original Issue Date and prior to the Mandatory Conversion Date, <I>provided</I> that any redemption hereunder
by the Corporation as to each holder of Series 1 Preferred Stock shall, to the fullest extent permitted by applicable law, be for
a number of shares equal to no less than twenty-five percent (25%) of the number of shares of Series 1 Preferred Stock originally
issued to such holder. Each share of Series 1 Preferred Stock subject to redemption pursuant to this <U>Section 6</U> shall be
redeemed by the Corporation in cash at a price per share equal to the Conversion Rate then in effect <I>multiplied by</I> $13.50,
(as adjusted for any for any (A) dividend in respect of any class or series of stock of the Corporation in shares of Series 1 Preferred
Stock, (B) subdivision, whether by reclassification or recapitalization, of the outstanding shares of Series 1 Preferred Stock
into a greater number of shares of Series 1 Preferred Stock, or (C) combination, whether by reclassification or recapitalization,
of the outstanding shares of Series 1 Preferred Stock into a lesser number of shares of Series 1 Preferred Stock) (the &ldquo;<U>Redemption
Price</U>&rdquo;). The Corporation may exercise its option to redeem all or any portion of the outstanding shares of Series 1 Preferred
Stock pursuant to this <U>Section 6</U> by delivering a written notice thereof to all, but not less than all, of the holders of
outstanding shares of Series 1 Preferred Stock (such notice, the &ldquo;<U>Redemption Notice</U>&rdquo;, and the date on which
all such holders receive such notice, the &ldquo;<U>Redemption Notice Date</U>&rdquo;). Each Redemption Notice shall be irrevocable
and shall (a) state the date on which the redemption shall occur (the &ldquo;<U>Redemption Date</U>&rdquo;), which date shall not
be less than thirty (30) days following the Redemption Notice Date, (b) state the aggregate number of outstanding shares of Series
1 Preferred Stock to be redeemed on the Redemption Date and (c) state the aggregate number of outstanding shares of Series 1 Preferred
Stock to be redeemed from each holder of Series 1 Preferred Stock (which shall be effected <I>pro rata</I> based on the number
of outstanding shares of Series 1 Preferred Stock held by such holder bears to the number of outstanding shares of Series 1 Preferred
Stock held by all holders of Series 1 Preferred Stock). Notwithstanding the receipt of any Redemption Notice, for the avoidance
of doubt, a holder of Series 1 Preferred Stock may convert such holder&rsquo;s shares of Series 1 Preferred Stock into shares of
Common Stock pursuant to the terms of <U>Section 7(a)</U> at any time prior to the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <U>Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Optional
Conversion</U>. Each outstanding share of Series 1 Preferred Stock shall be convertible, at any time and from time to time from
and after the Original Issue Date and prior to the Mandatory Conversion Date, at the option of the holder thereof, into that number
of shares of Common Stock (subject to the limitations set forth in <U>Section 7(c)</U>) as is determined by multiplying one (1)
by the Conversion Rate then in effect. Any holder of Series 1 Preferred Stock desiring to effect such conversion shall deliver
to the Corporation a notice of conversion in the form attached hereto as <U>Annex A</U> (a &ldquo;<U>Notice of Conversion</U>&rdquo;),
which Notice of Conversion shall specify the number of shares of Series 1 Preferred Stock to be converted, the number of outstanding
shares of Series 1 Preferred Stock held by such holder immediately prior to such conversion, the number of outstanding shares of
Series 1 Preferred Stock held by such holder immediately following such conversion, and, the date on which such conversion is to
be effected, which conversion date shall not be prior to the date on which the applicable Notice of Conversion is given to the
Corporation (the &ldquo;<U>Optional Conversion Date</U>&rdquo;). No ink-original Notice of Conversion shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion be required. The calculations
and entries set forth in a Notice of Conversion shall, to the fullest extent permitted by applicable law, control and be conclusive
and binding in the absence of manifest or mathematical error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Mandatory
Conversion</U>. On the fifth (5<SUP>th</SUP>) anniversary of the Original Issue Date (the &ldquo;<U>Mandatory Conversion Date</U>&rdquo;),
each outstanding share of Series 1 Preferred Stock shall automatically convert (subject to the limitations set forth in <U>Section
7(c)</U>) into that number of shares of Common Stock as is determined by multiplying one (1) by the Conversion Rate in effect on
the Mandatory Conversion Date (the &ldquo;<U>Mandatory Conversion</U>&rdquo;); <I>provided</I>, <I>however</I>, that to the extent
any shares of Series 1 Preferred Stock remain outstanding after the Mandatory Conversion Date (as a result of the limitations set
forth in <U>Section 7(c)</U>), each outstanding share of Series 1 Preferred Stock shall continue to be convertible, at any time
and from time to time, at the option of the holder thereof, pursuant to the provisions of this Certificate of Designation otherwise
applicable to the Series 1 Preferred Stock and set forth in <U>Section 7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Limitations
on the Right to Convert</U>. Notwithstanding anything contained herein to the contrary, no outstanding share of Series 1 Preferred
Stock shall be converted pursuant to this <U>Section 7</U> to the extent that, after giving effect to a conversion pursuant to
this <U>Section 7</U>, the holder of such shares of Series 1 Preferred Stock, together with such holder&rsquo;s Attribution Parties,
would, as determined by such holder, in its sole discretion, and reflected in a written notice given to the Corporation no later
than five (5) days prior to the Conversion Date (the &ldquo;<U>Conversion Limitation Determination</U>&rdquo;), Beneficially Own
in excess of the Beneficial Ownership Limitation. A holder&rsquo;s submission of a Conversion Limitation Determination shall be
deemed to be such holder&rsquo;s determination and representation to the Corporation that the proposed conversion of the number
of outstanding shares of Series 1 Preferred Stock set forth in the Conversion Limitation Determination is consistent with the foregoing
sentence, and such determination shall, to the fullest extent permitted by applicable law, be final, binding and conclusive and
the Corporation shall have no obligation to verify or confirm the accuracy of such determination or representation. For purposes
of this <U>Section 7(c)</U>, in determining the number of outstanding shares of Common Stock, a holder of outstanding shares of
Series 1 Preferred Stock may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following:
(i) the Corporation&rsquo;s most recent periodic or annual report filed with the Commission, as the case may be; (ii) a more recent
public announcement by the Corporation; or (iii) a more recent written notice by the Corporation or the Transfer Agent setting
forth the number of shares of Common Stock outstanding.&nbsp; Upon the written or oral request (which may be via electronic transmission)
of a holder of outstanding shares of Series 1 Preferred Stock, the Corporation shall within one (1) Trading Day confirm orally
and in writing to such holder the number of shares of Common Stock then outstanding. &nbsp;In any case, the number of outstanding
shares of Common Stock shall be determined as provided in this <U>Section 7</U> after giving effect to the conversion or exercise
of Common Stock Equivalents, including the outstanding shares of Series 1 Preferred Stock, held by such holder or such holder&rsquo;s
Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <U>Delivery
of Shares of Common Stock</U>. Not later than two (2) Trading Days after the relevant Conversion Date (the &ldquo;<U>Share Delivery
Date</U>&rdquo;), the Corporation shall deliver, or cause to be delivered, to the converting holder, the number of shares of Common
Stock to which such holder is entitled pursuant to this <U>Section 7</U>. The Person(s) entitled to receive shares of Common Stock
issuable upon conversion of shares of Series 1 Preferred Stock pursuant to this <U>Section 7</U> shall be treated for all purposes
as the record holder(s) of such shares of Common Stock as of the relevant Conversion Date. The Person(s) entitled to receive shares
of Common Stock <FONT STYLE="background-color: white">upon conversion </FONT>pursuant to this <U>Section 7</U> <FONT STYLE="background-color: white">shall
not be entitled to any rights as a holder of Common Stock with respect to shares issuable upon conversion, including, among other
things, the right to vote and receive dividends and notices of stockholder meetings, until the relevant Conversion Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <U>Transfer
Taxes and Expenses</U>. The issuance of shares of Common Stock upon conversion of outstanding shares of Series 1 Preferred Stock
pursuant to this Certificate of Designation shall be made without charge to any holder thereof for any documentary stamp or similar
taxes that may be payable in respect of the issue or delivery of such shares of Common Stock; <I>provided</I>, <I>however</I>,
that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
and delivery of any shares of Common Stock upon the conversion of outstanding shares of Series 1 Preferred Stock pursuant to this
Certificate of Designation in a name other than that of the holder of the outstanding shares of Series 1 Preferred Stock converted
pursuant to this Certificate of Designation, and the Corporation shall not be required to issue or deliver such shares of Common
Stock unless or until the Person(s) requesting the issuance thereof shall have paid to the Corporation the amount of such tax or
shall have established to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer
Agent fees required for same-day processing of any Notice of Conversion or in connection with the Mandatory Conversion and all
fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for, if
applicable, same-day electronic delivery of shares of Common Stock upon the conversion of outstanding shares of Series 1 Preferred
Stock pursuant to this Certificate of Designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) <U>Fractional
Shares of Common Stock</U>. The Corporation shall not be obligated to deliver to the holders of Series 1 Preferred Stock any fraction(s)
of a share of Common Stock upon a conversion of outstanding shares of Series 1 Preferred Stock pursuant to this <U>Section 7</U>,
the Corporation being entitled to round down to the nearest whole share of Common Stock if the fraction is less than one-half (0.5)
of one share of Common Stock, and round up to the nearest whole share of Common Stock if the fraction is equal to or greater than
one-half (0.5) of one share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. <U>Adjustments
to Conversion Rate and Voting Rate</U>. In the event that the Corporation shall, at any time for from time to time after the Original
Issue Date and while any shares of Series 1 Preferred Stock are outstanding, (a) pay a dividend in respect of any class or series
of stock of the Corporation in shares of Common Stock or Common Stock Equivalents (other than a dividend in accordance with <U>Section
3(b)</U>), (b) subdivide, whether by reclassification or recapitalization, the outstanding shares of Common Stock into a greater
number of shares of Common Stock, or (c) combine, whether by reclassification or recapitalization, the outstanding shares of Common
Stock into a smaller number of shares of Common Stock, the Conversion Rate and the Voting Rate, in each case, as in effect immediately
prior to the effectiveness of such action shall be adjusted by multiplying such Conversion Rate or the Voting Rate (as applicable)
by a fraction, the numerator of which is the total number of shares of Common Stock outstanding (including, for this purpose, all
shares of Common Stock then issuable upon the conversion or exercise of all outstanding Common Stock Equivalents) immediately prior
to the effectiveness of such action, and the denominator of which is the total number of shares of Common Stock outstanding (including,
for this purpose, all shares of Common Stock then issuable upon the conversion or exercise of all outstanding Common Stock Equivalents)
immediately after the effectiveness of such action. Any adjustment pursuant to this <U>Section 8</U> shall be given effect (i)
in the case of a dividend (other than a dividend in accordance with <U>Section 3(b)</U>), upon the payment of such dividend as
of the record date for determining the holders of outstanding stock entitled to receive such dividend or (ii) in the case of a
subdivision or combination, whether by reclassification or recapitalization, upon the effective date of such subdivision or combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. <U>Transfer
Rights</U>. Subject to applicable securities laws and any registration rights agreement between the holder thereof and the Corporation,
the shares of Series 1 Preferred Stock and any share of Common Stock issued upon the conversion or redemption of any share of Series
1 Preferred Stock may be freely sold or otherwise transferred by the holder of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. <U>Notices</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)
Any notice or other communication required to be given by the Corporation to any holder of Series 1 Preferred Stock pursuant to
this Certificate of Designation shall be (i) in writing, (ii) directed to the holder&rsquo;s mailing or electronic mail, as applicable,
address as it appears on the records of the Corporation and (iii) delivered via (A) United States mail, (B) courier service, or
(C) electronic transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Any
notice or other communication required to be given by any holder of Series 1 Preferred Stock to the Corporation pursuant to this
Certificate of Designation shall be (i) in writing, (ii) directed to (A) the Corporation&rsquo;s principal place of business or
its registered agent in the State of Delaware or (B) the electronic mail address of the Corporation&rsquo;s Chief Financial Officer
or Secretary, as applicable, and (iii) delivered via (A) United States mail, (B) courier service, or (C) electronic transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Any
notice or other communication given by (i) United States mail shall be deemed to have been given when deposited, (ii) courier service
shall be deemed to have been given upon the earlier of the time of receipt or when such notice is left at the relevant address,
and (iii) electronic mail when directed to the relevant electronic mail address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. <U>Reservation
of Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The
Corporation shall at all times keep reserved, free from preemptive or subscription rights, out of its authorized but unissued shares
of Common Stock, or shares held in treasury, sufficient shares of Common Stock to provide for the conversion of Series 1 Preferred
Stock as required by this Certificate of Designation from time to time as shares of Series 1 Preferred Stock are presented for
conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Notwithstanding
the foregoing, the Corporation shall be entitled to deliver upon conversion of outstanding shares of Series 1 Preferred Stock pursuant
to this Certificate of Designation shares of Common Stock reacquired and held in the treasury of the Corporation (in lieu of the
issuance of authorized and unissued shares of Common Stock), so long as any such treasury shares are free and clear of all Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) All
Common Stock delivered upon conversion of outstanding shares of Series 1 Preferred Stock shall be duly authorized, validly issued,
fully paid and non-assessable, free and clear of all Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12. <U>Status
of Converted, Redeemed or Repurchased Shares</U><I>.</I> If any share of Series 1 Preferred Stock is converted, redeemed, repurchased
or otherwise acquired by the Corporation, in any manner whatsoever, the share of Series 1 Preferred Stock so acquired shall, to
the fullest extent permitted by applicable law, be retired and cancelled upon such acquisition, and shall not be reissued as a
share of Series 1 Preferred Stock. Any share of Series 1 Preferred Stock so acquired shall, upon its retirement and cancellation,
and upon the taking of any action required by law, become an authorized but unissued share of Preferred Stock undesignated as to
series and may be reissued a part of a new series of Preferred Stock, subject to the conditions and restrictions set forth in the
Certificate of Incorporation or imposed by the General Corporation Law of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 13. <U>Waiver</U>.
The powers (including voting powers), if any, of the Series 1 Preferred Stock and the preferences and relative, participating,
optional, special or other rights, if any, and the qualifications, limitations or restrictions, if any, of the Series 1 Preferred
Stock may be waived as to all shares of Series 1 Preferred Stock in any instance (without the necessity of calling, noticing or
holding a meeting of stockholders) by the written consent or agreement of the holders of at least a majority of the shares of Series
1 Preferred Stock then outstanding, consenting or agreeing separately as a single class.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Designation of Series 1 Preferred Stock of Cadiz Inc. on this 5<SUP>th</SUP> day
of March, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt">CADIZ INC.</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%"></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tim Shaheen</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"> Chief Financial Officer and Secretary</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Certificate of
Designation of Series 1 Preferred Stock]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<!-- Field: Page; Sequence: 33 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>ANNEX A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF CONVERSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SERIES 1 PREFERRED STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CADIZ INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, constituting the holder
of record of the number of outstanding shares of Series 1 Preferred Stock (the &ldquo;<U>Series 1 Preferred Stock</U>&rdquo;),
par value $0.01 per share, of Cadiz Inc., a Delaware corporation (the &ldquo;<U>Corporation</U>&rdquo;), indicated below, hereby
elects to convert such number of shares of Series 1 Preferred Stock listed below (which number of shares does not exceed the number
of shares of Series 1 Preferred Stock held of record by the undersigned) into shares of common stock, par value $0.01 per share,
of the Corporation (the &ldquo;<U>Common Stock</U>&rdquo;), pursuant to the Certificate of Designation of Series 1 Preferred Stock
of the Corporation, as the same may be amended or amended and restated from time to time (the &ldquo;<U>Certificate of Designation</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If shares of Common Stock are to be issued
upon the conversion of the number of shares of Series 1 Preferred Stock set forth below pursuant to the Certificate of Designation
(&ldquo;<U>Conversion</U>&rdquo;) in the name of a person other than the undersigned, the undersigned agrees that it shall pay
all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by
the Corporation in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%; text-align: left"><FONT STYLE="font-size: 10pt">No. of shares of Series 1
    Preferred Stock to be Converted:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Aggregate No. of shares of Series 1 Preferred Stock held of
    record:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Anticipated No. of shares of Common Stock to be issued upon
    Conversion: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Anticipated No. of shares of Series 1 Preferred Stock held of
    record subsequent to Conversion:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address for delivery:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 30%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 12%"><FONT STYLE="font-size: 10pt">Or</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">DWAC Instructions:</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 12%"><FONT STYLE="font-size: 10pt">Broker no:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Account no:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">HOLDER:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>EXHIBIT
B</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FORM
OF REGISTRATION RIGHTS AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->





<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REGISTRATION RIGHTS AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">by and among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CADIZ INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EACH HOLDER OF REGISTRABLE SECURITIES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">REFLECTED ON THE SIGNATURE PAGE HEREOF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 5, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 1.</FONT></TD>
    <TD STYLE="width: 78%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase"><A HREF="#rra_001">Certain Definitions</A></FONT></TD>
    <TD STYLE="width: 11%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">1</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 2.</FONT></TD>
    <TD><A HREF="#rra_002"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Initial Shelf Registration and Demand Registration Rights</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">3</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 3.</FONT></TD>
    <TD><A HREF="#rra_003"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Piggy-Back Registration Rights</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">5</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 4.</FONT></TD>
    <TD><A HREF="#rra_004"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Selection of Underwriters</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 5.</FONT></TD>
    <TD><A HREF="#rra_005"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Blackout Periods</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 6.</FONT></TD>
    <TD><A HREF="#rra_006"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Holdback</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">6</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 7.</FONT></TD>
    <TD><A HREF="#rra_007"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Ineligibility to Effect a Demand Registration</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 8.</FONT></TD>
    <TD><A HREF="#rra_008"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Intentionally Omitted</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 9.</FONT></TD>
    <TD><A HREF="#rra_009"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Registration Procedures</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">7</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 10.</FONT></TD>
    <TD><A HREF="#rra_010"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Registration Expenses</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 11.</FONT></TD>
    <TD><A HREF="#rra_011"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Rule 144</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 12.</FONT></TD>
    <TD><A HREF="#rra_012"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Covenants of Holders</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 13.</FONT></TD>
    <TD><A HREF="#rra_013"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Indemnification; Contribution</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">10</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 14.</FONT></TD>
    <TD><A HREF="#rra_014">I<FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">njunctions</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 15.</FONT></TD>
    <TD><A HREF="#rra_015"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Amendments and Waivers</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 16.</FONT></TD>
    <TD><A HREF="#rra_016"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Notices</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">12</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 17.</FONT></TD>
    <TD><A HREF="#rra_017"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Successors and Assigns</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 18.</FONT></TD>
    <TD><A HREF="#rra_018"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Representations and Warranties of the Company</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 19.</FONT></TD>
    <TD><A HREF="#rra_019"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Counterparts</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 20.</FONT></TD>
    <TD><A HREF="#rra_020"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Descriptive Headings</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 21.</FONT></TD>
    <TD><A HREF="#rra_021"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Choice of Law</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 22.</FONT></TD>
    <TD><A HREF="#rra_022"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Severability</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 23.</FONT></TD>
    <TD><A HREF="#rra_023"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Entire Agreement</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Section 24.</FONT></TD>
    <TD><A HREF="#rra_024"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">Further Actions; Reasonable Best Efforts</FONT></A></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; text-transform: uppercase">13</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">This Registration Rights Agreement (this
&ldquo;<B>Agreement</B>&rdquo;) is made as of this 5<SUP>th</SUP> day of March 2020 by and among Cadiz Inc., a Delaware corporation
(the &ldquo;<B>Company</B>&rdquo;), and each holder of Registrable Securities (as defined herein) reflected on the signature page
hereto (&ldquo;<B>Holders</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company is party to that certain
Indenture, dated as of December 10, 2015 (the &ldquo;<B>Indenture</B>&rdquo;), between the Company, as issuer, and U.S. Bank National
Association, as trustee (the &ldquo;<B>Trustee&rdquo;</B>), pursuant to which the Company issued certain 7.00% Convertible Senior
Notes due 2020 (the &ldquo;<B>Convertible Notes&rdquo;</B>);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company and the Holders have
each entered into a separate Conversion and Exchange Agreement dated as of March 5, 2020 pursuant to which the Holders have agreed
to exchange a portion of the outstanding Convertible Notes for shares of a new series of preferred stock, par value $0.01 per share,
of the Company titled &ldquo;Series 1 Preferred Stock&rdquo; (the &ldquo;<B>Preferred Stock</B>&rdquo;), which Preferred Stock
is convertible into shares of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<B>Common Stock</B>&rdquo;),
upon the terms and subject to the limitations and conditions set forth in the Certificate of Designations of Series 1 Preferred
Stock (the &ldquo;<B>Certificate</B>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Company has agreed to enter
into a registration rights agreement pursuant to which the Company shall grant the Holders registration rights with respect to
the Registrable Securities and which registration rights agreement shall, with respect to the Holders, supersede and replace the
Amended and Restated Registration Rights Agreement by and among the Company and the holders party thereto dated as of March 5,
2013 (the &ldquo;<B>2013 Registration Rights Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">NOW THEREFORE, for good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_001"></A>Section 1. <U>Certain Definitions</U>.
For purposes of this Agreement, the following terms have the following meanings:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) <B>&ldquo;2013
Registration Rights Agreement&rdquo; </B>has the meaning specified in the Recitals hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) &ldquo;<B>2019
Form 10-K</B>&rdquo; has the meaning specified in <U>Section 2(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) &ldquo;<B>Affiliate</B>&rdquo;
has the meaning ascribed to such term in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) &ldquo;<B>Agreement</B>&rdquo;
has the meaning specified in the Preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e) &ldquo;<B>Beneficially
Own</B>&rdquo; has the meaning ascribed to such term in Rule 13d-3 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f) &ldquo;<B>Blackout
Period</B>&rdquo; has the meaning specified in <U>Section 5</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(g) &ldquo;<B>Board</B>&rdquo;
has the meaning specified in <U>Section 5</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(h) &ldquo;<B>Business
Day</B>&rdquo; means a day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the
laws of the State of New York and the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(i) &ldquo;<B>Certificate</B>&rdquo;
has the meaning specified in the Recitals hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(j) &ldquo;<B>Common
Stock</B>&rdquo; has the meaning specified in the Recitals hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(k) &ldquo;<B>Company</B>&rdquo;
has the meaning specified in the Preamble hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(l) &ldquo;<B>Convertible
Notes</B>&rdquo; has the meaning specified in the Recitals hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(m) &ldquo;<B>Demand</B>&rdquo;
has the meaning specified in <U>Section 2(b)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(n) &ldquo;<B>Demand
Registration</B>&rdquo; has the meaning specified in <U>Section 2(b)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(o) &ldquo;<B>Effective
Date</B>&rdquo; means the date of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(p) &ldquo;<B>Exchange
Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder, all
as the same shall be in effect at the time that reference is made thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(q) &ldquo;<B>FINRA</B>&rdquo;
means the Financial Industry Regulatory Authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(r) &ldquo;<B>Holdback
Period</B>&rdquo; has the meaning specified in <U>Section 6(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(s) &ldquo;<B>Holder</B>&rdquo;
has the meaning specified in the Preamble hereof, and shall include any person to whom the rights of a Holder under this Agreement
have been transferred in accordance with the provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(t) &ldquo;<B>Indenture</B>&rdquo;
has the meaning specified in the Recitals hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(u) &ldquo;<B>Ineligibility
Accommodation Period</B>&rdquo; has the meaning specified in <U>Section 7</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(v) &ldquo;<B>Inspectors</B>&rdquo;
has the meaning specified in <U>Section 9(k)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(w) &ldquo;<B>NASDAQ</B>&rdquo;
means the Nasdaq Stock Market, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(x) &ldquo;<B>NYSE</B>&rdquo;
means the New York Stock Exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(y) &ldquo;<B>Other
Rights Holders</B>&rdquo; has the meaning specified in <U>Section 2(h)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(z) &ldquo;<B>Person</B>&rdquo;
means any individual, firm, partnership, corporation (including, without limitation, a business trust), limited liability company,
joint stock company, trust, unincorporated association, joint venture or other entity, and shall include any successor (by merger
or otherwise) of any such entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(aa) &ldquo;<B>Piggy-Back Request</B>&rdquo;
has the meaning specified in <U>Section 3(b)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(bb) &ldquo;<B>Piggy-Back Rights</B>&rdquo;
has the meaning specified in <U>Section 3(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(cc) &ldquo;<B>Preferred Stock</B>&rdquo;
has the meaning set forth in the Recitals hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(dd) &ldquo;<B>Prospectus</B>&rdquo;
means the prospectus included in any Registration Statement, as amended or supplemented by any prospectus supplement, with respect
to the terms of the offering of any portion of the Registrable Securities covered by any Registration Statement and by all other
amendments and supplements to the prospectus, including post-effective amendments and all material incorporated by reference in
such prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ee) &ldquo;<B>Records</B>&rdquo; has
the meaning specified in <U>Section 9(k)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ff) &ldquo;<B>Registrable Securities</B>&rdquo;
means any and all of (i) the outstanding shares of Common Stock held by a Holder as of the date of this Agreement; (ii) the shares
of Common Stock received by Holders upon conversion of the Convertible Notes; (iii) the shares of Preferred Stock; (iv) the shares
of Common Stock received by Holders upon conversion of the Preferred Stock, and (v) any securities issuable or issued or distributed
in respect of any of the securities identified in clauses (i), (ii), (iii) and (iv) by way of stock dividend or stock split or
in connection with a combination of shares, recapitalization, reorganization, merger, consolidation or otherwise. Registrable Securities
shall cease to be Registrable Securities when and to the extent that they (x) shall have been Transferred by Holders pursuant to
an effective Registration Statement or pursuant to Rule 144; (y) shall have ceased to be outstanding; or (z) may be transferred
without restriction or limitation pursuant to Rule 144.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(gg) &ldquo;<B>Registration Expenses</B>&rdquo;
means any and all reasonable out-of-pocket expenses incident to performance of or compliance with this Agreement, including, without
limitation, (i) all SEC, FINRA and securities exchange registration and filing fees, (ii) all fees and expenses of complying with
state securities or &ldquo;blue sky&rdquo; laws (including fees and disbursements of counsel for any underwriters in connection
with blue sky qualifications of the Registrable Securities), (iii) all processing, printing, copying, messenger and delivery expenses,
(iv) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange pursuant
to <U>Section 9(h)</U> hereof, (v) all fees and disbursements of counsel for the Company and of its independent public accountants
(including the expenses of any special audits or comfort letters), and (vi) the reasonable fees and expenses of any special experts
retained in connection with a registration under this Agreement, but excluding (A) any underwriting discounts and commissions and
transfer taxes relating to the sale or disposition of Registrable Securities pursuant to a Registration Statement, and (B) any
fees, expenses or disbursements of counsel and other advisers to the Holders and any Other Rights Holders, other than the reasonable
fees and disbursements of one counsel to all Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(hh) &ldquo;<B>Registration Statement</B>&rdquo;
means any registration statement (including a Shelf Registration) of the Company referred to in <U>Section 2</U> or <U>Section
3 </U>hereof, including any Prospectus, amendments and supplements to any such registration statement, including post-effective
amendments, and all exhibits and all material incorporated by reference in any such registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ii) &ldquo;<B>Rule
144</B>&rdquo; means Rule 144 under the Securities Act, or any similar or successor rules or regulations hereafter adopted by the
SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(jj) &ldquo;<B>S-3 Eligible</B>&rdquo;
has the meaning specified in <U>Section 2(a)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(kk) &ldquo;<B>SEC</B>&rdquo; means the
United States Securities and Exchange Commission and any successor federal agency having similar powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(ll) &ldquo;<B>Securities Act</B>&rdquo;
means the Securities Act of 1933, as amended, and the rules and regulations of the SEC thereunder, all as the same shall be in
effect at the time that reference is made thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(mm) &ldquo;<B>Shelf Registration</B>&rdquo;
means a &ldquo;shelf&rdquo; registration statement on an appropriate form pursuant to Rule 415 under the Securities Act (or any
successor rule that may be adopted by the SEC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(nn) &ldquo;<B>Transfer</B>&rdquo; means,
with respect to any security, any direct or indirect sale, transfer, assignment, hypothecation, pledge or any other disposition
of such security or any interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(oo) &ldquo;<B>Uncontrolled
Event</B>&rdquo; has the meaning specified in <U>Section 5</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(pp) &ldquo;<B>Underwritten Offering</B>&rdquo;
means an offering in which securities of the Company are sold to an underwriter for reoffering to the public pursuant to an effective
Registration Statement under the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_002"></A>Section 2. <U>Initial Shelf Registration
and Demand Registration Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) As
soon as commercially reasonable following the Company&rsquo;s filing of the Annual Report on Form 10-K for the fiscal year ended
December 31, 2019 (the &ldquo;<B>2019 Form 10-K</B>&rdquo;), and no later than thirty (30) days after the filing of the 2019 Form
10-K, the Company shall (i) prepare and file with the SEC (x) a Registration Statement on Form S-3 or a successor form, if the
Company is then eligible to file a Registration Statement on Form S-3 (&ldquo;<B>S-3 Eligible</B>&rdquo;), or (y) any other appropriate
form under the Securities Act for the type of offering contemplated by the Holders, if the Company is not then S-3 Eligible, or
(ii) use an existing Form S-3 filed with the SEC, in each case providing for an offering to be made on a continuous basis pursuant
to Rule 415 under the Securities Act or any successor rule thereto that covers all Registrable Securities then outstanding for
an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor rule thereto.
If permitted under the Securities Act, such Registration Statement shall be an &ldquo;automatic shelf registration statement&rdquo;
as defined in Rule 405 under the Securities Act. The Company shall use its best efforts to (x) cause the Shelf Registration filed
pursuant to this <U>Section 2(a)</U> to be declared effective by the SEC or otherwise become effective under the Securities Act
as promptly as practicable after the filing thereof and (y) keep such Shelf Registration continuously effective and in compliance
with the Securities Act and useable for the resale of Registrable Securities until such time as there are no remaining Registrable
Securities then outstanding, including by filing successive replacement or renewal Registration Statements upon the expiration
of such Shelf Registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) Any
Holder may, subject to the terms hereof, request the Company in writing (each such request, a &ldquo;<B>Demand</B>&rdquo;) to effect
a registration with the SEC under and in accordance with the provisions of the Securities Act of all or part of the Registrable
Securities Beneficially Owned by such Holder (a &ldquo;<B>Demand Registration</B>&rdquo;). The Demand shall specify the aggregate
number of shares of Registrable Securities requested to be so registered on behalf of such Holder. Any request received by the
Company from a Holder as provided in this <U>Section 2(b)</U> shall be deemed to be a &ldquo;Demand&rdquo; for purposes of this
Agreement, unless the Company, in accordance with the terms of this Agreement, shall have notified such Holder in writing, prior
to its receipt of such request from such Holder, of its intention to register securities with the SEC, in which case the request
from such Holder shall be governed by <U>Section 3</U> hereof, not this <U>Section 2</U>. All Demands to be made by a Holder pursuant
to this <U>Section 2(b)</U> and any notifications by the Company pursuant to the preceding sentence must be based upon a good faith
intent of such Holder or the Company, as the case may be, to effect the sale of securities pursuant to such registrations as promptly
as practicable after the date of the Demand or notification, as the case may be, in accordance with the terms of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) After
receipt of a Demand from a Holder, the Company shall, as soon as practicable thereafter, but in no event later than ninety (90)
days following such Demand, file and cause to be effective a Registration Statement for the Registrable Securities so requested
to be registered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) Notwithstanding
anything in this Agreement to the contrary, the Company shall not be required to file a Registration Statement for Registrable
Securities pursuant to a Demand:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(i) if
the Company shall have previously effected a Demand Registration at any time during the immediately preceding ninety (90) day period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(ii) if
the Company shall have previously effected a registration of Registrable Securities to be issued and sold by the Company at any
time during the immediately preceding ninety (90) day period (other than a registration on Form S-4, Form S-8 or Form S-3 (with
respect to dividend reinvestment plans and similar plans) or any successor forms thereto);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iii) during
any Blackout Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iv) during
any Ineligibility Accommodation Period;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(v) if
the aggregate value of the Registrable Securities to be registered pursuant to a Demand Registration does not equal at least $2,500,000;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(vi) if
the Registrable Securities that are the subject of the Demand are the subject of an effective Shelf Registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e) The
Company shall be permitted to satisfy its obligations under this <U>Section 2</U> by amending (to the extent permitted by applicable
law) any Shelf Registration previously filed by the Company under the Securities Act so that such Shelf Registration (as amended)
shall permit the disposition (in accordance with the intended methods of disposition specified as aforesaid) of all of the Registrable
Securities for which a Demand shall have been made. Notwithstanding the foregoing, the Company shall have no obligation under this
Agreement to file any Shelf Registration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f) A
requested Demand Registration shall not be deemed to count as a Demand Registration described in <U>Section 2(d)(ii)</U> hereof
if: (i) such registration has not been declared effective by the SEC or does not become effective in accordance with the Securities
Act, (ii) after becoming effective, such registration is materially interfered with by any stop order, injunction or similar order
or requirement of the SEC or other governmental agency or court for any reason not attributable to a Holder and does not thereafter
become effective, (iii) the conditions to closing specified in any underwriting agreement entered into in connection with such
Demand Registration are not satisfied or waived other than by reason of an act or omission on the part of a Holder, or (iv) the
Holder making a Demand shall have withdrawn its Demand or otherwise determined not to pursue such registration, <I>provided</I>
that, in the case of this clause (iv), such Holder shall have reimbursed the Company for all of its out- of-pocket expenses incurred
in connection with such Demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(g) At
any time and from time to time that a Registration Statement is effective, if a Holder of Registrable Securities requests (i) the
registration under the Securities Act of additional Registrable Securities pursuant to such Registration Statement or (ii) that
such Holder be added as a selling stockholder in such Registration Statement, the Company shall as promptly as practicable amend
or supplement the Registration Statement to cover such additional Registrable Securities and/or Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(h) If
the lead managing underwriters of an Underwritten Offering made pursuant to a Demand shall advise the Holder making a Demand in
writing (with a copy to the Company) that marketing or other factors require a limitation on the number of shares of Registrable
Securities which can be sold in such offering within a price range acceptable to the Holder, then (i) if the Company shall have
elected to include any securities to be issued and sold by the Company or sold on behalf of any of the Company&rsquo;s security
holders excluding such Holder (&ldquo;<B>Other Rights Holders</B>&rdquo;) in such Registration Statement, then the Company shall
reduce the number of securities the Company shall intend to issue and sell (and, if applicable, the number of securities being
sold on behalf of the Other Rights Holders) pursuant to such Registration Statement such that the total number of securities being
sold by each such party shall be equal to the number which can be sold in such offering within a price range acceptable to such
Holder, and (ii) if the Company shall not have elected to include any securities to be issued and sold by the Company or sold on
behalf of Other Rights Holders in such Registration Statement or if the reduction referred to in the previous clause (i) shall
not be sufficient, then, the Holder shall reduce the number of Registrable Securities requested to be included in such offering
to the number that the lead managing underwriter advises can be sold in such offering within a price range acceptable to the Holder.
The Holder shall not be required to reduce the number of Registrable Securities requested to be included in any such offering until
the number of securities referred to in the previous clause (i) shall have been reduced to zero (0).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_003"></A>Section 3. <U>Piggy-Back Registration Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) At
any time on or after the date hereof, whenever the Company shall propose to file a Registration Statement under the Securities
Act relating to the public offering of securities for sale for cash, the Company shall give written notice to the Holders as promptly
as practicable, but in no event less than fifteen (15) days prior to the anticipated filing thereof, specifying the approximate
date on which the Company proposes to file such Registration Statement and the intended method of distribution in connection therewith,
and advising Holders of their right to have any or all of the Registrable Securities then Beneficially Owned by them included among
the securities to be covered by such Registration Statement (the &ldquo;<B>Piggy-Back Rights</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) Subject
to <U>Section 3(c)</U> and <U>Section 3(d)</U> hereof, in the event that Holders have and shall elect to utilize their Piggy-Back
Rights, the Company shall include in the Registration Statement the Registrable Securities identified by the Holders in a written
request (a &ldquo;<B>Piggy-Back Request</B>&rdquo;) given to the Company not later than five (5) Business Days prior to the proposed
filing date of the Registration Statement. The Registrable Securities identified in a Piggy-Back Request shall be included in the
Registration Statement on the same terms and conditions as the other securities included in the Registration Statement, <I>provided</I>,
that, any Holder of Registrable Securities shall have the right to withdraw a Piggy-Back Request for any reason or no reason whatsoever
prior to the effectiveness of the Registration Statement covering such Piggy-Back Rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) Notwithstanding
anything in this Agreement to the contrary, Holders shall not have Piggy-Back Rights with respect to (i) a Registration Statement
on Form S-4 or Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor forms thereto
or (ii) a Registration Statement filed in connection with an exchange offer or an offering of securities solely to employees of
the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) If
the lead managing underwriters selected by the Company for an Underwritten Offering for which Piggy-Back Rights are requested shall
advise the Company in writing that marketing or other factors require a limitation on the number of shares of securities which
can be sold in such offering within a price range acceptable to the Company, then, (i) such underwriters shall provide written
notice thereof to the Holders and (ii) there shall be included in the offering, (A) first, all securities proposed by the Company
to be sold for its account (or such lesser amount as shall equal the maximum number determined by the lead managing underwriters
as aforesaid); (B) second, all Registrable Securities requested to be included in such Registration Statement by Holders, or such
lesser number as shall equal, together with the amount referred to in (A), the maximum number determined by the lead managing underwriters
as aforesaid; and (C) third, only that number of securities requested to be included by any Other Rights Holders that such lead
managing underwriters reasonably and in good faith believe will not substantially interfere with (including, without limitation,
adversely affecting the pricing of) the offering of all the securities that the Company desires to sell for its own account and
all the Registrable Securities that the Holders desire to sell for their own accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e) Nothing
contained in this <U>Section 3</U> shall create any liability on the part of the Company to the Holders if the Company for any
reason should decide not to file a Registration Statement for which Piggy-Back Rights are available or to withdraw such Registration
Statement subsequent to its filing, regardless of any action whatsoever Holders may have taken, whether as a result of the issuance
by the Company of any notice hereunder or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f) A
request made by Holders pursuant to their Piggy- Back Rights to include Registrable Securities in a Registration Statement shall
not be deemed to be a Demand Registration described in <U>Section 2(d)(ii)</U> hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_004"></A>Section 4. <U>Selection of Underwriters</U>.
In connection with any Underwritten Offering made pursuant to a Demand or a Piggy-Back Right, the Company may, at its sole discretion,
select a book running managing underwriter to manage the Underwritten Offering with the prior written consent of the Holders (which
consent shall not be unreasonably withheld); <I>provided, however,</I> that the Company shall have no obligation to use an underwriter
in connection with any registration made pursuant to a Demand or Piggy-Back Request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_005"></A>Section 5. <U>Blackout Periods</U>. If (i)
within five (5) Business Days following the exercise by a Holder of a Demand, the Company determines in good faith and notifies
such Holder in writing that the registration and distribution of Registrable Securities (or the use of the Registration Statement
or related Prospectus) resulting from a Demand received from such Holder would materially and adversely interfere with any planned
or proposed business combination transaction involving the Company, or any pending financing, acquisition, corporate reorganization
or any other corporate development involving the Company or any of its subsidiaries or (ii) following the exercise by such Holder
of a Demand but before the effectiveness of the Registration Statement, (A) a business combination, tender offer, acquisition
or other corporate event involving the Company is proposed, initiated or announced by another Person beyond the control of the
Company (an &ldquo;<B>Uncontrolled Event</B>&rdquo;), (B) in the reasonable judgment of at least a majority of the members of
the Board of Directors of the Company (the &ldquo;<B>Board</B>&rdquo;), the filing or seeking the effectiveness of the Registration
Statement would materially and adversely interfere with such Uncontrolled Event or would otherwise materially and adversely affect
the Company and (C) the Company promptly so notifies such Holder, then the Company shall be entitled to (x) postpone the filing
of the Registration Statement otherwise required to be filed by the Company pursuant to <U>Section 2</U> hereof, or (y) elect
that the effective Registration Statement not be used, in either case for a reasonable period of time, but not to exceed ninety
(90) days after the date that (1) the Demand was made (in the case of an clause (i) above) or (2) the Company so notifies such
Holder of such determination (in the case of clause (ii) above) (each, a &ldquo;<B>Blackout Period</B>&rdquo;). Any such written
notice shall contain a general statement of the reasons for such postponement or restriction on use and an estimate of the anticipated
delay. The Company shall (a) promptly notify the Holder making a Demand of the expiration or earlier termination of such Blackout
Period and (b) use its reasonable best efforts to effect the Demand Registration as promptly as practicable after the end of the
Blackout Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_006"></A>Section 6. <U>Holdback</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) If
(i) at any time after the date hereof, the Company shall file a Registration Statement (other than a registration on Form S-4,
Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor forms thereto) with respect
to any shares of its capital stock, and (ii) upon reasonable prior notice the managing underwriter or underwriters (in the case
of an Underwritten Offering) advise the Company and the Holders in writing that a sale or distribution of Registrable Securities
would adversely impact such offering, then the Holders shall, to the extent not inconsistent with applicable law, refrain from
effecting any sale or distribution of Registrable Securities during the period commencing on the effective date of such Registration
Statement and continuing until the ninetieth (90th) day after the effective date of such Registration Statement; <I>provided</I>
that such restriction shall apply to the Holders only if in connection with such offering, the underwriters require the directors
and executive officers of the Company to refrain from selling the Company&rsquo;s securities for a like period and on like terms
(such period, a &ldquo;<B>Holdback Period</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) During
the ninety (90) day period commencing on the effective date of a Registration Statement filed by the Company on behalf of Holders
in connection with an Underwritten Offering pursuant to a Demand, the Company shall not effect (except pursuant to registrations
on Form S-4 or Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor forms thereto
and except pursuant to <U>Section 2(h)</U> hereof) any public sale or distribution of its securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_007"></A>Section 7. <U>Ineligibility to Effect a Demand
Registration</U>. If, following receipt of a Demand (other than the Initial Demand) from a Holder, after giving effect to any
Holdback Period and any Blackout Period, the Company has not filed a Registration Statement for the Registrable Securities so
requested to be registered or has not used its reasonable best efforts to cause such Registration Statement to become effective
because it is not eligible to effect a registration pursuant to the Securities Act, the Company shall have 60 additional days
to file such Registration Statement for the Registrable Securities so requested to be registered or to use its reasonable best
efforts to cause such Registration Statement to become effective (such additional days, the &ldquo;<B>Ineligibility Accommodation
Period</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_008"></A>Section 8. <U>Intentionally Omitted</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_009"></A>Section 9. <U>Registration Procedures</U>.
If and whenever the Company shall be required to use its reasonable best efforts to effect or cause the registration of any Registrable
Securities under the Securities Act as provided in this Agreement, the Company shall and, with respect to <U>Section 9(m)</U>
and <U>Section 9(n)</U>, the Holders shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) prepare
and file with the SEC a Registration Statement with respect to such Registrable Securities on any form for which the Company then
qualifies or that counsel for the Company shall deem appropriate, and which form shall be available for the sale of the Registrable
Securities in accordance with the intended methods of distribution thereof, and use its reasonable best efforts to cause such Registration
Statement to become and remain effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) prepare
and file with the SEC amendments and post- effective amendments to such Registration Statement and such amendments and supplements
to the Prospectus used in connection therewith as may be necessary to maintain the effectiveness of such registration or as may
be required by the rules, regulations or instructions applicable to the registration form utilized by the Company or by the Securities
Act for a Shelf Registration or otherwise necessary to keep such Registration Statement effective for at least ninety (90) days
(or one hundred eighty (180) days in the case of a Shelf Registration) and cause the Prospectus as so supplemented to be filed
pursuant to Rule 424 under the Securities Act, and to otherwise comply with the provisions of the Securities Act with respect to
the disposition of all securities covered by such Registration Statement until the earlier of (x) such 90th or 180th day, as the
case may be, or (y) such time as all Registrable Securities covered by such Registration Statement shall have ceased to be Registrable
Securities (it being understood that the Company at its option may determine to maintain such effectiveness for a longer period,
whether pursuant to a Shelf Registration or otherwise); <I>provided, however,</I> that a reasonable time before filing a Registration
Statement or Prospectus, or any amendments or supplements thereto (other than reports required to be filed by it under the Exchange
Act), the Company shall furnish to the Holders, the managing underwriter and their respective counsel for review and comment, copies
of all documents proposed to be filed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) furnish,
without charge, to the Holders and to any underwriter in connection with an Underwritten Offering such number of conformed copies
of such Registration Statement and of each amendment and post-effective amendment thereto (in each case including all exhibits)
and such number of copies of any Prospectus or Prospectus supplement and such other documents as Holders or such underwriter may
reasonably request in order to facilitate the disposition of the Registrable Securities by the Holders or the underwriter (the
Company hereby consenting to the use (subject to the limitations set forth in <U>Section 9(n)</U> hereof) of the Prospectus or
any amendment or supplement thereto in connection with such disposition);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) use
its reasonable best efforts to register or qualify such Registrable Securities covered by such Registration Statement under such
other securities or &ldquo;blue sky&rdquo; laws of such jurisdictions as Holders shall reasonably request, except that the Company
shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction where,
but for the requirements of this <U>Section 9(d)</U>, it would not be obligated to be so qualified, to subject itself to taxation
in any such jurisdiction, or to consent to general service of process in any such jurisdiction;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(e) as
promptly as practicable, notify the managing underwriters (if any) and Holders, at any time when a Prospectus relating thereto
is required to be delivered under the Securities Act within the appropriate period mentioned in <U>Section 9(b)</U> hereof, of
the Company&rsquo;s becoming aware that the Prospectus included in such Registration Statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing, and, as promptly as practicable, prepare and furnish to the
Holders a reasonable number of copies of an amendment or supplement to such Registration Statement or related Prospectus as may
be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not include
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(f) notify
the Holders, as promptly as practicable, at any time:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(i) when
the Prospectus or any Prospectus supplement or post- effective amendment has been filed, and, with respect to the Registration
Statement or any post-effective amendment, when the same has become effective;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(ii) of
any request by the SEC for amendments or supplements to the Registration Statement or the Prospectus or for additional information;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iii) of
the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or any order preventing the
use of a related Prospectus, or the initiation (or any overt threats) of any proceedings for such purposes;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iv) of
the receipt by the Company of any written notification of the suspension of the qualification of any of the Registrable Securities
for sale in any jurisdiction or the initiation (or overt threats) of any proceeding for that purpose; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(v) if
at any time the representations and warranties of the Company contemplated by <U>Section 9(i)(i)</U> below cease to be true and
correct in all material respects;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(g) otherwise
comply with all applicable rules and regulations of the SEC, and make available to Holders an earnings statement that shall satisfy
the provisions of Section 11(a) of the Securities Act, <I>provided</I> that the Company shall be deemed to have complied with this
<U>Section 9(g)</U> if it shall have complied with Rule 158 under the Securities Act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(h) use
its reasonable best efforts to cause all such Registrable Securities to be listed on the NYSE, NASDAQ or any other national securities
exchange or automated quotation system on which the class of Registrable Securities being registered is then listed, if such Registrable
Securities are not already so listed and if such listing is then permitted under the rules of such exchange, and to provide a transfer
agent and registrar for such Registrable Securities covered by such Registration Statement no later than the effective date of
such Registration Statement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(i) enter
into agreements (including, if applicable, an underwriting agreement and other customary agreements in the form customarily entered
into by other companies in comparable underwritten offerings) and take all other appropriate and all commercially reasonable actions
in order to expedite or facilitate the disposition of such Registrable Securities and in such connection, whether or not an underwriting
agreement shall be entered into and whether or not the registration shall be an underwritten registration:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(i) make
such representations and warranties to the Holders and the underwriters, if any, in form, substance and scope as are customarily
made by companies to underwriters in comparable underwritten offerings;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(ii) obtain
opinions of counsel to the Company and updates thereof (which counsel and opinions shall be reasonably satisfactory (in form, scope
and substance) to the managing underwriters) addressed to the underwriters covering the matters customarily covered in opinions
requested in comparable underwritten offerings by the Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iii) obtain
&ldquo;comfort letters&rdquo; and updates thereof from the Company&rsquo;s independent certified public accountants addressed to
the Board and the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered
in &ldquo;comfort letters&rdquo; by independent accountants in connection with comparable underwritten offerings on such date or
dates as may be reasonably requested by the managing underwriters, or if such offering is not an Underwritten Offering, the Board;
<I>provided, however,</I> that in connection with any non-Underwritten Offering, such comfort letter shall not be required except
to the extent requested by the Board;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(iv) provide
the indemnification in accordance with the provisions and procedures of Section 13 hereof to all parties to be indemnified pursuant
to such Section 13 and any other indemnification customarily required in underwritten public offerings; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in">(v) deliver
such documents and certificates as may be reasonably requested by the Holders and the managing underwriters, if any, to evidence
compliance with <U>Section 9(f)</U> above and with any customary conditions contained in the underwriting agreement or other agreement
entered into by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(j) cooperate
with the Holders and the managing underwriter or underwriters, if any, to facilitate, to the extent reasonable under the circumstances,
the timely preparation and delivery of certificates representing the securities to be sold under such Registration Statement, and
enable such securities to be in such denominations and registered in such names as the managing underwriter or underwriters, if
any, or the Holders may request and/or in a form eligible for deposit with the Depository Trust Company;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(k) make
available to the Holders, any underwriter participating in any disposition pursuant to such Registration Statement, and any attorney,
accountant or other agent retained by the Holders or such underwriter (collectively, the &ldquo;<B>Inspectors</B>&rdquo;), reasonable
access to appropriate officers and employees of the Company and the Company&rsquo;s subsidiaries to ask questions and to obtain
information reasonably requested by such Inspector and all financial and other records and other information, pertinent corporate
documents and properties of any of the Company and its subsidiaries and Affiliates (collectively, the &ldquo;<B>Records</B>&rdquo;),
as shall be reasonably necessary to enable them to exercise their due diligence responsibility; <I>provided, however,</I> that
the Records that the Company determines, in good faith, to be confidential and which it notifies the Inspectors in writing are
confidential shall not be disclosed to any Inspector unless such Inspector signs a confidentiality agreement in customary form
reasonably satisfactory to the Company or either (i) the disclosure of such Records is necessary to avoid or correct a misstatement
or omission of a material fact in such Registration Statement, or (ii) the release of such Records is ordered pursuant to a subpoena
or other order from a court of competent jurisdiction; <I>provided, further</I>, that any decision regarding the disclosure of
information pursuant to subclause (i) shall be made only after consultation with counsel for the applicable Inspectors; and <I>provided,
further,</I> that the Holders agree that they shall, promptly after learning that disclosure of such Records is sought in a court
having jurisdiction, give notice to the Company and allow the Company, at the Company&rsquo;s expense, to undertake appropriate
action to prevent disclosure of such Records;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(l) in
the event of the issuance of any stop order suspending the effectiveness of the Registration Statement or of any order suspending
or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in the Registration
Statement for sale in any jurisdiction, the Company shall use its reasonable best efforts promptly to obtain its withdrawal;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(m) the
Holders shall furnish the Company with such information regarding them and pertinent to the disclosure requirements relating to
the registration and the distribution of such securities as the Company may from time to time reasonably request in writing or
as shall be required in connection with the action to be taken by the Company hereunder; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(n) the
Holders shall, upon receipt of any notice from the Company of the happening of any event of the kind described in <U>Section 9(e)</U>
hereof, forthwith discontinue disposition of Registrable Securities pursuant to the Prospectus or Registration Statement covering
such Registrable Securities until the Holders shall have received copies of the supplemented or amended Prospectus contemplated
by <U>Section 9(e)</U> hereof, and, if so directed by the Company, the Holders shall deliver to the Company (at the Company&rsquo;s
expense) all copies, other than permanent file copies then in their possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_010"></A>Section 10. <U>Registration Expenses</U>.
Except as otherwise provided herein, in connection with all registrations of Registrable Securities made pursuant to the Shelf
Registration to be filed pursuant to <U>Section 2(a)</U> or any Demand Registration or Piggy-Back Rights, the Company shall pay
all Registration Expenses; <I>provided, however,</I> that the Holders shall pay, and shall hold the Company harmless from, (i)&nbsp;any
underwriting discounts and commissions and transfer taxes relating to the sale or disposition of Registrable Securities and (ii)
any fees, expenses or disbursements of Holders&rsquo; counsel and other advisors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_011"></A>Section 11. <U>Rule 144</U>. From and after
the date which is more than one hundred eighty (180) days after the date hereof, the Company shall, at all times when the Holders
Beneficially Own any Registrable Securities, take such measures and file and/or make available such information, documents and
reports as shall be required by the SEC as a condition to the availability of Rule 144; <I>provided</I>, <I>however</I>, that
the Company need not take any of the foregoing actions during any Ineligibility Accommodation Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_012"></A>Section 12. <U>Covenants of Holders</U>.
Each Holder hereby covenants and agrees that it shall not sell any Registrable Securities in violation of the Securities Act or
this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_013"></A>Section 13. <U>Indemnification; Contribution</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) The
Company shall indemnify and hold harmless each Holder, its respective officers and directors, and each Person, if any, who controls
such Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and any agents, representatives
or advisers thereof against all losses, claims, damages, liabilities and expenses (including reasonable attorneys&rsquo; fees and
expenses and reasonable costs of investigation) incurred by such party pursuant to any actual or threatened action, suit, proceeding
or investigation arising out of or based upon (i) any untrue or alleged untrue statement of material fact contained in any Registration
Statement, any Prospectus or preliminary Prospectus, or any amendment or supplement to any of the foregoing, (ii) any omission
or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein
(in the case of a Prospectus or a preliminary Prospectus, in light of the circumstances then existing) not misleading, or (iii)
any violation or alleged violation by the Company of any United States federal, state or common law rule or regulation applicable
to the Company and relating to action required of or inaction by the Company in connection with any such registration except in
each case insofar as the same arise out of or are based upon, any such untrue statement or omission made in reliance on and in
conformity with written information with respect to the Holders furnished in writing to the Company by the Holders or their counsel
expressly for use therein. In connection with an Underwritten Offering, the Company shall indemnify the underwriters thereof, their
officers, directors and agents and each Person who controls such underwriters (within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) Any
Person entitled to indemnification hereunder agrees to give prompt written notice to the indemnifying party after the receipt by
such indemnified party of any written notice of the commencement of any action, suit, proceeding or investigation or threat thereof
made in writing for which such indemnified party may claim indemnification or contribution pursuant to this <U>Section 13</U> (<I>provided</I>
that failure to give such notification shall not affect the obligations of the indemnifying party pursuant to this <U>Section 13</U>
except to the extent the indemnifying party shall have been materially prejudiced as a result of such failure). In case any such
action shall be brought against any indemnified party and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate therein and, to the extent that it shall wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified party (who shall
not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof, the indemnifying party shall not be liable to
such indemnified party under this <U>Section 13</U> for any legal expenses of other counsel or any other expenses, in each case
subsequently incurred by such indemnified party, in connection with the defense thereof other than reasonable costs of investigation.
Notwithstanding the foregoing, if (i) the indemnifying party shall not have employed counsel reasonably satisfactory to such indemnified
party to take charge of the defense of such action within a reasonable time after notice of commencement of such action (so long
as such failure to employ counsel is not the result of an unreasonable determination by such indemnified party that counsel selected
pursuant to the immediately preceding sentence is unsatisfactory) or if the indemnifying party shall not have demonstrated to the
reasonable satisfaction of the indemnified party its ability to finance such defense, or (ii) the indemnified party shall have
reasonably concluded or been advised by counsel that there may be legal defenses available to other indemnified parties to such
action which could result in a conflict of interest for such counsel or prejudice the prosecution of the defenses available to
such indemnified party, then such indemnified party shall have the right to employ separate counsel of its choosing, at the expense
of the indemnifying party. No indemnifying party shall consent to entry of any judgment or enter into any settlement without the
consent (which consent, in the case of an action, suit, claim or proceeding exclusively seeking monetary relief, shall not be unreasonably
withheld) of the applicable indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) If
the indemnification from the indemnifying party provided for in this <U>Section 13</U> is unavailable to an indemnified party hereunder
in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party, in lieu of
indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a result of such
losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and indemnified party in connection with the actions or omissions which resulted in such losses, claims, damages, liabilities
and expenses, as well as any other relevant equitable considerations. The relative fault of such indemnifying party and indemnified
party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of a material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied (in writing, in the case of the Holders) by, such indemnifying party or indemnified party, and the parties&rsquo; relative
intent, knowledge, access to information and opportunity to correct or prevent such action or omission. The amount paid or payable
by a party as a result of the losses, claims, damages, liabilities and expenses referred to above shall be deemed to include, subject
to the limitations set forth in <U>Section 13(b)</U> hereof, any legal and other fees and expenses reasonably incurred by such
indemnified party in connection with any investigation or proceeding. The parties hereto agree that it would not be just and equitable
if contribution pursuant to this <U>Section 13(c)</U> were determined by pro rata allocation or by any other method of allocation
which does not take account of the equitable considerations referred to above in this <U>Section 13(c)</U>. Any underwriter&rsquo;s
obligations in this <U>Section 13(c)</U> to contribute shall be several in proportion to the number of Registrable Securities underwritten
by them and not joint. Notwithstanding the provisions of this <U>Section 13(c)</U>, no underwriter shall be required to contribute
any amount in excess of the amount by which the total price at which the Registrable Securities underwritten by it and distributed
to the public were offered to the public exceeds the amount of any damages which such underwriter has otherwise been required to
pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty
of such fraudulent misrepresentation. If indemnification is available under this <U>Section 13</U>, the indemnifying parties shall
indemnify each indemnified party to the fullest extent provided in <U>Section 13(a)</U> hereof without regard to the relative fault
of such indemnifying parties or indemnified party or any other equitable consideration provided for in this <U>Section 13(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(d) The
provisions of this <U>Section 13</U> shall be in addition to any liability which any party may have to any other party and shall
survive any termination of this Agreement. The indemnification provided by this <U>Section 13</U> shall survive the Transfer of
such Registrable Securities by the Holders and shall remain in full force and effect irrespective of any investigation made by
or on behalf of an indemnified party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_014"></A>Section 14. <U>Injunctions</U>. EACH PARTY
HERETO ACKNOWLEDGES AND AGREES THAT IRREPARABLE DAMAGE WOULD OCCUR IN THE EVENT THAT ANY OF THE PROVISIONS OF THIS AGREEMENT WERE
NOT PERFORMED IN ACCORDANCE WITH ITS SPECIFIC TERMS OR WERE OTHERWISE BREACHED. THEREFORE, EACH PARTY SHALL BE ENTITLED TO AN
INJUNCTION OR INJUNCTIONS TO PREVENT BREACHES OF THE PROVISIONS OF THIS AGREEMENT AND TO ENFORCE SPECIFICALLY THE TERMS AND PROVISIONS
HEREOF IN ANY COURT HAVING JURISDICTION, SUCH REMEDY BEING IN ADDITION TO ANY OTHER REMEDY TO WHICH SUCH PARTY MAY BE ENTITLED
AT LAW OR IN EQUITY.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_015"></A>Section 15. <U>Amendments and Waivers</U>.
No amendment, modification, supplement, termination, consent or waiver of any provision of this Agreement, nor consent to any
departure herefrom, shall in any event be effective unless the same is in writing and is signed by the party against whom enforcement
of the same is sought. Any waiver of any provision of this Agreement and any consent to any departure from the terms of any provision
of this Agreement shall be effective only in the specific instance and for the specific purpose for which given.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_016"></A>Section 16. <U>Notices</U>. All notices,
consents, requests, demands and other communications hereunder must be in writing, and shall be deemed to have been duly given
or made: (i) when delivered in person; (ii) three (3) days after deposited in the United States mail, first class postage prepaid;
(iii) in the case of telegraph or overnight courier services, one (1) Business Day after delivery to the telegraph company or
overnight courier service with payment provided; or (iv) in the case of telex or telecopy or fax, when sent, verification received;
in each case addressed as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">if to the Company:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cadiz Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">550 South Hope Street, Suite 2850</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, CA 90071</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (213) 271-1600</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (213) 271-1614</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Chief Financial Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>with a copy to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Kevin Friedmann, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Greenberg Traurig, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1840 Century Park East, suite 1900</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Los Angeles, CA 90067-2121</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (310) 586-7747</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (310) 586-7800</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">if to the Holders, to the addresses set forth on the signature
pages attached hereto,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>with a copy to:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Christopher Cox, Esq.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Cadwalader, Wickersham &amp; Taft LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">One World Financial Center</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10281</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Telephone: (212) 504-6888</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Facsimile: (212) 504-6666</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_017"></A>Section 17. <U>Successors and Assigns</U>.
<FONT STYLE="background-color: white">This Agreement shall inure to the benefit of and be binding upon the successors and assigns
of each of the parties hereto, without the need for an express consent by the Company thereto,&nbsp;<I>provided</I>, that (A)&nbsp;a
transferring Holder shall, within ten (10) days after a transfer, furnish the Company written notice of the name and address of
the transferee or assignee and (B)&nbsp;such transferee or assignee, prior to or simultaneous with such transfer or assignment,
shall agree in writing to be subject to and bound by the terms of this Agreement as a Holder party hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_018"></A>Section 18. <U>Representations and Warranties
of the Company</U>. The Company and each of the Holders represents and warrants to the other parties hereto as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(a) Such
party is duly organized and validly existing under the laws of its jurisdiction of organization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(b) Such
party has full corporate or other organizational power and authority to enter into this Agreement and to carry out and perform
its obligations hereunder. The execution, delivery and performance by such party of this Agreement have been duly authorized and
approved by all necessary corporate or other organizational action. This Agreement has been duly authorized, executed and delivered
by such party and constitutes the legal, valid and binding obligation of such party enforceable against it in accordance with its
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally and to general
principles of equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">(c) The
execution, delivery and performance by such party of its obligations under this Agreement, and compliance by such party with the
terms and conditions hereof will not (i) violate, with or without the giving of notice or the lapse of time, or both, or require
any registration, qualification, approval or filing (other than registrations, qualifications, approvals and filings that have
already been made or obtained) under, any provision of law, statute, ordinance or regulation applicable to it or any of its subsidiaries
and (ii) conflict with, or require any consent or approval under, or result in the breach or termination of any provision of, or
constitute a default under, or result in the acceleration of the performance of the obligations of such party or any of its subsidiaries
under, or result in the creation of any claim, lien, charge or encumbrance upon any of the properties, assets or businesses of
such party or any of its subsidiaries pursuant to (x) its organizational documents, (y) any order, judgment, decree, law, ordinance
or regulation applicable to it or any of its subsidiaries or (z) any contract, instrument, agreement or restriction to which it
or any of its subsidiaries is a party or by which it or any of its subsidiaries or any of its respective assets or properties is
bound.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_019"></A>Section 19. <U>Counterparts</U>. This Agreement
may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall become effective
when one or more counterparts have been signed by each of the parties and delivered to the other parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_020"></A>Section 20. <U>Descriptive Headings</U>.
The descriptive headings used herein are inserted for convenience of reference only and are not intended to be part of or to affect
the meaning or interpretation of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_021"></A>Section 21. <U>Choice of Law; Venue</U>.
THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND THE RIGHTS OF THE PARTIES DETERMINED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. VENUE FOR ANY LEGAL ACTION UNDER THIS AGREEMENT SHALL
BE IN THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK, NEW YORK.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_022"></A>Section 22. <U>Severability</U>. In the event
that any one or more of the provisions contained herein, or the application thereof in any circumstances, shall be held invalid,
illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision in every
other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended that
all remaining provisions contained herein shall not be in any way impaired thereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_023"></A>Section 23. <U>Entire Agreement</U>. This
Agreement, including any schedules, exhibits or attachments referred to herein, is intended by the parties as a final expression
and a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter
hereof. There are no restrictions, promises, warranties or undertakings with respect to the subject matter hereof, other than
those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings between the parties with
respect to such subject matter, including the 2013 Registration Rights Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0in"><A NAME="rra_024"></A>Section 24. <U>Further Actions; Reasonable
Best Efforts</U>. Each Holder shall use its reasonable best effort to take or cause to be taken all appropriate action and to
do or cause to be done all things reasonably necessary, proper or advisable under applicable law and regulations to assist the
Company in the performance of its obligations hereunder, including, without limitation, the preparation and filing of any Registration
Statements pursuant to any Demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">[Signature Pages Follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the parties have executed
this Registration Rights Agreement as of the day and year first above written.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">CADIZ INC.</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; width: 5%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 35%"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Name:&nbsp;</TD>
    <TD>Tim Shaheen</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD> Chief Financial Officer and Secretary</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Registration Rights
Agreement]</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 51 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>HOLDERS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">LC CAPITAL MASTER FUND, LTD.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Name:&nbsp;</TD>
    <TD> Steven G. Lampe</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD>Managing Member of General Partner</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Address:</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">c/o Lampe, Conway &amp; Co., LLC</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="border-bottom: Black 1.5pt solid">680 Fifth Avenue, 12th Floor&nbsp;</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">New York, NY 10019-5429</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Registration Rights
Agreement]</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 52 -->
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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="background-color: white">ELKHORN PARTNERS LIMITED PARTNERSHIP</FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; width: 4%">By:</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%"></TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Name:&nbsp;</TD>
    <TD> Alan S. Parson</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">Title:</TD>
    <TD>Sole Managing Partner</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">Address:</TD>
    <TD STYLE="width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><FONT STYLE="background-color: white">ELKHORN PARTNERS L.P.</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid"><P STYLE="margin-top: 0; margin-bottom: 0">8405 Indian Hills Drive</P></TD>
    <TD></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">#2A8</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid">Omaha, NE 68114 - 4093</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Registration
Rights Agreement]&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>ea119370ex10-3_cadizinc.htm
<DESCRIPTION>REGISTRATION RIGHTS AGREEMENT, DATED MARCH 5, 2020, BY AND AMONG CADIZ INC. AND THE OTHER PARTIES THERETO
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<P STYLE="margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><B>Exhibit 10.3</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>EXECUTION
VERSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REGISTRATION
RIGHTS AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
and among</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CADIZ
INC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">EACH
HOLDER OF REGISTRABLE SECURITIES</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">REFLECTED
ON THE SIGNATURE PAGE HEREOF</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March
5, 2020</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 11%; text-align: justify; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 1.</FONT></TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 80%; text-align: justify; padding-top: 0in; padding-bottom: 0pt; padding-left: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_001">Certain Definitions</A></FONT></TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 7%; text-align: right; padding-top: 0in; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 2.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_002">Initial Shelf Registration and Demand Registration Rights</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 3. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_003">Piggy-Back Registration Rights</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 4.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_004">Selection of Underwriters</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 5.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_005">Blackout Periods</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 6. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_006">Holdback</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in">7</TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 7.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_007">Ineligibility to Effect a Demand Registration</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 8. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_008">Intentionally Omitted</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 9. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_009"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Registration Procedures</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 10.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_010">Registration Expenses</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 11.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <A HREF="#a_011"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Rule 144</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 12.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <A HREF="#a_012"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Covenants of Holders</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 13. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_013"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indemnification; Contribution</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 14.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <A HREF="#a_014"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Injunctions</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 15. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_015">Amendments and Waivers</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 16.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_016">Notices</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 17. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_017"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Successors and Assigns</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 18. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_018"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Representations and Warranties of the Company</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 19.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <A HREF="#a_019"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Counterparts</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 20. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A HREF="#a_020">Descriptive Headings</A></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 21.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <A HREF="#a_021"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Choice of Law</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 22. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_022"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Severability</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 23. </FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><A HREF="#a_023"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Entire Agreement</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; vertical-align: bottom; text-transform: uppercase; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section 24.</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; padding-top: 0in; padding-bottom: 0in; padding-left: 0in"> <A HREF="#a_024"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further Actions; Reasonable Best Efforts</FONT></A></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; padding-top: 0in; padding-bottom: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Registration Rights Agreement (this &ldquo;<B>Agreement</B>&rdquo;) is made as of this 5<SUP>th</SUP> day of March 2020 by and
among Cadiz Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), and each holder of Registrable Securities (as defined
herein) reflected on the signature page hereto (&ldquo;<B>Holders</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>RECITALS</B>:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company is party to that certain Indenture, dated as of December 10, 2015 (the &ldquo;<B>Indenture</B>&rdquo;), between the
Company, as issuer, and U.S. Bank National Association, as trustee (the &ldquo;<B>Trustee&rdquo;</B>), pursuant to which the Company
issued certain 7.00% Convertible Senior Notes due 2020 (the &ldquo;<B>Convertible Notes&rdquo;</B>);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company and the Holders have each entered into a separate Conversion and Exchange Agreement dated as of March 5, 2020 pursuant
to which the Holders have agreed to exchange a portion of the outstanding Convertible Notes for shares of a new series of preferred
stock, par value $0.01 per share, of the Company titled &ldquo;Series 1 Preferred Stock&rdquo; (the &ldquo;<B>Preferred Stock</B>&rdquo;),
which Preferred Stock is convertible into shares of the Company&rsquo;s common stock, par value $0.01 per share (the &ldquo;<B>Common
Stock</B>&rdquo;), upon the terms and subject to the limitations and conditions set forth in the Certificate of Designations of
Series 1 Preferred Stock (the &ldquo;<B>Certificate</B>&rdquo;); and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WHEREAS,
the Company has agreed to enter into a registration rights agreement pursuant to which the Company shall grant the Holders registration
rights with respect to the Registrable Securities and which registration rights agreement shall, with respect to the Holders,
supersede and replace the Amended and Restated Registration Rights Agreement by and among the Company and the holders party thereto
dated as of March 5, 2013 (the &ldquo;<B>2013 Registration Rights Agreement</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto
agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><A NAME="a_001"></A>Section
1. <U>Certain Definitions</U>. For purposes of this Agreement, the following terms have the following meanings:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
<B>&ldquo;2013 Registration Rights Agreement&rdquo; </B>has the meaning specified in the Recitals hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
&ldquo;<B>2019 Form 10-K</B>&rdquo; has the meaning specified in <U>Section 2(a)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
&ldquo;<B>Affiliate</B>&rdquo; has the meaning ascribed to such term in Rule 12b-2 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
&ldquo;<B>Agreement</B>&rdquo; has the meaning specified in the Preamble hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
&ldquo;<B>Beneficially Own</B>&rdquo; has the meaning ascribed to such term in Rule 13d-3 of the Exchange Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
&ldquo;<B>Blackout Period</B>&rdquo; has the meaning specified in <U>Section 5</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
&ldquo;<B>Board</B>&rdquo; has the meaning specified in <U>Section 5</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
&ldquo;<B>Business Day</B>&rdquo; means a day other than a Saturday, Sunday or other day on which commercial banks are authorized
to close under the laws of the State of New York and the United States of America.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
&ldquo;<B>Certificate</B>&rdquo; has the meaning specified in the Recitals hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
&ldquo;<B>Common Stock</B>&rdquo; has the meaning specified in the Recitals hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
&ldquo;<B>Company</B>&rdquo; has the meaning specified in the Preamble hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
&ldquo;<B>Convertible Notes</B>&rdquo; has the meaning specified in the Recitals hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
&ldquo;<B>Demand</B>&rdquo; has the meaning specified in <U>Section 2(b)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
&ldquo;<B>Demand Registration</B>&rdquo; has the meaning specified in <U>Section 2(b)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)
&ldquo;<B>Effective Date</B>&rdquo; means the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)
&ldquo;<B>Exchange Act</B>&rdquo; means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
SEC thereunder, all as the same shall be in effect at the time that reference is made thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)
&ldquo;<B>FINRA</B>&rdquo; means the Financial Industry Regulatory Authority.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)
&ldquo;<B>Holdback Period</B>&rdquo; has the meaning specified in <U>Section 6(a)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)
&ldquo;<B>Holder</B>&rdquo; has the meaning specified in the Preamble hereof, and shall include any person to whom the rights
of a Holder under this Agreement have been transferred in accordance with the provisions of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)
&ldquo;<B>Indenture</B>&rdquo; has the meaning specified in the Recitals hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)
&ldquo;<B>Ineligibility Accommodation Period</B>&rdquo; has the meaning specified in <U>Section 7</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
&ldquo;<B>Inspectors</B>&rdquo; has the meaning specified in <U>Section 9(k)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(w)
&ldquo;<B>NASDAQ</B>&rdquo; means the Nasdaq Stock Market, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)
&ldquo;<B>NYSE</B>&rdquo; means the New York Stock Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)
&ldquo;<B>Other Rights Holders</B>&rdquo; has the meaning specified in <U>Section 2(h)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)
&ldquo;<B>Person</B>&rdquo; means any individual, firm, partnership, corporation (including, without limitation, a business trust),
limited liability company, joint stock company, trust, unincorporated association, joint venture or other entity, and shall include
any successor (by merger or otherwise) of any such entity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(aa)
&ldquo;<B>Piggy-Back Request</B>&rdquo; has the meaning specified in <U>Section 3(b)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(bb)
&ldquo;<B>Piggy-Back Rights</B>&rdquo; has the meaning specified in <U>Section 3(a)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(cc)
&ldquo;<B>Preferred Stock</B>&rdquo; has the meaning set forth in the Recitals hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(dd)
&ldquo;<B>Prospectus</B>&rdquo; means the prospectus included in any Registration Statement, as amended or supplemented by any
prospectus supplement, with respect to the terms of the offering of any portion of the Registrable Securities covered by any Registration
Statement and by all other amendments and supplements to the prospectus, including post-effective amendments and all material
incorporated by reference in such prospectus.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ee)
&ldquo;<B>Records</B>&rdquo; has the meaning specified in <U>Section 9(k)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ff)
&ldquo;<B>Registrable Securities</B>&rdquo; means any and all of (i) the outstanding shares of Common Stock held by a Holder as
of the date of this Agreement; (ii) the shares of Common Stock received by Holders upon conversion of the Convertible Notes; (iii)
the shares of Preferred Stock; (iv) the shares of Common Stock received by Holders upon conversion of the Preferred Stock, and
(v) any securities issuable or issued or distributed in respect of any of the securities identified in clauses (i), (ii), (iii)
and (iv) by way of stock dividend or stock split or in connection with a combination of shares, recapitalization, reorganization,
merger, consolidation or otherwise. Registrable Securities shall cease to be Registrable Securities when and to the extent that
they (x) shall have been Transferred by Holders pursuant to an effective Registration Statement or pursuant to Rule 144; (y) shall
have ceased to be outstanding; or (z) may be transferred without restriction or limitation pursuant to Rule 144.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(gg)
&ldquo;<B>Registration Expenses</B>&rdquo; means any and all reasonable out-of-pocket expenses incident to performance of or compliance
with this Agreement, including, without limitation, (i) all SEC, FINRA and securities exchange registration and filing fees, (ii)
all fees and expenses of complying with state securities or &ldquo;blue sky&rdquo; laws (including fees and disbursements of counsel
for any underwriters in connection with blue sky qualifications of the Registrable Securities), (iii) all processing, printing,
copying, messenger and delivery expenses, (iv) all fees and expenses incurred in connection with the listing of the Registrable
Securities on any securities exchange pursuant to <U>Section 9(h)</U> hereof, (v) all fees and disbursements of counsel for the
Company and of its independent public accountants (including the expenses of any special audits or comfort letters), and (vi)
the reasonable fees and expenses of any special experts retained in connection with a registration under this Agreement, but excluding
(A) any underwriting discounts and commissions and transfer taxes relating to the sale or disposition of Registrable Securities
pursuant to a Registration Statement, and (B) any fees, expenses or disbursements of counsel and other advisers to the Holders
and any Other Rights Holders, other than the reasonable fees and disbursements of one counsel to all Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(hh)
&ldquo;<B>Registration Statement</B>&rdquo; means any registration statement (including a Shelf Registration) of the Company referred
to in <U>Section 2</U> or <U>Section 3 </U>hereof, including any Prospectus, amendments and supplements to any such registration
statement, including post-effective amendments, and all exhibits and all material incorporated by reference in any such registration
statement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
&ldquo;<B>Rule 144</B>&rdquo; means Rule 144 under the Securities Act, or any similar or successor rules or regulations hereafter
adopted by the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(jj)
&ldquo;<B>S-3 Eligible</B>&rdquo; has the meaning specified in <U>Section 2(a)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(kk)
&ldquo;<B>SEC</B>&rdquo; means the United States Securities and Exchange Commission and any successor federal agency having similar
powers.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ll)
&ldquo;<B>Securities Act</B>&rdquo; means the Securities Act of 1933, as amended, and the rules and regulations of the SEC thereunder,
all as the same shall be in effect at the time that reference is made thereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(mm)
&ldquo;<B>Shelf Registration</B>&rdquo; means a &ldquo;shelf&rdquo; registration statement on an appropriate form pursuant to
Rule 415 under the Securities Act (or any successor rule that may be adopted by the SEC).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(nn)
&ldquo;<B>Transfer</B>&rdquo; means, with respect to any security, any direct or indirect sale, transfer, assignment, hypothecation,
pledge or any other disposition of such security or any interest therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(oo)
&ldquo;<B>Uncontrolled Event</B>&rdquo; has the meaning specified in <U>Section 5</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(pp)
&ldquo;<B>Underwritten Offering</B>&rdquo; means an offering in which securities of the Company are sold to an underwriter for
reoffering to the public pursuant to an effective Registration Statement under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_002"></A>Section
2. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Initial
Shelf Registration and Demand Registration Rights</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
As soon as commercially reasonable following the Company&rsquo;s filing of the Annual Report on Form 10-K for the fiscal year
ended December 31, 2019 (the &ldquo;<B>2019 Form 10-K</B>&rdquo;), and no later than thirty (30) days after the filing of the
2019 Form 10-K, the Company shall (i) prepare and file with the SEC (x) a Registration Statement on Form S-3 or a successor form,
if the Company is then eligible to file a Registration Statement on Form S-3 (&ldquo;<B>S-3 Eligible</B>&rdquo;), or (y) any other
appropriate form under the Securities Act for the type of offering contemplated by the Holders, if the Company is not then S-3
Eligible, or (ii) use an existing Form S-3 filed with the SEC, in each case providing for an offering to be made on a continuous
basis pursuant to Rule 415 under the Securities Act or any successor rule thereto that covers all Registrable Securities then
outstanding for an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the Securities Act or any successor
rule thereto. If permitted under the Securities Act, such Registration Statement shall be an &ldquo;automatic shelf registration
statement&rdquo; as defined in Rule 405 under the Securities Act. The Company shall use its best efforts to (x) cause the Shelf
Registration filed pursuant to this <U>Section 2(a)</U> to be declared effective by the SEC or otherwise become effective under
the Securities Act as promptly as practicable after the filing thereof and (y) keep such Shelf Registration continuously effective
and in compliance with the Securities Act and useable for the resale of Registrable Securities until such time as there are no
remaining Registrable Securities then outstanding, including by filing successive replacement or renewal Registration Statements
upon the expiration of such Shelf Registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Any Holder may, subject to the terms hereof, request the Company in writing (each such request, a &ldquo;<B>Demand</B>&rdquo;)
to effect a registration with the SEC under and in accordance with the provisions of the Securities Act of all or part of the
Registrable Securities Beneficially Owned by such Holder (a &ldquo;<B>Demand Registration</B>&rdquo;). The Demand shall specify
the aggregate number of shares of Registrable Securities requested to be so registered on behalf of such Holder. Any request received
by the Company from a Holder as provided in this <U>Section 2(b)</U> shall be deemed to be a &ldquo;Demand&rdquo; for purposes
of this Agreement, unless the Company, in accordance with the terms of this Agreement, shall have notified such Holder in writing,
prior to its receipt of such request from such Holder, of its intention to register securities with the SEC, in which case the
request from such Holder shall be governed by <U>Section 3</U> hereof, not this <U>Section 2</U>. All Demands to be made by a
Holder pursuant to this <U>Section 2(b)</U> and any notifications by the Company pursuant to the preceding sentence must be based
upon a good faith intent of such Holder or the Company, as the case may be, to effect the sale of securities pursuant to such
registrations as promptly as practicable after the date of the Demand or notification, as the case may be, in accordance with
the terms of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
After receipt of a Demand from a Holder, the Company shall, as soon as practicable thereafter, but in no event later than ninety
(90) days following such Demand, file and cause to be effective a Registration Statement for the Registrable Securities so requested
to be registered.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
Notwithstanding anything in this Agreement to the contrary, the Company shall not be required to file a Registration Statement
for Registrable Securities pursuant to a Demand:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
if the Company shall have previously effected a Demand Registration at any time during the immediately preceding ninety (90) day
period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
if the Company shall have previously effected a registration of Registrable Securities to be issued and sold by the Company at
any time during the immediately preceding ninety (90) day period (other than a registration on Form S-4, Form S-8 or Form S-3
(with respect to dividend reinvestment plans and similar plans) or any successor forms thereto);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
during any Blackout Period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
during any Ineligibility Accommodation Period;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
if the aggregate value of the Registrable Securities to be registered pursuant to a Demand Registration does not equal at least
$2,500,000; or</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vi)
if the Registrable Securities that are the subject of the Demand are the subject of an effective Shelf Registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
The Company shall be permitted to satisfy its obligations under this <U>Section 2</U> by amending (to the extent permitted by
applicable law) any Shelf Registration previously filed by the Company under the Securities Act so that such Shelf Registration
(as amended) shall permit the disposition (in accordance with the intended methods of disposition specified as aforesaid) of all
of the Registrable Securities for which a Demand shall have been made. Notwithstanding the foregoing, the Company shall have no
obligation under this Agreement to file any Shelf Registration.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
A requested Demand Registration shall not be deemed to count as a Demand Registration described in <U>Section 2(d)(ii)</U> hereof
if: (i) such registration has not been declared effective by the SEC or does not become effective in accordance with the Securities
Act, (ii) after becoming effective, such registration is materially interfered with by any stop order, injunction or similar order
or requirement of the SEC or other governmental agency or court for any reason not attributable to a Holder and does not thereafter
become effective, (iii) the conditions to closing specified in any underwriting agreement entered into in connection with such
Demand Registration are not satisfied or waived other than by reason of an act or omission on the part of a Holder, or (iv) the
Holder making a Demand shall have withdrawn its Demand or otherwise determined not to pursue such registration, <I>provided</I>
that, in the case of this clause (iv), such Holder shall have reimbursed the Company for all of its out- of-pocket expenses incurred
in connection with such Demand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
At any time and from time to time that a Registration Statement is effective, if a Holder of Registrable Securities requests (i)
the registration under the Securities Act of additional Registrable Securities pursuant to such Registration Statement or (ii)
that such Holder be added as a selling stockholder in such Registration Statement, the Company shall as promptly as practicable
amend or supplement the Registration Statement to cover such additional Registrable Securities and/or Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
If the lead managing underwriters of an Underwritten Offering made pursuant to a Demand shall advise the Holder making a Demand
in writing (with a copy to the Company) that marketing or other factors require a limitation on the number of shares of Registrable
Securities which can be sold in such offering within a price range acceptable to the Holder, then (i) if the Company shall have
elected to include any securities to be issued and sold by the Company or sold on behalf of any of the Company&rsquo;s security
holders excluding such Holder (&ldquo;<B>Other Rights Holders</B>&rdquo;) in such Registration Statement, then the Company shall
reduce the number of securities the Company shall intend to issue and sell (and, if applicable, the number of securities being
sold on behalf of the Other Rights Holders) pursuant to such Registration Statement such that the total number of securities being
sold by each such party shall be equal to the number which can be sold in such offering within a price range acceptable to such
Holder, and (ii) if the Company shall not have elected to include any securities to be issued and sold by the Company or sold
on behalf of Other Rights Holders in such Registration Statement or if the reduction referred to in the previous clause (i) shall
not be sufficient, then, the Holder shall reduce the number of Registrable Securities requested to be included in such offering
to the number that the lead managing underwriter advises can be sold in such offering within a price range acceptable to the Holder.
The Holder shall not be required to reduce the number of Registrable Securities requested to be included in any such offering
until the number of securities referred to in the previous clause (i) shall have been reduced to zero (0).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_003"></A><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section
3. <U>Piggy-Back Registration Rights</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
At any time on or after the date hereof, whenever the Company shall propose to file a Registration Statement under the Securities
Act relating to the public offering of securities for sale for cash, the Company shall give written notice to the Holders as promptly
as practicable, but in no event less than fifteen (15) days prior to the anticipated filing thereof, specifying the approximate
date on which the Company proposes to file such Registration Statement and the intended method of distribution in connection therewith,
and advising Holders of their right to have any or all of the Registrable Securities then Beneficially Owned by them included
among the securities to be covered by such Registration Statement (the &ldquo;<B>Piggy-Back Rights</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Subject to <U>Section 3(c)</U> and <U>Section 3(d)</U> hereof, in the event that Holders have and shall elect to utilize their
Piggy-Back Rights, the Company shall include in the Registration Statement the Registrable Securities identified by the Holders
in a written request (a &ldquo;<B>Piggy-Back Request</B>&rdquo;) given to the Company not later than five (5) Business Days prior
to the proposed filing date of the Registration Statement. The Registrable Securities identified in a Piggy-Back Request shall
be included in the Registration Statement on the same terms and conditions as the other securities included in the Registration
Statement, <I>provided</I>, that, any Holder of Registrable Securities shall have the right to withdraw a Piggy-Back Request for
any reason or no reason whatsoever prior to the effectiveness of the Registration Statement covering such Piggy-Back Rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
Notwithstanding anything in this Agreement to the contrary, Holders shall not have Piggy-Back Rights with respect to (i) a Registration
Statement on Form S-4 or Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor
forms thereto or (ii) a Registration Statement filed in connection with an exchange offer or an offering of securities solely
to employees of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
If the lead managing underwriters selected by the Company for an Underwritten Offering for which Piggy-Back Rights are requested
shall advise the Company in writing that marketing or other factors require a limitation on the number of shares of securities
which can be sold in such offering within a price range acceptable to the Company, then, (i) such underwriters shall provide written
notice thereof to the Holders and (ii) there shall be included in the offering, (A) first, all securities proposed by the Company
to be sold for its account (or such lesser amount as shall equal the maximum number determined by the lead managing underwriters
as aforesaid); (B) second, all Registrable Securities requested to be included in such Registration Statement by Holders, or such
lesser number as shall equal, together with the amount referred to in (A), the maximum number determined by the lead managing
underwriters as aforesaid; and (C) third, only that number of securities requested to be included by any Other Rights Holders
that such lead managing underwriters reasonably and in good faith believe will not substantially interfere with (including, without
limitation, adversely affecting the pricing of) the offering of all the securities that the Company desires to sell for its own
account and all the Registrable Securities that the Holders desire to sell for their own accounts.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
Nothing contained in this <U>Section 3</U> shall create any liability on the part of the Company to the Holders if the Company
for any reason should decide not to file a Registration Statement for which Piggy-Back Rights are available or to withdraw such
Registration Statement subsequent to its filing, regardless of any action whatsoever Holders may have taken, whether as a result
of the issuance by the Company of any notice hereunder or otherwise.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
A request made by Holders pursuant to their Piggy- Back Rights to include Registrable Securities in a Registration Statement shall
not be deemed to be a Demand Registration described in <U>Section 2(d)(ii)</U> hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_004"></A>Section 4. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Selection
of Underwriters</U>. </FONT>In connection with any Underwritten Offering made pursuant to a Demand or a Piggy-Back Right, the
Company may, at its sole discretion, select a book running managing underwriter to manage the Underwritten Offering with the
prior written consent of the Holders (which consent shall not be unreasonably withheld); <I>provided, however,</I> that the
Company shall have no obligation to use an underwriter in connection with any registration made pursuant to a Demand or
Piggy-Back Request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_005"></A>Section 5. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Blackout
Periods</U>. </FONT>If (i) within five (5) Business Days following the exercise by a Holder of a Demand, the Company
determines in good faith and notifies such Holder in writing that the registration and distribution of Registrable Securities
(or the use of the Registration Statement or related Prospectus) resulting from a Demand received from such Holder would
materially and adversely interfere with any planned or proposed business combination transaction involving the Company, or
any pending financing, acquisition, corporate reorganization or any other corporate development involving the Company or any
of its subsidiaries or (ii) following the exercise by such Holder of a Demand but before the effectiveness of the
Registration Statement, (A) a business combination, tender offer, acquisition or other corporate event involving the Company
is proposed, initiated or announced by another Person beyond the control of the Company (an &ldquo;<B>Uncontrolled
Event</B>&rdquo;), (B) in the reasonable judgment of at least a majority of the members of the Board of Directors of the
Company (the &ldquo;<B>Board</B>&rdquo;), the filing or seeking the effectiveness of the Registration Statement would
materially and adversely interfere with such Uncontrolled Event or would otherwise materially and adversely affect the
Company and (C) the Company promptly so notifies such Holder, then the Company shall be entitled to (x) postpone the filing
of the Registration Statement otherwise required to be filed by the Company pursuant to <U>Section 2</U> hereof, or (y) elect
that the effective Registration Statement not be used, in either case for a reasonable period of time, but not to exceed
ninety (90) days after the date that (1) the Demand was made (in the case of an clause (i) above) or (2) the Company so
notifies such Holder of such determination (in the case of clause (ii) above) (each, a &ldquo;<B>Blackout Period</B>&rdquo;).
Any such written notice shall contain a general statement of the reasons for such postponement or restriction on use and an
estimate of the anticipated delay. The Company shall (a) promptly notify the Holder making a Demand of the expiration or
earlier termination of such Blackout Period and (b) use its reasonable best efforts to effect the Demand Registration as
promptly as practicable after the end of the Blackout Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A NAME="a_006"></A>Section 6. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Holdback</U></FONT>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
If (i) at any time after the date hereof, the Company shall file a Registration Statement (other than a registration on Form S-4,
Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor forms thereto) with respect
to any shares of its capital stock, and (ii) upon reasonable prior notice the managing underwriter or underwriters (in the case
of an Underwritten Offering) advise the Company and the Holders in writing that a sale or distribution of Registrable Securities
would adversely impact such offering, then the Holders shall, to the extent not inconsistent with applicable law, refrain from
effecting any sale or distribution of Registrable Securities during the period commencing on the effective date of such Registration
Statement and continuing until the ninetieth (90th) day after the effective date of such Registration Statement; <I>provided</I>
that such restriction shall apply to the Holders only if in connection with such offering, the underwriters require the directors
and executive officers of the Company to refrain from selling the Company&rsquo;s securities for a like period and on like terms
(such period, a &ldquo;<B>Holdback Period</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
During the ninety (90) day period commencing on the effective date of a Registration Statement filed by the Company on behalf
of Holders in connection with an Underwritten Offering pursuant to a Demand, the Company shall not effect (except pursuant to
registrations on Form S-4 or Form S-8 or Form S-3 (with respect to dividend reinvestment plans and similar plans) or any successor
forms thereto and except pursuant to <U>Section 2(h)</U> hereof) any public sale or distribution of its securities.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_007"></A>Section 7. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Ineligibility
to Effect a Demand Registration</U>. If, following receipt of a Demand (other than the Initial Demand) from a Holder, after giving
effect to any Holdback Period and any Blackout Period, the Company has not filed a Registration Statement for the Registrable
Securities so requested to be registered or has not used its reasonable best efforts to cause such Registration Statement to become
effective because it is not eligible to effect a registration pursuant to the Securities Act, the Company shall have 60 additional
days to file such Registration Statement for the Registrable Securities so requested to be registered or to use its reasonable
best efforts to cause such Registration Statement to become effective (such additional days, the &ldquo;<B>Ineligibility Accommodation
Period</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_008"></A>Section 8. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Intentionally
Omitted</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_009"></A>Section 9. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Registration
Procedures</U>. </FONT>If and whenever the Company shall be required to use its reasonable best efforts to effect or cause
the registration of any Registrable Securities under the Securities Act as provided in this Agreement, the Company shall and,
with respect to <U>Section 9(m)</U> and <U>Section 9(n)</U>, the Holders shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
prepare and file with the SEC a Registration Statement with respect to such Registrable Securities on any form for which the Company
then qualifies or that counsel for the Company shall deem appropriate, and which form shall be available for the sale of the Registrable
Securities in accordance with the intended methods of distribution thereof, and use its reasonable best efforts to cause such
Registration Statement to become and remain effective;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
prepare and file with the SEC amendments and post- effective amendments to such Registration Statement and such amendments and
supplements to the Prospectus used in connection therewith as may be necessary to maintain the effectiveness of such registration
or as may be required by the rules, regulations or instructions applicable to the registration form utilized by the Company or
by the Securities Act for a Shelf Registration or otherwise necessary to keep such Registration Statement effective for at least
ninety (90) days (or one hundred eighty (180) days in the case of a Shelf Registration) and cause the Prospectus as so supplemented
to be filed pursuant to Rule 424 under the Securities Act, and to otherwise comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement until the earlier of (x) such 90th or 180th
day, as the case may be, or (y) such time as all Registrable Securities covered by such Registration Statement shall have ceased
to be Registrable Securities (it being understood that the Company at its option may determine to maintain such effectiveness
for a longer period, whether pursuant to a Shelf Registration or otherwise); <I>provided, however,</I> that a reasonable time
before filing a Registration Statement or Prospectus, or any amendments or supplements thereto (other than reports required to
be filed by it under the Exchange Act), the Company shall furnish to the Holders, the managing underwriter and their respective
counsel for review and comment, copies of all documents proposed to be filed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
furnish, without charge, to the Holders and to any underwriter in connection with an Underwritten Offering such number of conformed
copies of such Registration Statement and of each amendment and post-effective amendment thereto (in each case including all exhibits)
and such number of copies of any Prospectus or Prospectus supplement and such other documents as Holders or such underwriter may
reasonably request in order to facilitate the disposition of the Registrable Securities by the Holders or the underwriter (the
Company hereby consenting to the use (subject to the limitations set forth in <U>Section 9(n)</U> hereof) of the Prospectus or
any amendment or supplement thereto in connection with such disposition);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
use its reasonable best efforts to register or qualify such Registrable Securities covered by such Registration Statement under
such other securities or &ldquo;blue sky&rdquo; laws of such jurisdictions as Holders shall reasonably request, except that the
Company shall not for any such purpose be required to qualify generally to do business as a foreign corporation in any jurisdiction
where, but for the requirements of this <U>Section 9(d)</U>, it would not be obligated to be so qualified, to subject itself to
taxation in any such jurisdiction, or to consent to general service of process in any such jurisdiction;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)
as promptly as practicable, notify the managing underwriters (if any) and Holders, at any time when a Prospectus relating thereto
is required to be delivered under the Securities Act within the appropriate period mentioned in <U>Section 9(b)</U> hereof, of
the Company&rsquo;s becoming aware that the Prospectus included in such Registration Statement, as then in effect, includes an
untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements
therein not misleading in light of the circumstances then existing, and, as promptly as practicable, prepare and furnish to the
Holders a reasonable number of copies of an amendment or supplement to such Registration Statement or related Prospectus as may
be necessary so that, as thereafter delivered to the purchasers of such Registrable Securities, such Prospectus shall not include
an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading in light of the circumstances then existing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)
notify the Holders, as promptly as practicable, at any time:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
when the Prospectus or any Prospectus supplement or post- effective amendment has been filed, and, with respect to the Registration
Statement or any post-effective amendment, when the same has become effective;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
of any request by the SEC for amendments or supplements to the Registration Statement or the Prospectus or for additional information;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
of the issuance by the SEC of any stop order suspending the effectiveness of the Registration Statement or any order preventing
the use of a related Prospectus, or the initiation (or any overt threats) of any proceedings for such purposes;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
of the receipt by the Company of any written notification of the suspension of the qualification of any of the Registrable Securities
for sale in any jurisdiction or the initiation (or overt threats) of any proceeding for that purpose; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
if at any time the representations and warranties of the Company contemplated by <U>Section 9(i)(i)</U> below cease to be true
and correct in all material respects;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)
otherwise comply with all applicable rules and regulations of the SEC, and make available to Holders an earnings statement that
shall satisfy the provisions of Section 11(a) of the Securities Act, <I>provided</I> that the Company shall be deemed to have
complied with this <U>Section 9(g)</U> if it shall have complied with Rule 158 under the Securities Act;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)
use its reasonable best efforts to cause all such Registrable Securities to be listed on the NYSE, NASDAQ or any other national
securities exchange or automated quotation system on which the class of Registrable Securities being registered is then listed,
if such Registrable Securities are not already so listed and if such listing is then permitted under the rules of such exchange,
and to provide a transfer agent and registrar for such Registrable Securities covered by such Registration Statement no later
than the effective date of such Registration Statement;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
enter into agreements (including, if applicable, an underwriting agreement and other customary agreements in the form customarily
entered into by other companies in comparable underwritten offerings) and take all other appropriate and all commercially reasonable
actions in order to expedite or facilitate the disposition of such Registrable Securities and in such connection, whether or not
an underwriting agreement shall be entered into and whether or not the registration shall be an underwritten registration:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)
make such representations and warranties to the Holders and the underwriters, if any, in form, substance and scope as are customarily
made by companies to underwriters in comparable underwritten offerings;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)
obtain opinions of counsel to the Company and updates thereof (which counsel and opinions shall be reasonably satisfactory (in
form, scope and substance) to the managing underwriters) addressed to the underwriters covering the matters customarily covered
in opinions requested in comparable underwritten offerings by the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)
obtain &ldquo;comfort letters&rdquo; and updates thereof from the Company&rsquo;s independent certified public accountants addressed
to the Board and the underwriters, if any, such letters to be in customary form and covering matters of the type customarily covered
in &ldquo;comfort letters&rdquo; by independent accountants in connection with comparable underwritten offerings on such date
or dates as may be reasonably requested by the managing underwriters, or if such offering is not an Underwritten Offering, the
Board; <I>provided, however,</I> that in connection with any non-Underwritten Offering, such comfort letter shall not be required
except to the extent requested by the Board;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iv)
provide the indemnification in accordance with the provisions and procedures of Section 13 hereof to all parties to be indemnified
pursuant to such Section 13 and any other indemnification customarily required in underwritten public offerings; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)
deliver such documents and certificates as may be reasonably requested by the Holders and the managing underwriters, if any, to
evidence compliance with <U>Section 9(f)</U> above and with any customary conditions contained in the underwriting agreement or
other agreement entered into by the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)
cooperate with the Holders and the managing underwriter or underwriters, if any, to facilitate, to the extent reasonable under
the circumstances, the timely preparation and delivery of certificates representing the securities to be sold under such Registration
Statement, and enable such securities to be in such denominations and registered in such names as the managing underwriter or
underwriters, if any, or the Holders may request and/or in a form eligible for deposit with the Depository Trust Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)
make available to the Holders, any underwriter participating in any disposition pursuant to such Registration Statement, and any
attorney, accountant or other agent retained by the Holders or such underwriter (collectively, the &ldquo;<B>Inspectors</B>&rdquo;),
reasonable access to appropriate officers and employees of the Company and the Company&rsquo;s subsidiaries to ask questions and
to obtain information reasonably requested by such Inspector and all financial and other records and other information, pertinent
corporate documents and properties of any of the Company and its subsidiaries and Affiliates (collectively, the &ldquo;<B>Records</B>&rdquo;),
as shall be reasonably necessary to enable them to exercise their due diligence responsibility; <I>provided, however,</I> that
the Records that the Company determines, in good faith, to be confidential and which it notifies the Inspectors in writing are
confidential shall not be disclosed to any Inspector unless such Inspector signs a confidentiality agreement in customary form
reasonably satisfactory to the Company or either (i) the disclosure of such Records is necessary to avoid or correct a misstatement
or omission of a material fact in such Registration Statement, or (ii) the release of such Records is ordered pursuant to a subpoena
or other order from a court of competent jurisdiction; <I>provided, further</I>, that any decision regarding the disclosure of
information pursuant to subclause (i) shall be made only after consultation with counsel for the applicable Inspectors; and <I>provided,
further,</I> that the Holders agree that they shall, promptly after learning that disclosure of such Records is sought in a court
having jurisdiction, give notice to the Company and allow the Company, at the Company&rsquo;s expense, to undertake appropriate
action to prevent disclosure of such Records;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)
in the event of the issuance of any stop order suspending the effectiveness of the Registration Statement or of any order suspending
or preventing the use of any related Prospectus or suspending the qualification of any Registrable Securities included in the
Registration Statement for sale in any jurisdiction, the Company shall use its reasonable best efforts promptly to obtain its
withdrawal;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)
the Holders shall furnish the Company with such information regarding them and pertinent to the disclosure requirements relating
to the registration and the distribution of such securities as the Company may from time to time reasonably request in writing
or as shall be required in connection with the action to be taken by the Company hereunder; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)
the Holders shall, upon receipt of any notice from the Company of the happening of any event of the kind described in <U>Section
9(e)</U> hereof, forthwith discontinue disposition of Registrable Securities pursuant to the Prospectus or Registration Statement
covering such Registrable Securities until the Holders shall have received copies of the supplemented or amended Prospectus contemplated
by <U>Section 9(e)</U> hereof, and, if so directed by the Company, the Holders shall deliver to the Company (at the Company&rsquo;s
expense) all copies, other than permanent file copies then in their possession, of the Prospectus covering such Registrable Securities
current at the time of receipt of such notice.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_010"></A>Section 10. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Registration
Expenses</U>. Except as otherwise provided herein, in connection with all registrations of Registrable Securities made pursuant
to the Shelf Registration to be filed pursuant to <U>Section 2(a)</U> or any Demand Registration or Piggy-Back Rights, the Company
shall pay all Registration Expenses; <I>provided, however,</I> that the Holders shall pay, and shall hold the Company harmless
from, (i)&nbsp;any underwriting discounts and commissions and transfer taxes relating to the sale or disposition of Registrable
Securities and (ii) any fees, expenses or disbursements of Holders&rsquo; counsel and other advisors.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_011"></A>Section 11. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Rule
144</U>. From and after the date which is more than one hundred eighty (180) days after the date hereof, the Company shall,
at all times when the Holders Beneficially Own any Registrable Securities, take such measures and file and/or make available such
information, documents and reports as shall be required by the SEC as a condition to the availability of Rule 144; <I>provided</I>,
<I>however</I>, that the Company need not take any of the foregoing actions during any Ineligibility Accommodation Period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_012"></A>Section 12.&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Covenants
of Holders</U>. Each Holder hereby covenants and agrees that it shall not sell any Registrable Securities in violation of
the Securities Act or this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_013"></A>Section 13 .<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Indemnification;
Contribution</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
The Company shall indemnify and hold harmless each Holder, its respective officers and directors, and each Person, if any, who
controls such Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act and any agents,
representatives or advisers thereof against all losses, claims, damages, liabilities and expenses (including reasonable attorneys&rsquo;
fees and expenses and reasonable costs of investigation) incurred by such party pursuant to any actual or threatened action, suit,
proceeding or investigation arising out of or based upon (i) any untrue or alleged untrue statement of material fact contained
in any Registration Statement, any Prospectus or preliminary Prospectus, or any amendment or supplement to any of the foregoing,
(ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of a Prospectus or a preliminary Prospectus, in light of the circumstances then existing) not
misleading, or (iii) any violation or alleged violation by the Company of any United States federal, state or common law rule
or regulation applicable to the Company and relating to action required of or inaction by the Company in connection with any such
registration except in each case insofar as the same arise out of or are based upon, any such untrue statement or omission made
in reliance on and in conformity with written information with respect to the Holders furnished in writing to the Company by the
Holders or their counsel expressly for use therein. In connection with an Underwritten Offering, the Company shall indemnify the
underwriters thereof, their officers, directors and agents and each Person who controls such underwriters (within the meaning
of Section 15 of the Securities Act or Section 20 of the Exchange Act) to the same extent as provided above with respect to the
indemnification of the Holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Any Person entitled to indemnification hereunder agrees to give prompt written notice to the indemnifying party after the receipt
by such indemnified party of any written notice of the commencement of any action, suit, proceeding or investigation or threat
thereof made in writing for which such indemnified party may claim indemnification or contribution pursuant to this <U>Section
13</U> (<I>provided</I> that failure to give such notification shall not affect the obligations of the indemnifying party pursuant
to this <U>Section 13</U> except to the extent the indemnifying party shall have been materially prejudiced as a result of such
failure). In case any such action shall be brought against any indemnified party and it shall notify the indemnifying party of
the commencement thereof, the indemnifying party shall be entitled to participate therein and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory
to such indemnified party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party),
and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof, the indemnifying
party shall not be liable to such indemnified party under this <U>Section 13</U> for any legal expenses of other counsel or any
other expenses, in each case subsequently incurred by such indemnified party, in connection with the defense thereof other than
reasonable costs of investigation. Notwithstanding the foregoing, if (i) the indemnifying party shall not have employed counsel
reasonably satisfactory to such indemnified party to take charge of the defense of such action within a reasonable time after
notice of commencement of such action (so long as such failure to employ counsel is not the result of an unreasonable determination
by such indemnified party that counsel selected pursuant to the immediately preceding sentence is unsatisfactory) or if the indemnifying
party shall not have demonstrated to the reasonable satisfaction of the indemnified party its ability to finance such defense,
or (ii) the indemnified party shall have reasonably concluded or been advised by counsel that there may be legal defenses available
to other indemnified parties to such action which could result in a conflict of interest for such counsel or prejudice the prosecution
of the defenses available to such indemnified party, then such indemnified party shall have the right to employ separate counsel
of its choosing, at the expense of the indemnifying party. No indemnifying party shall consent to entry of any judgment or enter
into any settlement without the consent (which consent, in the case of an action, suit, claim or proceeding exclusively seeking
monetary relief, shall not be unreasonably withheld) of the applicable indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
If the indemnification from the indemnifying party provided for in this <U>Section 13</U> is unavailable to an indemnified party
hereunder in respect of any losses, claims, damages, liabilities or expenses referred to therein, then the indemnifying party,
in lieu of indemnifying such indemnified party, shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative
fault of the indemnifying party and indemnified party in connection with the actions or omissions which resulted in such losses,
claims, damages, liabilities and expenses, as well as any other relevant equitable considerations. The relative fault of such
indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question,
including any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact,
has been made by, or relates to information supplied (in writing, in the case of the Holders) by, such indemnifying party or indemnified
party, and the parties&rsquo; relative intent, knowledge, access to information and opportunity to correct or prevent such action
or omission. The amount paid or payable by a party as a result of the losses, claims, damages, liabilities and expenses referred
to above shall be deemed to include, subject to the limitations set forth in <U>Section 13(b)</U> hereof, any legal and other
fees and expenses reasonably incurred by such indemnified party in connection with any investigation or proceeding. The parties
hereto agree that it would not be just and equitable if contribution pursuant to this <U>Section 13(c)</U> were determined by
pro rata allocation or by any other method of allocation which does not take account of the equitable considerations referred
to above in this <U>Section 13(c)</U>. Any underwriter&rsquo;s obligations in this <U>Section 13(c)</U> to contribute shall be
several in proportion to the number of Registrable Securities underwritten by them and not joint. Notwithstanding the provisions
of this <U>Section 13(c)</U>, no underwriter shall be required to contribute any amount in excess of the amount by which the total
price at which the Registrable Securities underwritten by it and distributed to the public were offered to the public exceeds
the amount of any damages which such underwriter has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.
If indemnification is available under this <U>Section 13</U>, the indemnifying parties shall indemnify each indemnified party
to the fullest extent provided in <U>Section 13(a)</U> hereof without regard to the relative fault of such indemnifying parties
or indemnified party or any other equitable consideration provided for in this <U>Section 13(c)</U>.</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)
The provisions of this <U>Section 13</U> shall be in addition to any liability which any party may have to any other party and
shall survive any termination of this Agreement. The indemnification provided by this <U>Section 13</U> shall survive the Transfer
of such Registrable Securities by the Holders and shall remain in full force and effect irrespective of any investigation made
by or on behalf of an indemnified party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_014"></A>Section 14. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Injunctions</U>.
EACH PARTY HERETO ACKNOWLEDGES AND AGREES THAT IRREPARABLE DAMAGE WOULD OCCUR IN THE EVENT THAT ANY OF THE PROVISIONS OF THIS
AGREEMENT WERE NOT PERFORMED IN ACCORDANCE WITH ITS SPECIFIC TERMS OR WERE OTHERWISE BREACHED. THEREFORE, EACH PARTY SHALL BE
ENTITLED TO AN INJUNCTION OR INJUNCTIONS TO PREVENT BREACHES OF THE PROVISIONS OF THIS AGREEMENT AND TO ENFORCE SPECIFICALLY THE
TERMS AND PROVISIONS HEREOF IN ANY COURT HAVING JURISDICTION, SUCH REMEDY BEING IN ADDITION TO ANY OTHER REMEDY TO WHICH SUCH
PARTY MAY BE ENTITLED AT LAW OR IN EQUITY.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_015"></A>Section 15. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Amendments
and Waivers</U>. No amendment, modification, supplement, termination, consent or waiver of any provision of this Agreement,
nor consent to any departure herefrom, shall in any event be effective unless the same is in writing and is signed by the party
against whom enforcement of the same is sought. Any waiver of any provision of this Agreement and any consent to any departure
from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose
for which given.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_016"></A>Section 16. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Notices</U>.
All notices, consents, requests, demands and other communications hereunder must be in writing, and shall be deemed to have been
duly given or made: (i) when delivered in person; (ii) three (3) days after deposited in the United States mail, first class postage
prepaid; (iii) in the case of telegraph or overnight courier services, one (1) Business Day after delivery to the telegraph company
or overnight courier service with payment provided; or (iv) in the case of telex or telecopy or fax, when sent, verification received;
in each case addressed as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
to the Company:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cadiz
Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">550
South Hope Street, Suite 2850</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los
Angeles, CA 90071</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(213) 271-1600</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:
(213) 271-1614</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attention:
Chief Financial Officer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>with
a copy to:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevin
Friedmann, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Greenberg
Traurig, LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1840
Century Park East, suite 1900</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Los
Angeles, CA 90067-2121</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(310) 586-7747</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facsimile:
(310) 586-7800</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">if
to the Holders, to the addresses set forth on the signature pages attached hereto,</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>with
a copy to:</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Christopher
Cox, Esq.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cadwalader,
Wickersham &amp; Taft LLP</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
World Financial Center</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
York, NY 10281</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Telephone:
(212) 504-6888</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Facsimile:
(212) 504-6666</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_017"></A>Section 17. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Successors
and Assigns</U>. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of
the parties hereto, without the need for an express consent by the Company thereto,&nbsp;<I>provided</I>, that (A)&nbsp;a transferring
Holder shall, within ten (10) days after a transfer, furnish the Company written notice of the name and address of the transferee
or assignee and (B)&nbsp;such transferee or assignee, prior to or simultaneous with such transfer or assignment, shall agree in
writing to be subject to and bound by the terms of this Agreement as a Holder party hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_018"></A>Section 18.&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Representations
and Warranties of the Company</U>. The Company and each of the Holders represents and warrants to the other parties hereto
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)
Such party is duly organized and validly existing under the laws of its jurisdiction of organization.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)
Such party has full corporate or other organizational power and authority to enter into this Agreement and to carry out and perform
its obligations hereunder. The execution, delivery and performance by such party of this Agreement have been duly authorized and
approved by all necessary corporate or other organizational action. This Agreement has been duly authorized, executed and delivered
by such party and constitutes the legal, valid and binding obligation of such party enforceable against it in accordance with
its terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors&rsquo; rights generally and to general
principles of equity.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)
The execution, delivery and performance by such party of its obligations under this Agreement, and compliance by such party with
the terms and conditions hereof will not (i) violate, with or without the giving of notice or the lapse of time, or both, or require
any registration, qualification, approval or filing (other than registrations, qualifications, approvals and filings that have
already been made or obtained) under, any provision of law, statute, ordinance or regulation applicable to it or any of its subsidiaries
and (ii) conflict with, or require any consent or approval under, or result in the breach or termination of any provision of,
or constitute a default under, or result in the acceleration of the performance of the obligations of such party or any of its
subsidiaries under, or result in the creation of any claim, lien, charge or encumbrance upon any of the properties, assets or
businesses of such party or any of its subsidiaries pursuant to (x) its organizational documents, (y) any order, judgment, decree,
law, ordinance or regulation applicable to it or any of its subsidiaries or (z) any contract, instrument, agreement or restriction
to which it or any of its subsidiaries is a party or by which it or any of its subsidiaries or any of its respective assets or
properties is bound.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_019"></A>Section 19. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Counterparts</U>.
This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement and shall
become effective when one or more counterparts have been signed by each of the parties and delivered to the other parties.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_020"></A>Section 20. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Descriptive
Headings</U>. The descriptive headings used herein are inserted for convenience of reference only and are not intended to
be part of or to affect the meaning or interpretation of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_021"></A>Section 21. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Choice
of Law</U><U>; Venue</U>. THIS AGREEMENT SHALL BE CONSTRUED, INTERPRETED AND THE RIGHTS OF THE PARTIES DETERMINED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW PRINCIPLES THEREOF. VENUE FOR ANY LEGAL ACTION
UNDER THIS AGREEMENT SHALL BE IN THE STATE OR FEDERAL COURTS LOCATED IN THE BOROUGH OF MANHATTAN IN THE CITY OF NEW YORK, NEW
YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0in"><A NAME="a_022"></A>Section 22. <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Severability</U>.
In the event that any one or more of the provisions contained herein, or the application thereof in any circumstances, shall be
held invalid, illegal or unenforceable in any respect for any reason, the validity, legality and enforceability of any such provision
in every other respect and of the remaining provisions contained herein shall not be in any way impaired thereby, it being intended
that all remaining provisions contained herein shall not be in any way impaired thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><A NAME="a_023"></A>Section 23. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Entire
Agreement</U>. This Agreement, including any schedules, exhibits or attachments referred to herein, is intended by the parties
as a final expression and a complete and exclusive statement of the agreement and understanding of the parties hereto in respect
of the subject matter hereof. There are no restrictions, promises, warranties or undertakings with respect to the subject matter
hereof, other than those set forth or referred to herein. This Agreement supersedes all prior agreements and understandings between
the parties with respect to such subject matter, including the 2013 Registration Rights Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><A NAME="a_024"></A>Section 24. <FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Further
Actions; Reasonable Best Efforts</U>. Each Holder shall use its reasonable best effort to take or cause to be taken all
appropriate action and to do or cause to be done all things reasonably necessary, proper or advisable under applicable law and
regulations to assist the Company in the performance of its obligations hereunder, including, without limitation, the preparation
and filing of any Registration Statements pursuant to any Demand.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Signature
Pages Follow]</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">IN
WITNESS WHEREOF, the parties have executed this Registration Rights Agreement as of the day and year first above written.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CADIZ
    INC.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Registration Rights Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>


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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>HOLDERS:</B></FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">LC
    CAPITAL MASTER FUND, LTD.</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 35%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Registration Rights Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ELKHORN
    PARTNERS LIMITED PARTNERSHIP</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 35%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Address:</FONT></TD>
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    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
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    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</TD></TR>
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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[Signature
Page to Registration Rights Agreement]</FONT></P>

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<DOCUMENT>
<TYPE>EX-10.4
<SEQUENCE>6
<FILENAME>ea119370ex10-4_cadizinc.htm
<DESCRIPTION>WAIVER AND AMENDMENT NO. 1 TO CREDIT AGREEMENT, DATED AS OF MARCH 5, 2020, BY AND AMONG CADIZ INC., CADIZ REAL ESTATE LLC, THE REQUIRED LENDERS AND WELLS FARGO BANK, NATIONAL ASSOCIATION, AS ADMINISTRATIVE AGENT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 10.4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<B>EXECUTION
VERSION</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WAIVER
AND AMENDMENT NO. 1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CREDIT
AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
<FONT STYLE="text-transform: uppercase">Waiver and Amendment No. 1 to Credit Agreement</FONT> (this &ldquo;<B>Agreement</B>&rdquo;)
is entered into as of March 5, 2020, by and among Cadiz Inc., a Delaware corporation (&ldquo;<B>Cadiz</B>&rdquo;), Cadiz Real
Estate LLC, a Delaware limited liability company (&ldquo;<B>CRE</B>&rdquo;; together with Cadiz, the &ldquo;<B>Borrowers</B>&rdquo;),
Apollo Special Situations Fund, L.P. (the &ldquo;<B>Lender</B>&rdquo;) and the Agent (as defined below), with reference to the
following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. Pursuant
to that certain Credit Agreement, dated as of May 1, 2017 (the &ldquo;<B>Credit Agreement</B>&rdquo;), among the Borrowers, the
Lender and Wells Fargo Bank, National Association as agent (the &ldquo;<B>Agent</B>&rdquo;), the Lender made a term loan to the
Borrowers in the initial principal amount of $60,000,000. Capitalized terms used but not defined in this Agreement have the meanings
ascribed to them in the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. Cadiz
is party to that certain Indenture, dated as of December 10, 2015 (the &ldquo;<B>Indenture</B>&rdquo;), 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
(the &ldquo;<B>Convertible Notes</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Cadiz
desires to enter into a Conversion and Exchange Agreement, substantially in the form attached hereto as <U>Exhibit A</U> (collectively,
the &ldquo;<B>Exchange Agreements</B>&rdquo;), with each of two holders (the &ldquo;<B>Holders</B>&rdquo;) of Convertible Notes
having an outstanding aggregate original principal amount and accrued but unpaid interest under such Convertible Notes of approximately
$44,821,177.33 (the &ldquo;<B>Outstanding Amount</B>&rdquo;), pursuant to which the Holders will (i) convert $17,480,302.33 of
the Outstanding Amount into common stock, par value $0.01 per share, of Cadiz (&ldquo;<B>Common Stock</B>&rdquo;), in accordance
with the Indenture (such transaction, the &ldquo;<B>Conversion</B>&rdquo;), and (ii) simultaneously exchange $27,340,875.00 (the
&ldquo;<B>Exchange Amount</B>&rdquo;) of the Outstanding Amount for an aggregate of 10,000 shares of a new series of preferred
stock, par value $0.01 per share, of Cadiz titled &ldquo;Series 1 Preferred Stock&rdquo; (the &ldquo;<B>Preferred Stock</B>&rdquo;).
The exchange of such portion of the Holders&rsquo; Convertible Notes as is equal to the Exchange Amount for the Preferred Stock
is referred to herein as the &ldquo;<B>Exchange</B>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. Cadiz
intends to file a certificate of designation with the Secretary of State of Delaware, substantially in the form of <U>Exhibit
B</U> hereto (the &ldquo;<B>Certificate of Designation</B>&rdquo;), for the purpose designating the Preferred Stock to be issued
in the Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. The
Borrowers, the Agent and the Lender desire to amend the Credit Agreement on the terms and conditions set forth herein. The Lender
is the only Lender party to the Credit Agreement as of the date hereof and constitutes the &ldquo;Required Lenders&rdquo; under
the Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants hereinafter contained, the receipt and sufficiency
of which are hereby acknowledged, the Lender, the Agent and the Borrowers agree as follows:</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. <B><U>Recitals</U></B>.
Each of the foregoing recitals is incorporated herein as if fully set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. <B><U>Waivers</U></B>.
As of the Amendment Effective Date (as defined below):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) The
Lender hereby waives the prohibition in Section 6.1 of the Credit Agreement against Cadiz creating or issuing any Indebtedness,
solely with respect to the potential payment of the liquidation value of the Preferred Stock with shares of Common Stock in connection
with any redemption thereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) The
Lender hereby waives the prohibition in Section 6.5 of the Credit Agreement against Cadiz making any Restricted Payments, solely
to the extent necessary for Cadiz to (i) consummate the Exchange pursuant to the Exchange Agreements, and (ii) convert the Preferred
Stock into shares of Common Stock pursuant to the Certificate of Designation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) The
Lender hereby waives the prohibition in Section 6.6 of the Credit Agreement against Cadiz making any Investments, solely to the
extent necessary for Cadiz to (i) consummate the Exchange pursuant to the Exchange Agreements, and (ii) convert the Preferred
Stock into shares of Common Stock pursuant to the Certificate of Designation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) The
Lender hereby waives the prohibition in Section 6.14 of the Credit Agreement against Cadiz amending its Organizational Documents,
solely to the extent necessary to permit Cadiz to adopt the Certificate of Designation and file it with the Secretary of State
of Delaware.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. <B><U>Amendments
to Credit Agreement</U></B>. The Credit Agreement is hereby amended as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Section
1.1 of the Credit Agreement is hereby amended by adding the following new definitions in the appropriate alphabetical order as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&ldquo;<B>Certificate
of Designation</B>&rdquo;: the Certificate of Designation of Series 1 Preferred Stock of Cadiz, filed with the Secretary of State
of the State of Delaware on or about March 5, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Exchange</B>&rdquo;:
the exchange of certain of the New Convertible Notes pursuant to the Exchange Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Exchange
Agreements</B>&rdquo;: those certain Conversion and Exchange Agreements, dated as of March 5, 2020, by and between Cadiz and the
holders of certain New Convertible Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Extension
Option</B>&rdquo;: as defined in <U>Section 2.2(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Extension
Option Fee</B>&rdquo;: as defined in <U>Section 2.2(a)</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;<B>Preferred
Stock</B>&rdquo;: Series 1 Preferred Stock, par value $0.01 per share, of the Company.&rdquo;</FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Section
1.1 of the Credit Agreement is hereby amended by amending and restating the definition of &ldquo;Applicable Cash Rate&rdquo; in
its entirety as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&ldquo;<B>Applicable
Cash Rate</B>&rdquo;: two percent (2.00%) per annum; <I>provided</I>, that if the Borrowers exercise the Extension Option, then
the Applicable Cash Rate shall be automatically increased on May 1, 2021, and at the end of each three-calendar month period thereafter,
by one-half of a percentage point (0.500%) per annum.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) Section
1.1 of the Credit Agreement is hereby amended by amending and restating the definition of &ldquo;Applicable PIK Rate&rdquo; in
its entirety as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&ldquo;<B>Applicable
PIK Rate</B>&rdquo;: six percent (6.00%) per annum; <I>provided</I>, that if the Borrowers exercise the Extension Option, then
the Applicable PIK Rate shall be automatically increased on May 1, 2021, and at the end of each three-calendar month period thereafter,
by one percentage point (1.000%) per annum.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) Section
1.1 of the Credit Agreement is hereby amended by amending and restating the definition of &ldquo;Applicable Prepayment Premium&rdquo;
in its entirety as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&ldquo;<B>Applicable
Prepayment Premium</B>&rdquo;: with respect to any repayment of Secured Term Loans pursuant to <U>Section 2.2</U>, <U>Section
2.3(a)</U> or <U>Section 2.6</U> or upon any acceleration of the outstanding Loans for any reason, including upon commencement
of voluntary or involuntary proceedings or otherwise, an amount equal to the product of (a) the Accreted Loan Value of the Secured
Term Loans being prepaid or repaid, as applicable, multiplied by (b) 5.00%; <I>provided</I>, <I>however</I>, that if the Borrowers
do not pay in full the Obligations on or prior to April 3, 2020, then the Applicable Prepayment Premium shall equal an amount
equal to the product of (i) the Accreted Loan Value of the Secured Term Loans being prepaid or repaid, as applicable, multiplied
by (ii) 7.00%; <I>provided</I>, <I>further</I>, that if the Borrowers exercise the Extension Option, then, effective as of May
1, 2021, the Applicable Prepayment Premium shall equal an amount equal to the product of (1) the Accreted Loan Value of the Secured
Term Loans being prepaid or repaid, as applicable, multiplied by (2) 10.00%.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e) Section
1.1 of the Credit Agreement is hereby amended by amending and restating the definition of &ldquo;Maturity Date&rdquo; in its entirety
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&ldquo;<B>Maturity
Date</B>&rdquo;: the earliest of (a) the date that is the four (4) year anniversary of the Closing Date (or the next succeeding
Business Day if such date is not a Business Day) (such date, as may be extended pursuant to <U>Section 2.2(a)</U>, the &ldquo;<B>Non-Springing
Maturity Date</B>&rdquo;), and (b) 91 days prior to the maturity date of the New Convertible Notes if, on the 91st day preceding
the stated maturity date of the New Convertible Notes, the 5-Day VWAP is less than 120% of the then applicable Conversion Rate
(as defined in the New Convertible Notes Indenture) and at least $10,000,000 in Original Principal Amount (as defined in the New
Convertible Notes Indenture) of the New Convertible Notes are outstanding on the date that is 91 days prior to the maturity date
of the New Convertible Notes (such date as defined pursuant to this clause (b), the &ldquo;<B>Springing Maturity Date</B>&rdquo;).&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f) Section
1.1 of the Credit Agreement is hereby amended by amending and restating the definition of &ldquo;Warrants&rdquo; in its entirety
as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&ldquo;<B>Warrants</B>&rdquo;:
warrants to purchase Common Stock issued by the Company to the Lenders on the Closing Date, as amended by that certain Amendment
No. 1 to Warrant, dated as of March 5, 2020, and as may be further amended, supplemented, restated or otherwise modified from
time to time.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g) Section
2.2 of the Credit Agreement is hereby amended by adding a new subsection (a) at the end thereof as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;(a)&#9;The
Borrowers shall have one (1) option (the &ldquo;<B>Extension Option</B>&rdquo;) (which shall be binding on the Lenders), exercisable
by written notice to the Agent (who shall promptly deliver notice thereof to the Lenders) given prior to the close of business
on the Business Day prior to the Non-Springing Maturity Date, to extend to the Non-Springing Maturity Date for a period of twelve
(12) months. In no event shall such extension result in an extension for a period of more than twelve (12) months following the
original Non-Springing Maturity Date. Upon delivery of such notice, the original Non-Springing Maturity Date shall be extended
for twelve (12) months so long as (i) no Default or Event of Default exists or is continuing, (ii) the representations and warranties
set forth in the Loan Documents shall be true and correct in all material respects as of the extension election date, in each
case, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects
as of such earlier date), and (iii) the Borrowers shall have paid an extension fee (the &ldquo;<B>Extension Option Fee</B>&rdquo;)
equal to one percent (1.0%) of the aggregate amount of the Accreted Loan Value as of the date of such notice to the Agent for
the account of each Lender as set forth in the Register referenced in <U>Section 9.6(a)</U>. The Extension Option Fee shall be
payable in cash or in shares of Common Stock, at the option of the Borrowers in their sole discretion. In the event the Borrowers
elect to pay the Extension Option Fee through the issuance of shares of Common Stock, Cadiz shall issue to the Lenders such number
of shares of Common Stock equal to the amount of the Extension Option Fee divided by the 10-day VWAP (as defined in the Warrants)
as of such date, and such shares of Common Stock shall not be registered with the Commission under the Securities Act, and instead
such shares shall be issued under an exemption or exemptions from the registration and qualification requirements of the Securities
Act or other applicable securities laws.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h) Section
5.1(a) of the Credit Agreement is hereby amended and restated in its entirety as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;(a)&#9;within
90 days after the end of each fiscal year of the Borrower, a copy of the audited consolidated balance sheet of the Borrower and
its consolidated Subsidiaries as at the end of such year and the related audited consolidated statements of income and of cash
flows for such year, setting forth in each case in comparative form the figures for the previous year, reported on without a &ldquo;going
concern&rdquo; or like qualification or exception, or qualification arising out of the scope of the audit (except to the extent
such &ldquo;going concern&rdquo; or like qualification or exception, or qualification arising out of the scope of the audit, is
given solely as a result of the Maturity Date of any Loan), by PricewaterhouseCoopers LLP or other independent certified public
accountants of nationally recognized standing;&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i) Section
6.7 of the Credit Agreement is hereby amended and restated in its entirety as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;6.7&#9;<U>Transactions
with Affiliates</U>. Enter into any transaction, including any purchase, sale, lease or exchange of property, the rendering of
any service or the payment of any management, advisory or similar fees, with any Affiliate (other than among the Loan Parties)
unless (a) such transaction is (i) otherwise permitted under this Agreement, (ii) in the ordinary course of business of the relevant
Loan Party, and (iii) upon fair and reasonable terms no less favorable to the relevant Loan Party than it would obtain in a comparable
arm&rsquo;s length transaction with a Person that is not an Affiliate, or (b) such transaction is necessary for Cadiz to perform
its obligations and exercise its rights pursuant to the Exchange Agreements and the Certificate of Designation.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. <B><U>Conditions
to Effectiveness</U></B>. The effectiveness of this Agreement and the waivers and amendments set forth in Section 2 and 3 hereof
are subject to the satisfaction (or waiver) of the following conditions (the date of such satisfaction (or waiver), the &ldquo;<B>Amendment
Effective Date</B>&rdquo;):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) The
Agent shall have received (i) from each of the Borrowers, a counterpart of this Agreement signed on behalf of such party and (ii)
from Lenders (that constitute at least the Required Lenders), a counterpart of this Agreement signed on behalf of such party;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) at
the time of and immediately after giving effect to this Agreement, no Default or Event of Default has occurred or is continuing
or shall result from this Amendment; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) the
representations and warranties set forth in the Loan Documents shall be true and correct in all material respects as of the Amendment
Effective Date, in each case, with the same effect as though made on and as of such date, except to the extent such representations
and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct
in all material respects as of such earlier date).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5. <B><U>Ratifications</U></B>.
Except as expressly amended or waived hereby, the terms and provisions of the Loan Documents remain unchanged, are and shall remain
in full force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified
and confirmed. Except as expressly provided herein, this Agreement shall not constitute an amendment, waiver, consent or release
with respect to any provision of any Loan Document, a waiver of any Default or Event of Default under any Loan Document, or a
waiver or release of any of the Lenders&rsquo; rights and remedies (all of which are hereby reserved). Each reference to the Credit
Agreement that is made in the Credit Agreement or other Loan Document shall hereafter be construed as a reference to the Credit
Agreement as amended hereby. This Agreement shall be considered one of the Loan Documents and any reference to &ldquo;Loan Documents&rdquo;
contained in the Credit Agreement or any document, instrument or agreement executed in connection with the Credit Agreement shall
be deemed to include this Agreement. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6. <B><U>Miscellaneous
Provisions</U>.</B> Section 9 of the Credit Agreement is hereby incorporated by reference herein, <I>mutatis mutandis</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7. <B><U>Agent
Authorization</U></B>. By its signature, the Lender hereby authorizes and directs the Agent to execute and deliver this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[The
remainder of the page is intentionally left blank]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, </B>the Borrowers, the Agent and the Lender have executed this Agreement as of the date set forth on the first
page of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>BORROWERS:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CADIZ INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%">/s/ Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT>  Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: President and Chief Executive Officer </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CADIZ REAL ESTATE LLC</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Tim Shaeheen</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Tim Shaeheen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Manager</FONT></TD></TR>
</TABLE>


<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">[Signature
Page to Waiver and Amendment No. 1 to Credit Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;&nbsp;</B></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, </B>the Borrowers, the Agent and the Lender have executed this Agreement as of the date set forth on the first
page of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>LENDER:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APOLLO SPECIAL SITUATIONS FUND, L.P.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="width: 36%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apollo Special Situations Advisors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.P., its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apollo Special Situations Advisors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 0.5in">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GP, LLC, its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Laurie Medley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 30.75pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Laurie Medley</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-indent: 30.75pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT> Vice President</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">[Signature
Page to Waiver and Amendment No. 1 to Credit Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, </B>the Borrowers, the Agent and the Lender have executed this Agreement as of the date set forth on the first
page of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>AGENT:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WELLS FARGO BANK, N.A., as Agent</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%">/s/ Lance Yeagle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT> Lance Yeagle</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: AVP</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">[Signature
Page to Waiver and Amendment No. 1 to Credit Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT>&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Exhibit
A</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
of Exchange Agreement</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">

<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXECUTION
VERSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONVERSION
AND EXCHANGE AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Conversion and Exchange Agreement (the &ldquo;<U>Agreement</U>&rdquo;) is made as of March 5, 2020, by and between LC Capital
Master Fund, Ltd. (the &ldquo;<U>Holder</U>&rdquo;) and Cadiz Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECITALS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Company is party to that certain Indenture, dated as of December 10, 2015 (the &ldquo;<U>Indenture</U>&rdquo;), between Cadiz,
as issuer, and U.S. Bank National Association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;), pursuant to which Cadiz issued certain
7.00% Convertible Senior Notes due 2020 (&ldquo;<U>Convertible&nbsp;Notes</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Holder has acquired Convertible Notes under the Indenture in the aggregate original principal amount of $26,480,000 (such
Convertible Notes acquired by the Holder, the &ldquo;<U>Notes</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
as of the date hereof, there remains approximately $43,346,290.34 in outstanding aggregate original principal amount and accrued
but unpaid interest under the Notes (the &ldquo;<U>Outstanding Amount</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the current Maturity Date of the Notes is March 5, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Holder desires to convert $16,904,930.13 of the Outstanding Amount (the &ldquo;<U>Conversion Amount</U>&rdquo;) into common
stock, par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;), of the Company in accordance with the terms of the Indenture
and simultaneously exchange $26,441,360.21 (the &ldquo;<U>Exchange Amount</U>&rdquo;) of the Outstanding Amount for shares of
a new series of preferred stock, par value $0.01 per share, of the Company titled &ldquo;Series 1 Preferred Stock&rdquo; (the
&ldquo;<U>Preferred Stock</U>&rdquo;) in an exchange qualifying as a recapitalization pursuant to Section 368(1)(E) of the Internal
Revenue Code of 1986, as amended, including the regulations and published interpretations thereunder (the &ldquo;<U>Code</U>&rdquo;).
The exchange of such portion of the Notes as is equal to the Exchange Amount for the Preferred Stock is referred to herein as
the &ldquo;<U>Exchange</U>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
Notes comprising the Exchange Amount are to be exchanged for 9,671 shares of Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Preferred Stock shall have the rights, preferences and privileges set forth in the form of Certificate of Designations of
Series 1 Preferred Stock attached hereto as <U>Exhibit A</U> (the &ldquo;<U>Certificate</U>&rdquo;), including that each share
of Preferred Stock will be convertible into 405.05 shares of Common Stock, subject to certain adjustments set forth therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Closing Preferred Shares and the Conversion Shares (each as defined below) will have the benefit of the Registration Rights
Agreement, to be dated as of the Closing Date (as defined below), by and between the Company and the Holder (the &ldquo;<U>Registration
Rights Agreement</U>&rdquo;), in the form attached hereto as <U>Exhibit B</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Exchange is being made in reliance upon the exemption from registration provided by Section&nbsp;4(a)(2) and/or Section 3(a)(9)
of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOW
THEREFORE, on and subject to the terms hereof, the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;I</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONVERSION
OF THE CONVERSION AMOUNT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to the terms set forth in this Agreement and the Indenture, the Holder shall execute and deliver a Conversion Notice to the Conversion
Agent on the date of this Agreement, thereby effecting the conversion of the Conversion Amount, and the Company shall cause to
be delivered to the Holder the number of shares of Common Stock equal to the applicable Settlement Amount, all subject to and
in accordance with Article 10 of the Indenture, including, without limitation, the procedural requirements set forth in Section
10.02 of the Indenture (the &ldquo;<U>Conversion</U>&rdquo;).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;II</B><BR>
<BR>
EXCHANGE OF THE EXCHANGE AMOUNT<BR>
<BR>
FOR THE pREFERRED STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to the terms set forth in this Agreement, at the Closing (as defined herein), the Holder hereby agrees to convey, assign and transfer
to the Company such portion of the Notes as is equal to the Exchange Amount, in exchange for which the Company agrees to issue
to the Holder 9,671 shares of Preferred Stock (the &ldquo;<U>Closing Preferred Shares</U>&rdquo;). At the Closing, the Holder
shall deliver to the Registrar the Notes comprising the Exchange Amount (to the extent such Notes were not previously delivered
to the Conversion Agent for purposes of the Conversion pursuant to <U>Article I</U> hereof), and the Company shall issue the Closing
Preferred Shares to the Holder in book entry form. Subject to <U>Section&nbsp;6.1</U>, the consummation of the Exchange (the &ldquo;<U>Closing</U>&rdquo;)
shall occur on a mutually agreed upon date (the &ldquo;<U>Closing Date</U>&rdquo;) no later than two business days after the date
of this Agreement. The Company shall file the Certificate with the Secretary of State of the State of Delaware on the Closing
Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;III</B><BR>
<BR>
REPRESENTATIONS AND<BR>
<BR>
WARRANTIES OF THE HOLDER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Holder hereby makes the following representations and warranties to the Company, each of which is and shall be true and correct
on the date hereof and at the Closing, and all such representations and warranties shall survive the Closing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.1 <U>Power
and Authorization</U>.&nbsp;&nbsp;The Holder is duly organized, validly existing and in good standing, and has the power, authority
and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated
hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.2 <U>Valid
and Enforceable Agreement; No Violations</U>.&nbsp;&nbsp;This Agreement has been duly executed and delivered by the Holder and
constitutes a legal, valid and binding obligation of the Holder, enforceable against the Holder in accordance with its terms,
except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
other similar laws affecting or relating to enforcement of creditors&rsquo; rights generally, and (b)&nbsp;general principles
of equity, whether such enforceability is considered in a proceeding at law or in equity (such qualifications in clauses (a) and
(b) being the &ldquo;<U>Enforceability Exceptions</U>&rdquo;). This Agreement and consummation of the transactions contemplated
hereby will not violate, conflict with or result in a breach of or default under (i)&nbsp;the Holder&rsquo;s organizational documents,
(ii)&nbsp;any agreement or instrument to which the Holder is a party or by which the Holder or any of its assets are bound, or
(iii)&nbsp;any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.3 <U>Title
to the Notes</U>.&nbsp;&nbsp;The Holder has not, in whole or in part, (a)&nbsp;assigned, transferred, hypothecated, pledged, exchanged
or otherwise disposed of any of its rights in the Notes, or (b)&nbsp;given any person or entity any transfer order, power of attorney
or other authority of any nature whatsoever with respect to the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.4 <U>Hold
Period</U>.&nbsp;&nbsp;From the date of this Agreement until the Closing Date, the Holder shall not, and shall not allow any of
its Affiliates to, offer, sell, contract to sell or otherwise dispose of, except as provided hereunder, all or any portion of
the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.5 <U>Accredited
Investor/Qualified Institutional Buyer</U>.&nbsp;&nbsp;The Holder is either (i) an &ldquo;accredited investor&rdquo; within the
meaning of Rule 501(a) of Regulation D (&ldquo;<U>Regulation D</U>&rdquo;) promulgated under the Securities Act, (ii) has (and
if applicable, its officers, employees, directors or equity owners have) either alone or with his, her or its purchaser representative
or representatives, if any, such knowledge and experience in financial and business matters that he, she or it is capable of evaluating
the merits and risks of the Exchange or (iii) a &ldquo;qualified institutional buyer&rdquo; within the meaning of Rule 144A promulgated
under the Securities Act (&ldquo;<U>Rule 144A</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.6 <U>Restricted
Stock</U>.&nbsp;&nbsp;The Holder (a)&nbsp;acknowledges (i) that the issuance of the Preferred Stock pursuant to this Agreement
and the issuance of any shares of Common Stock upon conversion of any of the Preferred Stock (the &ldquo;<U>Conversion Shares</U>&rdquo;)
have not been registered, nor does the Company have a plan or intent to register such issuance of Preferred Stock or Conversion
Shares, under the Securities Act or any state securities laws except as contemplated by the Registration Rights Agreement, (ii)
the Preferred Stock and Conversion Shares are being offered and sold in reliance upon exemptions provided in the Securities Act
and state securities laws for transactions not involving any public offering and, therefore, cannot be sold, transferred, offered
for sale, pledged, hypothecated or otherwise disposed of unless they are subsequently registered and qualified under the Securities
Act and applicable state laws or unless an exemption from such registration and qualification is available, (iii) the Preferred
Stock and Conversion Shares are &ldquo;<U>restricted securities</U>&rdquo; as that term is defined in Rule 144 promulgated under
the Securities Act and (iv) any and all certificates representing the Preferred Stock and Conversion Shares shall bear a restrictive
legend substantially as set forth in <U>Section&nbsp;7.2</U> hereof to the extent required thereby and (b)&nbsp;is purchasing
the Preferred Stock and Conversion Shares for investment purposes only for the account of the Holder and not with any view toward
a distribution thereof or with any intention of selling, distributing or otherwise disposing of the Preferred Stock or Conversion
Shares in a manner that would violate the registration requirements of the Securities Act. The Holder is able to bear the economic
risk of holding the Preferred Stock and Conversion Shares for an indefinite period and has sufficient knowledge and experience
in financial and business matters so as to be capable of evaluating the merits and risk of its investment in the Preferred Stock
and Conversion Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.7 <U>Adequate
Information; No Reliance</U>. The Holder acknowledges and agrees that (a)&nbsp;the Holder has conducted its own review of materials
it considers relevant to making an investment decision to enter into the Conversion and the Exchange and has had the opportunity
to review the Company&rsquo;s filings and submissions with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;),
including, without limitation, all information filed or furnished pursuant to the Exchange Act and all information incorporated
into such filings and submissions, (b) the Holder has sufficient knowledge and expertise to make an investment decision with respect
to the transactions contemplated hereby, (c)&nbsp;the Holder has had a full opportunity to speak directly with directors, officers
and &ldquo;<U>Affiliates</U>&rdquo; (as that term is defined in Rule 501(b) of Regulation D under the Securities Act) of the Company
and to ask questions of the Company and such directors, officers and Affiliates of the Company concerning the Company, its business,
operations, financial performance, financial condition and prospects, and the terms and conditions of the Conversion and the Exchange,
and to obtain such additional information as it deems necessary to verify the accuracy of the information furnished to it and
has asked such questions, received such answers and obtained such information as it deems necessary, (d)&nbsp;the Holder has had
the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in
the Conversion and the Exchange and to make an informed investment decision with respect to the Conversion and the Exchange and
(e)&nbsp;the Holder is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal
or other), representation or warranty made by the Company or any of its affiliates or representatives, except for (A)&nbsp;the
publicly available filings and submissions made by the Company with the SEC under the Exchange Act, together with all information
incorporated into such filings and submissions, and (B)&nbsp;the representations and warranties made by the Company in this Agreement
and the other agreements contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.8 <U>Holder&rsquo;s
Reporting Requirement.</U> The Company has made no representations to the Holder regarding the Holder&rsquo;s reporting requirements
with the SEC related to the Holder&rsquo;s ownership in the Company, and the Holder acknowledges and agrees that it is the responsibility
of the Holder to ensure that it complies with any disclosure and reporting requirements of the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.9 <U>No
Public Market</U>.&nbsp;&nbsp;The Holder understands that no public market exists for the Preferred Stock, and that there is no
assurance that a public market will ever develop for the Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.10 <U>No
General Solicitation or Advertising</U>. The offer to enter into the Exchange was directly communicated to the Holder, and the
Holder was able to ask questions of and receive answers concerning the terms of the Exchange.&nbsp;&nbsp;At no time was the Holder
presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form
of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with
such communicated offer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.11 <U>Legal
Opinions</U>.&nbsp;&nbsp;The Holder acknowledges and understands that a legal opinion is being delivered by counsel to the Company
in reliance on, and assuming the accuracy of, the foregoing representations and warranties of the Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;IV</B><BR>
<BR>
REPRESENTATIONS AND<BR>
<BR>
WARRANTIES OF THE COMPANY</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company hereby makes the following representations and warranties, each of which is and shall be true and correct on the date
hereof and at the Closing, to the Holder, and all such representations and warranties shall survive the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.1 <U>Exchange
Act Filings</U>. The Company has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, reports
and documents required to be filed or furnished by it with the SEC pursuant to the Exchange Act or the Securities Act since December
31, 2017 (the &ldquo;<U>Company Reports</U>&rdquo;). The Company Reports, when they became effective or were filed with or furnished
to the SEC, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act,
as applicable, and the rules and regulations thereunder and none of such documents contained any untrue statement of a material
fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading; and any further documents so filed or furnished after the date
hereof and on or prior to the Closing, when such documents become effective or are filed with the SEC, as the case may be, will
conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and
regulations of the SEC thereunder and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading. On or before the second business day following the date of this Agreement, the Company shall issue a publicly
available press release or file with the SEC a Current Report on Form 8-K disclosing all material terms of the transactions contemplated
hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.2 <U>Due
Incorporation</U>.&nbsp;&nbsp;Each of the Company and each of its Subsidiaries has been duly organized and is validly existing
as a corporation or other legal entity in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction
of incorporation or organization.&nbsp;&nbsp;Each of the Company and its Subsidiaries is duly qualified to do business and is
in good standing as a foreign corporation or other legal entity in each jurisdiction in which its ownership or lease of its properties
or the conduct of its business requires such qualification and has all power and authority (corporate or other) necessary to own
or hold its properties and to conduct the businesses in which each is engaged, except where the failure to so qualify or have
such power or authority (i) would not have and would not reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the condition (financial or otherwise), results of operations, assets or business of the Company and its Subsidiaries,
taken as a whole, or (ii) impair in any material respect the ability of the Company to perform its obligations under this Agreement
or the Indenture or to consummate any transactions contemplated hereby or thereby (any such effect as described in clauses (i)
or (ii), a &ldquo;<U>Material Adverse Effect</U>&rdquo;). As used in this Agreement, &ldquo;<U>Subsidiary</U>&rdquo; shall have
the meaning set forth in Rule 1-02 of Regulation S-X of the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.3 <U>Subsidiaries</U>.
The membership interests or capital stock, as applicable, of each Subsidiary have been duly authorized and validly issued, are
fully paid and nonassessable and, except to the extent set forth in the Company Reports, are owned by the Company directly, free
and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third
party.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.4 <U>Due
Authorization</U>.&nbsp;&nbsp;The Company has the full right, power and authority to enter into this Agreement and the Registration
Rights Agreement and to perform and to discharge its obligations hereunder and thereunder; and this Agreement and the Registration
Rights Agreement have been duly authorized, this Agreement has been, and at Closing the Registration Rights Agreement will be,
duly executed and delivered by the Company, and each such agreement constitutes or will constitute upon Closing a valid and binding
obligation of the Company enforceable in accordance with its terms, subject to the Enforceability Exceptions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.5 <U>The
Preferred Stock and the Conversion Shares</U>. The Preferred Stock to be issued to the Holder hereunder has been duly authorized
and, when issued and delivered upon sale, will be validly issued, fully paid, and nonassessable and free of any preemptive or
similar rights. The Conversion Shares have been duly authorized for issuance by the Company and, when issued in accordance with
the terms of the Certificate, will be validly issued, fully paid and nonassessable and free of any preemptive or similar rights.&nbsp;&nbsp;The
Preferred Stock and the Conversion Shares will be issued in compliance with all federal and state securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.6 <U>Capitalization</U>.
The authorized capital stock of the Company consists of 70,000,000 shares of Common Stock, of which 30,227,632 shares of Common
Stock were outstanding as of the close of business on March 1, 2020, and 100,000 shares of preferred stock, none of which are,
or will be immediately prior to the Closing, outstanding. All of the outstanding shares of Common Stock have been duly authorized
and are validly issued, fully paid and nonassessable.&nbsp;&nbsp;Other than 1,145,555 shares of Common Stock reserved for issuance
under the Company&rsquo;s employee benefit plans, stock option and employee stock purchase plans or other employee compensation
plans as such plans are in existence on the date hereof and described in the Company Reports and 362,500 shares of Common Stock
reserved for issuance upon exercise of warrants outstanding on the date hereof and previously described in the Company Reports,
the Company has no shares of capital stock reserved for issuance.&nbsp;&nbsp;Except as set forth above or pursuant to this Agreement,
there are no preemptive or other outstanding rights, options, warrants, conversion rights, stock appreciation rights, redemption
rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that obligate the Company or any
of its Subsidiaries to issue or sell any shares of capital stock or other securities of the Company or any of its Subsidiaries
or any securities or obligations convertible or exchangeable into or exercisable for, or giving any person a right to subscribe
for or acquire, any securities of the Company or any of its Subsidiaries, and no securities or obligations evidencing such rights
are authorized, issued or outstanding. The Company does not have outstanding any bonds, debentures, notes or other debt obligations
the holders of which have the right to vote with the stockholders of the Company on any matter in their capacity as such holders.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.7 <U>No
Default, Termination or Lien</U>. The execution, delivery and performance of this Agreement and the Registration Rights Agreement
by the Company, the issuance, sale and delivery of the Preferred Stock by the Company, the issuance and delivery of the Conversion
Shares in accordance with the terms of the Certificate, the consummation of the transactions contemplated hereby and thereby,
and compliance by the Company with the terms of this Agreement and the Registration Rights Agreement will not (with or without
notice or lapse of time or both) conflict with or result in a breach or violation of any of the terms or provisions of, constitute
a default under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation
or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge
upon any property or assets of the Company or any Subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of
its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject, nor
will such actions result in any violation of the provisions of the charter or by-laws (or analogous governing instruments, as
applicable) of the Company or any of its Subsidiaries or any law, statute, rule, regulation, judgment, order or decree of any
court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or
any of their properties or assets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.8 <U>No
Consents</U>. No consent, notice, approval, authorization or order of, or qualification with, any governmental body, agency or
other person is required for the performance by the Company of its obligations under this Agreement or the Registration Rights
Agreement, except such as is required pursuant to that certain Credit Agreement, dated May 1, 2017, among the Company, Apollo
Special Situations Fund L.P., Wells Fargo Bank N.A. and the other parties signatory thereto, which consent shall have been obtained
prior to the Closing Date, and such as may be required by the securities or blue sky laws of the various states and the NASDAQ
Global Market in connection with the offer and sale of the Preferred Stock.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.9 <U>Independent
Accountants</U>. PricewaterhouseCoopers LLP (&ldquo;<U>PwC</U>&rdquo;), who have certified certain financial statements and related
schedules included or incorporated by reference in the Company Reports, is an independent registered public accounting firm as
required by the Securities Act and the rules and regulations thereunder and the Public Company Accounting Oversight Board (United
States).&nbsp;&nbsp;Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, PwC
has not been engaged by the Company to perform any &ldquo;prohibited activities&rdquo; (as defined in Section 10A of the Exchange
Act).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.10 <U>Financial
Statements</U>. The financial statements, together with the related notes and schedules, included in the Company Reports fairly
present the financial position and the results of operations and changes in financial position of the Company and its consolidated
Subsidiaries and other consolidated entities at the respective dates or for the respective periods therein specified.&nbsp;&nbsp;Such
statements and related notes and schedules have been prepared in accordance with the generally accepted accounting principles
in the United States (&ldquo;<U>GAAP</U>&rdquo;) applied on a consistent basis throughout the periods involved except as may be
set forth in the related notes.&nbsp;&nbsp;Such financial statements, together with the related notes and schedules, comply in
all material respects with the Securities Act, the Exchange Act, and the rules and regulations thereunder.&nbsp;&nbsp;No other
financial statements or supporting schedules or exhibits are required by the Exchange Act or the rules and regulations thereunder
to be filed with the SEC.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.11 <U>No
Material Adverse Change</U>. There has not occurred any material adverse change, or any development involving a prospective material
adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its Subsidiaries,
taken as a whole, from that set forth or contemplated in the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019, filed with the SEC on November 12, 2019 (the &ldquo;<U>Latest Quarterly Report</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.12 <U>Legal
Proceedings</U>. There are no legal or governmental proceedings, actions, suits or claims pending or, to the Company&rsquo;s knowledge,
threatened to which the Company or any of its Subsidiaries is a party or to which any of the properties or assets of the Company
or any of its Subsidiaries is subject (i) other than proceedings accurately described in all material respects in the Company
Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections
of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking in nature and
not statements of historical fact), litigation in connection with a Qualified Water Project (as defined in the Indenture), the
Northern Pipeline Project (as defined in the Certificate) and the Southern Pipeline Project (as defined in the Certificate), and
proceedings that would not have and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect, or (ii) that are required to be described in the Company Reports and are not so described; and there are no statutes,
regulations, contracts or other documents to which the Company or any of its Subsidiaries is subject or by which the Company or
any of its Subsidiaries is bound that are required to be described in the Company Reports or to be filed as exhibits to the Company
Reports that are not described or filed as required. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has been the subject of any legal or governmental proceedings, actions, suits or claims of violation of or liability under
federal or state securities laws or a claim of breach of fiduciary duty.&nbsp;&nbsp;For purposes of this Agreement, &ldquo;<U>Company&rsquo;s
Knowledge</U>&rdquo; means the actual knowledge of the executive officers (as defined in Exchange Act Rule 3b-7) of the Company
or its Subsidiaries, after reasonable due inquiry.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.13 <U>Regulatory
Permits</U>. Each of the Company and its Subsidiaries possesses or has applied for all certificates, authorizations, licenses,
franchises, permits, orders and approvals issued or granted by the appropriate governmental or regulatory authorities, agencies,
courts, commissions or other entities, whether federal, state, local or foreign, or applicable self-regulatory organizations necessary
to conduct its business as currently conducted, except (i) where the failure to possess such certificates, authorizations, licenses,
franchises, permits, orders and approval, individually or in the aggregate, has not and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect (&ldquo;<U>Material Permits</U>&rdquo;) and (ii) as accurately described
in all material respects in the Company Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking
statements&rdquo; sections of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking
in nature and not statements of historical fact), and neither the Company nor any of its Subsidiaries has received any written
notice of proceedings relating to the revocation or material adverse modification of any such Material Permits (except as accurately
described in all material respects in the Company Reports, including the Latest Quarterly Report), and to the Company&rsquo;s
Knowledge, there are no facts or circumstances that would give rise to the revocation or material adverse modifications of any
Material Permits (except as accurately described in all material respects in the Company Reports, including the Latest Quarterly
Report (excluding any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such report
and any other disclosures included therein, to the extent they are predictive or forward-looking in nature and not statements
of historical fact)).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.14 <U>Material
Contracts</U>. Except for the Material Contracts, the Company and its Subsidiaries are not party to any agreements, contracts
or commitments that are material to the business, financial condition, assets or operations of the Company and its Subsidiaries
that would be required to be filed pursuant to Item 601(b)(10) of Regulation S-K under the Exchange Act.&nbsp;&nbsp;Neither the
Company nor any of its Subsidiaries is in material default under or in material violation of, nor to the Company&rsquo;s Knowledge,
has received written notice of termination or default under any Material Contract.&nbsp;&nbsp;For purposes of this Agreement,
&ldquo;<U>Material Contract</U>&rdquo; means any contract of the Company that was filed as an exhibit to the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 18, 2019 (as amended, the &ldquo;<U>2018
Annual Report</U>&rdquo;), and any Company Report filed after the filing of the 2018 Annual Report.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.15 <U>Investment
Company Act</U>. Neither the Company nor any of its Subsidiaries is or, after giving effect to the Conversion and the Exchange,
will become an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended, and the
rules and regulations of the SEC thereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.16 <U>No
Price Stabilization</U>. Neither the Company, its Subsidiaries nor any of the Company&rsquo;s or its Subsidiaries&rsquo; officers,
directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate
the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected
to cause or result in, stabilization or manipulation of the price of any security of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.17 <U>Title
to Property</U>. The Company and its Subsidiaries have good and marketable title to all real and personal property owned by them
which is material to the business of the Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens,
encumbrances and defects of title except such as are described in the Company Reports (excluding in each case any disclosures
set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included
therein, to the extent they are predictive or forward-looking in nature and not statements of historical fact) or such as do not
materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by
the Company and its Subsidiaries; and any real property and buildings held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with
the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries, in each case except as
described in the Company Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking
statements&rdquo; sections of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking
in nature and not statements of historical fact).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.18 <U>No
Labor Disputes</U>. No labor problem or dispute with the employees of the Company exists, or, to the Company&rsquo;s Knowledge,
is threatened or imminent, which would or would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect.&nbsp;&nbsp;The Company is not aware that any key employee or significant group of employees of the Company plans
to terminate employment with the Company.&nbsp;&nbsp;To the Company&rsquo;s Knowledge, no executive officer (as defined in Rule
501(f) of the Securities Act) of the Company or any of its Subsidiaries is in violation of any material term of any employment
contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement.&nbsp;&nbsp;Except for
matters which would not and would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse
Effect, (i)&nbsp;the Company has not engaged in any unfair labor practice; (ii) there is (A)&nbsp;no unfair labor practice complaint
pending or, to the Company&rsquo;s Knowledge, threatened against the Company before the National Labor Relations Board, and no
grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company&rsquo;s
Knowledge, threatened, (B)&nbsp;no strike, labor dispute, slowdown or stoppage pending or, to the Company&rsquo;s knowledge, threatened
against the Company and (C)&nbsp;no union representation dispute currently existing concerning the employees of the Company; and
(iii)&nbsp;to the Company&rsquo;s knowledge, (A)&nbsp;no union organizing activities are currently taking place concerning the
employees of the Company and (B)&nbsp;there has been no violation of any federal, state, local or foreign law relating to discrimination
in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee Retirement Income
Security Act of 1974 (&ldquo;<U>ERISA</U>&rdquo;) or the rules and regulations promulgated thereunder concerning the employees
of the Company.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.19 <U>Taxes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a) The
Company (i)&nbsp;has timely filed all necessary federal, state, local and foreign income and franchise tax returns (or timely
filed applicable extensions therefore) that have been required to be filed and (ii)&nbsp; is not in default in the payment of
any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company
is contesting in good faith and for which adequate reserves have been provided and reflected in the financial statements included
in the Company Reports. The Company does not have any tax deficiency that has been or, to the Company&rsquo;s Knowledge, is reasonably
likely to be asserted or threatened against it that would result or would reasonably be expected to result in, individually or
in the aggregate, a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b) Assuming
that for federal income tax purposes (i) the Notes qualify as &ldquo;securities&rdquo; within the meaning of Section 354 of the
Code, (ii) none of the Preferred Stock received by the Holder is attributable to interest which has accrued on the Notes and (iii)
the Holder holds the Notes as capital assets as of the Closing Date, the following should be the federal income tax consequences
of the Exchange: (A) The Holder shall recognize no gain or loss as a result of the Exchange; (B) The Holder&rsquo;s basis in the
Preferred Stock shall be the same as the Holder&rsquo;s basis in the Notes exchanged for such Preferred Stock; and (C) The Holder&rsquo;s
holding period in respect of the Preferred Stock shall include the Holder&rsquo;s holding period in respect of the Notes exchanged
for such Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.20 <U>ERISA</U>.
The Company is in compliance in all material respects with all presently applicable provisions of ERISA; no &ldquo;reportable
event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA) for which
the Company would have any liability; the Company has not incurred and does not expect to incur liability under (i)&nbsp;Title
IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Sections&nbsp;412
or 4971 of the Code; and each &ldquo;pension plan&rdquo; for which the Company would have any liability that is intended to be
qualified under Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by
action or by failure to act, which would cause the loss of such qualification.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.21 <U>Compliance
with Environmental Laws</U>. Except as disclosed in the Company Reports (excluding in each case any disclosures set forth in the
risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included therein,
to the extent they are predictive or forward-looking in nature and not statements of historical fact), neither the Company nor
any of its Subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body
or any court, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration
of the environment or human exposure to hazardous or toxic substances (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;),
or to the Company&rsquo;s Knowledge, operates any real property contaminated with any substance that is subject to any Environmental
Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating
to any Environmental Laws, which violation, contamination, liability or claim would or would reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect; and the Company is not aware of any pending investigation which might
lead to such a claim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.22 <U>Intellectual
Property Rights</U>. The Company and its Subsidiaries own or possess, or have the right to use, adequate trademarks, trade names
and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively,
&ldquo;<U>Intellectual Property Rights</U>&rdquo;) necessary to conduct the business now operated by them, or presently employed
by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual
Property Rights, except such as would not and would not reasonably be expected to,&nbsp;individually or in the aggregate, have
a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.23 <U>Foreign
Corrupt Practices Act</U>. Neither the Company nor any of its Subsidiaries, nor to its knowledge, any director, officer, employee
or other person associated with or acting on behalf of the Company or any of its Subsidiaries has:&nbsp;&nbsp;(i) used any Company
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any
direct or indirect unlawful payment to any foreign or domestic government official or employee from Company funds; (iii) caused
the Company or any of its Subsidiaries to be in violation of any provision of the United States Foreign Corrupt Practices Act
of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment from Company funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.24 <U>OFAC
and Similar Laws</U>. None of the Company, any of its Subsidiaries or, to the Company&rsquo;s Knowledge, any director, officer,
agent, employee, affiliate or representative of the Company or any of its subsidiaries is an individual or entity (&ldquo;<U>Person</U>&rdquo;)
currently the subject or target of any&nbsp;sanctions administered or enforced by the United States Government, including, without
limitation, the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;), the United
Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
&ldquo;<U>Sanctions</U>&rdquo;), nor is the Company or any of its Subsidiaries located, organized or resident in a country or
territory that is the subject of Sanctions; and the Company will not directly or indirectly use its or its Subsidiaries&rsquo;
funds, or lend, contribute or otherwise make available such funds to any Subsidiaries, joint venture partners or other Person,
to knowingly fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding,
is the subject of&nbsp;Sanctions or in any other manner that will result in a violation by any Person (including any Person participating
in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.25 <U>Disclosure
Controls and Procedures</U>. The Company has established and maintains disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) that are effective in all material respects to ensure that material information relating to
the Company, including any consolidated Subsidiaries, is made known to its chief executive officer and chief financial officer
by others within those entities.&nbsp;&nbsp;The Company&rsquo;s certifying officers have evaluated the effectiveness of the Company&rsquo;s
controls and procedures as of December 31, 2018 (such date, the &ldquo;<U>Evaluation Date</U>&rdquo;).&nbsp;&nbsp;The Company
presented in the 2018 Annual Report the conclusions of the certifying officers about the effectiveness of the disclosure controls
and procedures based on their evaluations as of the Evaluation Date.&nbsp;&nbsp;Since the Evaluation Date, there have been no
material changes in the Company&rsquo;s internal controls (as such term is defined in the rules of the SEC under the Exchange
Act) or in other factors that could affect the Company&rsquo;s internal controls.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.26 <U>Accounting
Controls</U>. The Company and its Subsidiaries maintain a system of internal accounting and other controls sufficient to provide
reasonable assurances that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific
authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.&nbsp;&nbsp;Except as described in the Company Reports (excluding in each case
any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other
disclosures included therein, to the extent they are predictive or forward-looking in nature and not statements of historical
fact), since December 31, 2016, there has been (A) no material weakness in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) and (B)&nbsp;no change in the Company&rsquo;s internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial
reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.27 <U>Absence
of Material Changes</U>. Subsequent to the respective dates as of which information is given in the Company Reports, and except
as may be otherwise disclosed in such Company Reports (excluding in each case any disclosures set forth in the risk factors or
&ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included therein to the extent they
are predictive or forward-looking in nature and not statements of historical fact), there has not been (i)&nbsp;any Material Adverse
Effect, (ii)&nbsp;any transaction which is material to the Company, (iii)&nbsp;any obligation, direct or contingent (including
any off-balance sheet obligations), incurred by the Company, which is material to the Company, (iv)&nbsp; any dividend or distribution
of any kind declared, paid or made on the capital stock of the Company, (v)&nbsp;any change in the capital stock (other than a
change in the number of outstanding shares of Common Stock due to grants of stock under the Company&rsquo;s stock incentive plans
existing on the date hereof or the issuance of shares upon the exercise of outstanding options or warrants) or any issuance of
options, warrants, convertible securities or other rights to purchase the capital stock (other than grants of stock options under
the Company&rsquo;s stock option plans existing on the date hereof) of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.28 <U>Brokers
Fees</U>. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person
that would give rise to a valid claim against the Company for a brokerage commission, finder&rsquo;s fee or like payment in connection
with the Exchange or any transaction contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.29 <U>Listing
and Maintenance Requirements</U>. The Company is subject to and in compliance in all material respects with the reporting requirements
of Section 13 or Section 15(d) of the Exchange Act, as applicable.&nbsp;&nbsp;The Common Stock is registered pursuant to Section
12(b) of the Exchange Act and is listed on the NASDAQ Global Market, and the Company has taken no action designed to, or reasonably
likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common
Stock from the NASDAQ Global Market, nor has the Company received any notification that the SEC or NASDAQ is contemplating terminating
such registration or listing.&nbsp;&nbsp;The Conversion Shares will be duly authorized for listing on the NASDAQ Global Market
immediately upon conversion of the Preferred Stock in accordance with the terms of the Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.30 <U>Sarbanes-Oxley
Act</U>. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002
and all applicable rules and regulations promulgated thereunder or implementing the provisions thereof that are then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.31 <U>NASDAQ
Shareholder Approval Rules</U>. No approval of the stockholders of the Company under the rules and regulations of NASDAQ (including
Rule 5635 of the NASDAQ Marketplace Rules) is required for the Company to issue and deliver the Preferred Stock to the Holder
or the Conversion Shares upon conversion of the Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.32 <U>No
General Solicitation</U>. Neither the Company nor any person acting on its or their behalf has offered or sold the Preferred Stock
or will offer or sell the Preferred Stock by means of any general solicitation or general advertising, including the methods described
in Rule 502(c) under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.33 <U>Integration</U>.
No offers and sales of securities of the same or similar class as the Preferred Stock have been made by the Company or on its
behalf during the six-month period ending with the date of this Agreement and no such offers or sales are<B>&nbsp;</B>currently
being made or contemplated (in each case, whether pursuant to outstanding warrants, options, convertible or exchangeable securities,
acquisition agreements or otherwise).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;V</B><BR>
<BR>
OTHER AGREEMENTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;5.1 <U>Termination
of Director Appointment Rights</U>. The Holder&rsquo;s rights to designate directors to serve on the Company&rsquo;s board of
directors as provided by Section 4.2 of that certain Exchange Agreement, dated as of March 4, 2013, among the Company, the Holder
and the other signatories thereto are hereby terminated in their entirety and of no further force or effect. The foregoing shall
not affect the current term of service of any director so designated by the Holder prior to the date of this Agreement, which
term of service shall continue until the earlier of such director&rsquo;s resignation, death, removal or failure to be elected
at the Company&rsquo;s next annual meeting of stockholders following the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;5.2 <U>Cancellation
of Notes</U>. The Holder acknowledges and agrees that upon giving effect to the Conversion and the Exchange, all of the Company&rsquo;s
obligations under the Notes shall have been satisfied in full and thereafter the Notes shall be null and void and of no further
force or effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;VI</B><BR>
<BR>
CONDITIONS TO CLOSING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;6.1 <U>Holder&rsquo;s
Conditions Precedent</U>.&nbsp; The obligations of the Holder to complete the Conversion and the Exchange are, in each case, subject
to the satisfaction of each of the following conditions precedent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a) each
of the representations and warranties of the Company contained in this Agreement shall be true and correct as of the Closing Date,
with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the
extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty
need only be true and correct as of such date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b) the
Notification Form: Listing of Additional Shares, to be filed with the NASDAQ prior to issuing any Preferred Stock or Conversion
Shares, shall have been filed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c) the
Company shall have delivered to the Holder all consents, notices and approvals required in connection with the transactions contemplated
hereby (including any consent or notice set forth in <U>Section&nbsp;4.8</U>), in form and substance reasonably satisfactory to
the Holder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d) the
Holder shall have received the Registration Rights Agreement, executed and delivered by the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e) the
Company shall have duly filed the Certificate with the Secretary of State of the State of Delaware;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f) the
Company shall have duly performed and complied in all material respects with all covenants and agreements contained in this Agreement
that are required to be performed or complied with by it at or before the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g) no
court or other governmental or regulatory authorities, agencies,&nbsp;commissions or other entities, whether federal, state, local
or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent)
that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement,
and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h) Greenberg
Traurig, LLP, counsel for the Company, shall have furnished to the Holder an opinion, in the form attached hereto as <U>Exhibit
C</U>, dated the Closing Date and addressed to the Holder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i) the
Chief Executive Officer and Chief Financial Officer of the Company shall have delivered to the Holder a certificate, dated as
of the Closing Date, certifying to their knowledge, after reasonable inquiry as to the matters set forth in paragraphs 6.1(a)
and (f) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;6.2 <U>Company
Conditions Precedent</U>. The obligations of the Company to complete the Conversion and the Exchange are, in each case, subject
to the satisfaction of each of the following conditions precedent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a) Each
of the representations and warranties of the Holder contained in this Agreement shall be true and correct as of the Closing Date,
with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the
extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty
need only be true and correct as of such date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b) the
Holder shall have duly performed and complied in all material respects with all covenants and agreements contained in this Agreement
that are required to be performed or complied with by it at or before the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c) no
court or other governmental or regulatory authorities, agencies,&nbsp;commissions or other entities, whether federal, state, local
or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent)
that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement,
and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d) the
Trustee, the Conversion Agent and the Registrar, as applicable, shall have received from the Holder such documents and instruments
reasonably requested by them with respect to the Conversion and the Exchange; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e) the
Holder shall have delivered to the Company an executed counterpart to the Registration Rights Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;VII</B><BR>
<BR>
MISCELLANEOUS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.1 <U>Certain
Actions</U>.&nbsp;&nbsp;Each of the Company and the Holder shall reasonably cooperate with each other and use (and shall cause
their respective affiliates to use) reasonable efforts to take or cause to be taken all actions, and do or cause to be done all
things, necessary, proper or advisable on its part under this Agreement and applicable law and stock exchange listing standards
to consummate the transactions contemplated by this Agreement as soon as practicable.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.2 Legends.
To the extent reasonably necessary under applicable law, any share certificate or book entry representing the Preferred Stock
or Conversion Shares shall have endorsed, to the extent appropriate, upon its face the following words:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 102px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THE
    SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;ACT&rdquo;),
    OR THE SECURITIES LAWS OF ANY JURISDICTION.&nbsp;&nbsp;SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, ASSIGNED,
    ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (I) A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES
    THAT IS EFFECTIVE UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAW, OR (II) ANY EXEMPTION FROM REGISTRATION UNDER SUCH ACT,
    OR APPLICABLE STATE SECURITIES LAW, RELATING TO THE DISPOSITION OF SECURITIES, INCLUDING RULE 144.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.3 <U>Legend
Removal</U>. Upon the request of the Holder or any transferee or proposed transferee thereof, the Company shall remove the legend
contemplated by <U>Section&nbsp;7.2</U> of this Agreement and the Company shall issue a stock certificate or enter a book entry
without such legend to the Holder or transferee (and shall revoke any related stop transfer or similar instructions to its registrar
and transfer agent), or shall cause such shares upon initial issuance not to be so legended (and shall not issue any such stop
transfer or similar legends to its registrar and transfer agent) if the applicable shares of Preferred Stock or Conversion Shares
are covered by an effective registration statement under the Securities Act or if such person provides reasonable evidence and
an opinion of counsel to the effect that a sale, transfer or assignment of such Conversion Shares may be made without registration
under the Securities Act or that such Conversion Shares are eligible for resale pursuant to Rule 144 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.4 <U>Entire
Agreement</U>.&nbsp;&nbsp;This Agreement and any documents and agreements executed in connection with the Conversion and the Exchange
embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all
prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda
and understandings between or among the parties or any of their agents, representatives or affiliates relative to such subject
matter, including, without limitation, any term sheets, emails or draft documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.5 <U>Construction</U>.&nbsp;&nbsp;References
in the singular shall include the plural, and vice versa, unless the context otherwise requires. References in the masculine shall
include the feminine and neuter, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective
counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language
in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either
party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.6 <U>Governing
Law; Venue</U>.&nbsp;&nbsp;This Agreement shall in all respects be construed in accordance with and governed by the substantive
laws of the State of New York, without reference to its choice of law rules. Venue for any legal action under this Agreement shall
be in the state or federal courts located in the Borough of Manhattan in the City of New York, New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.7 <U>Counterparts</U>.&nbsp;&nbsp;This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument. Any counterpart or other signature hereon delivered by facsimile shall be deemed for all purposes
as constituting good and valid execution and delivery of this Agreement by such party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.8 <U>Specific
Performance</U>. Each party acknowledges and agrees that, in addition to other remedies, the parties shall be entitled to enforce
the terms of this Agreement by decree of specific performance without the necessity of proving the inadequacy of monetary damages
as a remedy and to obtain injunctive relief against any breach or threatened breach of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.9 <U>Certain
Definitional Provisions</U>.&nbsp;&nbsp;Unless the express context otherwise requires: the words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;,
and &ldquo;hereunder&rdquo; and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole
and not to any particular provision of this Agreement; any references herein to a specific Section, Schedule or Annex shall refer,
respectively, to Sections, Schedules or Annexes of this Agreement; wherever the word &ldquo;include&rdquo;, &ldquo;includes&rdquo;,
or &ldquo;including&rdquo; is used in this Agreement, it shall be deemed to be followed by the words &ldquo;without limitation&rdquo;;
and references herein to any gender includes each other gender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Signature
Pages Follow]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IN
WITNESS WHEREOF, each of the parties hereto has caused this Conversion and Exchange Agreement to be executed as of the date first
above written.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The Company</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CADIZ INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT>&nbsp;</TD>
    <TD>Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Signature
Page to Exchange Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The Holder</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LC CAPITAL MASTER FUND, LTD.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">Name:&nbsp;&nbsp;</TD>
    <TD STYLE="text-align: justify">Steven Lampe</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">Title:</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Managing Member</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Signature
Page to Exchange Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>EXHIBIT
A</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FORM
OF CERTIFICATE OF DESIGNATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>EXHIBIT B</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FORM
OF REGISTRATION RIGHTS AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>EXHIBIT
C</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FORM
OF GT OPINION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="border-bottom: Black 1.5pt solid; margin-top: 12pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXECUTION
VERSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONVERSION
AND EXCHANGE AGREEMENT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-size: 10pt">This Conversion
and Exchange Agreement (the &ldquo;<U>Agreement</U>&rdquo;) is made as of March 5, 2020, by and between Elkhorn Partners Limited
Partnership (the &ldquo;<U>Holder</U>&rdquo;) and Cadiz Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>RECITALS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Company is party to that certain Indenture, dated as of December 10, 2015 (the &ldquo;<U>Indenture</U>&rdquo;), between Cadiz,
as issuer, and U.S. Bank National Association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;), pursuant to which Cadiz issued certain
7.00% Convertible Senior Notes due 2020 (&ldquo;<U>Convertible&nbsp;Notes</U>&rdquo;);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">WHEREAS, the
Holder has acquired Convertible Notes under the Indenture in the aggregate original principal amount of $901,000 (such Convertible
Notes acquired by the Holder, the &ldquo;<U>Notes</U>&rdquo;).</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-size: 10pt">WHEREAS, as
of the date hereof, there remains approximately $1,474,886.99 in outstanding aggregate original principal amount and accrued but
unpaid interest under the Notes (the &ldquo;<U>Outstanding Amount</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the current Maturity Date of the Notes is March 5, 2020.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-size: 10pt">WHEREAS, the
Holder desires to convert $575,372.21 of the Outstanding Amount (the &ldquo;<U>Conversion Amount</U>&rdquo;) into common stock,
par value $0.01 per share (&ldquo;<U>Common Stock</U>&rdquo;), of the Company in accordance with the terms of the Indenture and
simultaneously exchange $899,514.79 (the &ldquo;<U>Exchange Amount</U>&rdquo;) of the Outstanding Amount for shares of a new series
of preferred stock, par value $0.01 per share, of the Company titled &ldquo;Series 1 Preferred Stock&rdquo; (the &ldquo;<U>Preferred
Stock</U>&rdquo;) in an exchange qualifying as a recapitalization pursuant to Section 368(1)(E) of the Internal Revenue Code of
1986, as amended, including the regulations and published interpretations thereunder (the &ldquo;<U>Code</U>&rdquo;). The exchange
of such portion of the Notes as is equal to the Exchange Amount for the Preferred Stock is referred to herein as the &ldquo;<U>Exchange</U>&rdquo;.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-size: 10pt">WHEREAS, Notes
comprising the Exchange Amount are to be exchanged for 329 shares of Preferred Stock.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Preferred Stock shall have the rights, preferences and privileges set forth in the form of Certificate of Designations of
Series 1 Preferred Stock attached hereto as <U>Exhibit A</U> (the &ldquo;<U>Certificate</U>&rdquo;), including that each share
of Preferred Stock will be convertible into 405.05 shares of Common Stock, subject to certain adjustments set forth therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Closing Preferred Shares and the Conversion Shares (each as defined below) will have the benefit of the Registration Rights
Agreement, to be dated as of the Closing Date (as defined below), by and between the Company and the Holder (the &ldquo;<U>Registration
Rights Agreement</U>&rdquo;), in the form attached hereto as <U>Exhibit B</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
the Exchange is being made in reliance upon the exemption from registration provided by Section&nbsp;4(a)(2) and/or Section 3(a)(9)
of the Securities Act of 1933, as amended (the &ldquo;<U>Securities Act</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WHEREAS,
capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in the Indenture.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">NOW
THEREFORE, on and subject to the terms hereof, the parties hereto agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;I</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONVERSION
OF THE CONVERSION AMOUNT</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Subject
to the terms set forth in this Agreement and the Indenture, the Holder shall execute and deliver a Conversion Notice to the Conversion
Agent on the date of this Agreement, thereby effecting the conversion of the Conversion Amount, and the Company shall cause to
be delivered to the Holder the number of shares of Common Stock equal to the applicable Settlement Amount, all subject to and
in accordance with Article 10 of the Indenture, including, without limitation, the procedural requirements set forth in Section
10.02 of the Indenture (the &ldquo;<U>Conversion</U>&rdquo;).</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;II</B><BR>
<BR>
EXCHANGE OF THE EXCHANGE AMOUNT<BR>
<BR>
FOR THE pREFERRED STOCK</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font-size: 9pt">Subject to
the terms set forth in this Agreement, at the Closing (as defined herein), the Holder hereby agrees to convey, assign and transfer
to the Company such portion of the Notes as is equal to the Exchange Amount, in exchange for which the Company agrees to issue
to the Holder 329 shares of Preferred Stock (the &ldquo;<U>Closing Preferred Shares</U>&rdquo;). At the Closing, the Holder shall
deliver to the Registrar the Notes comprising the Exchange Amount (to the extent such Notes were not previously delivered to the
Conversion Agent for purposes of the Conversion pursuant to <U>Article I</U> hereof), and the Company shall issue the Closing
Preferred Shares to the Holder in book entry form. Subject to <U>Section&nbsp;6.1</U>, the consummation of the Exchange (the &ldquo;<U>Closing</U>&rdquo;)
shall occur on a mutually agreed upon date (the &ldquo;<U>Closing Date</U>&rdquo;) no later than two business days after the date
of this Agreement. The Company shall file the Certificate with the Secretary of State of the State of Delaware on the Closing
Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;III</B><BR>
<BR>
REPRESENTATIONS AND<BR>
<BR>
WARRANTIES OF THE HOLDER</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Holder hereby makes the following representations and warranties to the Company, each of which is and shall be true and correct
on the date hereof and at the Closing, and all such representations and warranties shall survive the Closing:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.1 <U>Power
and Authorization</U>.&nbsp;&nbsp;The Holder is duly organized, validly existing and in good standing, and has the power, authority
and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the transactions contemplated
hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.2 <U>Valid
and Enforceable Agreement; No Violations</U>.&nbsp;&nbsp;This Agreement has been duly executed and delivered by the Holder and
constitutes a legal, valid and binding obligation of the Holder, enforceable against the Holder in accordance with its terms,
except that such enforcement may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or
other similar laws affecting or relating to enforcement of creditors&rsquo; rights generally, and (b)&nbsp;general principles
of equity, whether such enforceability is considered in a proceeding at law or in equity (such qualifications in clauses (a) and
(b) being the &ldquo;<U>Enforceability Exceptions</U>&rdquo;). This Agreement and consummation of the transactions contemplated
hereby will not violate, conflict with or result in a breach of or default under (i)&nbsp;the Holder&rsquo;s organizational documents,
(ii)&nbsp;any agreement or instrument to which the Holder is a party or by which the Holder or any of its assets are bound, or
(iii)&nbsp;any laws, regulations or governmental or judicial decrees, injunctions or orders applicable to the Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.3 <U>Title
to the Notes</U>.&nbsp;&nbsp;The Holder has not, in whole or in part, (a)&nbsp;assigned, transferred, hypothecated, pledged, exchanged
or otherwise disposed of any of its rights in the Notes, or (b)&nbsp;given any person or entity any transfer order, power of attorney
or other authority of any nature whatsoever with respect to the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.4 <U>Hold
Period</U>.&nbsp;&nbsp;From the date of this Agreement until the Closing Date, the Holder shall not, and shall not allow any of
its Affiliates to, offer, sell, contract to sell or otherwise dispose of, except as provided hereunder, all or any portion of
the Notes.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.5 <U>Accredited
Investor/Qualified Institutional Buyer</U>.&nbsp;&nbsp;The Holder is either (i) an &ldquo;accredited investor&rdquo; within the
meaning of Rule 501(a) of Regulation D (&ldquo;<U>Regulation D</U>&rdquo;) promulgated under the Securities Act, (ii) has (and
if applicable, its officers, employees, directors or equity owners have) either alone or with his, her or its purchaser representative
or representatives, if any, such knowledge and experience in financial and business matters that he, she or it is capable of evaluating
the merits and risks of the Exchange or (iii) a &ldquo;qualified institutional buyer&rdquo; within the meaning of Rule 144A promulgated
under the Securities Act (&ldquo;<U>Rule 144A</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.6 <U>Restricted
Stock</U>.&nbsp;&nbsp;The Holder (a)&nbsp;acknowledges (i) that the issuance of the Preferred Stock pursuant to this Agreement
and the issuance of any shares of Common Stock upon conversion of any of the Preferred Stock (the &ldquo;<U>Conversion Shares</U>&rdquo;)
have not been registered, nor does the Company have a plan or intent to register such issuance of Preferred Stock or Conversion
Shares, under the Securities Act or any state securities laws except as contemplated by the Registration Rights Agreement, (ii)
the Preferred Stock and Conversion Shares are being offered and sold in reliance upon exemptions provided in the Securities Act
and state securities laws for transactions not involving any public offering and, therefore, cannot be sold, transferred, offered
for sale, pledged, hypothecated or otherwise disposed of unless they are subsequently registered and qualified under the Securities
Act and applicable state laws or unless an exemption from such registration and qualification is available, (iii) the Preferred
Stock and Conversion Shares are &ldquo;<U>restricted securities</U>&rdquo; as that term is defined in Rule 144 promulgated under
the Securities Act and (iv) any and all certificates representing the Preferred Stock and Conversion Shares shall bear a restrictive
legend substantially as set forth in <U>Section&nbsp;7.2</U> hereof to the extent required thereby and (b)&nbsp;is purchasing
the Preferred Stock and Conversion Shares for investment purposes only for the account of the Holder and not with any view toward
a distribution thereof or with any intention of selling, distributing or otherwise disposing of the Preferred Stock or Conversion
Shares in a manner that would violate the registration requirements of the Securities Act. The Holder is able to bear the economic
risk of holding the Preferred Stock and Conversion Shares for an indefinite period and has sufficient knowledge and experience
in financial and business matters so as to be capable of evaluating the merits and risk of its investment in the Preferred Stock
and Conversion Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.7 <U>Adequate
Information; No Reliance</U>. The Holder acknowledges and agrees that (a)&nbsp;the Holder has conducted its own review of materials
it considers relevant to making an investment decision to enter into the Conversion and the Exchange and has had the opportunity
to review the Company&rsquo;s filings and submissions with the Securities and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;),
including, without limitation, all information filed or furnished pursuant to the Exchange Act and all information incorporated
into such filings and submissions, (b) the Holder has sufficient knowledge and expertise to make an investment decision with respect
to the transactions contemplated hereby, (c)&nbsp;the Holder has had a full opportunity to speak directly with directors, officers
and &ldquo;<U>Affiliates</U>&rdquo; (as that term is defined in Rule 501(b) of Regulation D under the Securities Act) of the Company
and to ask questions of the Company and such directors, officers and Affiliates of the Company concerning the Company, its business,
operations, financial performance, financial condition and prospects, and the terms and conditions of the Conversion and the Exchange,
and to obtain such additional information as it deems necessary to verify the accuracy of the information furnished to it and
has asked such questions, received such answers and obtained such information as it deems necessary, (d)&nbsp;the Holder has had
the opportunity to consult with its accounting, tax, financial and legal advisors to be able to evaluate the risks involved in
the Conversion and the Exchange and to make an informed investment decision with respect to the Conversion and the Exchange and
(e)&nbsp;the Holder is not relying, and has not relied, upon any statement, advice (whether accounting, tax, financial, legal
or other), representation or warranty made by the Company or any of its affiliates or representatives, except for (A)&nbsp;the
publicly available filings and submissions made by the Company with the SEC under the Exchange Act, together with all information
incorporated into such filings and submissions, and (B)&nbsp;the representations and warranties made by the Company in this Agreement
and the other agreements contemplated hereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.8 <U>Holder&rsquo;s
Reporting Requirement.</U> The Company has made no representations to the Holder regarding the Holder&rsquo;s reporting requirements
with the SEC related to the Holder&rsquo;s ownership in the Company, and the Holder acknowledges and agrees that it is the responsibility
of the Holder to ensure that it complies with any disclosure and reporting requirements of the SEC.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.9 <U>No
Public Market</U>.&nbsp;&nbsp;The Holder understands that no public market exists for the Preferred Stock, and that there is no
assurance that a public market will ever develop for the Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.10 <U>No
General Solicitation or Advertising</U>. The offer to enter into the Exchange was directly communicated to the Holder, and the
Holder was able to ask questions of and receive answers concerning the terms of the Exchange.&nbsp;&nbsp;At no time was the Holder
presented with or solicited by any leaflet, newspaper or magazine article, radio or television advertisement, or any other form
of general advertising or solicited or invited to attend a promotional meeting otherwise than in connection and concurrently with
such communicated offer.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;3.11 <U>Legal
Opinions</U>.&nbsp;&nbsp;The Holder acknowledges and understands that a legal opinion is being delivered by counsel to the Company
in reliance on, and assuming the accuracy of, the foregoing representations and warranties of the Holder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Article&nbsp;IV<BR>
<BR>
REPRESENTATIONS AND<BR>
<BR>
<B>WARRANTIES OF THE COMPANY</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company hereby makes the following representations and warranties, each of which is and shall be true and correct on the date
hereof and at the Closing, to the Holder, and all such representations and warranties shall survive the Closing.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.1 <U>Exchange
Act Filings</U>. The Company has filed or furnished, as applicable, on a timely basis all forms, statements, certifications, reports
and documents required to be filed or furnished by it with the SEC pursuant to the Exchange Act or the Securities Act since December
31, 2017 (the &ldquo;<U>Company Reports</U>&rdquo;). The Company Reports, when they became effective or were filed with or furnished
to the SEC, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange Act,
as applicable, and the rules and regulations thereunder and none of such documents contained any untrue statement of a material
fact or omitted to state any material fact required to be stated therein or necessary to make the statements therein, in light
of the circumstances under which they were made, not misleading; and any further documents so filed or furnished after the date
hereof and on or prior to the Closing, when such documents become effective or are filed with the SEC, as the case may be, will
conform in all material respects to the requirements of the Securities Act or the Exchange Act, as applicable, and the rules and
regulations of the SEC thereunder and will not contain any untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were
made, not misleading. On or before the second business day following the date of this Agreement, the Company shall issue a publicly
available press release or file with the SEC a Current Report on Form 8-K disclosing all material terms of the transactions contemplated
hereby.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.2 <U>Due
Incorporation</U>.&nbsp;&nbsp;Each of the Company and each of its Subsidiaries has been duly organized and is validly existing
as a corporation or other legal entity in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction
of incorporation or organization.&nbsp;&nbsp;Each of the Company and its Subsidiaries is duly qualified to do business and is
in good standing as a foreign corporation or other legal entity in each jurisdiction in which its ownership or lease of its properties
or the conduct of its business requires such qualification and has all power and authority (corporate or other) necessary to own
or hold its properties and to conduct the businesses in which each is engaged, except where the failure to so qualify or have
such power or authority (i) would not have and would not reasonably be expected to have, individually or in the aggregate, a material
adverse effect on the condition (financial or otherwise), results of operations, assets or business of the Company and its Subsidiaries,
taken as a whole, or (ii) impair in any material respect the ability of the Company to perform its obligations under this Agreement
or the Indenture or to consummate any transactions contemplated hereby or thereby (any such effect as described in clauses (i)
or (ii), a &ldquo;<U>Material Adverse Effect</U>&rdquo;). As used in this Agreement, &ldquo;<U>Subsidiary</U>&rdquo; shall have
the meaning set forth in Rule 1-02 of Regulation S-X of the SEC.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.3 <U>Subsidiaries</U>.
The membership interests or capital stock, as applicable, of each Subsidiary have been duly authorized and validly issued, are
fully paid and nonassessable and, except to the extent set forth in the Company Reports, are owned by the Company directly, free
and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer or any other claim of any third
party.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.4 <U>Due
Authorization</U>.&nbsp;&nbsp;The Company has the full right, power and authority to enter into this Agreement and the Registration
Rights Agreement and to perform and to discharge its obligations hereunder and thereunder; and this Agreement and the Registration
Rights Agreement have been duly authorized, this Agreement has been, and at Closing the Registration Rights Agreement will be,
duly executed and delivered by the Company, and each such agreement constitutes or will constitute upon Closing a valid and binding
obligation of the Company enforceable in accordance with its terms, subject to the Enforceability Exceptions.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.5 <U>The
Preferred Stock and the Conversion Shares</U>. The Preferred Stock to be issued to the Holder hereunder has been duly authorized
and, when issued and delivered upon sale, will be validly issued, fully paid, and nonassessable and free of any preemptive or
similar rights. The Conversion Shares have been duly authorized for issuance by the Company and, when issued in accordance with
the terms of the Certificate, will be validly issued, fully paid and nonassessable and free of any preemptive or similar rights.&nbsp;&nbsp;The
Preferred Stock and the Conversion Shares will be issued in compliance with all federal and state securities laws.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.6 <U>Capitalization</U>.
The authorized capital stock of the Company consists of 70,000,000 shares of Common Stock, of which 30,227,632 shares of Common
Stock were outstanding as of the close of business on March 1, 2020, and 100,000 shares of preferred stock, none of which are,
or will be immediately prior to the Closing, outstanding. All of the outstanding shares of Common Stock have been duly authorized
and are validly issued, fully paid and nonassessable.&nbsp;&nbsp;Other than 1,145,555 shares of Common Stock reserved for issuance
under the Company&rsquo;s employee benefit plans, stock option and employee stock purchase plans or other employee compensation
plans as such plans are in existence on the date hereof and described in the Company Reports and 362,500 shares of Common Stock
reserved for issuance upon exercise of warrants outstanding on the date hereof and previously described in the Company Reports,
the Company has no shares of capital stock reserved for issuance.&nbsp;&nbsp;Except as set forth above or pursuant to this Agreement,
there are no preemptive or other outstanding rights, options, warrants, conversion rights, stock appreciation rights, redemption
rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any kind that obligate the Company or any
of its Subsidiaries to issue or sell any shares of capital stock or other securities of the Company or any of its Subsidiaries
or any securities or obligations convertible or exchangeable into or exercisable for, or giving any person a right to subscribe
for or acquire, any securities of the Company or any of its Subsidiaries, and no securities or obligations evidencing such rights
are authorized, issued or outstanding. The Company does not have outstanding any bonds, debentures, notes or other debt obligations
the holders of which have the right to vote with the stockholders of the Company on any matter in their capacity as such holders.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.7 <U>No
Default, Termination or Lien</U>. The execution, delivery and performance of this Agreement and the Registration Rights Agreement
by the Company, the issuance, sale and delivery of the Preferred Stock by the Company, the issuance and delivery of the Conversion
Shares in accordance with the terms of the Certificate, the consummation of the transactions contemplated hereby and thereby,
and compliance by the Company with the terms of this Agreement and the Registration Rights Agreement will not (with or without
notice or lapse of time or both) conflict with or result in a breach or violation of any of the terms or provisions of, constitute
a default under, give rise to any right of termination or other right or the cancellation or acceleration of any right or obligation
or loss of a benefit under, or give rise to the creation or imposition of any lien, encumbrance, security interest, claim or charge
upon any property or assets of the Company or any Subsidiary pursuant to, any indenture, mortgage, deed of trust, loan agreement
or other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of
its Subsidiaries is bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject, nor
will such actions result in any violation of the provisions of the charter or by-laws (or analogous governing instruments, as
applicable) of the Company or any of its Subsidiaries or any law, statute, rule, regulation, judgment, order or decree of any
court or governmental agency or body, domestic or foreign, having jurisdiction over the Company or any of its Subsidiaries or
any of their properties or assets.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.8 <U>No
Consents</U>. No consent, notice, approval, authorization or order of, or qualification with, any governmental body, agency or
other person is required for the performance by the Company of its obligations under this Agreement or the Registration Rights
Agreement, except such as is required pursuant to that certain Credit Agreement, dated May 1, 2017, among the Company, Apollo
Special Situations Fund L.P., Wells Fargo Bank N.A. and the other parties signatory thereto, which consent shall have been obtained
prior to the Closing Date, and such as may be required by the securities or blue sky laws of the various states and the NASDAQ
Global Market in connection with the offer and sale of the Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.9 <U>Independent
Accountants</U>. PricewaterhouseCoopers LLP (&ldquo;<U>PwC</U>&rdquo;), who have certified certain financial statements and related
schedules included or incorporated by reference in the Company Reports, is an independent registered public accounting firm as
required by the Securities Act and the rules and regulations thereunder and the Public Company Accounting Oversight Board (United
States).&nbsp;&nbsp;Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, PwC
has not been engaged by the Company to perform any &ldquo;prohibited activities&rdquo; (as defined in Section 10A of the Exchange
Act).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.10 <U>Financial
Statements</U>. The financial statements, together with the related notes and schedules, included in the Company Reports fairly
present the financial position and the results of operations and changes in financial position of the Company and its consolidated
Subsidiaries and other consolidated entities at the respective dates or for the respective periods therein specified.&nbsp;&nbsp;Such
statements and related notes and schedules have been prepared in accordance with the generally accepted accounting principles
in the United States (&ldquo;<U>GAAP</U>&rdquo;) applied on a consistent basis throughout the periods involved except as may be
set forth in the related notes.&nbsp;&nbsp;Such financial statements, together with the related notes and schedules, comply in
all material respects with the Securities Act, the Exchange Act, and the rules and regulations thereunder.&nbsp;&nbsp;No other
financial statements or supporting schedules or exhibits are required by the Exchange Act or the rules and regulations thereunder
to be filed with the SEC.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.11 <U>No
Material Adverse Change</U>. There has not occurred any material adverse change, or any development involving a prospective material
adverse change, in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its Subsidiaries,
taken as a whole, from that set forth or contemplated in the Company&rsquo;s Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019, filed with the SEC on November 12, 2019 (the &ldquo;<U>Latest Quarterly Report</U>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.12 <U>Legal
Proceedings</U>. There are no legal or governmental proceedings, actions, suits or claims pending or, to the Company&rsquo;s knowledge,
threatened to which the Company or any of its Subsidiaries is a party or to which any of the properties or assets of the Company
or any of its Subsidiaries is subject (i) other than proceedings accurately described in all material respects in the Company
Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections
of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking in nature and
not statements of historical fact), litigation in connection with a Qualified Water Project (as defined in the Indenture), the
Northern Pipeline Project (as defined in the Certificate) and the Southern Pipeline Project (as defined in the Certificate), and
proceedings that would not have and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse
Effect, or (ii) that are required to be described in the Company Reports and are not so described; and there are no statutes,
regulations, contracts or other documents to which the Company or any of its Subsidiaries is subject or by which the Company or
any of its Subsidiaries is bound that are required to be described in the Company Reports or to be filed as exhibits to the Company
Reports that are not described or filed as required. Neither the Company nor any Subsidiary, nor any director or officer thereof,
is or has been the subject of any legal or governmental proceedings, actions, suits or claims of violation of or liability under
federal or state securities laws or a claim of breach of fiduciary duty.&nbsp;&nbsp;For purposes of this Agreement, &ldquo;<U>Company&rsquo;s
Knowledge</U>&rdquo; means the actual knowledge of the executive officers (as defined in Exchange Act Rule 3b-7) of the Company
or its Subsidiaries, after reasonable due inquiry.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.13 <U>Regulatory
Permits</U>. Each of the Company and its Subsidiaries possesses or has applied for all certificates, authorizations, licenses,
franchises, permits, orders and approvals issued or granted by the appropriate governmental or regulatory authorities, agencies,
courts, commissions or other entities, whether federal, state, local or foreign, or applicable self-regulatory organizations necessary
to conduct its business as currently conducted, except (i) where the failure to possess such certificates, authorizations, licenses,
franchises, permits, orders and approval, individually or in the aggregate, has not and would not reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect (&ldquo;<U>Material Permits</U>&rdquo;) and (ii) as accurately described
in all material respects in the Company Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking
statements&rdquo; sections of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking
in nature and not statements of historical fact), and neither the Company nor any of its Subsidiaries has received any written
notice of proceedings relating to the revocation or material adverse modification of any such Material Permits (except as accurately
described in all material respects in the Company Reports, including the Latest Quarterly Report), and to the Company&rsquo;s
Knowledge, there are no facts or circumstances that would give rise to the revocation or material adverse modifications of any
Material Permits (except as accurately described in all material respects in the Company Reports, including the Latest Quarterly
Report (excluding any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such report
and any other disclosures included therein, to the extent they are predictive or forward-looking in nature and not statements
of historical fact)).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.14 <U>Material
Contracts</U>. Except for the Material Contracts, the Company and its Subsidiaries are not party to any agreements, contracts
or commitments that are material to the business, financial condition, assets or operations of the Company and its Subsidiaries
that would be required to be filed pursuant to Item 601(b)(10) of Regulation S-K under the Exchange Act.&nbsp;&nbsp;Neither the
Company nor any of its Subsidiaries is in material default under or in material violation of, nor to the Company&rsquo;s Knowledge,
has received written notice of termination or default under any Material Contract.&nbsp;&nbsp;For purposes of this Agreement,
&ldquo;<U>Material Contract</U>&rdquo; means any contract of the Company that was filed as an exhibit to the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 18, 2019 (as amended, the &ldquo;<U>2018
Annual Report</U>&rdquo;), and any Company Report filed after the filing of the 2018 Annual Report.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.15 <U>Investment
Company Act</U>. Neither the Company nor any of its Subsidiaries is or, after giving effect to the Conversion and the Exchange,
will become an &ldquo;investment company&rdquo; within the meaning of the Investment Company Act of 1940, as amended, and the
rules and regulations of the SEC thereunder.</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.16 <U>No
Price Stabilization</U>. Neither the Company, its Subsidiaries nor any of the Company&rsquo;s or its Subsidiaries&rsquo; officers,
directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate
the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected
to cause or result in, stabilization or manipulation of the price of any security of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.17 <U>Title
to Property</U>. The Company and its Subsidiaries have good and marketable title to all real and personal property owned by them
which is material to the business of the Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens,
encumbrances and defects of title except such as are described in the Company Reports (excluding in each case any disclosures
set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included
therein, to the extent they are predictive or forward-looking in nature and not statements of historical fact) or such as do not
materially affect the value of such property and do not interfere with the use made and proposed to be made of such property by
the Company and its Subsidiaries; and any real property and buildings held under lease by the Company and its Subsidiaries are
held by them under valid, subsisting and enforceable leases with such exceptions as are not material and do not interfere with
the use made and proposed to be made of such property and buildings by the Company and its Subsidiaries, in each case except as
described in the Company Reports (excluding in each case any disclosures set forth in the risk factors or &ldquo;forward-looking
statements&rdquo; sections of such reports and any other disclosures included therein, to the extent they are predictive or forward-looking
in nature and not statements of historical fact).</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.18 <U>No
Labor Disputes</U>. No labor problem or dispute with the employees of the Company exists, or, to the Company&rsquo;s Knowledge,
is threatened or imminent, which would or would reasonably be expected, individually or in the aggregate, to result in a Material
Adverse Effect.&nbsp;&nbsp;The Company is not aware that any key employee or significant group of employees of the Company plans
to terminate employment with the Company.&nbsp;&nbsp;To the Company&rsquo;s Knowledge, no executive officer (as defined in Rule
501(f) of the Securities Act) of the Company or any of its Subsidiaries is in violation of any material term of any employment
contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement.&nbsp;&nbsp;Except for
matters which would not and would not reasonably be expected to, individually or in the aggregate, result in a Material Adverse
Effect, (i)&nbsp;the Company has not engaged in any unfair labor practice; (ii) there is (A)&nbsp;no unfair labor practice complaint
pending or, to the Company&rsquo;s Knowledge, threatened against the Company before the National Labor Relations Board, and no
grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company&rsquo;s
Knowledge, threatened, (B)&nbsp;no strike, labor dispute, slowdown or stoppage pending or, to the Company&rsquo;s knowledge, threatened
against the Company and (C)&nbsp;no union representation dispute currently existing concerning the employees of the Company; and
(iii)&nbsp;to the Company&rsquo;s knowledge, (A)&nbsp;no union organizing activities are currently taking place concerning the
employees of the Company and (B)&nbsp;there has been no violation of any federal, state, local or foreign law relating to discrimination
in the hiring, promotion or pay of employees, any applicable wage or hour laws or any provision of the Employee Retirement Income
Security Act of 1974 (&ldquo;<U>ERISA</U>&rdquo;) or the rules and regulations promulgated thereunder concerning the employees
of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.19 <U>Taxes</U>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a) The
Company (i)&nbsp;has timely filed all necessary federal, state, local and foreign income and franchise tax returns (or timely
filed applicable extensions therefore) that have been required to be filed and (ii)&nbsp; is not in default in the payment of
any taxes which were payable pursuant to said returns or any assessments with respect thereto, other than any which the Company
is contesting in good faith and for which adequate reserves have been provided and reflected in the financial statements included
in the Company Reports. The Company does not have any tax deficiency that has been or, to the Company&rsquo;s Knowledge, is reasonably
likely to be asserted or threatened against it that would result or would reasonably be expected to result in, individually or
in the aggregate, a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b) Assuming
that for federal income tax purposes (i) the Notes qualify as &ldquo;securities&rdquo; within the meaning of Section 354 of the
Code, (ii) none of the Preferred Stock received by the Holder is attributable to interest which has accrued on the Notes and (iii)
the Holder holds the Notes as capital assets as of the Closing Date, the following should be the federal income tax consequences
of the Exchange: (A) The Holder shall recognize no gain or loss as a result of the Exchange; (B) The Holder&rsquo;s basis in the
Preferred Stock shall be the same as the Holder&rsquo;s basis in the Notes exchanged for such Preferred Stock; and (C) The Holder&rsquo;s
holding period in respect of the Preferred Stock shall include the Holder&rsquo;s holding period in respect of the Notes exchanged
for such Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.20 <U>ERISA</U>.
The Company is in compliance in all material respects with all presently applicable provisions of ERISA; no &ldquo;reportable
event&rdquo; (as defined in ERISA) has occurred with respect to any &ldquo;pension plan&rdquo; (as defined in ERISA) for which
the Company would have any liability; the Company has not incurred and does not expect to incur liability under (i)&nbsp;Title
IV of ERISA with respect to termination of, or withdrawal from, any &ldquo;pension plan&rdquo; or (ii)&nbsp;Sections&nbsp;412
or 4971 of the Code; and each &ldquo;pension plan&rdquo; for which the Company would have any liability that is intended to be
qualified under Section&nbsp;401(a) of the Code is so qualified in all material respects and nothing has occurred, whether by
action or by failure to act, which would cause the loss of such qualification.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.21 <U>Compliance
with Environmental Laws</U>. Except as disclosed in the Company Reports (excluding in each case any disclosures set forth in the
risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included therein,
to the extent they are predictive or forward-looking in nature and not statements of historical fact), neither the Company nor
any of its Subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body
or any court, relating to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration
of the environment or human exposure to hazardous or toxic substances (collectively, &ldquo;<U>Environmental Laws</U>&rdquo;),
or to the Company&rsquo;s Knowledge, operates any real property contaminated with any substance that is subject to any Environmental
Laws, is liable for any off-site disposal or contamination pursuant to any Environmental Laws, or is subject to any claim relating
to any Environmental Laws, which violation, contamination, liability or claim would or would reasonably be expected, individually
or in the aggregate, to have a Material Adverse Effect; and the Company is not aware of any pending investigation which might
lead to such a claim.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.22 <U>Intellectual
Property Rights</U>. The Company and its Subsidiaries own or possess, or have the right to use, adequate trademarks, trade names
and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively,
&ldquo;<U>Intellectual Property Rights</U>&rdquo;) necessary to conduct the business now operated by them, or presently employed
by them, and have not received any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual
Property Rights, except such as would not and would not reasonably be expected to,&nbsp;individually or in the aggregate, have
a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.23 <U>Foreign
Corrupt Practices Act</U>. Neither the Company nor any of its Subsidiaries, nor to its knowledge, any director, officer, employee
or other person associated with or acting on behalf of the Company or any of its Subsidiaries has:&nbsp;&nbsp;(i) used any Company
funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any
direct or indirect unlawful payment to any foreign or domestic government official or employee from Company funds; (iii) caused
the Company or any of its Subsidiaries to be in violation of any provision of the United States Foreign Corrupt Practices Act
of 1977; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment from Company funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.24 <U>OFAC
and Similar Laws</U>. None of the Company, any of its Subsidiaries or, to the Company&rsquo;s Knowledge, any director, officer,
agent, employee, affiliate or representative of the Company or any of its subsidiaries is an individual or entity (&ldquo;<U>Person</U>&rdquo;)
currently the subject or target of any&nbsp;sanctions administered or enforced by the United States Government, including, without
limitation, the U.S. Department of the Treasury&rsquo;s Office of Foreign Assets Control (&ldquo;<U>OFAC</U>&rdquo;), the United
Nations Security Council, the European Union, Her Majesty&rsquo;s Treasury, or other relevant sanctions authority (collectively,
&ldquo;<U>Sanctions</U>&rdquo;), nor is the Company or any of its Subsidiaries located, organized or resident in a country or
territory that is the subject of Sanctions; and the Company will not directly or indirectly use its or its Subsidiaries&rsquo;
funds, or lend, contribute or otherwise make available such funds to any Subsidiaries, joint venture partners or other Person,
to knowingly fund any activities of or business with any Person, or in any country or territory, that, at the time of such funding,
is the subject of&nbsp;Sanctions or in any other manner that will result in a violation by any Person (including any Person participating
in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.25 <U>Disclosure
Controls and Procedures</U>. The Company has established and maintains disclosure controls and procedures (as defined in Exchange
Act Rules 13a-15(e) and 15d-15(e)) that are effective in all material respects to ensure that material information relating to
the Company, including any consolidated Subsidiaries, is made known to its chief executive officer and chief financial officer
by others within those entities.&nbsp;&nbsp;The Company&rsquo;s certifying officers have evaluated the effectiveness of the Company&rsquo;s
controls and procedures as of December 31, 2018 (such date, the &ldquo;<U>Evaluation Date</U>&rdquo;).&nbsp;&nbsp;The Company
presented in the 2018 Annual Report the conclusions of the certifying officers about the effectiveness of the disclosure controls
and procedures based on their evaluations as of the Evaluation Date.&nbsp;&nbsp;Since the Evaluation Date, there have been no
material changes in the Company&rsquo;s internal controls (as such term is defined in the rules of the SEC under the Exchange
Act) or in other factors that could affect the Company&rsquo;s internal controls.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.26 <U>Accounting
Controls</U>. The Company and its Subsidiaries maintain a system of internal accounting and other controls sufficient to provide
reasonable assurances that (i)&nbsp;transactions are executed in accordance with management&rsquo;s general or specific authorizations;
(ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain
accountability for assets; (iii) access to assets is permitted only in accordance with management&rsquo;s general or specific
authorization; and (iv) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate
action is taken with respect to any differences.&nbsp;&nbsp;Except as described in the Company Reports (excluding in each case
any disclosures set forth in the risk factors or &ldquo;forward-looking statements&rdquo; sections of such reports and any other
disclosures included therein, to the extent they are predictive or forward-looking in nature and not statements of historical
fact), since December 31, 2016, there has been (A) no material weakness in the Company&rsquo;s internal control over financial
reporting (whether or not remediated) and (B)&nbsp;no change in the Company&rsquo;s internal control over financial reporting
that has materially affected, or is reasonably likely to materially affect, the Company&rsquo;s internal control over financial
reporting.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.27 <U>Absence
of Material Changes</U>. Subsequent to the respective dates as of which information is given in the Company Reports, and except
as may be otherwise disclosed in such Company Reports (excluding in each case any disclosures set forth in the risk factors or
&ldquo;forward-looking statements&rdquo; sections of such reports and any other disclosures included therein to the extent they
are predictive or forward-looking in nature and not statements of historical fact), there has not been (i)&nbsp;any Material Adverse
Effect, (ii)&nbsp;any transaction which is material to the Company, (iii)&nbsp;any obligation, direct or contingent (including
any off-balance sheet obligations), incurred by the Company, which is material to the Company, (iv)&nbsp; any dividend or distribution
of any kind declared, paid or made on the capital stock of the Company, (v)&nbsp;any change in the capital stock (other than a
change in the number of outstanding shares of Common Stock due to grants of stock under the Company&rsquo;s stock incentive plans
existing on the date hereof or the issuance of shares upon the exercise of outstanding options or warrants) or any issuance of
options, warrants, convertible securities or other rights to purchase the capital stock (other than grants of stock options under
the Company&rsquo;s stock option plans existing on the date hereof) of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.28 <U>Brokers
Fees</U>. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person
that would give rise to a valid claim against the Company for a brokerage commission, finder&rsquo;s fee or like payment in connection
with the Exchange or any transaction contemplated by this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.29 <U>Listing
and Maintenance Requirements</U>. The Company is subject to and in compliance in all material respects with the reporting requirements
of Section 13 or Section 15(d) of the Exchange Act, as applicable.&nbsp;&nbsp;The Common Stock is registered pursuant to Section
12(b) of the Exchange Act and is listed on the NASDAQ Global Market, and the Company has taken no action designed to, or reasonably
likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common
Stock from the NASDAQ Global Market, nor has the Company received any notification that the SEC or NASDAQ is contemplating terminating
such registration or listing.&nbsp;&nbsp;The Conversion Shares will be duly authorized for listing on the NASDAQ Global Market
immediately upon conversion of the Preferred Stock in accordance with the terms of the Certificate.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.30 <U>Sarbanes-Oxley
Act</U>. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002
and all applicable rules and regulations promulgated thereunder or implementing the provisions thereof that are then in effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.31 <U>NASDAQ
Shareholder Approval Rules</U>. No approval of the stockholders of the Company under the rules and regulations of NASDAQ (including
Rule 5635 of the NASDAQ Marketplace Rules) is required for the Company to issue and deliver the Preferred Stock to the Holder
or the Conversion Shares upon conversion of the Preferred Stock.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.32 <U>No
General Solicitation</U>. Neither the Company nor any person acting on its or their behalf has offered or sold the Preferred Stock
or will offer or sell the Preferred Stock by means of any general solicitation or general advertising, including the methods described
in Rule 502(c) under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;4.33 <U>Integration</U>.
No offers and sales of securities of the same or similar class as the Preferred Stock have been made by the Company or on its
behalf during the six-month period ending with the date of this Agreement and no such offers or sales are<B>&nbsp;</B>currently
being made or contemplated (in each case, whether pursuant to outstanding warrants, options, convertible or exchangeable securities,
acquisition agreements or otherwise).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;V</B><BR>
<BR>
OTHER AGREEMENTS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;5.1 <U>Termination
of Director Appointment Rights</U>. The Holder&rsquo;s rights to designate directors to serve on the Company&rsquo;s board of
directors as provided by Section 4.2 of that certain Exchange Agreement, dated as of March 4, 2013, among the Company, the Holder
and the other signatories thereto are hereby terminated in their entirety and of no further force or effect. The foregoing shall
not affect the current term of service of any director so designated by the Holder prior to the date of this Agreement, which
term of service shall continue until the earlier of such director&rsquo;s resignation, death, removal or failure to be elected
at the Company&rsquo;s next annual meeting of stockholders following the date of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;5.2 <U>Cancellation
of Notes</U>. The Holder acknowledges and agrees that upon giving effect to the Conversion and the Exchange, all of the Company&rsquo;s
obligations under the Notes shall have been satisfied in full and thereafter the Notes shall be null and void and of no further
force or effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;VI</B><BR>
<BR>
CONDITIONS TO CLOSING</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;6.1 <U>Holder&rsquo;s
Conditions Precedent</U>.&nbsp; The obligations of the Holder to complete the Conversion and the Exchange are, in each case, subject
to the satisfaction of each of the following conditions precedent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a) each
of the representations and warranties of the Company contained in this Agreement shall be true and correct as of the Closing Date,
with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the
extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty
need only be true and correct as of such date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b) the
Notification Form: Listing of Additional Shares, to be filed with the NASDAQ prior to issuing any Preferred Stock or Conversion
Shares, shall have been filed;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c) the
Company shall have delivered to the Holder all consents, notices and approvals required in connection with the transactions contemplated
hereby (including any consent or notice set forth in <U>Section&nbsp;4.8</U>), in form and substance reasonably satisfactory to
the Holder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d) the
Holder shall have received the Registration Rights Agreement, executed and delivered by the Company;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e) the
Company shall have duly filed the Certificate with the Secretary of State of the State of Delaware;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(f) the
Company shall have duly performed and complied in all material respects with all covenants and agreements contained in this Agreement
that are required to be performed or complied with by it at or before the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(g) no
court or other governmental or regulatory authorities, agencies,&nbsp;commissions or other entities, whether federal, state, local
or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent)
that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement,
and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(h) Greenberg
Traurig, LLP, counsel for the Company, shall have furnished to the Holder an opinion, in the form attached hereto as <U>Exhibit
C</U>, dated the Closing Date and addressed to the Holder;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(i) the
Chief Executive Officer and Chief Financial Officer of the Company shall have delivered to the Holder a certificate, dated as
of the Closing Date, certifying to their knowledge, after reasonable inquiry as to the matters set forth in paragraphs 6.1(a)
and (f) above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;6.2 <U>Company
Conditions Precedent</U>. The obligations of the Company to complete the Conversion and the Exchange are, in each case, subject
to the satisfaction of each of the following conditions precedent:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a) Each
of the representations and warranties of the Holder contained in this Agreement shall be true and correct as of the Closing Date,
with the same effect as though those representations and warranties had been made on and as of the Closing Date, except to the
extent that any such representation or warranty is made as of a specified date, in which case such representation or warranty
need only be true and correct as of such date;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b) the
Holder shall have duly performed and complied in all material respects with all covenants and agreements contained in this Agreement
that are required to be performed or complied with by it at or before the Closing;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(c) no
court or other governmental or regulatory authorities, agencies,&nbsp;commissions or other entities, whether federal, state, local
or foreign, shall have enacted, issued, promulgated, enforced or entered any law (whether temporary, preliminary or permanent)
that is in effect and restrains, enjoins or otherwise prohibits consummation of the transactions contemplated by this Agreement,
and there shall not be pending by or before any such entity any suit, action or proceeding in respect thereof;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(d) the
Trustee, the Conversion Agent and the Registrar, as applicable, shall have received from the Holder such documents and instruments
reasonably requested by them with respect to the Conversion and the Exchange; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(e) the
Holder shall have delivered to the Company an executed counterpart to the Registration Rights Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Article&nbsp;VII</B><BR>
<BR>
MISCELLANEOUS</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.1 <U>Certain
Actions</U>.&nbsp;&nbsp;Each of the Company and the Holder shall reasonably cooperate with each other and use (and shall cause
their respective affiliates to use) reasonable efforts to take or cause to be taken all actions, and do or cause to be done all
things, necessary, proper or advisable on its part under this Agreement and applicable law and stock exchange listing standards
to consummate the transactions contemplated by this Agreement as soon as practicable.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.2 Legends.
To the extent reasonably necessary under applicable law, any share certificate or book entry representing the Preferred Stock
or Conversion Shares shall have endorsed, to the extent appropriate, upon its face the following words:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 102px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">THE
    SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &ldquo;ACT&rdquo;),
    OR THE SECURITIES LAWS OF ANY JURISDICTION.&nbsp;&nbsp;SUCH SECURITIES MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, ASSIGNED,
    ENCUMBERED, HYPOTHECATED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO (I) A REGISTRATION STATEMENT WITH RESPECT TO SUCH SECURITIES
    THAT IS EFFECTIVE UNDER SUCH ACT OR APPLICABLE STATE SECURITIES LAW, OR (II) ANY EXEMPTION FROM REGISTRATION UNDER SUCH ACT,
    OR APPLICABLE STATE SECURITIES LAW, RELATING TO THE DISPOSITION OF SECURITIES, INCLUDING RULE 144.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.3 <U>Legend
Removal</U>. Upon the request of the Holder or any transferee or proposed transferee thereof, the Company shall remove the legend
contemplated by <U>Section&nbsp;7.2</U> of this Agreement and the Company shall issue a stock certificate or enter a book entry
without such legend to the Holder or transferee (and shall revoke any related stop transfer or similar instructions to its registrar
and transfer agent), or shall cause such shares upon initial issuance not to be so legended (and shall not issue any such stop
transfer or similar legends to its registrar and transfer agent) if the applicable shares of Preferred Stock or Conversion Shares
are covered by an effective registration statement under the Securities Act or if such person provides reasonable evidence and
an opinion of counsel to the effect that a sale, transfer or assignment of such Conversion Shares may be made without registration
under the Securities Act or that such Conversion Shares are eligible for resale pursuant to Rule 144 under the Securities Act.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.4 <U>Entire
Agreement</U>.&nbsp;&nbsp;This Agreement and any documents and agreements executed in connection with the Conversion and the Exchange
embody the entire agreement and understanding of the parties hereto with respect to the subject matter hereof and supersede all
prior and contemporaneous oral or written agreements, representations, warranties, contracts, correspondence, conversations, memoranda
and understandings between or among the parties or any of their agents, representatives or affiliates relative to such subject
matter, including, without limitation, any term sheets, emails or draft documents.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.5 <U>Construction</U>.&nbsp;&nbsp;References
in the singular shall include the plural, and vice versa, unless the context otherwise requires. References in the masculine shall
include the feminine and neuter, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective
counsel, shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language
in all parts of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either
party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.6 <U>Governing
Law; Venue</U>.&nbsp;&nbsp;This Agreement shall in all respects be construed in accordance with and governed by the substantive
laws of the State of New York, without reference to its choice of law rules. Venue for any legal action under this Agreement shall
be in the state or federal courts located in the Borough of Manhattan in the City of New York, New York.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.7 <U>Counterparts</U>.&nbsp;&nbsp;This
Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument. Any counterpart or other signature hereon delivered by facsimile shall be deemed for all purposes
as constituting good and valid execution and delivery of this Agreement by such party.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.8 <U>Specific
Performance</U>. Each party acknowledges and agrees that, in addition to other remedies, the parties shall be entitled to enforce
the terms of this Agreement by decree of specific performance without the necessity of proving the inadequacy of monetary damages
as a remedy and to obtain injunctive relief against any breach or threatened breach of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;7.9 <U>Certain
Definitional Provisions</U>.&nbsp;&nbsp;Unless the express context otherwise requires: the words &ldquo;hereof&rdquo;, &ldquo;herein&rdquo;,
and &ldquo;hereunder&rdquo; and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole
and not to any particular provision of this Agreement; any references herein to a specific Section, Schedule or Annex shall refer,
respectively, to Sections, Schedules or Annexes of this Agreement; wherever the word &ldquo;include&rdquo;, &ldquo;includes&rdquo;,
or &ldquo;including&rdquo; is used in this Agreement, it shall be deemed to be followed by the words &ldquo;without limitation&rdquo;;
and references herein to any gender includes each other gender.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Signature
Pages Follow]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 75pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">IN
WITNESS WHEREOF, each of the parties hereto has caused this Conversion and Exchange Agreement to be executed as of the date first
above written.&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The Company</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CADIZ INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name:</FONT>&nbsp;</TD>
    <TD>Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD>President and Chief Executive Officer</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Signature
Page to Exchange Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>The
    Holder</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>ELKHORN PARTNERS LIMITED PARTNERSHIP</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By: &nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 36%"></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Name:&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Alan S. Parson</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title:</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sole Managing Partner</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">[Signature
Page to Exchange Agreement]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in">&nbsp;</P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>EXHIBIT
A</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FORM
OF CERTIFICATE OF DESIGNATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>EXHIBIT
B</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FORM
OF REGISTRATION RIGHTS AGREEMENT</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>EXHIBIT
C</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">FORM
OF GT OPINION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B><U>Exhibit
B</U></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Form
of Certificate of Designation</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(see
attached)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: 24pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 33%"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 34%"><FONT STYLE="font: 16pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; vertical-align: bottom; text-align: right; width: 33%"><FONT STYLE="font-size: 10pt">Page 1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The First State</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><B><I>I, JEFFREY W. BULLOCK, SECRETARY OF STATE OF THE STATE
OF DELAWARE, DO HEREBY CERTIFY THE ATTACHED IS A TRUE AND CORRECT COPY OF THE CERTIFICATE OF DESIGNATION OF &ldquo;CADIZ INC.&rdquo;,
FILED IN THIS OFFICE ON THE FIFTH DAY OF MARCH, A.D. 2020, AT 4:47 O`CLOCK P.M.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0; text-indent: 0.5in"><B><I>A FILED COPY OF THIS CERTIFICATE HAS BEEN FORWARDED TO
THE NEW CASTLE COUNTY RECORDER OF DEEDS.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I></I></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%"><B>&nbsp;</B></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center; width: 40%; font-size: 10pt"><B>/s/ <FONT STYLE="font: 10pt Times New Roman, Times, Serif">Jeffrey
    W. Bullock</FONT></B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><B>&nbsp;</B></TD>
    <TD STYLE="text-align: center; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Jeffrey
    W. Bullock</B></FONT><B>, Secretary of State</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; white-space: nowrap; width: 28%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2295882&nbsp;&nbsp;&nbsp; 8100</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SR# 20201953970</P></TD>
    <TD STYLE="white-space: nowrap; width: 49%; text-align: center; font-size: 10pt"><IMG SRC="ex10-4_001.jpg" ALT="">&nbsp;</TD>
    <TD STYLE="text-align: right; white-space: nowrap; width: 23%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Authentication: 202526555</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: 03-05-20</P></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may verify this certificate online at corp.delaware.gov/authver.shtml</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>&nbsp;</I></B></P>

<P STYLE="margin: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 65%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center; width: 35%"><B>State of Delaware</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Secretary of State</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Division of Corporations</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>Delivered 04:47 PM 03/05/2020</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>FILED 04:47 PM 03/05/2020</B></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center"><B>SR 20201953970 -  File Number 2295882</B></TD></TR>
</TABLE>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATE OF DESIGNATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SERIES 1 PREFERRED STOCK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>CADIZ
inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Pursuant to Section 151 of the General
Corporation Law of the State of Delaware)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cadiz Inc., a corporation
organized and existing under the General Corporation Law of the State of Delaware (hereinafter, the &ldquo;<U>Corporation</U>&rdquo;),
hereby certifies that the following resolution was duly adopted by the Board of Directors of the Corporation as required by Section
151 of the General Corporation Law of the State of Delaware:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&ldquo;NOW, THEREFORE,
BE IT RESOLVED, that pursuant to the authority expressly granted to and vested in the Board of Directors of the Corporation in
accordance with the provisions of the certificate of incorporation of the Corporation, there is hereby created and provided out
of the authorized but unissued preferred stock, par value $0.01 per share, of the Corporation (&ldquo;<U>Preferred Stock</U>&rdquo;),
a new series of Preferred Stock, and there is hereby stated and fixed the number of shares constituting such series and the designation
of such series and the powers (including voting powers), if any, of such series and the preferences and relative, participating,
optional, special or other rights, if any, and the qualifications, limitations or restrictions, if any, of such series as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><I>Series 1 Preferred
Stock:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 1. <U>Designation
and Amount</U>. The shares of such series shall be designated as shares of &ldquo;Series 1 Preferred Stock,&rdquo; par value $0.01
per share, of the Corporation (the &ldquo;<U>Series 1 Preferred Stock</U>&rdquo;), and the number of shares constituting such series
shall be ten thousand (10,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 2. <U>Definitions</U>.
The following terms shall have the following meanings for purposes of this Certificate of Designation (as the same may be amended,
amended and restated or restated from time to time, this &ldquo;<U>Certificate of Designation</U>&rdquo;):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) &ldquo;<U>Affiliates</U>&rdquo;
with respect to any Person shall mean any Person that, directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with such Person, as such terms are used in and construed under Rule 405 of the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) &ldquo;<U>Attribution
Parties</U>&rdquo; with respect to a holder of outstanding shares of Series 1 Preferred Stock shall mean such holder&rsquo;s Affiliates
and any Persons acting as group together with such holder or any of such holder&rsquo;s Affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) &ldquo;<U>Beneficial
Ownership Limitation</U>&rdquo; with respect to a holder of outstanding shares of Series 1 Preferred Stock shall mean 9.9% of the
number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable
upon conversion of Series 1 Preferred Stock held by such holder pursuant to this Certificate of Designation; <I>provided</I>, <I>however</I>,
that a holder of any outstanding shares of Series 1 Preferred Stock, upon written notice to the Corporation, may increase or decrease
the Beneficial Ownership Limitation provisions of this definition applicable to the outstanding shares of Series 1 Preferred Stock
held by such holder; <I>provided</I> that the Beneficial Ownership Limitation shall in no event exceed 9.9% of the number of shares
of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon conversion
of Series 1 Preferred Stock held by such holder pursuant to this Certificate of Designation and the provisions of this definition
shall continue to apply. Any such increase in the Beneficial Ownership Limitation shall not be effective until the 61<SUP>st</SUP>
day after such written notice is delivered to the Corporation and shall only apply to the holder of outstanding shares of Series
1 Preferred Stock providing such notice and no other holder of outstanding shares of Series 1 Preferred Stock. The provisions of
this definition shall, to the fullest extent permitted by applicable law, be construed and implemented in a manner otherwise than
in strict conformity with the terms of this definition to correct this definition (or any portion hereof) which may be defective
or inconsistent with the intended Beneficial Ownership Limitation contained herein or to make changes or supplements necessary
or desirable to properly give effect to such limitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) &ldquo;<U>Beneficially
Own</U>&rdquo; shall mean &ldquo;beneficial ownership&rdquo; in accordance with Section 13(d) of the Exchange Act and shall include
the number of shares of Common Stock issuable upon conversion of the outstanding shares of Series 1 Preferred Stock sought to be
converted pursuant to this Certificate of Designation, but shall exclude the number of shares of Common Stock which are issuable
upon (i) conversion of any other outstanding shares of Series 1 Preferred Stock and (ii) exercise or conversion of the unexercised
or unconverted portion of any other securities of the Corporation subject to a limitation on conversion or exercise analogous to
the limitation contained herein.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) &ldquo;<U>Board
of Directors</U>&rdquo; shall mean the Board of Directors of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) &ldquo;<U>Capital
Lease Obligations</U>&rdquo; means, with respect to any Person, the obligations of such Person to pay rent or other amounts under
any lease of (or other arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations
are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP and, for the purposes
of this Indenture, the amount of such obligations at any time shall be the capitalized amount thereof at such time determined in
accordance with GAAP.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(g) &ldquo;<U>Certificate
of Incorporation</U>&rdquo; shall mean the certificate of incorporation of the Corporation, as the same may be amended, amended
and restated or restated from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(h) &ldquo;<U>Closing
Price</U>&rdquo; of Common Stock or any other security on any date shall mean the closing sale price per share (or, if no closing
sale price is reported, the average of the last bid and last ask prices or, if more than one in either case, the average of the
average bid and the average ask prices) on that date as reported in composite transactions for the principal United States securities
exchange on which Common Stock or such other security is traded.&nbsp;&nbsp;If Common Stock or such other security is not listed
for trading on a United States national or regional securities exchange on the relevant date, the Closing Price will be the last
quoted bid price for Common Stock or such other security in the over-the-counter market on the relevant date as reported by OTC
Markets Group Inc. or a similar organization.&nbsp;&nbsp;If Common Stock or such other security is not so quoted, the Closing Price
will be the average of the mid-point of the last bid and ask prices for Common Stock or such other security on the relevant date
from each of at least three nationally recognized independent investment banking firms selected by the Corporation for this purpose.&nbsp;&nbsp;The
Closing Price will be determined without reference to extended or after hours trading.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(i) &ldquo;<U>Commission</U>&rdquo;
shall mean the United States Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(j) &ldquo;<U>Commodity
Price Protection Agreement</U>&rdquo; means, with respect to any Person, any forward contract, futures contract, commodity swap,
commodity option or other similar agreement or arrangement (including derivative agreements or arrangements) as to which such Person
is a party or a beneficiary relating to, or the value of which is dependent upon or which is designed to protect such Person against,
fluctuations in commodity prices.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(k) &ldquo;<U>Common
Stock</U>&rdquo; shall mean the common stock, par value $0.01 per share, of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(l) &ldquo;<U>Common
Stock Equivalents</U>&rdquo; shall mean any securities of the Corporation which would entitle the holder thereof to acquire at
any time shares of Common Stock, including, without limitation, any Debt, preferred stock, rights, options, warrants or other securities
that are at any time convertible into or exercisable for, or otherwise entitle the holder thereof to receive, shares of Common
Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(m) &ldquo;<U>Conversion
Date</U>&rdquo; shall mean an Optional Conversion Date or a Mandatory Conversion Date, as the circumstances shall require.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(n) &ldquo;<U>Conversion
Limitation Determination</U>&rdquo; shall have the meaning set forth in <U>Section 7(c)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(o) &ldquo;<U>Conversion
Rate</U>&rdquo; shall mean 405.05, as such amount may be adjusted pursuant to <U>Section 8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(p) &ldquo;<U>Convertible
Senior Notes due 2020</U>&rdquo; shall mean <FONT STYLE="background-color: white">the Corporation&rsquo;s 7.00% Convertible Senior
Notes due 2020&nbsp;issued pursuant to the Indenture dated as of December 10, 2015, between the Corporation and U.S. Bank National
Association (including any additional notes issued under such Indenture in an aggregate original principal amount not to exceed
$5,000,000 at any one time outstanding),</FONT> as amended, amended and restated, restated, supplemented or otherwise modified
from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(q) &ldquo;<U>Corporation</U>&rdquo;
means Cadiz Inc., a Delaware corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(r) <FONT STYLE="background-color: white">&ldquo;<U>Credit
Agreement</U>&rdquo; means the Credit Agreement, dated as of May 1, 2017, among the Corporation, Apollo Special Situations Fund,
L.P., the other lenders from time to time party thereto, and </FONT>Wells Fargo Bank, National Association<FONT STYLE="background-color: white">,
as the agent for the lenders, as amended, amended and restated, restated, extended, renewed, supplemented or otherwise modified
from time to time, and one or more agreements, including, without limitation, an indenture, governing the Debt Incurred by the
Corporation and/or its subsidiaries to Refinance, in whole or in part, the Debt then outstanding under the Credit Agreement or
one or more successor Credit Agreements; <I>provided</I>, <I>however</I>, that the principal amount of such Refinanced Debt (or
accreted value, in the case of such Refinanced Debt issued at a discount) does not exceed the principal amount (or accreted value,
as the case may be) of the Debt so Refinanced, plus the amount of accrued and unpaid interest on the Debt so Refinanced, any premium
paid to holders of the Debt so Refinanced and reasonable expenses (including underwriting discounts) Incurred in connection with
the Refinancing of such Debt. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(s) <FONT STYLE="background-color: white">&ldquo;<U>Currency
Agreement</U>&rdquo; means, with respect to any Person, any foreign exchange contract, currency swap agreement or other similar
agreement or arrangement (including derivative agreements or arrangements) as to which such Person is a party or a beneficiary
designed to hedge foreign currency risk of such Person,</FONT> as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(t) &ldquo;<U>Debt</U>&rdquo;
means, with respect to any Person at any date, without duplication, (i) all indebtedness of such Person for borrowed money, (ii)
all obligations of such Person for the deferred purchase price of property or services (other than current trade payables incurred
in the ordinary course of such Person&rsquo;s business), (iii) all obligations of such Person evidenced by notes, bonds, debentures
or other similar instruments, (iv) all indebtedness created or arising under any conditional sale or other title retention agreement
with respect to property acquired by such Person (even though the rights and remedies of the seller or lender under such agreement
in the event of default are limited to repossession or sale of such property), (v) all Capital Lease Obligations of such Person,
(vi) all obligations of such Person, contingent or otherwise, as an account party or applicant under or in respect of acceptances,
letters of credit, surety bonds or similar arrangements, (vii) the liquidation value of all redeemable preferred capital stock
of such Person, (viii) all Guarantee Obligations of such Person in respect of obligations of the kind referred to in clauses (i)
through (vii) above, (ix) all obligations of the kind referred to in clauses (i) through (viii) above secured by (or for which
the holder of such obligation has an existing right, contingent or otherwise, to be secured by) any Lien on property (including
accounts and contract rights) owned by such Person, whether or not such Person has assumed or become liable for the payment of
such obligation, and (x) all obligations under Hedging Obligations of such Person. The Debt of any Person shall include the Debt
of any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor
as a result of such Person&rsquo;s ownership interest in or other relationship with such entity, except to the extent the terms
of such Debt expressly provide that such Person is not liable therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(u) &ldquo;<U>Dividend
Junior Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, any outstanding series of Preferred Stock
provided for or fixed pursuant to the provisions of the Certificate of Incorporation raking junior to the Series 1 Preferred Stock
as to dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(v) &ldquo;<U>Dividend
Parity Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, the Common Stock and any outstanding series
of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking <I>pari passu</I>
to the Series 1 Preferred Stock as to dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(w) &ldquo;<U>Dividend
Senior Stock</U>&rdquo; shall mean, at any time after the Mandatory Conversion Date, any outstanding series of Preferred Stock
provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking senior to the Series 1 Preferred Stock
as to dividends.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(x) &ldquo;<U>Exchange
Act</U>&rdquo; shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(y) &ldquo;<U>Exchange
Agreements</U>&rdquo; shall mean the Conversion and Exchange Agreements, dated on or about the Original Issue Date, between the
Corporation and each original Holder (as defined therein), as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(z) &ldquo;<U>Existing
Debt</U>&rdquo; shall mean the following <FONT STYLE="background-color: white">Debt of the Corporation and its subsidiaries outstanding
on the Original Issue Date: (i) the Corporation&rsquo;s 7.00% Convertible Senior Notes due 2018 issued pursuant to the Indenture
dated as of March 5, 2013, between the Corporation and U.S. Bank National Association (as successor to The Bank of New York Mellon
Trust Company, N.A.), as trustee, </FONT>as amended, amended and restated, restated, supplemented or otherwise modified from time
to time<FONT STYLE="background-color: white">, (ii) the Convertible Senior Notes due 2020</FONT>, <FONT STYLE="background-color: white">(iii)
any Debt of the Corporation and/or its subsidiaries Incurred pursuant to the Credit Agreement in an aggregate original principal
amount not to exceed $60,000,000 outstanding at any time, plus any accretion pursuant to the terms of the Credit Agreement, (iv)
debt Incurred in connection with </FONT>that certain Amended and Restated Cadiz &ndash; Fenner Valley Farm Lease, dated as of February
8, 2016, entered into among Fenner Valley Farm, LLC, the Corporation and the other signatories thereto, <FONT STYLE="background-color: white">and
(v) any Debt Incurred under any credit agreement, loan, note or indenture governing the Debt Incurred by the Corporation and/or
its subsidiaries to Refinance, in whole or in part, any other Existing Debt then outstanding; <I>provided</I>, <I>however</I>,
that the principal amount of such Refinanced Debt (or accreted value, in the case of such Refinanced Debt issued at a discount)
does not exceed the principal amount (or accreted value, as the case may be) of the Debt so Refinanced, plus the amount of accrued
and unpaid interest on the Debt so Refinanced, any premium paid to holders of the Debt so Refinanced and reasonable expenses (including
underwriting discounts) Incurred in connection with the Refinancing of such Debt.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aa) &ldquo;<U>Farming
Project</U>&rdquo; shall have the meaning set forth in <U>Section 4(b)(ii)(B)(2)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bb) <FONT STYLE="background-color: white">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in the United States of America, as in effect from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(cc) &ldquo;<U>Guarantee
Obligation</U>&rdquo; means, with respect to any Person (the &ldquo;<U>Guaranteeing Person</U>&rdquo;), any obligation, including
a reimbursement, counterindemnity or similar obligation, of the Guaranteeing Person that guarantees or in effect guarantees, or
which is given to induce the creation of a separate obligation by another Person (including any bank under any letter of credit)
that guarantees or in effect guarantees, any Debt, leases, dividends or other obligations (the &ldquo;<U>Primary Obligations</U>&rdquo;)
of any other third Person (the &ldquo;<U>Primary Obligor</U>&rdquo;) in any manner, whether directly or indirectly, including any
obligation of the Guaranteeing Person, whether or not contingent, (i) to purchase any such Primary Obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or payment of any such Primary Obligation
or (2) to maintain working capital or equity capital of the Primary Obligor or otherwise to maintain the net worth or solvency
of the Primary Obligor, (iii) to purchase property, securities or services primarily for the purpose of assuring the owner of any
such Primary Obligation of the ability of the Primary Obligor to make payment of such Primary Obligation or (iv) otherwise to assure
or hold harmless the owner of any such Primary Obligation against loss in respect thereof; <I>provided</I>, <I>however</I>, that
the term Guarantee Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of
business. The amount of any Guarantee Obligation of any Guaranteeing Person shall be deemed to be the maximum amount for which
such Guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guarantee Obligation, unless such
Primary Obligation and the maximum amount for which such Guaranteeing Person may be liable are not stated or determinable, in which
case the amount of such Guarantee Obligation shall be such Guaranteeing Person&rsquo;s maximum reasonably anticipated liability
in respect thereof as determined by the Guaranteeing Person in good faith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(dd) &ldquo;<U>Hedging
Obligations</U>&rdquo; mean, with respect to any Person, the obligations of such Person pursuant to any Interest Rate Agreement,
Currency Agreement or Commodity Price Protection Agreement, as amended, amended and restated, restated, supplemented or otherwise
modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ee) &ldquo;<U>Incur</U>&rdquo;
means, with respect to any Debt or other obligation of any Person, to create, issue, incur (including by conversion, exchange or
otherwise), assume, guarantee or otherwise become liable in respect of such Debt or other obligation on the balance sheet of such
Person (and &ldquo;<U>Incurrence</U>,&rdquo; &ldquo;<U>Incurred</U>&rdquo; and &ldquo;<U>Incurring</U>&rdquo; will have meanings
correlative to the foregoing); <I>provided</I> that a change in GAAP that results in an obligation of such Person that exists at
such time becoming Debt will not be deemed an Incurrence of such Debt. Accrual of interest, the accretion of accreted value, the
payment of interest in the form of additional Debt and increases in Debt outstanding solely as a result of fluctuations in the
exchange rate of currencies will not be deemed to be an Incurrence of Debt. Any Debt issued at a discount (including Debt on which
interest is payable through the issuance of additional Debt) will be deemed Incurred at the time of original issuance of the Debt
at the accreted amount thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ff) &ldquo;<U>Interest
Rate Agreement</U>&rdquo; means, with respect to any Person, any interest rate protection agreement, interest rate swaps, caps,
floors or collars, option, future or derivative agreements or arrangements and similar agreements or arrangements and/or other
types of hedging agreements as of which such Person is a party or beneficiary designed to hedge interest rate risk of such Person,
as amended, amended and restated, restated, supplemented or otherwise modified from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(gg) &ldquo;<U>Lien</U>&rdquo;
means any security interest, pledge, lien or other encumbrance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hh) &ldquo;<U>Liquidation</U>&rdquo;
shall have the meaning set forth in <U>Section 5(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ii) &ldquo;<U>Liquidation
Junior Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, the Common Stock and any outstanding
series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking junior to
Series 1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory
Conversion Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate
of Incorporation ranking junior to the Series 1 Preferred Stock upon a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jj) &ldquo;<U>Liquidation
Parity Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, any outstanding series of Preferred
Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking <I>pari passu</I> to the Series
1 Preferred Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory Conversion
Date, any outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation
ranking <I>pari passu</I> to the Series 1 Preferred Stock upon a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(kk) &ldquo;<U>Liquidation
Proceeds</U>&rdquo; shall mean the assets of the Corporation legally available for distribution to its stockholders upon a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ll) &ldquo;<U>Liquidation
Senior Stock</U>&rdquo; shall mean (i) at any time prior to the Mandatory Conversion Date, any outstanding series of Preferred
Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking senior to the Series 1 Preferred
Stock as to the payment of the Liquidation Value upon a Liquidation and (ii) at any time after the Mandatory Conversion Date, any
outstanding series of Preferred Stock provided for or fixed pursuant to the provisions of the Certificate of Incorporation ranking
senior to the Series 1 Preferred Stock upon a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(mm) &ldquo;<U>Liquidation
Value</U>&rdquo; shall mean, with respect to any share of Series 1 Preferred Stock (i) on any given date prior to the Mandatory
Conversion Date, $2,734.09 per share (as adjusted for any (A) dividend in respect of any class or series of stock of the Corporation
in shares of Series 1 Preferred Stock, (B) subdivision, whether by reclassification or recapitalization, of the outstanding shares
of Series 1 Preferred Stock into a greater number of shares of Series 1 Preferred Stock, or (C) combination, whether by reclassification
or recapitalization, of the outstanding shares of Series 1 Preferred Stock into a lesser number of shares of Series 1 Preferred
Stock), and (ii) on any given date on or after the Mandatory Conversion Date, $0.00 per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(nn) &ldquo;<U>Mandatory
Conversion</U>&rdquo; shall have the meaning set forth in <U>Section 7(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(oo) &ldquo;<U>Mandatory
Conversion Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(b)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(pp) &ldquo;<U>NASDAQ</U>&rdquo;
shall mean the Nasdaq Stock Market or any successor national securities exchange (or other applicable securities exchange or quotation
system) or any other national securities exchange on which shares of Common Stock are listed from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(qq) &ldquo;<U>Northern
Pipeline Project</U>&rdquo; shall mean the water conservation project of the Corporation utilizing the existing idle natural gas
pipeline that extends northwest from the Corporation&rsquo;s property terminating in Barstow, California, and a further 124-mile
segment connecting such pipeline from Barstow to Wheeler Ridge, California for which the Corporation has entered into a purchase
agreement, and all associated well-field and pumping stations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(rr) &ldquo;<U>Notice
of Conversion</U>&rdquo; shall have the meaning set forth in <U>Section 7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ss) &ldquo;<U>Optional
Conversion Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(tt) &ldquo;<U>Original
Issue Date</U>&rdquo; shall mean the first date on which one or more shares of Series 1 Preferred Stock is/are issued by the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(uu) &ldquo;<U>Person</U>&rdquo;
shall mean an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited
liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(vv) &ldquo;<U>Preferred
Stock</U>&rdquo; shall have the meaning set forth in the recitals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ww) &ldquo;<U>Redemption
Date</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(xx) &ldquo;<U>Redemption
Notice</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(yy) &ldquo;<U>Redemption
Notice Date</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(zz) &ldquo;<U>Redemption
Price</U>&rdquo; shall have the meaning set forth in <U>Section 6</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(aaa) &ldquo;<U>Refinance</U>&rdquo;
means, in respect of any Debt, to refinance, extend (including pursuant to any defeasance or discharge mechanism), renew, refund,
repay, prepay, redeem, defease or retire, or to issue Debt in exchange or replacement for, such Debt in whole or in part. &ldquo;<U>Refinanced</U>&rdquo;
and &ldquo;<U>Refinancing</U>&rdquo; will have correlative meanings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(bbb) &ldquo;<U>Required
Holders</U>&rdquo; means the holders of at least a majority of the outstanding shares of Series 1 Preferred Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ccc) &ldquo;<U>Securities
Act</U>&rdquo; shall mean means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ddd) &ldquo;<U>Series
1 Preferred Stock</U>&rdquo; shall have the meaning set forth in <U>Section 1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(eee) &ldquo;<U>Share
Delivery Date</U>&rdquo; shall have the meaning set forth in <U>Section 7(d)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(fff) &ldquo;<U>Southern
Pipeline Project</U>&rdquo; shall mean the water conservation project of the Corporation using its 43-mile southerly right-of-way,
including pipeline, well field and related water distribution, pumping facilities, water treatment and associated power facilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(ggg) &ldquo;<U>Trading
Day</U>&rdquo; shall mean any day on which NASDAQ is open for business and on which shares of Common Stock may be traded (other
than a day on which NASDAQ is scheduled to or does close prior to its regular weekday closing time).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(hhh) &ldquo;<U>Transfer
Agent</U>&rdquo; shall mean Continental Stock Transfer &amp; Trust Company, New York, New York, the current transfer agent of the
Corporation, with a mailing address of 1 State Street, 30<SUP>th</SUP> Floor, New York, New York 10004, and includes any successor
transfer agent of the Corporation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(iii) &ldquo;<U>Voting
Rate</U>&rdquo; shall mean 301.98, as such amount may be adjusted pursuant to <U>Section 8</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(jjj) &ldquo;<U>Water
Projects</U>&rdquo; shall have the meaning set forth in <U>Section 4(b)(ii)(B)(1)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 3. <U>Dividends</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Prior
to the Mandatory Conversion Date</U>. Except as provided in <U>Section 3(b)</U>, the holders of outstanding shares of Series 1
Preferred Stock shall not be entitled to share in any dividends or distributions of any kind or nature whatsoever, and in furtherance
thereof, shall not have any dividend or distribution privileges of any kind or nature whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>After
the Mandatory Conversion Date</U>. After the Mandatory Conversion Date and for so long as any shares of Series 1 Preferred Stock
shall be outstanding, subject to applicable law and the rights of the holders of any outstanding shares of Dividend Senior Stock,
the holders of outstanding shares of Series 1 Preferred Stock shall be entitled to receive dividends, when, as and if declared
by the Board of Directors on the then outstanding shares of Dividend Parity Stock, on a <I>pari passu</I> basis with the holders
of the then outstanding shares of Dividend Parity Stock and in preference and prior to the holders of any then outstanding shares
of Dividend Junior Stock, in an amount per then outstanding share of Series 1 Preferred Stock determined by multiplying (i) the
dividend amount per then outstanding share of Common Stock being declared by (ii) the Conversion Rate, with each share of Series
1 Preferred Stock receiving such dividend on an as converted to Common Stock basis (without regard to any limitation or restriction
on such conversion); <I>provided</I>, that no dividend shall be declared and paid or set apart for payment on the then outstanding
shares of Common Stock unless a dividend shall also be declared and paid or set apart for payment on the then outstanding shares
of Series 1 Preferred Stock. Notwithstanding the foregoing, to the extent that the right of a holder of Series 1 Preferred Stock
to receive a dividend consisting of shares of Common Stock or Common Stock Equivalents would result in such holder and such holder&rsquo;s
Attribution Parties exceeding such holder&rsquo;s Beneficial Ownership Limitation, then such holder shall, to the fullest extent
permitted by applicable law, not be entitled to receive such dividend to the extent of such Beneficial Ownership Limitation (and
shall not be entitled to Beneficially Own such shares of Common Stock or Common Stock Equivalents as a result of such dividend
to the extent of any such excess) and such dividend to such extent shall be held in abeyance for the benefit of such holder until
such time or times, if ever, as such holder&rsquo;s right thereto would not result in such holder and such holder&rsquo;s Attribution
Parties exceeding such holder&rsquo;s Beneficial Ownership Limitation, at which time or times such dividend (and any dividend consisting
of Common Stock or Common Stock Equivalents declared on such initial dividend or on any subsequent dividend held similarly in abeyance
to the same extent as if there had been no such limitation) shall be paid to such holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 4. <U>Voting
Rights</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>General</U>.
Except as provided by this Certificate of Designation or applicable law, from and after the Original Issue Date and prior to the
Mandatory Conversion Date, each holder of a share of Series 1 Preferred Stock, as such, shall be entitled to the number of votes
determined by multiplying the Voting Rate by each outstanding share of Series 1 Preferred Stock held of record by such holder on
all matters on which stockholders are generally entitled to vote; <I>provided</I>, <I>however</I>, that in no event shall a holder
of Series 1 Preferred Stock, together with such holder&rsquo;s Attribution Parties, be entitled to a number of votes in excess
of such holder&rsquo;s Beneficial Ownership Limitation. After the Mandatory Conversion Date, except as otherwise required by applicable
law, each holder of a share of Series 1 Preferred Stock, as such, shall not be entitled to vote and shall not be entitled to any
voting powers in respect thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Protective
Provisions</U>. From and after the Original Issue Date and prior to the Mandatory Conversion Date, for so long as any shares of
Series 1 Preferred Stock shall be outstanding, the Corporation shall not, at any time or from time to time, without the prior vote
or written consent of the Required Holders, voting separately as a single class:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(i) amend,
alter or repeal any provision of the Certificate of Incorporation, if such amendment, alteration or repeal would alter or change
the powers, preferences or special rights of the Series 1 Preferred Stock so as to affect them adversely;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(ii) <FONT STYLE="background-color: white">directly
or indirectly, Incur (or permit any of its subsidiaries to Incur) any Debt other than (A) any Existing Debt and (B) up to an aggregate
of $600,000,000 of Debt related to (1) the Southern Pipeline Project or Northern Pipeline Project, including water storage (collectively,
the &ldquo;<U>Water Projects</U>&rdquo;), (2) the establishment of related infrastructure and farming costs for developing agriculture
on land owned by the Corporation and its subsidiaries (the &ldquo;<U>Farming Project</U>&rdquo;), (3) working capital for the Water
Projects, the Farming Project or general corporate purposes, and (4) a Refinancing of any of the Debt described in the foregoing
clauses (1) &ndash; (3);</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iii) enter
into any transaction or series of related transactions (including, without limitation, the purchase, sale, lease, transfer or exchange
of property or assets of any kind or the rendering of services of any kind) with any Affiliate, except (A) transactions between
the Corporation and its subsidiaries or between or among the Corporation&rsquo;s subsidiaries and (B) transactions approved by
a majority of the Corporation&rsquo;s independent directors and a majority of the members of the Board of Directors as no less
favorable to the Corporation or its subsidiaries than would be obtainable in a comparable arm&rsquo;s length transaction between
fully informed, willing unaffiliated parties who are under no compulsion to act;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(iv) issue
any additional shares of Series 1 Preferred Stock (other than as contemplated by the Exchange Agreements);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(v) authorize,
create or issue any additional class or series of Liquidation Senior Stock or Liquidation Parity Stock other than the authorization,
creation or issuance of any additional class or series of Liquidation Senior Stock or Liquidation Parity Stock in one or more financing
transactions for the purpose of financing the Northern Pipeline Project and the Southern Pipeline Project, the gross cash proceeds
of which shall be offset against, and shall not exceed in the aggregate, the $600,000,000 limit of Debt permitted to be Incurred
pursuant to <U>Section 4(b)(ii)(B)</U>; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(vi) consummate
a Liquidation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 5. <U>Liquidation</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Prior
to the Mandatory Conversion Date</U>. In the event of any voluntary or involuntary liquidation, dissolution or winding up of the
Corporation (a &ldquo;<U>Liquidation</U>&rdquo;), from and after the Original Issue Date and prior to the Mandatory Conversion
Date, subject to applicable law and the rights of the holders of any outstanding shares of Liquidation Senior Stock, each holder
of any outstanding shares of Series 1 Preferred Stock shall be entitled to receive, together with the holders of any Liquidation
Parity Stock, an amount in cash equal to the aggregate Liquidation Value of all shares of Series 1 Preferred Stock held by such
holder, to be paid out of the Liquidation Proceeds, before any payment shall be made to the holders of Liquidation Junior Stock
by reason of their ownership thereof. If upon any Liquidation the remaining assets of the Corporation available for distribution
to its stockholders shall be insufficient to pay the holders of shares of Series 1 Preferred Stock and the holders of any Liquidation
Parity Stock the full preferential amount to which they are entitled, (i) the holders of shares of Series 1 Preferred Stock and
the holders of any Liquidation Parity Stock shall share ratably in any distribution of the Liquidation Proceeds in proportion to
the respective full preferential amounts which would otherwise be payable to a holder of shares of Series 1 Preferred Stock or
Liquidation Parity Stock in respect of such shares if all preferential amounts payable on or with respect to such shares in a Liquidation
were paid in full, and (ii) the Corporation shall not make or agree to make any payments to the holders of Liquidation Junior Stock.
In the event of a Liquidation prior to the Mandatory Conversion Date, in addition to and after payment in full of all preferential
amounts required to be paid to the holders of Series 1 Preferred Stock upon a Liquidation prior to the Mandatory Conversion Date
under the foregoing provisions of this <U>Section 5(a)</U>, the holders of shares of Series 1 Preferred Stock then outstanding
shall be entitled to participate with the holders of shares of Liquidation Junior Stock then outstanding, <I>pro rata</I> as a
single class based on the number of outstanding shares of Liquidation Junior Stock on an as-converted into Common Stock basis held
by each holder as of immediately prior to the Liquidation, in the distribution of all the remaining Liquidation Proceeds available
for distribution to its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>After
the Mandatory Conversion Date</U>. In the event of a Liquidation, after the Mandatory Conversion Date, for so long as any shares
of Series 1 Preferred Stock shall be outstanding, the holders of shares of Series 1 Preferred Stock then outstanding shall be entitled
to participate with the holders of shares of Liquidation Junior Stock then outstanding, <I>pro rata</I> as a single class based
on the number of outstanding shares of Liquidation Junior Stock on an as-converted into Common Stock basis held by each holder
as of immediately prior to the Liquidation, in the distribution of all the remaining Liquidation Proceeds available for distribution
to its stockholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Notice
of Liquidation</U>. In the event of any Liquidation, the Corporation shall, within ten (10) days of the date the Board of Directors
approves such action, or no later than twenty (20) days of any stockholders&rsquo; meeting called to approve such action, whichever
is earlier, give each holder of shares of Series 1 Preferred Stock written notice of the proposed action. Such written notice shall
describe the material terms and conditions of such proposed action, including a description of the stock, cash, and property to
be received by the holders of shares of Series 1 Preferred Stock upon consummation of the proposed action and the date of delivery
thereof. If any material change in the facts set forth in the initial notice shall occur, the Corporation shall promptly give written
notice to each holder of shares of Series 1 Preferred Stock of such material change. A merger or consolidation of the Corporation
with or into any other corporation or other entity, or a sale, lease, exchange, exclusive license or other disposition of all or
any part of the assets of the Corporation and/or any of its subsidiaries (which shall not in fact result in the Liquidation of
the Corporation and the distribution of assets to its stockholders) shall not be deemed to be a Liquidation for purposes of this
<U>Section 5</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 6. <U>Redemption</U>.
Each outstanding share of Series 1 Preferred Stock shall be redeemable, in whole or in part, at the option of the Corporation,
exercisable as hereinafter provided in this <U>Section 6</U>, at any time and from time to time after the first (1<SUP>st</SUP>)
anniversary of the Original Issue Date and prior to the Mandatory Conversion Date, <I>provided</I> that any redemption hereunder
by the Corporation as to each holder of Series 1 Preferred Stock shall, to the fullest extent permitted by applicable law, be for
a number of shares equal to no less than twenty-five percent (25%) of the number of shares of Series 1 Preferred Stock originally
issued to such holder. Each share of Series 1 Preferred Stock subject to redemption pursuant to this <U>Section 6</U> shall be
redeemed by the Corporation in cash at a price per share equal to the Conversion Rate then in effect <I>multiplied by</I> $13.50,
(as adjusted for any for any (A) dividend in respect of any class or series of stock of the Corporation in shares of Series 1 Preferred
Stock, (B) subdivision, whether by reclassification or recapitalization, of the outstanding shares of Series 1 Preferred Stock
into a greater number of shares of Series 1 Preferred Stock, or (C) combination, whether by reclassification or recapitalization,
of the outstanding shares of Series 1 Preferred Stock into a lesser number of shares of Series 1 Preferred Stock) (the &ldquo;<U>Redemption
Price</U>&rdquo;). The Corporation may exercise its option to redeem all or any portion of the outstanding shares of Series 1 Preferred
Stock pursuant to this <U>Section 6</U> by delivering a written notice thereof to all, but not less than all, of the holders of
outstanding shares of Series 1 Preferred Stock (such notice, the &ldquo;<U>Redemption Notice</U>&rdquo;, and the date on which
all such holders receive such notice, the &ldquo;<U>Redemption Notice Date</U>&rdquo;). Each Redemption Notice shall be irrevocable
and shall (a) state the date on which the redemption shall occur (the &ldquo;<U>Redemption Date</U>&rdquo;), which date shall not
be less than thirty (30) days following the Redemption Notice Date, (b) state the aggregate number of outstanding shares of Series
1 Preferred Stock to be redeemed on the Redemption Date and (c) state the aggregate number of outstanding shares of Series 1 Preferred
Stock to be redeemed from each holder of Series 1 Preferred Stock (which shall be effected <I>pro rata</I> based on the number
of outstanding shares of Series 1 Preferred Stock held by such holder bears to the number of outstanding shares of Series 1 Preferred
Stock held by all holders of Series 1 Preferred Stock). Notwithstanding the receipt of any Redemption Notice, for the avoidance
of doubt, a holder of Series 1 Preferred Stock may convert such holder&rsquo;s shares of Series 1 Preferred Stock into shares of
Common Stock pursuant to the terms of <U>Section 7(a)</U> at any time prior to the Redemption Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 7. <U>Conversion</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) <U>Optional
Conversion</U>. Each outstanding share of Series 1 Preferred Stock shall be convertible, at any time and from time to time from
and after the Original Issue Date and prior to the Mandatory Conversion Date, at the option of the holder thereof, into that number
of shares of Common Stock (subject to the limitations set forth in <U>Section 7(c)</U>) as is determined by multiplying one (1)
by the Conversion Rate then in effect. Any holder of Series 1 Preferred Stock desiring to effect such conversion shall deliver
to the Corporation a notice of conversion in the form attached hereto as <U>Annex A</U> (a &ldquo;<U>Notice of Conversion</U>&rdquo;),
which Notice of Conversion shall specify the number of shares of Series 1 Preferred Stock to be converted, the number of outstanding
shares of Series 1 Preferred Stock held by such holder immediately prior to such conversion, the number of outstanding shares of
Series 1 Preferred Stock held by such holder immediately following such conversion, and, the date on which such conversion is to
be effected, which conversion date shall not be prior to the date on which the applicable Notice of Conversion is given to the
Corporation (the &ldquo;<U>Optional Conversion Date</U>&rdquo;). No ink-original Notice of Conversion shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Conversion be required. The calculations
and entries set forth in a Notice of Conversion shall, to the fullest extent permitted by applicable law, control and be conclusive
and binding in the absence of manifest or mathematical error.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) <U>Mandatory
Conversion</U>. On the fifth (5<SUP>th</SUP>) anniversary of the Original Issue Date (the &ldquo;<U>Mandatory Conversion Date</U>&rdquo;),
each outstanding share of Series 1 Preferred Stock shall automatically convert (subject to the limitations set forth in <U>Section
7(c)</U>) into that number of shares of Common Stock as is determined by multiplying one (1) by the Conversion Rate in effect on
the Mandatory Conversion Date (the &ldquo;<U>Mandatory Conversion</U>&rdquo;); <I>provided</I>, <I>however</I>, that to the extent
any shares of Series 1 Preferred Stock remain outstanding after the Mandatory Conversion Date (as a result of the limitations set
forth in <U>Section 7(c)</U>), each outstanding share of Series 1 Preferred Stock shall continue to be convertible, at any time
and from time to time, at the option of the holder thereof, pursuant to the provisions of this Certificate of Designation otherwise
applicable to the Series 1 Preferred Stock and set forth in <U>Section 7(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) <U>Limitations
on the Right to Convert</U>. Notwithstanding anything contained herein to the contrary, no outstanding share of Series 1 Preferred
Stock shall be converted pursuant to this <U>Section 7</U> to the extent that, after giving effect to a conversion pursuant to
this <U>Section 7</U>, the holder of such shares of Series 1 Preferred Stock, together with such holder&rsquo;s Attribution Parties,
would, as determined by such holder, in its sole discretion, and reflected in a written notice given to the Corporation no later
than five (5) days prior to the Conversion Date (the &ldquo;<U>Conversion Limitation Determination</U>&rdquo;), Beneficially Own
in excess of the Beneficial Ownership Limitation. A holder&rsquo;s submission of a Conversion Limitation Determination shall be
deemed to be such holder&rsquo;s determination and representation to the Corporation that the proposed conversion of the number
of outstanding shares of Series 1 Preferred Stock set forth in the Conversion Limitation Determination is consistent with the foregoing
sentence, and such determination shall, to the fullest extent permitted by applicable law, be final, binding and conclusive and
the Corporation shall have no obligation to verify or confirm the accuracy of such determination or representation. For purposes
of this <U>Section 7(c)</U>, in determining the number of outstanding shares of Common Stock, a holder of outstanding shares of
Series 1 Preferred Stock may rely on the number of outstanding shares of Common Stock as stated in the most recent of the following:
(i) the Corporation&rsquo;s most recent periodic or annual report filed with the Commission, as the case may be; (ii) a more recent
public announcement by the Corporation; or (iii) a more recent written notice by the Corporation or the Transfer Agent setting
forth the number of shares of Common Stock outstanding.&nbsp; Upon the written or oral request (which may be via electronic transmission)
of a holder of outstanding shares of Series 1 Preferred Stock, the Corporation shall within one (1) Trading Day confirm orally
and in writing to such holder the number of shares of Common Stock then outstanding. &nbsp;In any case, the number of outstanding
shares of Common Stock shall be determined as provided in this <U>Section 7</U> after giving effect to the conversion or exercise
of Common Stock Equivalents, including the outstanding shares of Series 1 Preferred Stock, held by such holder or such holder&rsquo;s
Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(d) <U>Delivery
of Shares of Common Stock</U>. Not later than two (2) Trading Days after the relevant Conversion Date (the &ldquo;<U>Share Delivery
Date</U>&rdquo;), the Corporation shall deliver, or cause to be delivered, to the converting holder, the number of shares of Common
Stock to which such holder is entitled pursuant to this <U>Section 7</U>. The Person(s) entitled to receive shares of Common Stock
issuable upon conversion of shares of Series 1 Preferred Stock pursuant to this <U>Section 7</U> shall be treated for all purposes
as the record holder(s) of such shares of Common Stock as of the relevant Conversion Date. The Person(s) entitled to receive shares
of Common Stock <FONT STYLE="background-color: white">upon conversion </FONT>pursuant to this <U>Section 7</U> <FONT STYLE="background-color: white">shall
not be entitled to any rights as a holder of Common Stock with respect to shares issuable upon conversion, including, among other
things, the right to vote and receive dividends and notices of stockholder meetings, until the relevant Conversion Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(e) <U>Transfer
Taxes and Expenses</U>. The issuance of shares of Common Stock upon conversion of outstanding shares of Series 1 Preferred Stock
pursuant to this Certificate of Designation shall be made without charge to any holder thereof for any documentary stamp or similar
taxes that may be payable in respect of the issue or delivery of such shares of Common Stock; <I>provided</I>, <I>however</I>,
that the Corporation shall not be required to pay any tax that may be payable in respect of any transfer involved in the issuance
and delivery of any shares of Common Stock upon the conversion of outstanding shares of Series 1 Preferred Stock pursuant to this
Certificate of Designation in a name other than that of the holder of the outstanding shares of Series 1 Preferred Stock converted
pursuant to this Certificate of Designation, and the Corporation shall not be required to issue or deliver such shares of Common
Stock unless or until the Person(s) requesting the issuance thereof shall have paid to the Corporation the amount of such tax or
shall have established to the satisfaction of the Corporation that such tax has been paid. The Corporation shall pay all Transfer
Agent fees required for same-day processing of any Notice of Conversion or in connection with the Mandatory Conversion and all
fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for, if
applicable, same-day electronic delivery of shares of Common Stock upon the conversion of outstanding shares of Series 1 Preferred
Stock pursuant to this Certificate of Designation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(f) <U>Fractional
Shares of Common Stock</U>. The Corporation shall not be obligated to deliver to the holders of Series 1 Preferred Stock any fraction(s)
of a share of Common Stock upon a conversion of outstanding shares of Series 1 Preferred Stock pursuant to this <U>Section 7</U>,
the Corporation being entitled to round down to the nearest whole share of Common Stock if the fraction is less than one-half (0.5)
of one share of Common Stock, and round up to the nearest whole share of Common Stock if the fraction is equal to or greater than
one-half (0.5) of one share of Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 8. <U>Adjustments
to Conversion Rate and Voting Rate</U>. In the event that the Corporation shall, at any time for from time to time after the Original
Issue Date and while any shares of Series 1 Preferred Stock are outstanding, (a) pay a dividend in respect of any class or series
of stock of the Corporation in shares of Common Stock or Common Stock Equivalents (other than a dividend in accordance with <U>Section
3(b)</U>), (b) subdivide, whether by reclassification or recapitalization, the outstanding shares of Common Stock into a greater
number of shares of Common Stock, or (c) combine, whether by reclassification or recapitalization, the outstanding shares of Common
Stock into a smaller number of shares of Common Stock, the Conversion Rate and the Voting Rate, in each case, as in effect immediately
prior to the effectiveness of such action shall be adjusted by multiplying such Conversion Rate or the Voting Rate (as applicable)
by a fraction, the numerator of which is the total number of shares of Common Stock outstanding (including, for this purpose, all
shares of Common Stock then issuable upon the conversion or exercise of all outstanding Common Stock Equivalents) immediately prior
to the effectiveness of such action, and the denominator of which is the total number of shares of Common Stock outstanding (including,
for this purpose, all shares of Common Stock then issuable upon the conversion or exercise of all outstanding Common Stock Equivalents)
immediately after the effectiveness of such action. Any adjustment pursuant to this <U>Section 8</U> shall be given effect (i)
in the case of a dividend (other than a dividend in accordance with <U>Section 3(b)</U>), upon the payment of such dividend as
of the record date for determining the holders of outstanding stock entitled to receive such dividend or (ii) in the case of a
subdivision or combination, whether by reclassification or recapitalization, upon the effective date of such subdivision or combination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 9. <U>Transfer
Rights</U>. Subject to applicable securities laws and any registration rights agreement between the holder thereof and the Corporation,
the shares of Series 1 Preferred Stock and any share of Common Stock issued upon the conversion or redemption of any share of Series
1 Preferred Stock may be freely sold or otherwise transferred by the holder of such shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 10. <U>Notices</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a)
Any notice or other communication required to be given by the Corporation to any holder of Series 1 Preferred Stock pursuant to
this Certificate of Designation shall be (i) in writing, (ii) directed to the holder&rsquo;s mailing or electronic mail, as applicable,
address as it appears on the records of the Corporation and (iii) delivered via (A) United States mail, (B) courier service, or
(C) electronic transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Any
notice or other communication required to be given by any holder of Series 1 Preferred Stock to the Corporation pursuant to this
Certificate of Designation shall be (i) in writing, (ii) directed to (A) the Corporation&rsquo;s principal place of business or
its registered agent in the State of Delaware or (B) the electronic mail address of the Corporation&rsquo;s Chief Financial Officer
or Secretary, as applicable, and (iii) delivered via (A) United States mail, (B) courier service, or (C) electronic transmission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) Any
notice or other communication given by (i) United States mail shall be deemed to have been given when deposited, (ii) courier service
shall be deemed to have been given upon the earlier of the time of receipt or when such notice is left at the relevant address,
and (iii) electronic mail when directed to the relevant electronic mail address.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 11. <U>Reservation
of Shares</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(a) The
Corporation shall at all times keep reserved, free from preemptive or subscription rights, out of its authorized but unissued shares
of Common Stock, or shares held in treasury, sufficient shares of Common Stock to provide for the conversion of Series 1 Preferred
Stock as required by this Certificate of Designation from time to time as shares of Series 1 Preferred Stock are presented for
conversion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(b) Notwithstanding
the foregoing, the Corporation shall be entitled to deliver upon conversion of outstanding shares of Series 1 Preferred Stock pursuant
to this Certificate of Designation shares of Common Stock reacquired and held in the treasury of the Corporation (in lieu of the
issuance of authorized and unissued shares of Common Stock), so long as any such treasury shares are free and clear of all Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(c) All
Common Stock delivered upon conversion of outstanding shares of Series 1 Preferred Stock shall be duly authorized, validly issued,
fully paid and non-assessable, free and clear of all Liens.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 12. <U>Status
of Converted, Redeemed or Repurchased Shares</U><I>.</I> If any share of Series 1 Preferred Stock is converted, redeemed, repurchased
or otherwise acquired by the Corporation, in any manner whatsoever, the share of Series 1 Preferred Stock so acquired shall, to
the fullest extent permitted by applicable law, be retired and cancelled upon such acquisition, and shall not be reissued as a
share of Series 1 Preferred Stock. Any share of Series 1 Preferred Stock so acquired shall, upon its retirement and cancellation,
and upon the taking of any action required by law, become an authorized but unissued share of Preferred Stock undesignated as to
series and may be reissued a part of a new series of Preferred Stock, subject to the conditions and restrictions set forth in the
Certificate of Incorporation or imposed by the General Corporation Law of the State of Delaware.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Section 13. <U>Waiver</U>.
The powers (including voting powers), if any, of the Series 1 Preferred Stock and the preferences and relative, participating,
optional, special or other rights, if any, and the qualifications, limitations or restrictions, if any, of the Series 1 Preferred
Stock may be waived as to all shares of Series 1 Preferred Stock in any instance (without the necessity of calling, noticing or
holding a meeting of stockholders) by the written consent or agreement of the holders of at least a majority of the shares of Series
1 Preferred Stock then outstanding, consenting or agreeing separately as a single class.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page Follows]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">IN WITNESS WHEREOF,
the undersigned has executed this Certificate of Designation of Series 1 Preferred Stock of Cadiz Inc. on this 5<SUP>th</SUP> day
of March, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 40%"><FONT STYLE="font-size: 10pt">CADIZ INC.</FONT></TD>
    </TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; white-space: nowrap; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%"></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Tim Shaheen</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify"> Chief Financial Officer and Secretary</TD>
    </TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><I>[Certificate of
Designation of Series 1 Preferred Stock]</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<!-- Field: Page; Sequence: 66 -->
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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 3.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><U>ANNEX A</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">NOTICE OF CONVERSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">SERIES 1 PREFERRED STOCK</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">OF</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">CADIZ INC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The undersigned, constituting the holder
of record of the number of outstanding shares of Series 1 Preferred Stock (the &ldquo;<U>Series 1 Preferred Stock</U>&rdquo;),
par value $0.01 per share, of Cadiz Inc., a Delaware corporation (the &ldquo;<U>Corporation</U>&rdquo;), indicated below, hereby
elects to convert such number of shares of Series 1 Preferred Stock listed below (which number of shares does not exceed the number
of shares of Series 1 Preferred Stock held of record by the undersigned) into shares of common stock, par value $0.01 per share,
of the Corporation (the &ldquo;<U>Common Stock</U>&rdquo;), pursuant to the Certificate of Designation of Series 1 Preferred Stock
of the Corporation, as the same may be amended or amended and restated from time to time (the &ldquo;<U>Certificate of Designation</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If shares of Common Stock are to be issued
upon the conversion of the number of shares of Series 1 Preferred Stock set forth below pursuant to the Certificate of Designation
(&ldquo;<U>Conversion</U>&rdquo;) in the name of a person other than the undersigned, the undersigned agrees that it shall pay
all transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as may be required by
the Corporation in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%; text-align: left"><FONT STYLE="font-size: 10pt">No. of shares of Series 1
    Preferred Stock to be Converted:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Aggregate No. of shares of Series 1 Preferred Stock held of
    record:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Anticipated No. of shares of Common Stock to be issued upon
    Conversion: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Anticipated No. of shares of Series 1 Preferred Stock held of
    record subsequent to Conversion:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Address for delivery:</FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; width: 10%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 30%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 12%"><FONT STYLE="font-size: 10pt">Or</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">DWAC Instructions:</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 12%"><FONT STYLE="font-size: 10pt">Broker no:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Account no:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">HOLDER:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: justify">&nbsp;</TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify; width: 5%"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify; width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 60%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Name:</FONT>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; text-align: justify"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
</TABLE>
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<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>7
<FILENAME>ea119370ex10-5_cadizinc.htm
<DESCRIPTION>AMENDMENT NO. 1 TO WARRANT, DATED AS OF MARCH 5, 2020, BY AND BETWEEN CADIZ INC. AND OTHER PARTY THERETO
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Exhibit 10.5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EXECUTION
VERSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">AMENDMENT
NO. 1</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TO</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">WARRANT</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
<FONT STYLE="text-transform: uppercase">Amendment No. 1 to WARRANT</FONT> (this &ldquo;<B>Amendment</B>&rdquo;) is entered into
as of March 5, 2020, by and among Cadiz Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), and Apollo Special Situations
Fund, L.P. (&ldquo;<B>Investor</B>&rdquo;), with reference to the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A. The
Company and Investor are parties to that certain Credit Agreement, dated as of May 1, 2017 (as may be amended, restated, supplemented
or otherwise modified from time to time, the &ldquo;<B>Credit Agreement</B>&rdquo;), among the Company, the other borrowers party
thereto, Investor, as a lender, the other lenders party thereto from time to time, and Wells Fargo Bank, National Association
as agent.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">B. In
connection with the Credit Agreement, the Company issued to Investor that certain Warrant to Purchase 357,500 Shares (Subject
to Adjustment) of Common Stock of the Company, on May 25, 2017 (as may be amended, restated, supplemented or otherwise modified
from time to time, the &ldquo;<B>Warrant</B>&rdquo;). Capitalized terms used but not defined in this Amendment have the meanings
ascribed to them in the Warrant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">C. Pursuant
to the Letter Agreement, dated as of November 8, 2017, by and between the Company and Investor, the number of shares underlying
the Warrant was increased to 362,500 (subject to adjustment as set forth in the Warrant).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">D. The
Company is party to that certain Indenture, dated as of December 10, 2015 (the &ldquo;<B>Indenture</B>&rdquo;), between the Company,
as issuer, and U.S. Bank National Association, as trustee, pursuant to which the Company issued certain 7.00% Convertible Senior
Notes due 2020 (the &ldquo;<B>Convertible Notes</B>&rdquo;).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">E. The
Company desires to enter into a Conversion and Exchange Agreement (collectively, the &ldquo;<B>Exchange Agreements</B>&rdquo;)
with each of two holders (the &ldquo;<B>Holders</B>&rdquo;) of Convertible Notes having an outstanding aggregate original principal
amount and accrued but unpaid interest under such Convertible Notes of approximately $44,821,177.33 (the &ldquo;<B>Outstanding
Amount</B>&rdquo;), pursuant to which the Holders will (i) convert $17,480,302.33 of the Outstanding Amount into common stock,
par value $0.01 per share, of the Company (&ldquo;<B>Common Stock</B>&rdquo;), in accordance with the Indenture (such transaction,
the &ldquo;<B>Conversion</B>&rdquo;), and (ii) simultaneously exchange $27,340,875.00 (the &ldquo;<B>Exchange Amount</B>&rdquo;)
of the Outstanding Amount for an aggregate of 10,000 shares of a new series of preferred stock, par value $0.01 per share, of
the Company titled &ldquo;Series 1 Preferred Stock&rdquo; (the &ldquo;<B>Preferred Stock</B>&rdquo;). The exchange of such portion
of the Holders&rsquo; Convertible Notes as is equal to the Exchange Amount for the Preferred Stock is referred to herein as the
&ldquo;<B>Exchange</B>&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">F. The
Company intends to file a certificate of designation with the Secretary of State of Delaware (as may be amended from time to time
in accordance with its terms, the &ldquo;<B>Certificate of Designation</B>&rdquo;), for the purpose designating the Preferred
Stock to be issued in the Exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">G. In
connection with the Conversion and Exchange, the Company and Investor intend to enter into a Waiver and Amendment No. 1 to Credit
Agreement to amend the Credit Agreement and waive certain provisions of the Credit Agreement, in each case, on the terms and conditions
set forth therein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">H. In
connection with the Conversion and Exchange, the Company and Investor also desire to amend the Warrant on the terms and conditions
set forth herein. Investor is the only holder of outstanding Warrants as of the date hereof and constitutes the &ldquo;Required
Holders&rdquo; under the Warrants.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants hereinafter contained, the receipt and sufficiency
of which are hereby acknowledged, Investor and the Company agree as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1. <B><U>Recitals</U></B>.
Each of the foregoing recitals is incorporated herein as if fully set forth herein.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2. <B><U>Amendments
to Warrant</U></B>. The Warrant is hereby amended as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a) Section
1 of the Warrant is hereby amended by amending and restating the definition of &ldquo;Exercise Price&rdquo; in its entirety as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&ldquo;<U>Exercise
Price</U>&rdquo; means, in respect of a share of Warrant Stock at any date herein specified, $6.75 per share, as adjusted from
time to time pursuant to <U>Article 4</U> hereof.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b) Section
1 of the Warrant is hereby amended by amending and restating the definition of &ldquo;Expiration Date&rdquo; in its entirety as
follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;&ldquo;<U>Expiration
Date</U>&rdquo; means the eight (8<SUP>th</SUP>) anniversary of the Original Issue Date, to be extended to allow for delayed exercise
and delivery of any Warrant Stock in accordance with <U>Section 5.1(c)</U> hereof; <U>provided</U>, <U>however</U>, that, in event
the Borrowers exercise the Extension Option, the Expiration Date shall be automatically extended to the ninth (9<SUP>th</SUP>)
anniversary of the Original Issue Date, to be further extended to allow for delayed exercise and delivery of any Warrant Stock
in accordance with <U>Section 5.1(c)</U> hereof.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c) Section
4.13 of the Warrant is hereby amended and restated in its entirety as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;4.13 <U>Maximum
Exercise Price</U>. Except as provided in <U>Section 4.5</U> above, at no time shall the Exercise Price per share of Warrant
Stock exceed $14.94 per share.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d) Article
4 of the Warrant is hereby amended by adding a new Section 4.17 at the end thereof as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;4.17 <U>Exercise
of Extension Option</U>. If the Borrowers exercise the Extension Option under the Credit Agreement, the Exercise Price shall
be reduced, effective as of May 1, 2021, to a price equal to $0.01 per share, or the minimum price permitted by the
applicable Trading Market upon which the Warrant Stock is then listed or quoted if such Trading Market requires that the
Exercise Price exceed $0.01 per share, in each case subject to upward adjustment from time to time pursuant to this <U>Article
4</U>; <U>provided</U>, that in no event shall the Exercise Price be adjusted to equal less than $0.01 per share. No
adjustment to the number of shares of Warrant Stock purchasable upon exercise of the Warrant shall be made as a result of any
adjustment to the Exercise Price under this <U>Section 4.17</U>.&rdquo;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3. <B><U>Ratifications</U></B>.
Except as expressly amended or waived hereby, the terms and provisions of the Warrant remain unchanged, are and shall remain in
full force and effect unless and until modified or amended in writing in accordance with their terms, and are hereby ratified
and confirmed. Investor acknowledges and agrees that (a) except as expressly set forth in this Amendment, there shall be no adjustment
to the Exercise Price or the number of shares of Warrant Stock purchasable upon exercise of the Warrant as a result of, and (b)
no default or breach of the Warrant shall arise solely as a result of, the Company&rsquo;s performance of its obligations and
exercise of its rights pursuant to the Exchange Agreements and the Certificate of Designation (including, without limitation,
the Company&rsquo;s obligation to consummate the Exchange pursuant to the Exchange Agreements and the Company&rsquo;s obligation
or right to convert the Preferred Stock and the Company&rsquo;s right to redeem the Preferred Stock pursuant to the Certificate
of Designation) Each reference to the Warrant that is made in the Credit Agreement or other Loan Documents (as defined in the
Credit Agreement) shall hereafter be construed as a reference to the Warrant as amended hereby. This Amendment shall be considered
one of the Loan Documents and any reference to &ldquo;Loan Documents&rdquo; contained in the Credit Agreement or any document,
instrument or agreement executed in connection with the Credit Agreement shall be deemed to include this Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4. <B><U>Miscellaneous
Provisions</U>.</B> Section 11 of the Warrant is hereby incorporated by reference herein, <I>mutatis mutandis</I>.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">[The
remainder of the page is intentionally left blank]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, </B>the Company and Investor have caused this Amendment to be duly executed as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>COMPANY:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CADIZ INC.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%">/s/ Scott S. Slater</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Scott S. Slater</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT> President and Chief Executive Officer</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">[Signature
Page to Amendment No. 1 to Warrant]</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>IN
WITNESS WHEREOF, </B>the Company and Investor have caused this Amendment to be duly executed as of the date first written above.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>INVESTOR:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>APOLLO SPECIAL SITUATIONS FUND, L.P.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 36%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apollo Special Situations Advisors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">L.P., its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Apollo Special Situations Advisors,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">GP, LLC, its general partner</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid">/s/ Laurie Medley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</FONT>  Laurie Medley</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT> Vice President</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">[Signature
Page to Amendment No. 1 to Warrant]</FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>&nbsp;</B></FONT></P>

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<TYPE>EX-99.1
<SEQUENCE>8
<FILENAME>ea119370ex99-1_cadizinc.htm
<DESCRIPTION>PRESS RELEASE DATED MARCH 9, 2020
<TEXT>
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<P STYLE="text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exhibit 99.1</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="ex99-1_001.jpg" ALT="">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PRESS
RELEASE</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
March 9, 2020</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cadiz
Inc. Completes Agreements to Exchange Outstanding</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Convertible Notes Due March 2020 for Preferred Stock and Extend</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Maturity Date
of Senior Secured Debt to May 2022</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Company
Reduces Overall Debt Burden by Over One-Half</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Company
also Completes ATM Offering</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-style: normal"><B>(Los
Angeles, CA)</B> <FONT STYLE="font-weight: normal">&ndash; Today, Cadiz Inc. (NASDAQ: CDZI) (&ldquo;Cadiz&rdquo;, the &ldquo;Company&rdquo;),&nbsp;a
California business dedicated to sustainable water and agricultural projects, announced that it has entered into agreements with
the holders of the Company&rsquo;s outstanding Convertible Notes due March 2020 (&ldquo;Convertible Notes&rdquo;) to exchange
approximately $27 million of outstanding principal amount of the Convertible Notes into a new series of convertible preferred
stock&nbsp; that is convertible into common stock no later than March 2025 and has no dividend or required redemption.&nbsp;&nbsp;
All remaining Convertible Notes were converted into common stock prior to their March 5, 2020 maturity date in accordance with
their terms and the resulting common stock has been issued and is already outstanding.&nbsp;Concurrent with the exchange agreements,
the Company also&nbsp;entered&nbsp;into an option agreement with its senior lender, Apollo Special Situations Fund, L.P., that
provides the Company the right to extend the maturity date of its senior mortgage debt (&ldquo;Senior Debt&rdquo;) at the Company&rsquo;s
option from the current maturity date of May 2021 to May 2022.&nbsp;In addition, the Company has completed its&nbsp;previously
disclosed At the Market Offering,&nbsp;which raised approx. $25 million for its development program and working capital.&nbsp;</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of result of these agreements and following these transactions, the Company has eliminated all convertible debt, which was approximately
$74 million at the end of Q3 2019, reduced its overall debt burden by more than one-half, improved its working capital position&nbsp;and
obtained the ability to address its Senior Debt over the next two years.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;These
agreements and transactions enable a significant improvement to our balance sheet and will allow us to remain focused on executing
on important milestones for our water and agricultural projects,&rdquo; said Scott Slater, Cadiz CEO and President. &ldquo;We
thank our shareholders and lenders for their support of these efforts.&rdquo;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>&nbsp;</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; font-variant: normal">Armory
Securities served as financial advisor to the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
information in this press release is qualified in its entirety by reference to the Current Report on Form 8-K filed with the Securities
and Exchange Commission on March 9, 2020. &nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>About
Cadiz Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B>Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is <I>a California business dedicated to sustainable water and agricultural
projects. We own </I>70 square miles of property with significant water resources in Southern California and are the largest agricultural
operation in San Bernardino, California, where we have sustainably farmed since the 1980s. We are also partnering with public
water agencies to implement the&nbsp;Cadiz Water Project, recently named a Top 10 Infrastructure Project that over two phases
will create a new water supply for approximately 400,000 people and make available up to 1 million acre-feet of new groundwater
storage capacity for the region. Guided by a holistic land management plan, we are dedicated to pursuing sustainable projects
and practicing responsible stewardship of our land, water and agricultural resources. For more information, please visit&nbsp;www.cadizinc.com<U STYLE="text-decoration: none">.</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U STYLE="text-decoration: none">&nbsp;</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U></U></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Cadiz,
Inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B>Courtney Degener<BR>
213-271-1603 (o)<BR>
703-888-6054 (m)<BR>
cdegener@cadizinc.com</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">###</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>FORWARD
LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and uncertainties, including
statements related to the future operating and financial performance of the Company and the financing activities of the Company.
&nbsp;Although the Company believes that the expectations reflected in our forward-looking statements are reasonable, it can give
no assurance that such expectations will prove to be correct. &nbsp;Factors that could cause actual results or events to differ
materially from those reflected in the Company&rsquo;s forward-looking statements include the Company&rsquo;s ability to maximize
value for Cadiz land and water resources, the Company&rsquo;s ability to obtain new financing as needed, the receipt of additional
permits for the water project and other factors and considerations detailed in the Company&rsquo;s Securities and Exchange Commission
filings.</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
