<SEC-DOCUMENT>0001213900-21-031007.txt : 20210604
<SEC-HEADER>0001213900-21-031007.hdr.sgml : 20210604
<ACCEPTANCE-DATETIME>20210604163121
ACCESSION NUMBER:		0001213900-21-031007
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210604
DATE AS OF CHANGE:		20210604

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:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228433
		FILM NUMBER:		21996910

	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>424B5
<SEQUENCE>1
<FILENAME>ea142118-424b5_cadizinc.htm
<DESCRIPTION>PROSPECTUS SUPPLEMENT
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)<BR>
<BR>
Registration Statement No. 333-228433</B></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: 0pt 0"><U>PROSPECTUS SUPPLEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(to Prospectus dated November 26, 2018)</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"><FONT STYLE="font-variant: small-caps"><B>1,219,512
Shares of Common Stock<BR>
<BR>
Cadiz Inc.</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT="">&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">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>COMMON STOCK</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">We are offering 1,219,512 shares of our common stock to institutional
investors pursuant to this prospectus supplement and the accompanying prospectus. The purchase price for each share is $12.30.</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">Our common stock is listed on the Nasdaq Global Market under the symbol
&ldquo;CDZI.&rdquo;&nbsp; On June 2, 2021, the closing price of our common stock as reported by the Nasdaq Global Market was $13.79 per
share.</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; background-color: white">B. Riley Securities, Inc. acted as the placement
agent on this transaction. The placement agent is not required to sell any specific number or dollar amount of securities but has agreed
to use its reasonable best efforts to sell the securities offered by this prospectus supplement. We have agreed to pay the placement agent
fees set forth in the table below.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Per Share</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center"><B>Total</B></TD><TD STYLE="padding-bottom: 1.5pt"><B>&nbsp;</B></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 76%; text-indent: -10pt; padding-left: 10pt">Offering price</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">12.30</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">14,999,997.60</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Placement agent fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.369</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">449,999.93</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -10pt; padding-left: 10pt">Proceeds, before expenses, to Cadiz,&nbsp;Inc.</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11.931</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">14,549,997.67</TD><TD STYLE="text-align: left">&nbsp;</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">We expect the total offering expenses, excluding placement agent&rsquo;s
fees, to be approximately $100,000 for all sales pursuant to this prospectus supplement and the accompanying prospectus.</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">Delivery of the shares of common stock offered under this prospectus
supplement is expected to be made to investors on or about June 7, 2021.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>An investment in our common stock involves a high degree of risk.&nbsp;
See &ldquo;Risk Factors&rdquo; beginning on page S-4 of this prospectus supplement, and under similar headings in other documents that
are filed after the date hereof and incorporated by reference into this prospectus supplement, for more information on these risks.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>NEITHER THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES
COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS SUPPLEMENT OR THE
ACCOMPANYING PROSPECTUS.&nbsp; ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>B. Riley Securities</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>Prospectus Supplement dated&nbsp;June 2, 2021</B></P>

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


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<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">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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: 90%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Prospectus Supplement</B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_001">About This Prospectus Supplement</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-ii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_002">Summary</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_003">The Offering</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_004">Risk Factors</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-4</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_005">Special Note Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-6</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_006">Use of Proceeds</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_007">Dividend Policy</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_008">Dilution</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-7</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_009">Plan of Distribution</A> </FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-8</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_010">Legal Matters</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_011">Experts</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_012">Where You Can Find More Information</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#a_013">Information Incorporated By Reference</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">S-9</FONT></TD></TR>
  </TABLE>
<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: 90%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; border-bottom: black 1.5pt solid; text-align: center"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><B>Prospectus </B></FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_014">About this Prospectus</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_015">Special Note Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">ii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_016">Available Information</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">iii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_017">Information Incorporated by Reference</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">iii</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_018">The Company</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">1</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_019">Risk Factors</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_020">Use of Proceeds</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_021">Description of Debt Securities</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">3</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_022">Description of Capital Stock</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_023">Description of Offered Preferred Stock</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">11</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_024">Description of Warrants</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">12</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_025">Description of Subscription Rights</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_026">Description of Units</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">13</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_027">Plan of Distribution</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">14</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: White">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_028">Legal Matters</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt"><A HREF="#pro_029">Experts</A></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  </TABLE>
<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-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_001"></A>ABOUT THIS PROSPECTUS SUPPLEMENT AND THE ACCOMPANYING
PROSPECTUS</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">This document consists of two parts and is part of a registration statement
on Form S-3 that we filed with the Securities and Exchange Commission (the &ldquo;SEC&rdquo; or the &ldquo;Commission&rdquo;) utilizing
a &ldquo;shelf&rdquo; registration process. The first part is this prospectus supplement, which describes the specific terms of this offering
and also adds to and updates the information contained in the accompanying prospectus and the documents incorporated by reference into
this prospectus supplement and the accompanying prospectus. The second part, the accompanying prospectus, gives more general information,
some of which may not apply to this offering. If there is a difference between the information contained in this prospectus supplement,
on the one hand, and the information contained in the accompanying prospectus or any document incorporated by reference, on the other
hand, you should rely on the information in this prospectus supplement. Generally, when we refer to the prospectus, we are referring to
this prospectus supplement and the accompanying prospectus combined.</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">Before you invest in shares of our common stock, you should read this
prospectus supplement and the accompanying prospectus and any related issuer free writing prospectus, as well as the additional information
incorporated by reference in this prospectus supplement described below under &ldquo;Where You Can Find More Information&rdquo; and &ldquo;Information
Incorporated by Reference&rdquo; or in any related issuer free writing prospectus.</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">This prospectus supplement contains summaries of certain provisions
contained in some of the documents described herein, but reference is made to the actual documents for complete information.&nbsp; All
of the summaries are qualified in their entirety by the actual documents.&nbsp; Copies of the documents referred to herein have been filed,
or will be filed or incorporated by reference as exhibits to the registration statement of which this prospectus supplement is a part,
and you may obtain copies of those documents as described below under &ldquo;Where You Can Find More Information.&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"><B>Neither the delivery of this prospectus supplement, the accompanying
prospectus or any free writing prospectus prepared by us, nor any sale made under this prospectus supplement, the accompanying prospectus
or any free writing prospectus prepared by us, implies that there has been no change in our affairs or that the information therein is
correct as of any date after the date of such document.&nbsp; You should not assume that the information in this prospectus supplement
or the accompanying prospectus, including any information incorporated in this prospectus supplement or the accompanying prospectus by
reference, or any free writing prospectus prepared by us, is accurate as of any date other than the date on the front of those documents.&nbsp;Our
business, financial condition, results of operations and prospects may have changed since that date.</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; margin: 0pt 0">Any statement made in this prospectus supplement or in a document incorporated
or deemed to be incorporated by reference therein will be deemed to be modified or superseded for purposes of this prospectus supplement
to the extent that a statement contained in this prospectus supplement or in any other subsequently filed document that is also incorporated
or deemed to be incorporated by reference in this prospectus supplement modifies or supersedes that statement. Any statement so modified
or superseded will not be deemed, except as so modified or superseded, to constitute a part of this prospectus supplement.</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">This prospectus supplement may be used only for the purpose for which
it has been prepared. You may rely only on the information contained or incorporated by reference in this prospectus supplement.&nbsp;&nbsp;Neither
we nor any other person has authorized anyone to provide information different from the information contained in this prospectus supplement,
the accompanying prospectus and any related issuer free writing prospectus and the documents incorporated by reference herein and therein.</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 should not consider any information included or incorporated by
reference in this prospectus supplement or the accompanying prospectus to be legal, tax or investment advice. You should consult your
own counsel, accountant and other advisors for legal, tax, business, financial and related advice regarding any purchase of the notes.
Neither we nor the Agent makes any representation regarding the legality of an investment in our common stock by any person under applicable
investment or similar laws.</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">We are not making an offer to sell our common stock in any jurisdiction
where the offer or sale is not permitted. This prospectus supplement does not constitute an offer or an invitation to subscribe for and
purchase any of our securities, and may not be used for or in connection with an offer or solicitation by any person, in any jurisdiction
in which such an offer or solicitation is not authorized or to any person to whom it is unlawful to make such an offer or solicitation.
This prospectus supplement does not contain all of the information included in the registration statement. For a more complete understanding
of the offering of the securities, you should refer to the registration statement, including its exhibits.</P>

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


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<DIV STYLE="padding-right: 6pt; padding-left: 6pt; border: Black 1.5pt solid; width: 98%">

<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"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_002"></A>Summary</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"><I>This summary highlights selected information included elsewhere
in or incorporated by reference in this prospectus and does not contain all of the information that you should consider before investing
in our common stock. You should read the entire prospectus carefully, especially &ldquo;Risk Factors&rdquo; and the financial statements
and related notes and other information incorporated by reference into this prospectus, before deciding whether to participate in the
offering described in this prospectus. In this prospectus, unless expressly noted or the content indicates otherwise, the words &ldquo;we,&rdquo;
&ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Cadiz,&rdquo; &ldquo;company&rdquo; and similar references mean Cadiz Inc. and it subsidiaries.</I></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"><B>About Cadiz</B></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: 0pt 0">We are a natural resources development company committed to providing
sustainable water and agricultural opportunities in California.</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">We own approximately 45,000 acres of land with high-quality, naturally
recharging groundwater resources in three areas of Southern California&rsquo;s Mojave Desert &ndash; the Cadiz Valley (35,000 acres),
Danby Dry Lake (2,000 acres), and the Piute Valley (9,000 acres) (&ldquo;Cadiz Property&rdquo;). Our properties represent a unique private
reserve of lands with vested water rights located in a remote area of eastern San Bernardino County that is at the crossroads of major
highway, rail, energy, and water infrastructure that supply and deliver necessary resources to communities in California and across Western
States.&nbsp; Our main objective is to realize the highest and best use of our land, water, and related infrastructure assets in an environmentally
responsible way. Our present activities are focused on developing our assets to meet growing long-term demand for access to sustainable
water supplies and agricultural products.</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">California faces systemic water challenges and is not able to ensure
that all demands for water are safely and reliably met. We believe that the highest and best use of our assets will be realized by offering
a combination of water supply, water storage and agricultural projects at our properties in ways that are sustainable and responsive to
California&rsquo;s resource needs.</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">The Water Project has completed extensive permitting and environmental
review in accordance with local, state and federal law and is approved to deliver a reliable supply of 50,000 acre-feet of water per year
for 50 years to communities off of the Cadiz Property. Prior to construction and implementation, the Water Project must complete contracts
with participating water agencies, conveyance arrangements to deliver water supplies to contracting water agencies, and arrange for facility
construction, improvements, and financing.<B>&nbsp;</B></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: 0pt 0">We anticipate using two separate pipeline routes to convey water between
the Cadiz Property and the service areas of our participating agencies.&nbsp;&nbsp;The first route, or the Southern Pipeline, requires
the construction of a 43-mile, approximately 55-85&rdquo; steel water conveyance pipeline within a portion of the Arizona &amp; California
Railroad Company&rsquo;s railroad right-of-way that crosses the Cadiz Property and intersects with the Colorado River Aqueduct (&ldquo;CRA&rdquo;)
in Rice, California.&nbsp; The CRA is owned by the Metropolitan Water District of Southern California (&ldquo;MWD&rdquo;) and serves water
providers in six southern California counties.&nbsp; The second route, or the Northern Pipeline, contemplates the use of an existing 220-mile,
30&rdquo; natural gas pipeline that we optioned and acquired from El Paso Natural Gas (&ldquo;EPNG&rdquo;) as a potential facility to
convey water to the Cadiz Property for storage or from the Cadiz Property to parties along the route. The Northern Pipeline extends from
the Cadiz Property north-west to California&rsquo;s Central Valley, crossing the Mojave River Pipeline and the Los Angeles Aqueduct before
terminating near the California State Water Project in Wheeler Ridge.</P>

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

</DIV>

<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; margin: 0pt 0">In December 2020, the U.S. Bureau of Land Management (&ldquo;BLM&rdquo;)
granted to our subsidiary Cadiz Real Estate LLC two right-of-way permits that grant us rights to operate the Northern Pipeline and transport
water consistently across the route over BLM-managed lands. The first right-of-way was issued pursuant to an assignment of a portion of
an existing right-of-way held by EPNG and granted by BLM under the Mineral Leasing Act that enables the continued transportation of natural
gas. The second right-of-way was issued under the Federal Land Policy and Management Act and authorizes the conveyance of water in the
pipeline over BLM-managed lands.</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">With these BLM grants, conditions precedent in our Purchase &amp; Sale
Agreement with EPNG were principally satisfied allowing for completion of the Company&rsquo;s acquisition of the remaining 124-mile segment
of the Northern Pipeline upon final payment to EPNG of $19 million, which is required to be made no later than June 30, 2021.&nbsp; We
are presently engaged in discussions with parties interested in using the Northern Pipeline for conveyance, storage and supply.&nbsp;
Prior to conveyance of water through the Northern Pipeline, we must secure permits required by any definitive agreement to use the facility.&nbsp;
All conveyance of water via the Northern Pipeline would be conducted in accordance with applicable local, state and federal laws.</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">We also remain engaged with parties interested in taking deliveries
from the Water Project using the Southern Pipeline route and the CRA.&nbsp; Prior to construction of the Southern Pipeline, we must secure
authorizations required to convey water in the CRA, including an agreement with MWD and authorization from the California State Lands
Commission under Water Code Sections 1810 - 1815. We expect to pursue these approvals once definitive contracts with water providers are
finalized.</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">Our agricultural operations provide the Company&rsquo;s principal source
of revenue, although our working capital needs are not fully supported by our agricultural lease and farming returns at this time. We
believe that the ultimate implementation of the Water Project will provide a significant source of future cash flow for the business and
our stockholders. We presently rely upon debt and equity financing to support our working capital needs and development of the Water Project.</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">Our current and future operations also include activities that further
our commitments to sustainable stewardship of our land and water resources, good governance and corporate social responsibility. We believe
these commitments are important investments that will assist in maintenance of sustained stockholder value.</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: 0pt 0"><B>Corporate Information</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">We are a Delaware corporation with our principal executive offices
located at 550 South Hope Street, Suite 2850, Los Angeles, California 90071.&nbsp;&nbsp;Our telephone number is (213) 271-1600.&nbsp;&nbsp;We
maintain a corporate website at www.cadizinc.com. Our website address provided in this prospectus is not intended to function as a hyperlink
and the information on our website is not, nor should it be considered, part of this prospectus or incorporated by reference into this
prospectus.</P>

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

</div>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_003"></A>The
Offering</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 40%"><FONT STYLE="font-size: 10pt">Issuer</FONT></TD>
    <TD STYLE="vertical-align: top; width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 59%; text-align: justify"><FONT STYLE="font-size: 10pt">Cadiz Inc.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Common stock offered by us in this offering</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">1,219,512 shares of common stock</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Offering price</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">$12.30 per share of common stock </FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Use of proceeds</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">We currently intend to use the net proceeds from this offering to fund part of the $19 million payment due by June 30, 2021 under the purchase agreement with El Paso Natural Gas Company&nbsp;for the Company&rsquo;s acquisition of a 124-mile extension of its Northern Pipeline.&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Risk factors</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 10pt">Investing in our common stock involves a high degree of risk.&nbsp;&nbsp;See &ldquo;Risk Factors&rdquo; beginning on page S-4 of this prospectus supplement and the risk factors described in the documents incorporated by reference in this prospectus for a discussion of factors you should carefully consider before deciding to invest in our common stock.</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-size: 10pt">Nasdaq Global Market symbol</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">CDZI</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 6.25pt">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_004"></A>Risk
Factors</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">Our business is subject to significant risks. Before you invest in
our common stock, you should carefully consider, among other matters, the risks and uncertainties described below, as well as the other
information contained or incorporated by reference in this prospectus, including our consolidated financial statements and accompanying
notes and the information under the heading &ldquo;Risk Factors&rdquo; in our most recent annual report on Form 10-K and Quarterly Report
on Form 10-Q as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended, or the &ldquo;Exchange Act.&rdquo;
See &ldquo;Information Incorporated by Reference&rdquo; beginning on page S-9. If any of the risks and uncertainties described in this
prospectus or the documents incorporated by reference herein actually occur, our business, financial condition, or results of operations
could be materially adversely affected. This could cause the market or trading price of our common stock to decline, perhaps significantly,
and you may lose part or all of your investment. Please note that additional risks not presently known to us or that we currently deem
immaterial may also impair our business, financial condition and operations.</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"><B>Risks Relating to this Offering</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"><B><I>You will experience immediate dilution in the book value per
share of the common stock you purchase in this offering.</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; margin: 0pt 0">Because the price per share of our common stock being offered is substantially
higher than the book value per share of our common stock, you will suffer substantial dilution in the net tangible book value of the common
stock you purchase in this offering. Based on the offering price of $12.30 per share and the sale of 1,219,512 shares of common stock
under this prospectus, and after deducting commissions and estimated aggregate offering expenses payable by us, if you purchase shares
of common stock in this offering, you will suffer immediate and substantial dilution of $(12.36) per share in the net tangible book value
of the common stock. See the section titled &ldquo;Dilution&rdquo; below for a more detailed discussion of the dilution you will incur
if you purchase common stock in this offering.</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"><B><I>Our management will have broad discretion over the use of the
proceeds from this offering and might not apply the proceeds of this offering in ways that increase the value of your investment.</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">We currently intend to use the net proceeds from this offering to fund
part of the $19 million payment due by June 30, 2021 under the purchase agreement with El Paso Natural Gas Company for the Company&rsquo;s
acquisition of a 124-mile extension of its Northern Pipeline. See &ldquo;Use of Proceeds&rdquo; of this prospectus supplement. However,
our management will have broad discretion over the use of the net proceeds from this offering, and you will be relying on the judgment
of our management regarding the application of these proceeds. They might not apply the net proceeds of this offering in ways that increase
the value of your investment. The amounts and timing of our actual expenditures will depend on numerous factors, including the factors
described under &ldquo;Risk Factors&rdquo; in this prospectus supplement and in the documents incorporated by reference herein, as well
as the amount of cash used in our operations. We may find it necessary or advisable to use the net proceeds for other purposes, and our
management will have significant flexibility in applying the net proceeds of this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Future sales of our common stock or equity-linked securities
in the public market could lower the market price of our common stock. </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; margin: 0pt 0">In the future, we may sell additional shares of our common stock
or equity-linked securities to raise capital. In addition, a substantial number of shares of our common stock are reserved for
issuance upon the exercise or vesting, as applicable, of equity incentive awards and warrants and for issuance upon conversion of
our Series 1 Preferred Stock. We cannot predict the size of future issuances or the effect, if any, that they may have on the market
price of our common stock. The issuance and sale of substantial amounts of common stock or equity-linked securities, or the
perception that such issuances and sales may occur, could adversely affect the market price of our common stock and impair our
ability to raise capital through the sale of additional equity or equity-linked securities.</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; margin: 0pt 0"><B><I>The sale of a substantial amount of our common stock in the market
and the issuance of shares upon conversion of convertible instruments, including the shares of our Series 1 Preferred Stock, could adversely
affect the prevailing market price of our common stock.</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">As of June 2, 2021, we had <FONT STYLE="background-color: white">38,892,576
</FONT>shares of common stock issued and outstanding and the closing sale price of our common stock on June 2, 2021 was $13.79.</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">We may engage in transactions to issue preferred stock, convertible
debt and warrants to purchase common stock, as we have in the past, which transactions may include registration rights. The registration
of such additional securities and the potential for high volume trades of our common stock in connection with these financings may have
a downward effect on our market price. Future issuance of our common stock upon the conversion or exercise of these shares of preferred
stock, convertible debt, or warrants may have a further negative impact on our stock price.</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">Further, we have reserved for issuance, but not yet issued, a
substantial amount of additional shares of our common stock, including the shares of our common stock issuable upon conversion of
our Series 1 Preferred Stock. The issuance of additional shares of our common stock may increase dilution of existing investors and
further depress the market price of our common stock, which may negatively affect our stockholders&rsquo; equity and our ability to
raise capital on terms acceptable to us in the future.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><I>The volatility
of our stock price could adversely affect current and future stockholders.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="background-color: white">The market price of our
common stock is volatile and fluctuates in response to various factors which are beyond our control.&nbsp;&nbsp;Such fluctuations
are particularly common in companies such as ours, which have not generated significant revenues.&nbsp;&nbsp;The following factors,
in addition to other risk factors described in this section, could cause the market price of our common stock to fluctuate
substantially:</FONT></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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Developments involving the execution of our business plan;</FONT></TD></TR>
  </TABLE>
<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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Disclosure of any adverse results in litigation;</FONT></TD></TR>
  </TABLE>
<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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Regulatory developments affecting our ability to develop our properties;</FONT></TD></TR>
  </TABLE>
<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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Disruptions to the market and industry as a result of the global COVID-19 pandemic and related events;</FONT></TD></TR>
  </TABLE>
<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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">The dilutive effect or perceived dilutive effect of additional debt or equity financings;</FONT></TD></TR>
  </TABLE>
<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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Perceptions in the marketplace of our company and the industry in which we operate; and</FONT></TD></TR>
  </TABLE>
<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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">General economic, political and market conditions.</FONT></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">In addition, the stock markets, from time to time, experience extreme
price and volume fluctuations that may be unrelated or disproportionate to the operating performance of companies. These broad fluctuations
may adversely affect the market price of our common stock. Price volatility could be worse if the trading volume of our common stock is
low.</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"><B><I>We do not anticipate paying dividends on our common stock. </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; margin: 0pt 0">We do not anticipate declaring or paying cash dividends on our common
stock for the foreseeable future. We expect to use future earnings, if any, to fund business growth. Therefore, stockholders may not receive
any funds absent a sale of their shares of common stock. If we do not pay dividends, our common stock may be less valuable because a return
on your investment will only occur if our stock price appreciates. We cannot assure stockholders that our stock price will appreciate
or that they will receive a positive return on their investment if and when they sell their shares.</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-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_005"></A>Special
Note Regarding Forward-Looking Statements</B></FONT></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">Information presented in this prospectus supplement, the accompanying
prospectus and any free writing prospectus prepared by or on behalf of us or to which we have referred you, and in other documents which
are incorporated by reference in this prospectus supplement under the sections of this prospectus supplement entitled &ldquo;Where You
Can Find More Information&rdquo; and &ldquo;Information Incorporated by Reference,&rdquo; that discusses financial projections, information
or expectations about our business plans, results of operations, products or markets, or otherwise makes statements about future events,
are forward-looking statements. Forward-looking statements can be identified by the use of words such as &ldquo;intends,&rdquo; &ldquo;anticipates,&rdquo;
&ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;projects,&rdquo; &ldquo;forecasts,&rdquo; &ldquo;expects,&rdquo; &ldquo;plans,&rdquo;
and &ldquo;proposes.&rdquo; Although we believe that the expectations reflected in these forward-looking statements are based on reasonable
assumptions, there are a number of risks and uncertainties that could cause actual results to differ materially from these forward-looking
statements. These include, among others, our ability to maximize value from our land and water resources, our ability to obtain new financings
as needed to meet our ongoing working capital needs and the cautionary statements in the &ldquo;Risk Factors&rdquo; section of this prospectus
supplement beginning on page S-4. These cautionary statements identify important factors that could cause actual results to differ materially
from those described in the forward-looking statements. When considering forward-looking statements in this prospectus supplement, you
should keep in mind the cautionary statements in the &ldquo;Risk Factors&rdquo; section and other sections of this prospectus supplement
and other cautionary statements in the accompanying prospectus and any free writing prospectus prepared by or on behalf of us or to which
we have referred you and any documents which are incorporated by reference in this prospectus supplement and listed in &ldquo;Where You
Can Find More Information&rdquo; and &ldquo;Information Incorporated by Reference&rdquo; each beginning on page S-9.</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">Certain risks, uncertainties, and other factors are incorporated herein
by reference to our most recent Annual Report on Form 10-K and our subsequent Quarterly Report on Form 10-Q, along with the other information
contained in this prospectus supplement, as updated by our subsequent filings under the Securities Exchange Act of 1934, as amended, or
the &ldquo;Exchange Act.&rdquo; Except as otherwise required by applicable securities laws, we undertake no obligation to publicly update
or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances, or any other reason,
after the date of this prospectus supplement.</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-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_006"></A>Use
of Proceeds</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">We estimate that the net proceeds to us from this
offering of shares of common stock will be approximately $14.45 million, after deducting the placement agent fees and other estimated
expenses relating to the offering. We currently intend to use the net proceeds from this offering to fund part of the $19 million payment
due by June 30, 2021 under the purchase agreement with El Paso Natural Gas Company for the Company&rsquo;s acquisition of a 124-mile extension
of its Northern Pipeline.</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: left">This expected use of the net proceeds from this
offering represents our intentions based upon our current plans and business conditions. The amounts and timing of our actual expenditures
may vary significantly depending on numerous factors, including the factors described under &ldquo;Risk Factors&rdquo; in this prospectus
and in the documents incorporated by reference herein, as well as the amount of cash used in our operations.&nbsp;</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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_007"></A>Dividend
Policy</B></FONT></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">We do not anticipate paying any cash dividends on shares of our common
stock in the foreseeable future. We currently intend to retain all of our future earnings, if any, to finance our business strategy. Any
future determination relating to our dividend policy will be made at the discretion of our Board of Directors and will depend on a number
of factors, including future earnings, capital requirements, financial conditions, future prospects, contractual restrictions and covenants
and other factors that our Board of Directors may deem relevant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="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="text-transform: uppercase"><B><A NAME="a_008"></A>Dilution</B></FONT></P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Our net tangible book value as of March 31, 2021 was approximately
$(16.9) million, or $(0.44) per share. After giving effect to the sale by us of 1,219,512 shares of common stock offered hereby at the
offering price of $12.30 per share and after deducting the sales agent commission and estimated offering expenses payable by us, our pro
forma as adjusted net tangible book value as of March 31, 2021 would have been approximately $(2.4) million, or $(0.06) per share. This
represents an immediate increase in as adjusted net tangible book value of $0.38 per share to existing stockholders and an immediate dilution
of $(12.36) per share to new investors purchasing our common stock in this offering. The following table illustrates the per share dilution
to investors purchasing shares of common stock in this offering:</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"><B><I>($ in thousands, except per share data)</I></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Assumed public offering price of common stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: right">$12.30</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Net tangible book value per share as of March 31, 2021</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">(16,865</TD><TD STYLE="text-align: left">)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Increase per share in net tangible book value after this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">0.38</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">As adjusted net tangible book value per share as of March 31, 2021, after giving effect to this offering</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$(0.06)</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Dilution per share to new investors</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: right">$(12.36)</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The above table is based on <FONT STYLE="background-color: white">38,342,952
</FONT>shares of common stock issued and outstanding as of March 31, 2021, and does not include, as of June 2, 2021:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&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: 0.5in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-size: 10pt">&#9679;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">15,000 shares of our common stock issuable pursuant to unexercised and outstanding options to purchase shares issued under our 2009 Equity Incentive Plan;</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-size: 10pt">&#9679;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">&nbsp;875,000 shares of our common stock issuable pursuant to unvested and outstanding restricted stock units to purchase shares issued under our 2019 Equity Incentive Plan;</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-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">97,982 shares of our common stock reserved for issuance and available for future grant or sale under our 2019 Equity Incentive Plan;</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-size: 10pt">&#9679;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3,050,432 shares of our common stock issuable upon conversion of 7,531
    outstanding shares of our Series 1 Preferred Stock, at a conversion rate of 405.05 shares of common stock per share of our Series 1 Preferred
    Stock;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></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-size: 10pt">&#9679;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">362,500 shares issued in May 2021 upon exercise of outstanding warrants;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></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-size: 10pt">&#9679;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">115,956 shares issued since March 31, 2021 pursuant to the At Market
    Issuance Sales Agreement between the Company and the Placement Agent dated July 31, 2020;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></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-size: 10pt">&#9679;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">64,356 shares issued to the Company&rsquo;s senior secured lender as
    a fee for extending the maturity date under the applicable credit agreement to May 25, 2022; and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></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-size: 10pt">&#9679;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">6,812 shares issued to the certain Company Board members as part of
    their Board compensation.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
  </TABLE>
<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">To the extent that the outstanding options are exercised, restricted
stock units are vested and issued or shares are issued upon conversion of shares of our Series 1 Preferred Stock, you will experience
further dilution. To the extent that the above issued options are exercised, and all 3,050,432 shares of common stock reserved for issuance
upon conversion of the outstanding shares of our Series 1 Preferred Stock are issued, the pro forma net tangible book value per share
of our common stock after giving effect to this offering would be $(0.05) per share, and the dilution in net tangible book value per share
to purchasers in this offering would be $(12.35) per share. In addition, we may choose to raise additional capital due to market conditions
or strategic considerations. To the extent that additional capital is raised through the sale of securities, the issuance of those securities
could result in further dilution to our stockholders.</P>

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


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    <DIV STYLE="break-before: page; 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"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_009"></A>Plan
of Distribution</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; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif">B.
Riley Securities, Inc., which we refer to as the placement agent, has agreed to act as the exclusive placement agent in connection with
this offering subject to the terms and conditions of a placement agent agreement, dated June 2, 2021 (the &ldquo;Placement Agent Agreement&rdquo;).
The placement agent is not required to arrange the purchase or sale of any specific number or dollar amount of common stock, but has agreed
to use its reasonable best efforts to arrange for the sale of all of the common stock offered hereby. Therefore, we may not sell the entire
amount of shares offered pursuant to this prospectus supplement. The placement agent proposes to arrange for the sale to one or more purchasers
of the common stock offered pursuant to this prospectus supplement. The placement agent and BRC Partners Opportunity Fund, LP, an affiliate
of the placement agent, intends, but is not obligated, to purchase up to approximately 669</FONT>,512 and 300,000 <FONT STYLE="font-family: Times New Roman, Times, Serif">shares
of the common stock, respectively, sold in this offering. We have agreed to pay the placement agent an aggregate placement agent&rsquo;s fee
equal to three percent of the gross proceeds in this offering.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The following table shows the per share and
total placement agent&rsquo;s fee we will pay to the placement agent in connection with the sale of the common stock offered pursuant to this
prospectus supplement:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-indent: -10pt; padding-left: 10pt">Per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">0.369</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -10pt; padding-left: 10pt">Total</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">449,999.93</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have also agreed to reimburse the placement
agent for certain reasonable travel, legal and other out-of-pocket expenses.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Settlement for sales of common stock will
occur on the second business day following the date of the Placement Agent Agreement, in return for payment of the net proceeds to us.
There is no arrangement for funds to be received in an escrow, trust or similar arrangement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">We have agreed to indemnify the placement
agent against liabilities under the Securities Act of 1933, as amended. We have also agreed to contribute to payments the placement agent
may be required to make in respect of such liabilities.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The foregoing does not purport to be a complete
statement of the terms and conditions of the placement agent agreement. A copy of the Placement Agent Agreement is included as an exhibit
to our current report on Form 8-K that will be filed with the SEC and incorporated by reference into the Registration Statement of which
this prospectus supplement forms a part. See &ldquo;Where You Can Find More Information&rdquo; on page S-9 and &ldquo;Information Incorporated
by Reference&rdquo; on page S-9.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">From time to time, the placement agent and/or
certain affiliates thereof provide the Company with certain advisory and other services unrelated to this offering.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The placement agent may be deemed to be an
underwriter within the meaning of Section&nbsp;2(a)(11) of the Securities Act, and any commissions received by it and any profit realized
on the resale of the units sold by it while acting as principal might be deemed to be underwriting discounts or commissions under the
Securities Act. As underwriter, the placement agent would be required to comply with the requirements of the Securities Act and the Securities
Exchange Act of 1934, as amended, including, without limitation, Rule&nbsp;415(a)(4) under the Securities Act and Rule&nbsp;10b-5 and
Regulation&nbsp;M under the Exchange Act. These rules and regulations may limit the timing of purchases and sales of shares of common
stock by the placement agent acting as principal. Under these rules and regulations, the placement agent:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">must not engage in any stabilization activity in connection with our securities;
and</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                    </TABLE>

<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: 0.5in"></TD><TD STYLE="width: 0.25in">&#9679;</TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">must not bid for or purchase any of our securities or attempt to induce any
person to purchase any of our securities, other than as permitted under the Exchange Act, until they have completed their participation
in the distribution.</FONT></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; text-align: center"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_010"></A>Legal
Matters</B></FONT></P>

<P STYLE="font: 7pt 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: left">The validity of the securities offered hereby
will be passed upon for us by Greenberg Traurig, LLP, Los Angeles, California.&nbsp; B. Riley Securities, Inc. is being represented in
connection with this offering by Morgan, Lewis &amp; Bockius LLP, Palo Alto, California.</P>

<P STYLE="font: 7pt 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: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_011"></A>Experts</B></FONT></P>

<P STYLE="font: 7pt 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">The financial statements incorporated in this Prospectus by reference
to the Annual Report on Form 10-K for the year ended December 31, 2020 have been so incorporated in reliance on the report of PricewaterhouseCoopers
LLP, an independent registered public accounting firm, given on the authority of said firm as experts in auditing and accounting.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="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="text-transform: uppercase"><B><A NAME="a_012"></A>Where
You Can Find More Information</B></FONT></P>

<P STYLE="font: 7pt 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">We file quarterly and annual reports, proxy statements and other information
with the Commission. Our filings with the Commission, including the registration statement, reports, proxy and information statements,
and other information are available to you on the Commission&rsquo;s website at http://www.sec.gov. In addition, documents that we file
with the Commission are available on our website at www.cadizinc.com. Our website address provided in this prospectus is not intended
to function as a hyperlink and the information on our website is not, nor should it be considered, part of this prospectus or incorporated
by reference into this prospectus.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This prospectus supplement is part of a registration statement that
we have filed with the SEC relating to the securities offered herein. This prospectus supplement does not contain all of the information
we have included in the registration statement and the accompanying exhibits and schedules in accordance with the rules and regulations
of the SEC, and we refer you to the omitted information. The statements this prospectus supplement makes pertaining to the content of
any contract, agreement or other document that is an exhibit to the registration statement necessarily are summaries of their material
provisions and do not describe all exceptions and qualifications contained in those contracts, agreements or documents. You should read
those contracts, agreements or documents for information that may be important to you. The registration statement, exhibits and schedules
are available at the SEC&rsquo;s Internet website.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="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="text-transform: uppercase"><B><A NAME="a_013"></A>Information
Incorporated By Reference</B></FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The rules of the SEC allow us to incorporate by reference in this prospectus
supplement the information in other documents that we file with it, which means that we can disclose important information to you by referring
you to those documents that we have filed separately with the SEC. You should read the information incorporated by reference because it
is an important part of this prospectus supplement. We hereby incorporate by reference the following information or documents into this
prospectus supplement:</P>

<P STYLE="font: 7pt 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>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Annual Report on <A HREF="http://www.sec.gov/ix?doc=/Archives/edgar/data/727273/000143774921007331/cdzi20201231_10k.htm">Form&nbsp;10-K</A> for the year ended December&nbsp;31, 2020, filed on March&nbsp;26, 2021;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">our Quarterly Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/727273/000143774921012533/cdzi20210331_10q.htm">Form 10-Q</A> for the quarter ended March 31, 2021, filed on May 17, 2021;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Current Reports on Form 8-K filed with the Commission on March 26, 2021 and June 3, 2021;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description of our common stock as set forth in our registration statement filed on Form 8-A under the Exchange Act on May 8, 1984, as amended by:</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;the description of our common stock as set forth in Exhibit 4.4 to the Annual Report on <A HREF="https://www.sec.gov/ix?doc=/Archives/edgar/data/727273/000143774921007331/cdzi20201231_10k.htm">Form 10-K</A> for the year ended December 31, 2020, filed on March 26, 2021;</FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt; width: 0.5in">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; width: 0.25in">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the description of our Series 1 Preferred as set forth in the Current Report on <A HREF="https://www.sec.gov/Archives/edgar/data/727273/000121390020005682/ea119370-8k_cadizinc.htm">Form 8-K</A> filed with the Commission on March 9, 2020; and </FONT></TD></TR>
  <TR STYLE="font-size: 8pt; vertical-align: top">
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the Definitive Proxy Statement on Form <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727321000004/def14a_apr21.htm">DEF 14A</A> filed with the Commission on April 28, 2021.</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any information in any of the foregoing documents will automatically
be deemed to be modified or superseded to the extent that information in this prospectus or in a later filed document that is incorporated
or deemed to be incorporated herein by reference modifies or replaces such information.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">We also incorporate by reference any future filings (other than current
reports furnished under Item 2.02 or Item 7.01 of Form 8-K and exhibits filed on such form that are related to such items) made with the
SEC pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act, until the termination of the offering as to which this prospectus
supplement relates. Information in such future filings updates and supplements the information provided in this prospectus supplement
and the accompanying prospectus. Any statements in any such future filings will automatically be deemed to modify and supersede any information
in any document we previously filed with the SEC that is incorporated or deemed to be incorporated herein by reference to the extent that
statements in the later filed document modify or replace such earlier statements.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">You may obtain a copy of these filings, without charge, by writing
or calling us at:</P>

<P STYLE="font: 7pt 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-align: center">Cadiz Inc.<BR>
550 South Hope Street<BR>
Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Investor Relations<BR>
(213) 271-1600</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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>PROSPECTUS</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-variant: small-caps"><B>$100,000,000<BR>
<BR>
<BR>
Cadiz Inc.</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"><IMG SRC="image_001.jpg" ALT="">&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"><B><BR>
<BR>
DEBT SECURITIES<BR>
<BR>
COMMON STOCK<BR>
<BR>
PREFERRED STOCK<BR>
<BR>
WARRANTS<BR>
<BR>
SUBSCRIPTION RIGHTS<BR>
<BR>
UNITS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">By
this prospectus and an accompanying prospectus supplement, we may from time to time offer and sell, in one or more offerings,
up to $100,000,000 in any combination of debt securities, common stock, preferred stock, warrants, subscription rights and units.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will provide you with more specific terms of these securities in one or more supplements to this prospectus. You should read this
prospectus and the applicable prospectus supplement carefully before you invest.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may offer these securities from time to time in amounts, at prices and on other terms to be determined at the time of the offering.
We may offer and sell these securities to or through underwriters, dealers or agents, or directly to investors, on a continuous
or delayed basis. The supplements to this prospectus will provide the specific terms of the plan of distribution. The price to
the public of such securities and the net proceeds we expect to receive from such sale will also be set forth in the applicable
prospectus supplement.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common stock is listed on the Nasdaq Global Market under the symbol &ldquo;CDZI&rdquo;. On November 15, 2018, the closing price
of our common stock as reported by the Nasdaq Global Market was $10.92 per share.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Investing
in these securities involves certain risks. See &ldquo;Risk Factors&rdquo; beginning on page 2.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>NEITHER
THE SECURITIES AND EXCHANGE COMMISSION NOR ANY STATE SECURITIES COMMISSION HAS APPROVED OR DISAPPROVED OF THESE SECURITIES OR
PASSED UPON THE ADEQUACY OR ACCURACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.</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"><B>Prospectus
dated November 26, 2018</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&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="padding: 0.25pt 0.25pt 1.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-top: 0.25pt; padding-right: 0.25pt; padding-left: 0.25pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Page</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; width: 90%; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_014">About this Prospectus</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; width: 10%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ii</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_015">Special Note Regarding Forward-Looking Statements</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ii</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_016">Available Information</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">iii</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_017">Information Incorporated by Reference</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">iii</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_018">The Company</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_030">About Cadiz</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_031">Corporate Information</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_019">Risk Factors</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_020">Use of Proceeds</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_021">Description of Debt Securities</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_032">General</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_033">Subordination</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_034">Conversion and Exchange</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_035">Global Securities</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_036">Restrictive Covenants</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_037">Defeasance</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_038">Satisfaction and Discharge</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_039">Modification of the Indentures</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_040">Events of Default, Notice and Waiver</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_041">Consolidation, Merger or Sale of Assets</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_042">Governing Law</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_022">Description of Capital Stock</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 30.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_043">General</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 30.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_044">Common Stock</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 30.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_045">Cooperation Agreement</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center">10</TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 30.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_046">Certain Other Provisions of the Certificate</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 30.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_047">Limitations on Directors&rsquo; Liability</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 30.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_048">Indemnification of Directors and Officers</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 30.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_049">Exchange Listing</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 30.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_050">Anti-Takeover Effects of Delaware Law</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_023">Description of Offered Preferred Stock</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_024">Description of Warrants</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_051">Exercise of Warrants</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_025">Description of Subscription Rights</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_026">Description of Units</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_027">Plan of Distribution</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_052">General</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_053">Underwriters and Agents</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_057">Dealers</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_058">Direct Sales</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_054">Institutional Purchasers</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_055">Indemnification; Other Relationships</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: bottom; text-indent: 26pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_056">Market-Making, Stabilization and Other Transactions</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    </TR>
<TR STYLE="background-color: White">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_028">Legal Matters</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    </TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="padding: 0.25pt 0.25pt 0.25pt 10pt; vertical-align: top; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><A HREF="#pro_029">Experts</A></FONT></TD>
    <TD STYLE="padding: 0.25pt; vertical-align: bottom; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    </TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_014"></A>ABOUT
THIS PROSPECTUS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus is part of a registration statement we filed with the Securities and Exchange Commission, or the &ldquo;Commission&rdquo;
or the &ldquo;SEC,&rdquo; using the &ldquo;shelf&rdquo; registration process. Under the shelf registration process, using this
prospectus, together with a prospectus supplement, we may sell from time to time any combination of the securities described in
this prospectus in one or more offerings. This prospectus provides you with a general description of the securities that may be
offered. Each time we sell securities pursuant to this prospectus, we will provide a prospectus supplement that will contain specific
information about the terms of the securities being offered. A prospectus supplement may include a discussion of any risk factors
or other special considerations applicable to those securities or to us. The prospectus supplement may also add to, update or
change information contained in this prospectus and, accordingly, to the extent inconsistent, the information in this prospectus
will be superseded by the information in the prospectus supplement. You should read this prospectus, any applicable prospectus
supplement and the additional information incorporated by reference in this prospectus described below under &ldquo;Available
Information&rdquo; and &ldquo;Information Incorporated by Reference&rdquo; before making an investment in our securities.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus contains summaries of certain provisions contained in some of the documents described herein, but reference is made
to the actual documents for complete information. All of the summaries are qualified in their entirety by the actual documents.
Copies of the documents referred to herein have been filed, or will be filed or incorporated by reference as exhibits to the registration
statement of which this prospectus is a part, and you may obtain copies of those documents as described below under &ldquo;Available
Information.&rdquo;</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Neither
the delivery of this prospectus nor any sale made under it implies that there has been no change in our affairs or that the information
in this prospectus is correct as of any date after the date of this prospectus. You should not assume that the information in
this prospectus, including any information incorporated in this prospectus by reference, the accompanying prospectus supplement
or any free writing prospectus prepared by us, is accurate as of any date other than the date on the front of those documents.
Our business, financial condition, results of operations and prospects may have changed since that date.</B></FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
have not authorized anyone to provide any information other than that contained or incorporated by reference in this prospectus,
a prospectus supplement or in any free writing prospectus prepared by or on behalf of us or to which we have referred you. We
take no responsibility for, and can provide no assurance as to the reliability of, any other information that others may give
you. We are not making an offer to sell securities in any jurisdiction where the offer or sale of such securities is not permitted.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
the context otherwise requires, the terms &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Cadiz,&rdquo; and &ldquo;the
Company&rdquo; refer to Cadiz Inc., a Delaware corporation.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_015"></A>SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS</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"><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">All
statements in this prospectus and the documents incorporated by reference that are not historical facts should be considered &ldquo;Forward
Looking Statements&rdquo; within the meaning of the &ldquo;Safe Harbor&rdquo; provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results,
performance or achievements of the Company to be materially different from any future results, performance or achievements expressed
or implied by the forward-looking statements. Some of the forward-looking statements can be identified by the use words such as
&ldquo;believe,&rdquo; &ldquo;expect,&rdquo; &ldquo;may,&rdquo; &ldquo;will,&rdquo; &ldquo;should,&rdquo; &ldquo;seek,&rdquo;
&ldquo;approximately,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;continue&rdquo;
or &ldquo;anticipates&rdquo; or similar expressions or words, or the negatives of those expressions or words. Although we believe
that our plans, intentions and expectations reflected in, or suggested by, such forward-looking statements are reasonable, we
can give no assurance that such plans, intentions, or expectations will be achieved.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Certain
risks, uncertainties, and other factors are incorporated herein by reference to our most recent Annual Report on Form 10-K and
our subsequent Quarterly Reports on Form 10-Q, along with the other information contained in this prospectus, as updated by our
subsequent filings under the Securities Exchange Act of 1934, as amended, or the &ldquo;Exchange Act.&rdquo; Except as otherwise
required by applicable securities laws, we undertake no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information, future events, changed circumstances, or any other reason, after the date of this prospectus.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_016"></A>AVAILABLE
INFORMATION</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are subject to the informational requirements of the Exchange Act, and file reports, proxy statements and other information with
the Commission. We have also filed a registration statement on Form S-3 with the Commission. This prospectus, which forms part
of the registration statement, does not have all of the information contained in the registration statement. The Commission also
maintains a website that contains reports, proxy statements and other information, including the registration statement. The website
address is: http://www.sec.gov.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_017"></A>INFORMATION
INCORPORATED BY REFERENCE</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Commission allows us to &ldquo;incorporate by reference&rdquo; into this prospectus the information we file with them. The information
we incorporate by reference into this prospectus is an important part of this prospectus. Any statement in a document we have
filed with the Commission prior to the date of this prospectus and which is incorporated by reference into this prospectus will
be considered to be modified or superseded to the extent a statement contained in the prospectus or any other subsequently filed
document that is incorporated by reference into this prospectus modifies or supersedes that statement. The modified or superseded
statement will not be considered to be a part of this prospectus, except as modified or superseded.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
incorporate by reference into this prospectus the information contained in the following documents, which is considered to be
a part of this prospectus:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: 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="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our Annual Report on <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727317000024/form10q_sept2017.htm">Form 10-K</A> for the year ended December 31, 2017, filed on March 14, 2018 and <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727318000005/form10ka.htm">Form 10-K/A</A> for the year ended December 31, 2017 filed
    on April 27, 2018;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our Current Reports on Form 8-K filed on <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000121390018003485/f8k032718_cadizinc.htm">March 27, 2018</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727318000007/form8k.htm">May 3, 2018</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727318000011/form_8-k.htm">May 24, 2018</A>, and <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727318000013/form_8-k.htm">May 31, 2018</A>;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our Quarterly Reports on Form 10-Q for the quarters
    ended March 31, 2018, June 30, 2018, and September 30, 2018, filed on <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727318000009/form10q.htm">May 9, 2018</A>, <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727318000015/form10q_jun18.htm">August 6, 2018</A> and <A HREF="http://www.sec.gov/Archives/edgar/data/727273/000072727318000020/form10q_sep2018.htm">November 8, 2018</A>, respectively;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the description of our common stock as set forth
    in our registration statement filed on Form 8-A under the Exchange Act on May 8, 1984, as amended by reports on:</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 47px; text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="width: 7px">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 8-K filed with the SEC on May 26, 1988; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="text-align: right; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form 8-K filed with the SEC on June 2, 1992.</FONT></TD></TR>
</TABLE>
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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></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
also incorporate by reference all additional documents that we file with the Commission pursuant to Section 13(a), 13(c), 14 or
15(d) of the Exchange Act that are filed after the date of the initial registration statement and prior to the effectiveness of
the registration statement or that are filed after the effective date of the registration statement of which this prospectus is
a part and prior to the termination of the offering of securities offered pursuant to this prospectus. We are not, however, incorporating
in each case, any documents or information that we are deemed to &ldquo;furnish&rdquo; and not file in accordance with the Commission
rules.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">You
may obtain a copy of these filings, without charge, by writing or calling us at:</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">Cadiz
Inc.<BR>
550 South Hope Street<BR>
Suite 2850<BR>
Los Angeles, California 90071<BR>
Attention: Investor Relations<BR>
(213) 271-1600</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
dealer, salesperson, or other person has been authorized to give any information or to make any representation not contained in
this prospectus, and, if given or made, such information and representation should not be relied upon as having been authorized
by us. This prospectus does not constitute an offer to sell or a solicitation of an offer to buy any of the securities offered
by this prospectus in any jurisdiction or to any person to whom it is unlawful to make such offer or solicitation. Neither the
delivery of this prospectus nor any sale made hereunder shall under any circumstances create an implication that there has been
no change in the facts set forth in this prospectus or in our affairs since the date hereof.</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">&nbsp;</FONT></P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_018"></A>THE
COMPANY</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_030"></A>About
Cadiz</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a land and water resource development company with over 45,000 acres of land in three areas of eastern San Bernardino County,
California. Virtually all of this land is underlain by high-quality, naturally recharging groundwater resources, and is situated
in proximity to the Colorado River and the Colorado River Aqueduct, or the &ldquo;CRA,&rdquo; California&rsquo;s primary mode
of water transportation for imports from the Colorado River into the State. Our properties are suitable for various uses, including
large-scale agricultural development, groundwater storage and water supply projects. Our main objective is to realize the highest
and best use of these land and water resources in an environmentally responsible way.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
believe that the long-term highest and best use of our land and water assets will be realized through the development of a combination
of water supply and storage projects at our properties. Therefore, we have primarily focused on the development of the Cadiz Valley
Water Conservation, Recovery and Storage Project, or the &ldquo;Water Project&rdquo; or &ldquo;Project,&rdquo; which will capture
and conserve millions of acre-feet<SUP>1</SUP> of native groundwater currently being lost to evaporation from the aquifer system
beneath our 35,000-acre property in the Cadiz and Fenner valleys of eastern San Bernardino County, or the &ldquo;Cadiz/Fenner
Property,&rdquo; and deliver it to water providers throughout Southern California. A second phase of the Water Project would offer
storage of up to one million acre-feet of imported water in the aquifer system. We believe that the ultimate implementation of
this Water Project will provide a significant source of future cash flow.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
primary factor driving the value of such projects is ongoing pressure on California&rsquo;s traditional water supplies and the
resulting demand for new, reliable supply solutions that can meet both immediate and long-term water needs. Available water supply
in Southern California is constrained by regulatory restrictions on each of the State&rsquo;s three main water sources: the CRA,
the State Water Project, which provides water supplies from Northern California to the central and southern parts of the state,
and the Los Angeles Aqueduct, which delivers water from the eastern Sierra Nevada mountains to Los Angeles. Southern California&rsquo;s
water providers rely on imports from these systems for a majority of their water supplies, but deliveries from all three into
the region are often below capacity, even in wet years.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Further,
the availability of supplies in California differs greatly from year to year due to natural hydrological variability. Over the
last decade, California struggled through a historic drought featuring record-low winter precipitation. Then, following a series
of strong storms that delivered record amounts of rain and snow during the 2016-2017 winter, the State recovered. Yet, the following
winter delivered few precipitation events and, through October 2018, 85% of the State is again abnormally dry with all of Southern
California experiencing drought conditions, according to the US Drought Monitor. Drought, dry conditions and rapid swings between
wet and dry years challenges California&rsquo;s traditional supply system and supports the need for reliable storage and local
supply.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Given
the variety of challenges and limitations faced by the State&rsquo;s traditional infrastructure, Southern California water providers
are presently pursuing investments in storage, supply and infrastructure to meet long-term demand. The Water Project is a local
supply option in Southern California that would help address the region&rsquo;s water supply challenges by providing new reliable
supply and local groundwater storage opportunities in both dry and wet years. Following a multi-year California Environmental
Quality Act, or &ldquo;CEQA,&rdquo; review and permitting process, the Water Project received permits that allow the capture and
conservation of 2.5 million acre-feet of groundwater over 50 years in accordance with the terms of a groundwater management plan
approved by San Bernardino County, the public agency responsible for groundwater use at the project area.</FONT></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"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>1</SUP></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">One
acre-foot is equal to approximately 326,000 gallons or the volume of water that will cover an area of one acre to a depth of one-foot.
An acre-foot is generally considered to be enough water to meet the annual water needs of two average California households.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">&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; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
currently own a 96-mile existing idle natural gas 30-inch pipeline that extends from the Cadiz/Fenner Property to Barstow, California
and we intend to convert this pipeline to allow for the transportation of water. The Barstow area serves as a hub for water delivered
from northern and central California to communities in Southern California&rsquo;s High Desert. In addition, we hold an option
to purchase a further 124-mile segment of this pipeline from Barstow to Wheeler Ridge, California for $20 million. This option
expires in December 2018. We do not currently have the cash resources on hand to exercise this option and may use all, or a portion,
of the net proceeds from the sale of the securities offered by this prospectus and each prospectus supplement to exercise this
option. If we are unable to exercise this option, then our northern pipeline opportunities will be limited to the 96-mile segment
we currently own.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
current working capital requirements relate largely to the final development activities associated with the Water Project and
those activities consistent with the Water Project related to further development of our land and agricultural assets. While we
continue to believe that the ultimate implementation of the Water Project will provide the primary source of our future cash flow,
we also believe there is significant additional value in our underlying agricultural assets.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition to our Water Project proposal, we are engaged in agricultural joint ventures at the Cadiz/Fenner Property that put some
of the groundwater currently being lost to evaporation from the underlying aquifer system to immediate beneficial use. We have
farmed portions of the Cadiz/Fenner Property since the late 1980s relying on groundwater from the aquifer system for irrigation
and the site is well suited for various permanent and seasonal crops. Presently, the property has 2,100 acres leased for cultivation
of a variety of crops, including citrus, dried-on-the-vine raisins and seasonal vegetables.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
also continue to explore additional uses of our land and water resource assets, including renewable energy development, the marketing
of our approved desert tortoise land conservation bank, which is located on our properties outside the Water Project area, and
other long-term legacy uses of our properties, such as habitat conservation and cultural development.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_031"></A>Corporate
Information</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
are a Delaware corporation with our principal executive offices located at 550 South Hope Street, Suite 2850, Los Angeles, California
90071. Our telephone number is (213) 271-1600. We maintain a corporate website at www.cadizinc.com. The information contained
in, or that can be accessed through, our website is not a part of this prospectus and is not incorporated by reference into this
prospectus.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_019"></A>RISK
FACTORS</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">An
investment in our securities involves a high degree of risk. Certain risks relating to us and our business are described under
the headings &ldquo;Business&rdquo; and &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for the year ended December
31, 2017, filed with the Commission on March 14, 2018, and our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018,
filed with the Commission on August 6, 2018, which are incorporated by reference into this prospectus and which you should carefully
review and consider, along with the other information contained in this prospectus or incorporated by reference herein, as updated
by our subsequent filings under the Exchange Act, before making an investment in any of our securities. Additional risks, as well
as updates or changes to the risks described in the documents incorporated by reference herein, may be included in any applicable
prospectus supplement. Our business, financial condition or results of operations could be materially adversely affected by any
of these risks. The market or trading price of our securities could decline due to any of these risks, and you may lose all or
part of your investment. In addition, please read the section of this prospectus captioned &ldquo;Special Note Regarding Forward-Looking
Statements,&rdquo; in which we describe additional uncertainties associated with our business and the forward-looking statements
included or incorporated by reference in this prospectus. Please note that additional risks not presently known to us or that
we currently deem immaterial may also impair our business and operations.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Investment
in any securities offered pursuant to this prospectus involves risks and uncertainties. If one or more of the events discussed
in the risk factors were to occur, our business, financial condition, results of operations or liquidity, as well as the value
of an investment in our securities, could be materially adversely affected.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">You
should carefully consider the risk factors as well as the other information contained and incorporated by reference in this prospectus
before deciding to invest.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_020"></A>USE
OF PROCEEDS</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise provided in the applicable prospectus supplement, the net proceeds from the sale of the securities offered by this prospectus
and each prospectus supplement, the &ldquo;offered securities,&rdquo; will be used for general corporate purposes, which may include
the development of the Water Project, including funding all, or a portion, of the $20 million payment required if we elect to
exercise our option to acquire an additional 124-mile extension of our northern pipeline, business development activities, capital
expenditures, working capital, the refinancing or repayment of existing indebtedness and the expansion of the business and acquisitions.
If any of the net proceeds from the offered securities will be used for acquisitions, we will identify the acquisition in the
applicable prospectus supplement.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Pending
such uses, we may temporarily invest the net proceeds in short-term investments.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_021"></A>DESCRIPTION
OF DEBT SECURITIES</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus describes certain general terms and provisions of the debt securities. The debt securities may constitute either senior
or subordinated debt securities, and in either case will be unsecured, and may also include convertible debt securities. We will
issue any debt securities that will be senior debt under an Indenture between us and U.S. Bank National Association, as trustee,
or the &ldquo;Senior Indenture.&rdquo; We will issue any debt securities that will be subordinated debt under an Indenture between
us and U.S. Bank National Association, as trustee, or the &ldquo;Subordinated Indenture.&rdquo; This prospectus refers to the
Senior Indenture and the Subordinated Indenture individually as the &ldquo;Indenture&rdquo; and collectively as the &ldquo;Indentures.&rdquo;
The form of Senior Indenture and the form of Subordinated Indenture are included as exhibits to the registration statement of
which this prospectus forms a part. The term &ldquo;trustee&rdquo; refers to the trustee under each Indenture, as appropriate.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Indentures are subject to and governed by the Trust Indenture Act of 1939, as amended. The Indentures are substantially identical,
except for the provisions relating to subordination, which are included only in the Subordinated Indenture. The following summary
of the material provisions of the Indentures and the debt securities is not complete and is subject to, and is qualified in its
entirety by reference to, all of the provisions of the Indentures, each of which has been filed as an exhibit to the registration
statement of which this prospectus is a part. We urge you to read the Indenture that is applicable to you because it, and not
the summary below, defines your rights as a holder of debt securities. You can obtain copies of the Indentures by following the
directions described under the heading &ldquo;Available Information.&rdquo;</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_032"></A>General</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
senior debt securities will rank equally with all of our other unsecured and unsubordinated debt. The subordinated debt securities
will be subordinated in right of payment to our &ldquo;Senior Indebtedness,&rdquo; as defined below in the section titled &ldquo;Subordination&rdquo;.
As of September 30, 2018, all of our $138,694,526 aggregate principal amount of existing debt would have ranked senior to the
subordinated debt securities and $72,504,645 aggregate principal amount of our debt would have ranked equally with the senior
debt securities. The Indentures do not limit the amount of debt, either secured or unsecured, which may be issued by us under
the Indentures or otherwise. We may limit the maximum total principal amount for the debt securities of any series. However, any
limit under the Indentures may be increased by resolution of our Board of Directors. We will establish the terms of each series
of debt securities under the Indentures in a supplemental Indenture, board resolution or company order. The debt securities under
the Indentures may be issued in one or more series with the same or various maturities and may be sold at par, a premium or an
original issue discount. Debt securities sold at an original issue discount may bear no interest or interest at a rate which is
below market rates.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Indentures do not prohibit us or our subsidiaries from incurring debt or agreeing to limitations on our subsidiaries&rsquo; ability
to pay dividends or make other distributions to us, although the terms of specific debt securities may include such limitations.
The agreements governing our indebtedness contain limitations on our ability to incur debt or liens, conduct asset sales and pay
dividends.</FONT></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; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
we inform you otherwise in a prospectus supplement, we may issue additional debt securities of a particular series under the Indentures
without the consent of the holders of the debt securities of such series outstanding at the time of issuance. Any such additional
debt securities, together with all other outstanding debt securities of that series, will constitute a single series of securities
under the applicable Indenture.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
we inform you otherwise in a prospectus supplement, each series of our senior debt securities will rank equally in right of payment
with all of our other unsubordinated debt. The subordinated debt securities will rank junior in right of payment and be subordinate
to all of our unsubordinated debt.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may issue debt securities from time to time in one or more series under the Indentures. We will describe the particular terms
of each series of debt securities we offer in a supplement to this prospectus or other offering material. The prospectus supplement
and other offering material relating to a series of debt securities will describe the terms of such debt securities being offered,
including (to the extent such terms are applicable to such debt securities):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: 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="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    title of the debt securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">designation,
    aggregate principal amount, denomination and currency or currency unit;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">date
    of maturity;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    price or prices at which we sell the debt securities and the percentage of the principal amount at which the debt securities
    will be issued;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether
    the debt securities are senior debt securities or subordinated debt securities and applicable subordination provisions, if
    any;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    limit on the total principal amount of the debt securities and the ability to issue additional debt securities of the same
    series;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">currency
    or currency units for which such debt securities may be purchased and in which principal of, premium, if any, and any interest
    will or may be payable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">interest
    rate or rates (or the manner of calculation thereof), if any;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    times at which any such interest will be payable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    date or dates from which interest will accrue on the debt securities, or the method used for determining those dates;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
    place or places where the principal and interest, if any, will be payable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    redemption, sinking fund, satisfaction and discharge, or defeasance provisions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether
    such debt securities will be issuable in registered form or bearer form or both and, if issuable in bearer form, restrictions
    applicable to the exchange of one form for another and to the offer, sale and delivery of certificates in bearer form;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether
    and under what circumstances we may from time to time, without the consent of holders of debt securities, issue additional
    debt securities, having the same ranking and the same interest rate, maturity and other terms as the debt securities being
    offered, except for the issue price and issue date and, in some cases, the first interest payment date, whereby such additional
    securities will, together with the then outstanding debt securities, constitute a single class of debt securities under the
    Indentures, and will vote together on matters under the Senior Indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if
    material, United States federal income tax consequences;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether
    and under what circumstances we will issue the debt securities in whole or in part as Global Securities as described below
    under &ldquo;Global Securities&rdquo;;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">applicable
    conversion or exchange privileges;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    defaults and events of defaults applicable to the debt securities to be issued;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">securities
    exchange(s) on which the securities will be listed, if any;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether
    any underwriter(s) will act as market maker(s) for the securities;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">extent
    to which a secondary market for the securities is expected to develop;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provisions
    relating to covenant defeasance and legal defeasance;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">provisions
    relating to satisfaction and discharge of the Indenture;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    covenants or restrictions on us or our subsidiaries; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
    other specific terms of the offered debt securities, including any terms in lieu of those described in this prospectus and
    any terms which may be required by or advisable under United States laws or regulations such as those made a part of the applicable
    Indenture by the Trust Indenture Act of 1939.</FONT></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"></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Material
United States federal income tax consequences and special considerations, if any, applicable to any such securities will be described
in the applicable prospectus supplement.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Debt
securities may be presented for exchange, and registered debt securities may be presented for transfer, in the manner, at the
places and subject to the restrictions set forth in the debt securities and as summarized in the applicable prospectus supplement.
Such services will be provided without charge, other than any tax or other governmental charge payable in connection with such
exchange or transfer, but subject to the limitations provided in the applicable Indenture. Debt securities in bearer form and
the coupons, if any, appertaining to such debt securities will be transferable by delivery.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_033"></A>Subordination</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
indebtedness represented by the subordinated debt securities will be subordinated in right of payment to existing and future &ldquo;Senior
Indebtedness,&rdquo; as described in the Subordinated Indenture and any accompanying prospectus supplement. The term &ldquo;Senior
Indebtedness&rdquo; means:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: 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="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all indebtedness for money borrowed incurred
    by us, unless the terms of the instrument or instruments by which such indebtedness is incurred or created expressly provide
    that such indebtedness is subordinate to the subordinated debt securities or that such indebtedness is not superior in right
    of payment to the subordinated debt securities,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any other indebtedness, obligation or liability
    incurred by us (including any guaranty, endorsement or other contingent obligation of ours in respect of, or to purchase,
    or otherwise acquire, any obligation of another), direct or indirect, absolute or contingent, or matured or unmatured, which
    is specifically designated by us as Senior Indebtedness in the instruments evidencing such indebtedness, obligation or liability
    at the time of its issuance or incurrence, or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any deferral, renewal or extension of any of
    the foregoing.</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;Senior
Indebtedness&rdquo; does not include:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: 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="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our debt to any of our subsidiaries;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any series of subordinated debt securities issued
    under the Subordinated Indenture, unless otherwise specified by the terms of any such series;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any of our other debt which by the terms of
    the instrument creating or evidencing it is specifically designated as being subordinated to or pari passu with the subordinated
    debt securities; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any trade payables.</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Subordinated Indenture does not limit our ability to incur additional indebtedness, including indebtedness that ranks senior in
priority of payment to the subordinated debt securities. A prospectus supplement relating to each series of subordinated debt
securities will describe any subordination provisions applicable to such series in addition to or different from those described
above.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">By
reason of such subordination, in the event of dissolution, insolvency, bankruptcy or other similar proceedings, upon any distribution
of assets, (i) the holders of subordinated debt securities will be required to pay over their share of such distribution in respect
of the subordinated debt securities to the holders of Senior Indebtedness until such Senior Indebtedness is paid in full and (ii)
creditors of ours who are not holders of Senior Indebtedness may recover less, ratably, than holders of Senior Indebtedness and
may recover more, ratably, than holders of subordinated debt securities.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_034"></A>Conversion
and Exchange</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
terms, if any, on which debt securities of any series will be convertible into or exchangeable for our common stock, our preferred
stock, another series of our debt securities, other securities, property or cash, or a combination of any of the foregoing, will
be summarized in the prospectus supplement relating to such series of debt securities. Such terms may include provisions for conversion
or exchange, either on a mandatory basis, at the option of the holder, or at our option, in which the number of shares or amount
of our common stock, our preferred stock, another series of our debt securities, other securities, property or cash to be received
by the holders of the debt securities would be calculated according to the factors and at such time as summarized in the related
prospectus supplement.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_035"></A>Global
Securities</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
debt securities of a series may be issued in whole or in part in the form of one or more global securities that will be deposited
with, or on behalf of, a depositary identified in the prospectus supplement. Global securities will be issued in registered form
and in either temporary or definitive form. Unless and until it is exchanged in whole or in part for the individual debt securities,
a global security may not be transferred except as a whole by the depositary for such global security to a nominee of such depositary
or by a nominee of such depositary to such depositary or another nominee of such depositary or by such depositary or any such
nominee to a successor of such depositary or a nominee of such successor. The specific terms of the depositary arrangement with
respect to any debt securities of a series and the rights of and limitations upon owners of beneficial interests in a global security
will be described in the applicable prospectus supplement.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_036"></A>Restrictive
Covenants</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will describe any restrictive covenants, including restrictions on any subsidiary, for any series of debt securities in a prospectus
supplement.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_037"></A>Defeasance</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">At
our option, either (a) we will be Discharged (as defined below) from any and all obligations in respect of any series of debt
securities under the Indenture or (b) we will cease to be under any obligation to comply with the restriction on our ability to
merge, consolidate or sell assets set forth in the applicable Indenture, the requirement that we maintain our existence or certain
other restrictions, in either case if we deposit irrevocably with the trustee, in trust, specifically for the benefit of the holders
of such series, money or U.S. Government Obligations (as defined below) which through the payment of interest thereon and principal
thereof in accordance with their terms will provide money in an amount sufficient (in the written opinion of a nationally recognized
firm of independent public accountants in the case of U.S. Government Obligations or a combination of money and U.S. Government
Obligations) to pay all the principal of (including any sinking fund payments or analogous obligations), and interest on, the
debt securities of such series on the dates such payments are due in accordance with the terms of such series of debt securities.
To exercise such option, we are required to deliver to the trustee an opinion of tax counsel to the effect that holders of the
debt securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit
and discharge and will be subject to federal income tax in the same amount and in the same manner and at the same times as would
have been the case if such deposit and discharge had not occurred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
term &ldquo;Discharged&rdquo; is defined to mean that we are deemed to have paid and discharged the entire indebtedness represented
by, and obligations under, the debt securities of such series and to have satisfied all the obligations under the Indenture relating
to the debt securities of such series, except for</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: 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="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the rights of holders of the debt securities
    of such series to receive, from the trust fund described above, payment of the principal of and the interest on the debt securities
    of such series when such payments are due;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">our obligations with respect to the debt securities
    of such series with respect to temporary debt securities, registration, transfer, exchange, replacement of mutilated, destroyed,
    lost and stolen certificates, maintenance of a paying office and holding money in trust; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the rights, powers, trusts, duties and immunities
    of the trustee under the applicable Indenture.</FONT></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"></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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
term &ldquo;U.S. Government Obligations&rdquo; is defined to mean securities that are (i) direct obligations of the United States
of America for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed
as a full faith and credit obligation by the United States of America, which, in either case under clauses (i) or (ii) are not
callable or redeemable at the option of the issuer thereof, and also includes a depositary receipt issued by a bank or trust company,
as custodian with respect to any such U.S. Government Obligation held by such custodian for the account of the holder of a depository
receipt, provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable
to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation
or the specific payment of interest on or principal of the U.S. Government Obligations evidenced by such depository receipt.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_038"></A>Satisfaction
and Discharge</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, an Indenture will cease to be of further effect with respect to the debt securities of a series issued under that Indenture,
subject to certain exceptions generally relating to compensation and indemnity of the trustee, when either:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all outstanding debt securities of that series
    have been delivered to the trustee for cancellation and we have paid all sums payable by us under the Indenture with respect
    to such series, or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all outstanding debt securities of that series
    not delivered to the trustee for cancellation either: (i) have become due and payable, (ii) will become due and payable at
    their stated maturity within one year, or (iii) are to be called for redemption within one year; and we have deposited irrevocably
    with the trustee, in trust, specifically for the benefit of the holders of such series, money or U.S. Government Obligations
    which through the payment of interest thereon and principal thereof in accordance with their terms will provide money in an
    amount sufficient (in the written opinion of a nationally recognized firm of independent public accountants in the case of
    U.S. Government Obligations or a combination of money and U.S. Government Obligations) to pay all the principal of (including
    any sinking fund payments or analogous obligations), and interest on, the debt securities of such series on the dates such
    payments are due in accordance with the terms of such series of debt securities.</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"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_039"></A>Modification
of the Indentures</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Modifications
and amendments of each Indenture may be made by us and the trustee without the consent of the holders of the debt securities or
with the consent of the holders of not less than a majority in principal amount of all outstanding debt securities affected by
such modification or amendment; provided, however, that no such modification or amendment may, without the consent of the holder
of each outstanding debt security affected thereby:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">change the stated maturity of the principal
    of, or any installment of principal of or interest on, any debt security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reduce the principal amount of or interest on,
    or any premium payable upon redemption of, any debt security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">change certain other terms related to waiver
    of past defaults or covenants (such as covenants and provisions of the Indenture that may not be amended without the consent
    of the holder of each outstanding debt security of the series affected); or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">reduce the percentage of the principal amount
    of the outstanding debt security of any series, the consent of whose holders is required to modify or amend the applicable
    Indenture or waive compliance with, or consent to certain defaults under, the provisions of such Indenture.</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Board of Directors does not have the power to waive any of the covenants of each Indenture, including those relating to consolidation,
merger or sale of assets.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_040"></A>Events
of Default, Notice and Waiver</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following will be &ldquo;Events of Default&rdquo; with respect to any particular series of the debt securities under the Indentures:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">default in any payment of interest on such series
    when due, continued for 30 days;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">default in any payment of principal and premium,
    if any, of, or sinking fund installment on, such series when due;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">default in the performance, or breach, of any
    covenant or warranty of ours applicable to such series continued for 60 days after written notice to us by the trustee or
    the holders of at least 25% in principal amount of such series;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">certain events of bankruptcy, insolvency or
    reorganization; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any other event of default we may provide for
    that series.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">No
Event of Default with respect to a particular series of debt securities necessarily constitutes an Event of Default with respect
to any other series of debt securities.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
trustee will, within 90 days after the occurrence of any default with respect to any series of the debt securities, give to the
holders thereof notice of such default known to the trustee, unless such default has been cured or waived (the term default for
this purpose means any event which is, or after notice or lapse of time, or both, would become, an Event of Default); provided
that, except in the case of a default in the payment of principal of (or premium, if any) or interest on any of such series of
debt securities or in the payment of any sinking fund installments, the trustee will be protected in withholding such notice if
and so long as it in good faith determines that the withholding of such notice is in the interest of the holders of the debt securities
of that series.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will be required to furnish to the trustee each year a statement as to the fulfillment by us of our obligations under the applicable
Indenture.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
holders of a majority in principal amount of the outstanding debt securities of any series may, in respect of such series, waive
certain defaults and may direct the time, method and place of conducting any proceeding for any remedy available to the trustee
or exercising any trust or power conferred on the trustee, provided that such direction shall not be in conflict with any rule
of law or with the applicable Indenture. The trustee has the right to decline to follow any such direction if the trustee in good
faith determines that the proceeding so directed would be unjustly prejudicial to the holders of debt securities of such series
not joining in any such direction or would involve the trustee in personal liability. Each Indenture provides that in case an
Event of Default occurs and is continuing with respect to any series of the debt securities, the trustee will be required to exercise
any of its rights and powers under such Indenture with the degree of care and skill such as a prudent person would exercise in
the conduct of such person&rsquo;s own affairs. Subject to such provisions, the trustee will be under no obligation to exercise
any of its rights or powers under the applicable Indenture at the direction of any of the holders of such debt securities unless
such holders have offered to the trustee reasonable security or indemnity against the costs, expenses and liabilities which might
be incurred by the trustee in complying with such direction.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
an Event of Default occurs and is continuing with respect to the debt securities of any series, the trustee or the holders of
at least 25% in principal amount of the outstanding debt securities of such series may declare such series due and payable.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
Indenture provides that no holder of debt securities of any series may institute any action against us under such Indenture (except
actions for payment of overdue principal or interest or premium, if any) unless the holders of at least 25% in principal amount
of the outstanding debt securities of such series have requested the trustee to institute such action and have offered the trustee
reasonable indemnity, and the trustee has not instituted such action within 60 days of such request.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_041"></A>Consolidation,
Merger or Sale of Assets</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may not consolidate with or merge into any other corporation or sell our assets substantially as an entirety, unless:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the corporation formed by such consolidation
    or into which we are merged or the corporation which acquires our assets is organized in the United States and expressly assumes
    the due and punctual payment of the principal of (and premium, if any) and interest on all the debt securities, if any, issued
    under the applicable Indenture and the performance of every covenant of such Indenture to be performed by us; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">immediately after giving effect to such transaction,
    no Event of Default, and no event which after notice or lapse of time or both would become an Event of Default, has happened
    and is continuing.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Upon
any such consolidation, merger or sale, the successor corporation formed by such consolidation, or into which we are merged or
to which such sale is made, will succeed to, and be substituted for, us under such Indenture.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Other
than the covenants described above, or as set forth in any accompanying prospectus supplement, the Indentures and the debt securities
do not contain any covenants or other provisions designed to afford holders of the debt securities protection in the event of
a takeover, recapitalization or a highly leveraged transaction involving us.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_042"></A>Governing
Law</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">New
York Law will govern the Indentures and the debt securities, without regard to its conflicts of law principles.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_022"></A>DESCRIPTION
OF CAPITAL STOCK</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
following statements relating to our capital stock do not purport to be complete, and are subject to, and are qualified in their
entirety by reference to, the provisions of the Certificate of Incorporation, as amended, or the &ldquo;Certificate,&rdquo; and
By-Laws, as amended, or the &ldquo;By-Laws,&rdquo; which are incorporated by reference as exhibits to the registration statement
of which this prospectus is a part.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_043"></A>General</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Certificate authorizes a total of 70,100,000 shares of capital stock, of which 70,000,000 may be shares of common stock and 100,000
may be shares of preferred stock.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of September 30, 2018, 24,453,358 shares of common stock were issued and outstanding and options and warrants to purchase an aggregate
of 870,000 shares of common stock issued to directors, employees, consultants and lenders remained outstanding. As of September
30, 2018, the number of stockholders of record of our common stock was 81.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_044"></A>Common
Stock</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to the rights of the holders of any shares of preferred stock that may at the time be outstanding, record holders of common stock
are entitled to such dividends as the Board of Directors may declare. Holders of common stock are entitled to one vote for each
share held in their name on all matters submitted to a vote of stockholders and do not have preemptive rights or cumulative voting
rights. Holders of common stock are not subject to further calls or assessments as a result of their holding shares of common
stock.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
Cadiz is liquidated, the holders of shares of common stock are entitled to share ratably in the distribution remaining after payment
of debts and expenses and of the amounts to be paid on liquidation to the holders of shares of preferred stock.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
transfer agent for our common stock is Continental Stock Transfer &amp; Trust Company, New York, New York.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_045"></A>Cooperation
Agreement</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">On
May 1, 2018, Cadiz and Water Asset Management, LLC, or WAM, our largest equity stockholder, entered into a Cooperation Agreement,
pursuant to which we agreed to expand our Board of Directors from nine to eleven members and to add to the Board of Directors
two new members designated by WAM. The two WAM designees, John A. Bohn and Jeffrey J. Brown, were appointed on May 30, 2018.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Subject
to WAM meeting certain applicable ownership thresholds described below, at each annual meeting of our stockholders, we have agreed
to include the WAM designees in our slate of recommended director candidates for election to the Board of Directors. Pursuant
to the Cooperation Agreement, WAM has agreed to cause all shares of common stock beneficially owned, directly or indirectly, by
it, or by any of its affiliates, to be present at each annual or special meeting of our stockholders held during the duration
of the Cooperation Agreement and vote in favor of the election of the slate of directors nominated by the Board of Directors.
Pursuant to the Cooperation Agreement, so long as WAM and its affiliates continue to collectively beneficially own twelve percent
or more of the outstanding shares of our common stock (excluding any convertible notes in the calculation of beneficial ownership),
WAM will have the right to nominate two designees for election to the Board of Directors. If the collective beneficial ownership
of WAM and its affiliates falls below twelve percent but remains five percent or greater, WAM will immediately lose its rights
with respect to one of the designees and such designee must immediately resign from the Board of Directors. If the collective
beneficial ownership of WAM and its affiliates falls below five percent, the Cooperation Agreement will automatically terminate
and WAM will no longer have any right to designate any directors to the Board of Directors and such director(s) designated by
WAM must immediately resign from the Board of Directors.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_046"></A>Certain
Other Provisions of the Certificate</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Delaware
law permits a corporation to eliminate the personal liability of its directors to the corporation or to any of its stockholders
for monetary damages for a breach of fiduciary duty as a director, except (i) for breach of the director&rsquo;s duty of loyalty,
(ii) for acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (iii) for
certain unlawful dividends and stock repurchases or (iv) for any transaction from which the director derived an improper personal
benefit. The Certificate provides for such limitation of liability.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
Certificate does not permit stockholder action by written consent in lieu of a meeting of stockholders. In addition, special meetings
of stockholders may be called only by the Board of Directors, the Chief Executive Officer or the President.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_047"></A>Limitations
on Directors&rsquo; Liability</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Certificate of Incorporation eliminates the personal liability of a director to us and our stockholders for monetary damages for
certain breaches of his or her fiduciary duty as a director to the fullest extent permitted under the General Corporation Law
of the State of Delaware.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
provision offers persons who serve on our Board of Directors protection against awards of monetary damages resulting from certain
breaches of their fiduciary duty, including grossly negligent business decisions made in connection with takeover proposals for
us, and limits our ability or the ability of one of our stockholders to prosecute an action against a director for a breach of
fiduciary duty.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_048"></A>Indemnification
of Directors and Officers</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
By-Laws and Certificate provide that we will indemnify any of our directors, officers or employees to the fullest extent permitted
by the General Corporation Law of the State of Delaware against all expenses, liability and loss incurred in connection with any
action, suit or proceeding in which any such person may be involved by reason of the fact that he or she is or was our director,
officer or employee. We carry insurance policies in standard form indemnifying our directors and officers against liabilities
arising from certain acts performed by them in their capacities as our directors and officers. These policies also indemnify us
for any sums we may be required or permitted to pay by law to our directors and officers as indemnification for expenses they
may have incurred.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_049"></A>Exchange
Listing</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
common stock is listed on the Nasdaq Global Market under the symbol &ldquo;CDZI.&rdquo;</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_050"></A>Anti-Takeover
Effects of Delaware Law</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Cadiz
is subject to the &ldquo;business combination&rdquo; provisions of Section 203 of Delaware law. In general, such provisions prohibit
a publicly held Delaware corporation from engaging in various &ldquo;business combination&rdquo; transactions with any interested
stockholder for a period of three years after the date of the transaction in which the person became an interested stockholder,
unless</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">prior to the date the interested stockholder
    obtained such status, the Board of Directors of the corporation approved either the business combination or the transaction
    that resulted in the stockholder becoming an interested stockholder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">upon consummation of the transaction which resulted
    in the stockholder becoming an interested stockholder, the stockholder owned at least 85% of the voting stock of the corporation
    outstanding at the time the transaction commenced; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">on or subsequent to such date, the business
    combination is approved by the Board of Directors of the corporation and authorized at an annual or special meeting of stockholders
    by the affirmative vote of at least 66 2/3% of the outstanding voting stock which is not owned by the interested stockholder.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
&ldquo;business combination&rdquo; is defined to include mergers, asset sales and other transactions resulting in financial benefit
to an interested stockholder. In general, an &ldquo;interested stockholder&rdquo; is a person who, together with affiliates and
associates, owns (or within three years, did own) 15% or more of a corporation&rsquo;s voting stock. The statute could prohibit
or delay mergers or other takeover or change in control attempts with respect to Cadiz and, accordingly, may discourage attempts
to acquire Cadiz even though such a transaction may offer Cadiz&rsquo;s stockholders the opportunity to sell their stock at a
price above the prevailing market price.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_023"></A>DESCRIPTION
OF OFFERED PREFERRED STOCK</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">This
prospectus describes certain general terms and provisions of our preferred stock. When we offer to sell a particular series of
preferred stock, we will describe the specific terms of the securities in a supplement to this prospectus. The prospectus supplement
will also indicate whether the general terms and provisions described in this prospectus apply to the particular series of preferred
stock. The preferred stock will be issued under a certificate of designations relating to each series of preferred stock and is
also subject to our Certificate of Incorporation. The certificate of designations will be filed with the SEC in connection with
an offering of preferred stock.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Under
the Certificate of Incorporation, our Board of Directors has the authority to</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">create one or more series of preferred stock,</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">issue shares of preferred stock in any series
    up to the maximum number of shares of preferred stock authorized, and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">determine the preferences, rights, privileges
    and restrictions of any series.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Board may issue authorized shares of preferred stock, as well as authorized but unissued shares of common stock, without further
stockholder action, unless stockholder action is required by applicable law or by the rules of a stock exchange or quotation system
on which any series of our stock may be listed or quoted.</FONT></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; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
prospectus supplement will describe the terms of any preferred stock being offered, including:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the number of shares and designation or title
    of the shares;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any liquidation preference per share;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any date of maturity;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any redemption, repayment or sinking fund provisions;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any dividend rate or rates and the dates of
    payment (or the method for determining the dividend rates or dates of payment);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any voting rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if other than the currency of the United States,
    the currency or currencies including composite currencies in which the preferred stock is denominated and/or in which payments
    will or may be payable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the method by which amounts in respect of the
    preferred stock may be calculated and any commodities, currencies or indices, or value, rate or price, relevant to such calculation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">whether the preferred stock is convertible or
    exchangeable and, if so, the securities or rights into which the preferred stock is convertible or exchangeable, and the terms
    and conditions of conversion or exchange;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the place or places where dividends and other
    payments on the preferred stock will be payable; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any additional voting, dividend, liquidation,
    redemption and other rights, preferences, privileges, limitations and restrictions.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">All
shares of preferred stock offered will be fully paid and non-assessable. Any shares of preferred stock that are issued will have
priority over the common stock with respect to dividend or liquidation rights or both.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Our
Board of Directors could create and issue a series of preferred stock with rights, privileges or restrictions which effectively
discriminate against an existing or prospective holder of preferred stock as a result of the holder beneficially owning or commencing
a tender offer for a substantial amount of common stock. One of the effects of authorized but unissued and unreserved shares of
capital stock may be to make it more difficult or discourage an attempt by a potential acquirer to obtain control of our company
by means of a merger, tender offer, proxy contest or otherwise. This protects the continuity of our management. The issuance of
these shares of capital stock may defer or prevent a change in control of our company without any further stockholder action.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
transfer agent for each series of preferred stock will be described in the prospectus supplement.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_024"></A>DESCRIPTION
OF WARRANTS</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may issue warrants for the purchase of common stock, preferred stock or debt securities. We may issue warrants independently or
together with any offered securities. The warrants may be attached to or separate from those offered securities. We may issue
the warrants under warrant agreements to be entered into between us and a bank or trust company to be named in the applicable
prospectus supplement, as warrant agent, all as described in the applicable prospectus supplement. The warrant agent will act
solely as our agent in connection with the warrants and will not assume any obligation or relationship of agency or trust for
or with any holders or beneficial owners of warrants. If we offer warrants, we will file the warrant agreement relating to the
offered warrants as an exhibit to, or incorporate it by reference in, the registration statement of which this prospectus is a
part.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
prospectus supplement relating to any warrants that we may offer will contain the specific terms of the warrants. These terms
may include the following:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the title of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the price or prices at which the warrants will
    be issued;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the designation, amount and terms of the securities
    for which the warrants are exercisable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the designation and terms of the other securities,
    if any, with which the warrants are to be issued and the number of warrants issued with each other security;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the aggregate number of warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any provisions for adjustment of the number
    or amount of securities receivable upon exercise of the warrants or the exercise price of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the price or prices at which the securities
    purchasable upon exercise of the warrants may be purchased;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if applicable, the date on and after which the
    warrants and the securities purchasable upon exercise of the warrants will be separately transferable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a discussion of any material U.S. federal income
    tax considerations applicable to the exercise of the warrants;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the date on which the right to exercise the
    warrants will commence, and the date on which the right will expire;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the maximum or minimum number of warrants that
    may be exercised at any time;</FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">information with respect to book-entry procedures,
    if any; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any other terms of the warrants, including terms,
    procedures and limitations relating to the exchange and exercise of the warrants.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_051"></A>Exercise
of Warrants</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Each
warrant will entitle the holder of warrants to purchase for cash the amount of common stock, preferred stock or debt securities,
at the exercise price stated or determinable in the prospectus supplement for the warrants. Warrants may be exercised at any time
up to the close of business on the expiration date shown in the applicable prospectus supplement, unless otherwise specified in
such prospectus supplement. After the close of business on the expiration date, if applicable, unexercised warrants will become
void. Warrants may be exercised as described in the applicable prospectus supplement. When the warrant holder makes the payment
and properly completes and signs the warrant certificate at the corporate trust office of the warrant agent or any other office
indicated in the prospectus supplement, we will, as soon as possible, forward the common stock, preferred stock or debt securities
that the warrant holder has purchased. If the warrant holder exercises the warrant for less than all of the warrants represented
by the warrant certificate, we will issue a new warrant certificate for the remaining warrants.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_025"></A>DESCRIPTION
OF SUBSCRIPTION RIGHTS</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may issue subscription rights to purchase shares of our common stock or preferred stock. These subscription rights may be issued
independently or together with any other security offered hereby and may or may not be transferable by the stockholder receiving
the subscription rights in such offering. In connection with any offering of subscription rights, we may enter into a standby
arrangement with one or more underwriters or other purchasers pursuant to which the underwriters or other purchasers may be required
to purchase any securities remaining unsubscribed for after such offering.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
applicable prospectus supplement will describe the specific terms of any offering of subscription rights for which this prospectus
is being delivered, including the following:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the price, if any, for the subscription rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the exercise price payable for each share of
    common stock or preferred stock upon the exercise of the subscription rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the number of subscription rights issued to
    each stockholder;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the number and terms of the shares of common
    stock or preferred stock which may be purchased per each subscription right;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the extent to which the subscription rights
    are transferable;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any other terms of the subscription rights,
    including the terms, procedures and limitations relating to the exchange and exercise of the subscription rights;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the date on which the right to exercise the
    subscription rights shall commence, and the date on which the subscription rights shall expire;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the extent to which the subscription rights
    may include an over-subscription privilege with respect to unsubscribed securities; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">if applicable, the material terms of any standby
    underwriting or purchase arrangement entered into by us in connection with the offering of subscription rights.</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
description in the applicable prospectus supplement of any subscription rights we offer will not necessarily be complete and will
be qualified in its entirety by reference to the applicable subscription rights certificate, which will be filed with the SEC
if we offer subscription rights.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: 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"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_026"></A>DESCRIPTION
OF UNITS</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
specified in the applicable prospectus supplement, we may issue units consisting of one or more subscription rights, warrants,
debt securities, shares of preferred stock, shares of common stock or any combination of such securities issued by us or by third
parties. The applicable prospectus supplement will describe:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the terms of the units and of the subscription
    rights, warrants, debt securities, preferred stock and common stock comprising the units, including whether and under what
    circumstances the securities comprising the units may be traded separately;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a description of the terms of any unit agreement
    governing the units; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a description of the provisions for the payment,
    settlement, transfer or exchange or the units.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_027"></A>PLAN
OF DISTRIBUTION</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may sell the securities offered by this prospectus from time to time in one or more transactions;</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">directly to purchasers;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through agents;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">to or through underwriters or dealers; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">through a combination of these methods.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
distribution of the securities offered by this prospectus may also be effected through the issuance of derivative securities,
including without limitation, warrants and subscriptions.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, the manner in which we may sell some or all of the securities covered by this prospectus includes, without limitation,
through:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a block trade in which a broker-dealer will
    attempt to sell as agent, but may position or resell a portion of the block, as principal, in order to facilitate the transaction;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">purchases by a broker-dealer, as principal,
    and resale by the broker-dealer for its account; or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ordinary brokerage transactions and transactions
    in which a broker solicits purchasers.</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">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
addition, we may enter into derivative or hedging transactions with third parties, or sell securities not covered by this prospectus
to third parties in privately negotiated transactions. In connection with such a transaction, the third parties may sell securities
covered by and pursuant to this prospectus and an applicable prospectus supplement or other offering materials, as the case may
be. If so, the third party may use securities borrowed from us or others to settle such sales and may use securities received
from us to close out any related short positions. We may also loan or pledge securities covered by this prospectus and an applicable
prospectus supplement to third parties, who may sell the loaned securities or, in an event of default in the case of a pledge,
sell the pledged securities pursuant to this prospectus and the applicable prospectus supplement or other offering materials,
as the case may be.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">A
prospectus supplement with respect to each series of securities will state the terms of the offering of the securities, including:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the terms of the offering;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the name or names of any underwriters or agents
    and the amounts of securities underwritten nor purchased by each of them, if any;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the public offering price or purchase price
    of the securities and the net proceeds to be received by us from the sale;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any delayed delivery arrangements;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any initial public offering price;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any underwriting discounts or agency fees and
    other items constituting underwriters&rsquo; or agents&rsquo; compensation;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any discounts or concessions allowed or reallowed
    or paid to dealers; and</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any securities exchange on which the securities
    may be listed.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
offer and sale of the securities described in this prospectus by us, the underwriters or the third parties described above may
be effected from time to time in one or more transactions, including privately negotiated transactions, either:</FONT></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%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at a fixed price or prices, which may be changed;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">in an &ldquo;at the market&rdquo; offering within
    the meaning of Rule 415(a)(4) of the Securities Act;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at prices related to the prevailing market prices;
    or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">at negotiated prices.</FONT></TD></TR>
</TABLE>
<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_052"></A>General</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Underwriters,
dealers, agents and remarketing firms that participate in the distribution of the offered securities may be &ldquo;underwriters&rdquo;
as defined in the Securities Act of 1933. Any discounts or commissions they receive from us and any profits they receive on the
resale of the offered securities may be treated as underwriting discounts and commissions under the Securities Act. We will identify
any underwriters, agents or dealers and describe their commissions, fees or discounts in the applicable prospectus supplement,
as the case may be.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_053"></A>Underwriters
and Agents</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">If
underwriters are used in a sale, they will acquire the offered securities for their own account. The underwriters may resell the
offered securities in one or more transactions, including negotiated transactions. These sales will be made at a fixed public
offering price or at varying prices determined at the time of the sale. We may offer the securities to the public through an underwriting
syndicate or through a single underwriter. The underwriters in any particular offering will be named in the applicable prospectus
supplement or other offering materials, as the case may be.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
the applicable prospectus supplement states otherwise, the obligations of the underwriters to purchase the offered securities
will be subject to certain conditions contained in an underwriting agreement that we will enter into with the underwriters at
the time of the sale to them. The underwriters will be obligated to purchase all of the securities of the series offered if any
of the securities are purchased, unless the applicable prospectus supplement says otherwise. Any initial public offering price
and any discounts or concessions allowed, reallowed or paid to dealers may be changed from time to time.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may designate agents to sell the offered securities. Unless the applicable prospectus supplement states otherwise, the agents
will agree to use their best efforts to solicit purchases for the period of their appointment. We may also sell the offered securities
to one or more remarketing firms, acting as principals for their own accounts or as agents for us. These firms will remarket the
offered securities upon purchasing them in accordance with a redemption or repayment pursuant to the terms of the offered securities.
A prospectus supplement or other offering materials, as the case may be, will identify any remarketing firm and will describe
the terms of its agreement, if any, with us and its compensation.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">In
connection with offerings made through underwriters or agents, we may enter into agreements with such underwriters or agents pursuant
to which we receive our outstanding securities in consideration for the securities being offered to the public for cash. In connection
with these arrangements, the underwriters or agents may also sell securities covered by this prospectus to hedge their positions
in these outstanding securities, including in short sale transactions. If so, the underwriters or agents may use the securities
received from us under these arrangements to close out any related open borrowings of securities.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_057"></A>Dealers</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may sell the offered securities to dealers as principals. The dealer may then resell such securities to the public either at varying
prices to be determined by the dealer or at a fixed offering price agreed to with us at the time of resale.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_058"></A>Direct
Sales</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may choose to sell the offered securities directly. In this case, no underwriters or agents would be involved.</FONT></P>

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

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

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_054"></A>Institutional
Purchasers</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may authorize agents, dealers or underwriters to solicit certain institutional investors to purchase offered securities on a delayed
delivery basis pursuant to delayed delivery contracts providing for payment and delivery on a specified future date. The applicable
prospectus supplement or other offering materials, as the case may be, will provide the details of any such arrangement, including
the offering price and commissions payable on the solicitations.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
will enter into such delayed contracts only with institutional purchasers that we approve. These institutions may include commercial
and savings banks, insurance companies, pension funds, investment companies and educational and charitable institutions.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_055"></A>Indemnification;
Other Relationships</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">We
may have agreements with agents, underwriters, dealers and remarketing firms to indemnify them against certain civil liabilities,
including liabilities under the Securities Act. Agents, underwriters, dealers and remarketing firms, and their affiliates, may
engage in transactions with, or perform services for, us in the ordinary course of business. This includes commercial banking
and investment banking transactions.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_056"></A>Market-Making,
Stabilization and Other Transactions</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">There
is currently no market for any of the offered securities, other than our common stock which is traded on the Nasdaq Global Market.
If the offered securities are traded after their initial issuance, they may trade at a discount from their initial offering price,
depending upon prevailing interest rates, the market for similar securities and other factors. While it is possible that an underwriter
could inform us that it intends to make a market in the offered securities, any such underwriter would not be obligated to do
so, and any such market-making could be discontinued at any time without notice. Therefore, no assurance can be given as to whether
an active trading market will develop for the offered securities. We have no current plans for listing of the debt securities,
preferred stock, warrants or subscription rights on any securities exchange or quotation system. Any such listing with respect
to any particular debt securities, preferred stock, warrants or subscription rights will be described in the applicable prospectus
supplement or other offering materials, as the case may be.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Any
underwriter may engage in stabilizing transactions, syndicate covering transactions and penalty bids in accordance with Rule 104
under the Securities Exchange Act of 1934, as amended. Stabilizing transactions involve bids to purchase the underlying security
in the open market for the purpose of pegging, fixing or maintaining the price of the securities. Syndicate covering transactions
involve purchases of the securities in the open market after the distribution has been completed in order to cover syndicate short
positions.</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Penalty
bids permit the underwriters to reclaim a selling concession from a syndicate member when the securities originally sold by the
syndicate member are purchased in a syndicate covering transaction to cover syndicate short positions. Stabilizing transactions,
syndicate covering transactions and penalty bids may cause the price of the securities to be higher than it would be in the absence
of these transactions. The underwriters may, if they commence these transactions, discontinue them at any time.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_028"></A>LEGAL
MATTERS</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">Unless
otherwise specified in the applicable prospectus supplement, the validity of the securities offered by this prospectus will be
passed upon for us by Greenberg Traurig, LLP, Los Angeles, California. If legal matters in connection with offerings made by this
prospectus are passed on by counsel for the underwriters, dealers or agents, if any, that counsel will be named in the applicable
prospectus supplement.</FONT></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A NAME="pro_029"></A>EXPERTS</FONT></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"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
financial statements and management&rsquo;s assessment of the effectiveness of internal control over financial reporting (which
is included in Management&rsquo;s Report on Internal Control over Financial Reporting) incorporated in this Prospectus by reference
to the Annual Report on Form 10-K for the year ended December 31, 2017 have been so incorporated in reliance on the report of
PricewaterhouseCoopers LLP, an independent registered public accounting firm, given on the authority of said firm as experts in
auditing and accounting.</FONT></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">16</P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0; margin-bottom: 0; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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


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