Exhibit 10.1


 


SECURITIES PURCHASE AGREEMENT


 


This Securities Purchase Agreement
(the “Agreement”) is made as of November 9, 2022 by and among the parties set forth on Exhibit A hereof (together,
the “Purchasers”) and Cadiz, Inc., a Delaware corporation (the “Company”).


 


RECITALS


 


WHEREAS, the Purchasers desire
to purchase from the Company and the Company desires to sell to the Purchasers an aggregate of 5,000,000 shares (the “Securities”)
of common stock, $0.01 par value per share (the “Common Stock”), of the Company.


 


NOW THEREFORE, on and subject
to the terms hereof, the parties hereto agree as follows:


 


ARTICLE I


PURCHASE OF SECURITIES


 


Subject to the terms set forth
in this Agreement, the Company agrees to issue the Securities, and each Purchaser severally, and not jointly, agrees to purchase the amount
of the Securities set out against its name as its purchase commitment in Exhibit A hereto at the purchase price of $2.00 per share
(the “Purchase Price”) at the Closing (as defined herein), pursuant to an effective Registration Statement on Form
S-3 (Registration No. 333-257159), including all amendments thereto, the exhibits and any schedules thereto, the documents otherwise deemed
to be a part thereof or included therein (together, the “Registration Statement”) filed by the Company with the Securities
and Exchange Commission (the “SEC”) and a prospectus consisting of the base prospectus included in the Registration
Statement (the “Base Prospectus”) and one or more prospectus supplements that have been or will be filed with the SEC
(the “Prospectus Supplement,” and together with the Base Prospectus, the “Prospectus”).


 


Subject to Section 4.1, the
closing of the purchase and sale of the Securities (the “Closing”) shall occur on a date (the “Closing Date”)
no later than three business days after the date of this Agreement. At the Closing, (a) each Purchaser shall deliver or cause to be delivered
to the Company its portion of the Purchase Price equivalent to its purchase commitment in Exhibit A hereto, pursuant to the wire
instructions set forth in Exhibit B hereto, and (b) the Company shall issue to each Purchaser the amount of Securities set out
against such Purchaser’s name in Exhibit A hereto. At a Purchaser’s choice, the Securities will be delivered (i) by
crediting the account of the Purchaser’s broker (as specified by the Purchaser to the Company) with the Depository Trust Company
(“DTC”) through its Deposit/Withdrawal At Custodian (“DWAC”) system, whereby Purchaser’s broker
shall initiate a DWAC transaction no later than 4:00 p.m. Eastern Standard Time on the Closing Date using its DTC participant identification
number, and released by the Company’s transfer agent, at the Company’s direction; or (ii) in book-entry form on the Closing
Date.


 


ARTICLE II


REPRESENTATIONS AND


WARRANTIES OF THE PURCHASERS


 


Each Purchaser hereby makes
the following representations and warranties (solely as to itself), each of which is and shall be true and correct on the date hereof
and at the Closing, to the Company and all such representations and warranties shall survive the Closing:


 


Section 2.1 Power and Authorization.
In the case of any Purchaser that is an entity, the Purchaser is duly organized, validly existing and in good standing, and has the power,
authority and capacity to execute and deliver this Agreement, to perform its obligations hereunder, and to consummate the purchase contemplated
hereby.


 






    


     


    

 


Section 2.2 Valid and Enforceable
Agreement; No Violations. This Agreement has been duly executed and delivered by the Purchaser and constitutes a legal, valid and
binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms, except to the extent that such enforcement
may be subject to (a) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium or other similar laws affecting or relating
to enforcement of creditors’ rights generally, and (b) general principles of equity, whether such enforceability is considered in
a proceeding at law or in equity (such qualifications in clauses (a) and (b) being the “Enforceability Exceptions”).
This Agreement and consummation of the purchase contemplated hereby will not violate, conflict with or result in a breach of or default
under (i) the Purchaser’s organizational documents, (ii) any agreement or instrument to which the Purchaser is a party or by which
the Purchaser or any of its assets are bound, or (iii) any laws, regulations or governmental or judicial decrees, injunctions or orders
applicable to the Purchaser.


 


Section 2.3 No Illegal
Transactions. The Purchaser has not, directly or indirectly, and no person acting on behalf of or pursuant to any understanding with
it has, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below)
involving any of the Company’s securities) since the time that the Purchaser was first contacted by the Company or any other person
regarding the transactions contemplated by this Agreement or an investment in the Securities or the Company. The Purchaser covenants that
neither it nor any person acting on its behalf or pursuant to any understanding with it will engage, directly or indirectly, in any transactions
in the securities of the Company (including Short Sales) prior to the time the transactions contemplated by this Agreement are publicly
disclosed. “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 of Regulation
SHO promulgated under the Exchange Act, and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls,
short sales, swaps, derivatives and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker-dealers or foreign regulated brokers. Solely for purposes of this Section 2.3, subject to the Purchaser’s compliance
with its obligations under the U.S. federal securities laws and the Purchaser’s internal policies, “Purchaser” shall
not be deemed to include any employees, subsidiaries or affiliates of the Purchaser that are effectively walled off by appropriate “Chinese
Wall” information barriers approved by the Purchaser’s legal or compliance department (and thus have not been privy to any
information concerning the transactions contemplated by this Agreement).


 


Section 2.4 Adequate Information;
No Reliance. The Purchaser acknowledges and agrees that (a) the Purchaser has been furnished with all materials it considers relevant
to making an investment decision to enter into the purchase and sale of the Securities and has had the opportunity to review the Company’s
filings and submissions with the SEC, including, without limitation, all information filed or furnished pursuant to the Exchange Act and
all information incorporated into such filings and submissions, (b) has (and if applicable, its officers, employees, directors or equity
owners have) either alone or with its representatives, if any, such knowledge and experience in financial and business matters that the
Purchaser is capable of evaluating the merits and risks of an investment in the Securities, and (c) the Purchaser is not relying, and
has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the
Company or any of its affiliates or representatives, except for (A) the publicly available filings and submissions made by the Company
with the SEC under the Exchange Act, and (B) the representations and warranties made by the Company in this Agreement.


 


Section 2.5 Legal Opinions.
The Purchaser acknowledges and understands that a legal opinion is being delivered by counsel to the Company in reliance on, and assuming
the accuracy of, the foregoing representations and warranties of the Purchaser.


 






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Section 2.6 Purchaser’s
Reporting Requirement. The Company has made no representations to the Purchaser regarding the Purchaser’s reporting requirements
with the SEC related to the Purchaser’s ownership in the Company, and the Purchaser acknowledges and agrees that it is the responsibility
of the Purchaser to ensure that it complies with any disclosure and reporting requirements of the SEC.


 


Section 2.7 Certain
Fees. No placement agent, underwriter, broker, investment banker, financial advisor or other person or entity is entitled to any placement
agent’s, underwriter’s, broker’s, finder’s, financial advisor’s or other similar fee, discount or commission
in connection with the transactions contemplated by this Agreement as a result of any contract or agreement with the Purchaser.


 


ARTICLE III


REPRESENTATIONS AND


WARRANTIES OF THE COMPANY


 


The Company hereby makes the
following representations and warranties, each of which is and shall be true and correct on the date hereof and at the Closing, to the
Purchasers, and all such representations and warranties shall survive the Closing.


 


Section 3.1 The Company
has prepared and filed in conformity with the requirements of the Securities Act and published rules and regulations thereunder (the “Rules
and Regulations”) adopted by the SEC, the Registration Statement, which was declared effective by the SEC as of June 25, 2021
(the “Effective Date”), including the Base Prospectus, and such amendments and supplements thereto as may have been
required to the date of this Agreement. The Registration Statement is effective under the Securities Act and no stop order preventing
or suspending the effectiveness of the Registration Statement or suspending or preventing the use of the Prospectus has been issued by
the SEC and no proceedings for that purpose have been instituted or are threatened by the SEC. The Company, if required by the Rules and
Regulations of the SEC, will file the Prospectus Supplement with the SEC pursuant to Rule 424(b) of the Rules and Regulations. Any reference
herein to the Registration Statement or the Prospectus shall be deemed to refer to and include the documents incorporated by reference
therein pursuant to Item 12 of Form S-3 which were filed under the Exchange Act, on or before the last to occur of the Effective Date,
or the date of the Prospectus, and any reference herein to the terms “amend,” “amendment,” or “supplement”
with respect to the Registration Statement or the Prospectus shall be deemed to refer to and include (i) the filing of any document under
the Exchange Act after the Effective Date or the date of the Prospectus, as the case may be, which is incorporated by reference and (ii)
any such document so filed. If the Company has filed an abbreviated registration statement to register additional securities pursuant
to Rule 462(b) under the Rules and Regulations (the “462(b) Registration Statement”), then any reference herein to
the Registration Statement shall also be deemed to include such 462(b) Registration Statement.


 


Section 3.2 No order preventing
or suspending the use of the Prospectus relating to the offering has been issued by the SEC, and no proceeding for that purpose or pursuant
to Section 8A of the Securities Act has been instituted or threatened by the SEC.


 


Section 3.3 At the time
the Registration Statement became effective, at the date of this Agreement and at the Closing Date, the Registration Statement conformed
and will conform in all material respects to the requirements of the Securities Act and the Rules and Regulations and did not and will
not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make
the statements therein not misleading; the Prospectus, at the time of its issue date and at the Closing Date, conformed and will conform
in all material respects to the requirements of the Securities Act and the Rules and Regulations and did not and will not contain an untrue
statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading; provided, however, that the foregoing representations and warranties in this Section 3.3 shall
not apply to information contained in or omitted from the Registration Statement or the Prospectus in reliance upon, and in conformity
with, written information furnished to the Company specifically for inclusion therein by the Purchasers regarding their respective stock
ownership in the Company.


 


Section 3.4 The documents
incorporated by reference in the Prospectus, when they became effective or were filed with the SEC, as the case may be, conformed in all
material respects to the requirements of the Securities Act or the Exchange Act, as applicable, the Rules and Regulations and the rules
and regulations of the SEC under the Exchange Act and none of such documents contained any untrue statement of a material fact or omitted
to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under
which they were made, not misleading; and any further documents so filed and incorporated by reference in the Prospectus, when such documents
become effective or are filed with the SEC, as the case may be, will conform in all material respects to the requirements of the Securities
Act or the Exchange Act, as applicable, the Rules and Regulations and the rules and regulations of the SEC under the Exchange Act and
will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made, not misleading.


 






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Section 3.5 Issuer Eligibility.
The Company is not an “ineligible issuer” in connection with the offering pursuant to Rules 164, 405 and 433 under the Securities
Act. The Company has not, directly or indirectly, distributed and will not distribute any offering material in connection with the offering
other than the Prospectus and other materials, if any, permitted under the Securities Act and consistent with this Agreement.


 


Section 3.6 SEC Reports;
Financial Statements. The Company has filed all reports, schedules, forms, statements and other documents required to be filed by
the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding
the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials,
including the exhibits thereto and documents incorporated by reference therein, together with the Prospectus and the Prospectus Supplement,
being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of
such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the
SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none
of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted to state a material fact required to be stated
therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The consolidated historical financial statements
of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations
of the SEC with respect thereto as in effect at the time of filing. Such consolidated historical financial statements, including the notes
thereto, and schedules of the Company and its consolidated subsidiaries included or incorporated by reference in the Registration Statement,
the Preliminary Prospectus and the Prospectus present fairly the financial condition, results of operations and cash flows of the Company
as of the dates and for the periods indicated, comply as to form with the applicable accounting requirements of the Securities Act and
the Exchange Act and have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”) applied
on a consistent basis throughout the periods involved (except as otherwise noted therein). Except as included or incorporated by reference
therein, no historical or pro forma financial statements are required to be included or incorporated by reference in the Registration
Statement or the Prospectus under the Securities Act. The pro forma and pro forma as adjusted financial information and the related notes,
if any, included or incorporated by reference in the Registration Statement and the Prospectus have been properly compiled and prepared
in accordance with the applicable requirements of the Securities Act and present fairly the information shown therein, and the assumptions
used in the preparation thereof are reasonable and the adjustments used therein are appropriate to give effect to the transactions and
circumstances referred to therein. All non-GAAP financial information, if any, included or incorporated by reference in the Registration
Statement and the Prospectus complies with the requirements of Regulation G and Item 10 of Regulation S-K under the Securities Act; and,
except as disclosed in the Registration Statement and the Prospectus, there are no material off-balance sheet arrangements (as defined
in Item 303(a)(4)(ii) of Regulation S-K under the Securities Act) or any other relationships with unconsolidated entities or other persons,
that may have a material current or, to the Company’s knowledge, material future effect on the Company’s consolidated financial
condition, results of operations, liquidity, capital expenditures, capital resources or significant components of revenue or expenses
that are required to be disclosed therein that are not disclosed. No other financial statements or notes are required to be included or
incorporated by reference in the Registration Statement or the Prospectus other than those that have been included or incorporated by
reference therein in compliance with the requirements of the Securities Act and the Exchange Act. Each of the Registration Statement and
the Prospectus discloses all material off-balance sheet transactions, arrangements, obligations (including contingent obligations), and
other relationships of the Company with unconsolidated entities or other persons that may have a material current or future effect on
the Company’s financial condition, changes in financial condition, results of operations, liquidity, capital expenditures, capital
resources, or significant components of revenues or expenses. Except as disclosed in the Registration Statement and the Prospectus, (a)
neither the Company nor any of its direct and indirect subsidiaries, including each entity disclosed or described in the Registration
Statement and the Prospectus as being a subsidiary of the Company, has incurred any material liabilities or obligations, direct or contingent,
or entered into any material transactions other than in the ordinary course of business, (b) the Company has not declared or paid any
dividends or made any distribution of any kind with respect to its capital stock, (c) there has not been any change in the capital stock
of the Company or any of its Subsidiaries, or, other than in the course of business or any grants under any stock compensation plan, (d)
no officer or director of the Company has resigned from any position with the Company; (e) there has not been any development involving
a prospective material adverse change, which, individually or in the aggregate, has had or would reasonably be expected to result in a
material adverse change, and (f) there has not been any Material Adverse Effect on the Company’s long-term or short-term debt. There
are no outstanding loans, advances (except normal advances for business expenses in the ordinary course of business) or guarantees or
indebtedness by the Company to or for the benefit of any of the officers or directors of the Company, or any of their respective family
members, except as disclosed in the Registration Statement and the Prospectus.


 






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Section 3.7 Due Incorporation.
Each of the Company and each of its Subsidiaries has been duly organized and is validly existing as a corporation or other legal entity
in good standing (or the foreign equivalent thereof) under the laws of its jurisdiction of incorporation or organization. Each of the
Company and its Subsidiaries is duly qualified to do business and is in good standing as a foreign corporation or other legal entity in
each jurisdiction in which its ownership or lease of its properties or the conduct of its business requires such qualification and has
all power and authority (corporate or other) necessary to own or hold its properties and to conduct the businesses in which each is engaged,
except where the failure to so qualify or be in good standing or have such power or authority would not have and would not reasonably
be expected to have, individually or in the aggregate, a material adverse effect on the condition (financial or otherwise), results of
operations, assets, business or prospects of the Company and its Subsidiaries, taken as a whole (any such effect, a “Material
Adverse Effect”). As used in this Agreement, “Subsidiary” shall mean a “significant subsidiary”
as such term is defined in Rule 1-02 of Regulation S-X of the SEC.


 


Section 3.8 Subsidiaries.
The membership interests or capital stock, as applicable, of each Subsidiary have been duly authorized and validly issued, are fully paid
and nonassessable and, except to the extent set forth in the Registration Statement or Prospectus (including the Incorporated Documents),
are owned by the Company directly, free and clear of any claim, lien, encumbrance, security interest, restriction upon voting or transfer
or any other claim of any third party.


 


Section 3.9 Due Authorization.
The Company has the full right, power and authority to enter into this Agreement and to perform and to discharge its obligations hereunder
and thereunder; and this Agreement has been duly authorized, executed, and delivered by the Company, and, assuming due authorization,
execution, delivery, validity, legally binding effect and enforceability hereof by the counterparties hereto, this Agreement constitutes
a valid and binding obligation of the Company enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and
similar laws affecting creditors’ rights generally and to general principles of equity and except as rights to indemnity and contribution
hereunder may be limited by federal or state securities laws or principles of public policy.


 


Section 3.10 Capitalization.
The capital stock of the Company consists of (a) 70,000,000 authorized shares of Common Stock, of which 50,823,810 shares of Common Stock
were issued and outstanding as of the close of business on November 8, 2022, and (b) 100,000 authorized shares of preferred stock, of
which (i) 329 shares of the Company’s Series 1 Preferred Stock, par value $0.01 per share (the “Series 1 Preferred Stock”),
and (ii) 2,300 shares of 8.875% Series A Cumulative, Perpetual Preferred Stock, par value $0.01 per share (“Series A Preferred
Stock,” and together with the Series 1 Preferred Stock the “Preferred Stock”), which are represented by depositary
shares, each depositary share representing a 1/1,000th interest in a share of Series A Preferred Stock, were issued and outstanding, each
as of the close of business of November 8, 2022. All outstanding shares of Common Stock and Preferred Stock have been duly authorized,
and are validly issued, fully paid and nonassessable. As of the date hereof, the Company has no shares of capital stock reserved for issuance
other than (i) 1,903,454 shares of Common Stock reserved for issuance under the Company’s employee benefit plans, stock option and
employee stock purchase plans or other employee compensation plans as such plans are in existence on the date hereof and described in
the Registration Statement; (ii) 133,261 shares of Common Stock issuable upon conversion of the outstanding shares of Series 1 Preferred
Stock and (iii) 1,000,000 shares of Common Stock underlying outstanding warrants. Except as described in the Registration Statement and
Prospectus (including the Incorporated Documents), there are no preemptive or other outstanding rights, options, warrants, conversion
rights, stock appreciation rights, redemption rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any
kind that obligate the Company or any of its Subsidiaries to issue or sell any shares of capital stock or other securities of the Company
or any of its Subsidiaries or any securities or obligations convertible or exchangeable into or exercisable for, or giving any person
a right to subscribe for or acquire, any securities of the Company or any of its Subsidiaries, and no securities or obligations evidencing
such rights are authorized, issued or outstanding. Except as described in the Registration Statement and Prospectus (including the Incorporated
Documents), the Company does not have outstanding any bonds, debentures, notes or other obligations the holders of which have the right
to vote (or convertible into or exercisable for securities having the right to vote) with the stockholders of the Company on any matter.
None of the outstanding shares of capital stock of the Company were issued in violation of any preemptive rights, rights of first refusal
or other similar rights to subscribe for or purchase securities of the Company. Except as described in the Registration Statement and
Prospectus (including the Incorporated Documents), neither the filing of the Registration Statement nor the offering or sale of the Securities
as contemplated by this Agreement gives rise to any rights for or relating to the registration of any shares of Common Stock or other
securities of the Company (collectively “Registration Rights”) and any person to whom the Company has granted Registration
Rights, if any, has agreed not to exercise such rights in connection with the offering or sale of the Securities as contemplated by this
Agreement. The Securities to be issued and sold by the Company have been duly authorized and, when issued, delivered and paid for in accordance
with the terms of this Agreement, will have been validly issued and will be fully paid and nonassessable, and the holders thereof will
not be subject to personal liability by reason of being such holders.


 






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Section 3.11 No Conflict,
Default, Termination or Lien. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby, and compliance by the Company with the terms of this Agreement, will not (with or without notice or lapse of time or both) conflict
with or result in a breach or violation of any of the terms or provisions of, constitute a default under, give rise to any right of termination
or other right or the cancellation or acceleration of any right or obligation or loss of a benefit under, or give rise to the creation
or imposition of any lien, encumbrance, security interest, claim or charge upon any property or assets of the Company or any Subsidiary
pursuant to (i) the charter or by-laws of the Company or any of its Subsidiaries, (ii) the terms of any indenture, contract, lease, mortgage,
deed of trust, note agreement, loan agreement or other agreement, obligation, condition, covenant or instrument to which the Company or
any of its Subsidiaries is a party or bound or to which any of the property or assets of the Company or any of its Subsidiaries is subject,
or (iii) any statute, law, rule, regulation, judgment, order or decree applicable to the Company or any of its subsidiaries of any court,
regulatory body, administrative agency, governmental body, arbitrator or other authority having jurisdiction over the Company or any of
its subsidiaries or any of its or their properties, except in the case of clauses (ii) and (iii) for such conflicts, breaches or violations
and impositions of any lien, charge or encumbrance that would not reasonably be expected, individually or in the aggregate, to have a
Material Adverse Effect. Neither the Company nor, to its knowledge, any other party is in violation, breach or default of any agreement
that has resulted in or could reasonably be expected to result in a Material Adverse Effect.


 


Section 3.12 No Consents.
No consent, approval, authorization or order of, or qualification with, any governmental body or agency is required for the performance
by the Company of its obligations under this Agreement, except such as have been obtained prior to the Closing Date, or as may be required
under the Securities Act or state securities or blue sky laws or relating to the issuance of the Securities with the NASDAQ Global Market.
Each consent, approval, authorization or order of, or qualification by or with any regulatory, administrative or other governmental body
necessary in connection with the execution and delivery by the Company of this Agreement and the performance of the Company of the transactions
herein contemplated has been obtained or made and is in full force and effect.


 


Section 3.13 Independent
Accountants. PricewaterhouseCoopers LLP (“PwC”), who has certified certain financial statements and related schedules
included or incorporated by reference in the Registration Statement, is an independent registered public accounting firm as required by
the Securities Act and the rules and regulations thereunder and the Public Company Accounting Oversight Board (United States) (“PCAOB”).
Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, PwC has not been engaged by the
Company to perform any “prohibited activities” (as defined in Section 10A of the Exchange Act).


 


Section 3.14 No Material
Adverse Change. There has not occurred any material adverse change, or any development involving a prospective material adverse change,
in the condition, financial or otherwise, or in the earnings, business or operations of the Company and its Subsidiaries, taken as a whole,
from that set forth or contemplated in the Registration Statement or the Prospectus filed prior to the date hereof.


 


Section 3.15 Legal Proceedings.
There are no legal or governmental proceedings, actions, suits or claims pending or, to the Company’s knowledge, threatened to which
the Company or any of its Subsidiaries is a party or to which any of the properties or assets of the Company or any of its Subsidiaries
is subject (i) other than proceedings accurately described in all material respects in the Registration Statement and Prospectus (including
the Incorporated Documents) and proceedings that would not have and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect, or (ii) that are required to be described in the Registration Statement and are not so described; and there
are no statutes, regulations, contracts or other documents to which the Company or any of its Subsidiaries is subject or by which the
Company or any of its Subsidiaries is bound that are required to be described in the Registration Statement or to be filed as exhibits
to the Registration Statement that are not described or filed as required. Neither the Company nor any Subsidiary, nor any director or
officer thereof (in his or her capacity as such), is or has been the subject of any legal or governmental proceedings, actions, suits
or claims of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty. The SEC has not
issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary
under the Exchange Act or the Securities Act.


 






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Section 3.16 Regulatory
Permits. Each of the Company and its Subsidiaries possesses or has applied for all certificates, authorizations, licenses, franchises,
permits, orders and approvals issued or granted by the appropriate governmental or regulatory authorities, agencies, courts, commissions
or other entities, whether federal, state, local or foreign, or applicable self-regulatory organizations necessary to conduct its business
as currently conducted, except (i) where the failure to possess such certificates, authorizations, licenses, franchises, permits, orders
and approval, individually or in the aggregate, has not and would not reasonably be expected to have, individually or in the aggregate,
a Material Adverse Effect (“Material Permits”) and (ii) as accurately described in all material respects in the Registration
Statement and Prospectus (including the Incorporated Documents). Neither the Company nor any of its Subsidiaries has received any written
notice of proceedings relating to the revocation or material adverse modification of any such Material Permits (except as accurately described
in all material respects in the Registration Statement and Prospectus (including the Incorporated Documents)), and to the Company’s
knowledge, there are no facts or circumstances that would give rise to the revocation or material adverse modifications of any Material
Permits.


 


Section 3.17 Material
Contracts. Except for Material Contracts, the Company and its Subsidiaries are not party to any agreements, contracts or commitments
that are material to the business, financial condition, assets or operations of the Company and its Subsidiaries that would be required
to be filed pursuant to Item 601(b)(10) of Regulation S-K under the Exchange Act. Neither the Company nor any of its Subsidiaries is in
material default under or in material violation of, nor to the Company’s knowledge, has received written notice of termination or
default under any Material Contract. For purposes of this Agreement, “Material Contract” means any contract of the
Company that was filed as an exhibit to the Registration Statement pursuant to Item 601(b)(10) of Regulation S-K.


 


Section 3.18 Investment
Company Act. Neither the Company nor any of its Subsidiaries is or, after giving effect to the purchase and sale of the Securities
contemplated hereby and the application of the proceeds thereof, will become an “investment company” within the meaning
of the Investment Company Act of 1940, as amended (the “Investment Company Act”), and the rules and regulations of
the SEC thereunder.


 


Section 3.19 No Price
Stabilization. Neither the Company, its Subsidiaries nor, to the Company’s knowledge, any of the Company’s or its Subsidiaries’
officers, directors or affiliates has taken or will take, directly or indirectly, any action designed or intended to stabilize or manipulate
the price of any security of the Company, or which caused or resulted in, or which would in the future reasonably be expected to cause
or result in, stabilization or manipulation of the price of any security of the Company.


 


Section 3.20 Title to
Property. The Company and its Subsidiaries have good and marketable title to all real and personal property owned by them which is
material to the business of the Company and its Subsidiaries, taken as a whole, in each case free and clear of all liens, encumbrances
and defects of title except such as are described in the Registration Statement and Prospectus (including the Incorporated Documents)
or such as do not materially affect the value of such property and do not interfere with the use made and proposed to be made of such
property by the Company and its Subsidiaries or could not reasonably be expected to have a Material Adverse Effect; and any real property
and buildings held under lease by the Company and its Subsidiaries are held by them under valid, subsisting and enforceable leases with
such exceptions as are not material and do not interfere with the use made and proposed to be made of such property and buildings by the
Company and its Subsidiaries, in each case except as described in the Registration Statement and Prospectus (including the Incorporated
Documents) or that could not reasonably be expected to have a Material Adverse Effect.


 






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Section 3.21 No Labor
Disputes. No labor problem or dispute with the employees of the Company exists, or, to the Company’s knowledge, is threatened
or imminent, which would or would reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect. The
Company is not aware that any key employee or significant group of employees of the Company plans to terminate employment with the Company.
To the Company’s knowledge, no executive officer (as defined in Rule 501(f) of the Securities Act) of the Company or any of its
Subsidiaries is in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement
or non-competition agreement. Except for matters which would not and would not reasonably be expected to, individually or in the aggregate,
result in a Material Adverse Effect, (i) the Company has not engaged in any unfair labor practice; (ii) there is (A) no unfair labor practice
complaint pending or, to the Company’s knowledge, threatened against the Company before the National Labor Relations Board, and
no grievance or arbitration proceeding arising out of or under collective bargaining agreements is pending or to the Company’s knowledge,
threatened, (B) no strike, labor dispute, slowdown or stoppage pending or, to the Company’s knowledge, threatened against the Company
and (C) no union representation dispute currently existing concerning the employees of the Company and (iii) to the Company’s knowledge,
(A) no union organizing activities are currently taking place concerning the employees of the Company and (B) there has been no violation
of any federal, state, local or foreign law relating to discrimination in the hiring, promotion or pay of employees, any applicable wage
or hour laws or any provision of the Employee Retirement Income Security Act of 1974 (“ERISA”) or the rules and regulations
promulgated thereunder concerning the employees of the Company.


 


Section 3.22 Taxes.
The Company (i) has timely filed all necessary federal, state, local and foreign income and franchise tax returns (or timely filed applicable
extensions therefore) that have been required to be filed and (ii) is not in default in the payment of any taxes which were payable pursuant
to said returns or any assessments with respect thereto, other than any which the Company is contesting in good faith and for which adequate
reserves have been provided and reflected in the financial statements included in the Registration Statement and the Prospectus (including
the Incorporated Documents), or any which would not reasonably be expected to result in, individually or in the aggregate, a Material
Adverse Effect. The Company does not have any tax deficiency that has been or, to the Company’s knowledge, is reasonably likely
to be asserted or threatened against it that would result or would reasonably be expected to result in, individually or in the aggregate,
a Material Adverse Effect.


 


Section 3.23 ERISA.
The Company is in compliance in all material respects with all presently applicable provisions of ERISA; no “reportable event”
(as defined in ERISA) has occurred with respect to any “pension plan” (as defined in ERISA) for which the Company would have
any liability; the Company has not incurred and does not expect to incur liability under (i) Title IV of ERISA with respect to termination
of, or withdrawal from, any “pension plan” or (ii) Sections 412 or 4971 of the Internal Revenue Code of 1986, as amended,
including the regulations and published interpretations thereunder (the “Code”); and each “pension plan”
for which the Company would have any liability that is intended to be qualified under Section 401(a) of the Code is so qualified in all
material respects and nothing has occurred, whether by action or by failure to act, which would cause the loss of such qualification.


 


Section 3.24 Compliance
with Environmental Laws. Except as disclosed in the Registration Statement and the Prospectus, neither the Company nor any of its
Subsidiaries is in violation of any statute, rule, regulation, decision or order of any governmental agency or body or any court, relating
to the use, disposal or release of hazardous or toxic substances or relating to the protection or restoration of the environment or human
exposure to hazardous or toxic substances (collectively, “Environmental Laws”), or to the Company’s knowledge,
operates any real property contaminated with any substance that is subject to any Environmental Laws, is liable for any off-site disposal
or contamination pursuant to any Environmental Laws, or is subject to any claim relating to any Environmental Laws, which violation, contamination,
liability or claim would or would reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; and the
Company is not aware of any pending investigation which might lead to such a claim.


 






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Section 3.25 Intellectual
Property Rights. The Company and its Subsidiaries own or possess, or have the right to use, adequate trademarks, trade names and other
rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively, “Intellectual
Property Rights”) necessary to conduct the business now operated by them, or presently employed by them, and have not received
any notice of infringement of or conflict with asserted rights of others with respect to any Intellectual Property Rights, except in each
case such as would not and would not reasonably be expected to, individually or in the aggregate, have a Material Adverse Effect.


 


Section 3.26 Foreign
Corrupt Practices Act. Neither the Company nor any of its Subsidiaries, nor to its knowledge, any director, officer, employee or other
person associated with or acting on behalf of the Company or any of its Subsidiaries has: (i) used any Company funds for any unlawful
contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful
payment to any foreign or domestic government official or employee from Company funds; (iii) caused the Company or any of its Subsidiaries
to be in violation of any provision of the United States Foreign Corrupt Practices Act of 1977; or (iv) made any bribe, rebate, payoff,
influence payment, kickback or other unlawful payment from Company funds.


 


Section 3.27 OFAC and
Similar Laws. None of the Company, any of its Subsidiaries or, to the Company’s knowledge, any director, officer, agent, employee,
affiliate or representative of the Company or any of its Subsidiaries is an individual or entity (“Person”) currently
the subject or target of any sanctions administered or enforced by the United States Government, including, without limitation, the U.S.
Department of the Treasury’s Office of Foreign Assets Control, the United Nations Security Council, the European Union, Her Majesty’s
Treasury, or other relevant sanctions authority (collectively, “Sanctions”), nor is the Company or any of its Subsidiaries
located, organized or resident in a country or territory that is the subject of Sanctions; and the Company will not directly or indirectly
use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any subsidiaries, joint
venture partners or other Person, to knowingly fund any activities of or business with any Person, or in any country or territory, that,
at the time of such funding, is the subject of Sanctions or in any other manner that will result in a violation by any Person (including
any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions.


 


Section 3.28 Disclosure
Controls and Procedures. The Company has established and maintains disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) that are effective in all material respects to ensure that material information relating to the Company,
including any consolidated Subsidiaries, is made known to its chief executive officer and chief financial officer by others within those
entities. The Company’s certifying officers have evaluated the effectiveness of the Company’s controls and procedures as of
the end of the period covered by the most recently filed annual periodic report under the Exchange Act (such date, the “Evaluation
Date”). The Company presented in its most recently filed annual periodic report under the Exchange Act the conclusions of the
certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation
Date.


 






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Section 3.29 Accounting
Controls. The Company and its Subsidiaries maintain a system of internal accounting and other controls sufficient to provide reasonable
assurances that (i) transactions are executed in accordance with management’s general or specific authorizations; (ii) transactions
are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain accountability for assets;
(iii) access to assets is permitted only in accordance with management’s general or specific authorization; and (iv) the recorded
accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any
differences. Except as described in the Registration Statement and Prospectus, since the end of the Company’s most recent audited
fiscal year, there has been (A) no material weakness in the Company’s internal control over financial reporting (whether or not
remediated) and (B) no change in the Company’s internal control over financial reporting that has materially affected, or is reasonably
likely to materially affect, the Company’s internal control over financial reporting.


 


Section 3.30 Absence
of Material Changes. Subsequent to the respective dates as of which information is given in the Registration Statement, and except
as may be otherwise disclosed in the Registration Statement and the Prospectus, there has not been (i) any Material Adverse Effect, (ii)
any transaction which is material to the Company, (iii) any obligation, direct or contingent (including any off-balance sheet obligations),
incurred by the Company, which is material to the Company, (iv) any dividend or distribution of any kind declared, paid or made on the
capital stock of the Company, (v) any change in the capital stock (other than a change in the number of outstanding shares of Common Stock
due to grants of stock under the Company’s stock incentive plans existing on the date hereof or the issuance of shares upon the
exercise of outstanding options or warrants) or any issuance of options, warrants, convertible securities or other rights to purchase
the capital stock (other than grants of stock options under the Company’s stock option plans existing on the date hereof) of the
Company.


 


Section 3.31 Broker’s
Fees. Neither the Company nor any of its Subsidiaries is a party to any contract, agreement or understanding with any person that
would give rise to a valid claim against the Company for a brokerage commission, finder’s fee or like payment in connection with
the offering and sale of the Securities or any transaction contemplated by this Agreement.


 


Section 3.32 Listing
and Maintenance Requirements. The Company is subject to and in compliance in all material respects with the reporting requirements
of Section 13 or Section 15(d) of the Exchange Act, as applicable. The Common Stock is registered pursuant to Section 12(b) of the Exchange
Act and is listed on the NASDAQ Global Market (the “Trading Market”), and the Company has taken no action designed to, or
reasonably likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act or delisting the Common
Stock from the NASDAQ Global Market, nor has the Company received any written notification that the SEC or NASDAQ is contemplating terminating
such registration or listing. The Securities will be duly authorized for listing on the NASDAQ Global Market immediately following the
date hereof.


 


Section 3.33 Sarbanes-Oxley
Act. The Company is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002 and all
applicable rules and regulations promulgated thereunder or implementing the provisions thereof that are then in effect.


 


Section 3.34 NASDAQ
Stockholder Approval Rules. No approval of the stockholders of the Company under the rules and regulations of NASDAQ (including Rule
5635 of the NASDAQ Marketplace Rules) is required for the Company to issue and deliver the Securities to the Purchasers.


 


Section 3.35 Insurance.
The Company and each of its Subsidiaries carries, or is covered by, insurance from reputable insurers in such amounts and covering such
risks as is adequate for the conduct of its business and the value of its properties and as is customary for companies engaged in similar
businesses in similar industries; all policies of insurance and any fidelity or surety bonds insuring the Company or any of its Subsidiaries
or its business, assets, employees, officers and directors are in full force and effect; the Company and its Subsidiaries are in compliance
with the terms of such policies and instruments in all material respects; there are no claims by the Company or any of its Subsidiaries
under any such policy or instrument as to which any insurance company is denying liability or defending under a reservation of rights
clause that are reasonably expected to individually or in the aggregate have a Material Adverse Effect; neither the Company nor any of
its Subsidiaries has been refused any insurance coverage sought or applied for; and neither the Company nor any of its Subsidiaries has
reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar
coverage from similar insurers as may be necessary to continue its business at a cost that would not have a Material Adverse Effect.


 






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Section 3.36 Eligibility
to use Form S-3. The conditions for use of Form S-3 in connection with the offer and sale of the Securities, as set forth in the General
Instructions thereto, have been satisfied.


 


Section 3.37 Incorporated
Documents. The documents incorporated by reference in the Registration Statement and in the Prospectus, when they became effective
or were filed with the SEC, as the case may be, conformed in all material respects to the requirements of the Securities Act or the Exchange
Act, as applicable, and were filed on a timely basis with the SEC (except to the extent such untimely filing did not affect the Company’s
eligibility to use Form S-3) and none of such documents contained an untrue statement of a material fact or omitted to state a material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; any further
documents so filed and incorporated by reference in the Registration Statement or in the Prospectus, when such documents are filed with
the SEC, will conform in all material respects to the requirements of the Exchange Act, and will not contain an untrue statement of a
material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading. All documents and the information set forth therein as described in this Section 3.37 shall collectively
be referred to as the “Incorporated Documents.”


 


Section 3.38 Compliance
with Occupational Laws. To its knowledge, the Company and each of its Subsidiaries (A) is in compliance, in all material respects,
with any and all applicable foreign, federal, state and local laws, rules, regulations, treaties, statutes and codes promulgated by any
and all governmental authorities (including pursuant to the Occupational Health and Safety Act) relating to the protection of human health
and safety in the workplace (“Occupational Laws”); (B) has received all material permits, licenses or other approvals
required of it under applicable Occupational Laws to conduct its business as currently conducted; and (C) is in compliance, in all material
respects, with all terms and conditions of such permit, license or approval. No material action, proceeding, revocation proceeding, writ,
injunction or claim is pending or, to the Company’s knowledge, threatened against the Company or any of its Subsidiaries relating
to Occupational Laws, and the Company does not have knowledge of any facts, circumstances or developments relating to its operations or
cost accounting practices that could reasonably be expected to form the basis for or give rise to such actions, suits, investigations
or proceedings.


 


Section 3.39 Statistical
Information. Any third-party statistical and market-related data included in the Registration Statement and the Prospectus are based
on or derived from sources that the Company believes to be reliable and accurate in all material respects.


 


Section 3.40 Forward-Looking
Statements. No forward-looking statement (within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange
Act) contained in either the Registration Statement or the Prospectus has been made or reaffirmed without a reasonable basis or has been
disclosed other than in good faith.


 






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Section 3.41 NASDAQ
Marketplace Rules. Except as described in the Registration Statement or the Prospectus, the Company is and will be in compliance in
all material respects with all applicable corporate governance requirements set forth in the NASDAQ Marketplace Rules.


 


Section 3.42 Solvency.
Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company
of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount
that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent
liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as
now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the
business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current
cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into
account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts
are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account
the timing and amounts of cash to be payable on or in respect of its debt). The Company has no knowledge of any facts or circumstances
which lead it to believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any jurisdiction
within one year from the Closing Date.


 


Section 3.43 Listing and
Maintenance Requirements. The Common Stock is registered pursuant to Section 12(b) of the Exchange Act, and the Company has taken
no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under
the Exchange Act nor has the Company received any notification that the SEC is contemplating terminating such registration. Except as
disclosed in the SEC Reports, the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market
on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance
requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue
to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer
through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to
the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.


 


ARTICLE IV


CONDITIONS TO CLOSING


 


Section 4.1 Purchaser’s
Conditions Precedent. The obligations of each Purchaser to complete the purchase of the Securities contemplated by this Agreement
are, in each case, subject to the satisfaction of each of the following conditions precedent:


 


(a) each of the representations
and warranties of the Company contained in this Agreement shall be true and correct as of the Closing Date, with the same effect as though
those representations and warranties had been made on and as of the Closing Date, except to the extent that any such representation or
warranty is made as of a specified date, in which case such representation or warranty need only be true and correct as of such date;


 


(b) all obligations, covenants
and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed;


 


(c) if required, the Notification
Form: Listing of Additional Shares, to be filed with the NASDAQ prior to issuing any common stock, or any security convertible into common
stock or in a transaction that may result in the potential issuance of common stock, greater than 10% of either the total shares outstanding
or the voting power outstanding on a pre-transaction basis, shall have been filed;


 






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(d) no court or other governmental
or regulatory authorities, agencies, commissions or other entities, whether federal, state, local or foreign, shall have enacted, issued,
promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise
prohibits consummation of the transactions contemplated by this Agreement, and there shall not be pending by or before any such entity
any suit, action or proceeding in respect thereof;


 


(e) from the date hereof to
the Closing Date, trading in the Common Stock shall not have been suspended by the SEC or the Trading Market, and, at any time prior to
the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices
shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking
moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak
or escalation of hostilities or other national or international calamity (excluding the COVID-19 pandemic) of such magnitude in its effect
on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it
impracticable or inadvisable to purchase the Securities at the Closing;


 


(f) there shall have been
no Material Adverse Effect with respect to the Company since the date hereof;


 


(g) the Chief Executive Officer
and Chief Financial Officer of the Company shall have delivered to such Purchaser a certificate, dated as of the Closing Date, certifying
to their knowledge, after reasonable inquiry as to the matters set forth in paragraphs (a), (b), (d) and (f); and


 


(h) Greenberg
Traurig, LLP, counsel for the Company, shall have furnished to the Purchasers an opinion, in the form agreed as of the date hereof, dated
the Closing Date and addressed to the Purchasers.


 


Section 4.2 Company Conditions
Precedent. The obligations of the Company to complete the sale of the Securities to any Purchaser contemplated by this Agreement are
subject to the satisfaction of each of the following conditions precedent:


 


(a) Each of the representations
and warranties of such Purchaser contained in this Agreement shall be true and correct as of the Closing Date, with the same effect as
though those representations and warranties had been made on and as of the Closing Date, except to the extent that any such representation
or warranty is made as of a specified date, in which case such representation or warranty need only be true and correct as of such date;


 


(b) such Purchaser shall have
duly performed and complied in all material respects with all covenants and agreements contained in this Agreement that are required to
be performed or complied with by it at or before the Closing;


 


(c) no court or other governmental
or regulatory authorities, agencies, commissions or other entities, whether federal, state, local or foreign, shall have enacted, issued,
promulgated, enforced or entered any law (whether temporary, preliminary or permanent) that is in effect and restrains, enjoins or otherwise
prohibits consummation of the transactions contemplated by this Agreement, and there shall not be pending by or before any such entity
any suit, action or proceeding in respect thereof; and


 


(d) such Purchaser shall have
duly executed and delivered to the Company an executed counterpart to the Agreement and such other documents reasonably requested by the
Company with respect to the issuance of the Securities.


 






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ARTICLE V


CERTAIN COVENANTS


 


Section 5.1 Certain Actions.
Each of the Company and each Purchaser shall reasonably cooperate with each other and use (and shall cause their respective affiliates
to use) reasonable efforts to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable
on its part under this Agreement and applicable law and stock exchange listing standards to consummate the transactions contemplated by
this Agreement as soon as practicable, and in any event on or prior to November 14, 2022.


 


Section 5.2 Securities
Laws Disclosure; Publicity. The Company shall file a Current Report on Form 8-K, including this Agreement as an exhibit thereto, with
the SEC within the time required by the Exchange Act, and may issue a press release disclosing the material terms of the transactions
contemplated hereby. From and after the filing of the Prospectus and the issuance of such Current Report or press release, the Company
represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers
by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the
transactions contemplated by this Agreement. The Company and each Purchaser shall consult with each other in issuing any other press releases
with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release nor
otherwise make any such public statement without the prior consent of the Company, with respect to any press release of any Purchaser,
or without the prior consent of each Purchaser, with respect to any press release of the Company, which consent shall not unreasonably
be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other
party with prior notice of such public statement or communication.


 


Section 5.3 Indemnification
of Purchasers. Subject to the provisions of this Section 5.3, the Company will indemnify and hold each Purchaser and its directors,
officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person
holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning
of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners
or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such
title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses,
liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court
costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of
or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement
or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective affiliates, by any stockholder
of the Company who is not an affiliate of such Purchaser Party, (unless such action is solely based upon a material breach of such Purchaser
Party’s representations, warranties or covenants under this Agreement or any agreements or understandings such Purchaser Party may
have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser
Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct). If any action shall be brought
against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly
notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably
acceptable to the Purchaser Party. Any Purchaser Party shall have the right to employ separate counsel in any such action and participate
in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent
that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable
period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a
material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the
Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel. The Company will not be liable
to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written
consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage
or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements
made by such Purchaser Party in this Agreement. The indemnification required by this Section 5.3 shall be made by periodic payments of
the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements
contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and
any liabilities the Company may be subject to pursuant to law.


 






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Section 5.4  Listing
of Common Stock. For the period 24 months following the date of this Agreement, the Company hereby agrees to use best efforts to maintain
the listing or quotation of the Common Stock on the Trading Market. The Company further agrees, if the Company applies to have the Common
Stock traded on any other The Company will then take all action reasonably necessary to continue the listing and trading of its Common
Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws
or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the
Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the
Depository Trust Company or such other established clearing corporation in connection with such electronic transfer. Notwithstanding anything
to the contrary herein, this Section 5.4 shall not prevent a sale, merger, going private or similar transaction involving the Company.


 


Section 5.5 Equal Treatment
of Purchasers. No consideration shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision
of this Agreement unless the same consideration is also offered to all of the parties to this Agreement. For clarification purposes, this
provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended
for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group
with respect to the purchase, disposition or voting of Securities or otherwise.


 


ARTICLE VI


MISCELLANEOUS


 


Section 6.1 Entire Agreement.
This Agreement and any documents and agreements executed in connection with the purchase contemplated hereby embody the entire agreement
and understanding of the parties hereto with respect to the subject matter hereof and supersede all prior and contemporaneous oral or
written agreements, representations, warranties, contracts, correspondence, conversations, memoranda and understandings between or among
the parties or any of their agents, representatives or affiliates relative to such subject matter, including, without limitation, any
term sheets, emails or draft documents.


 


Section 6.2 Construction.
References in the singular shall include the plural, and vice versa, unless the context otherwise requires. References in the masculine
shall include the feminine and neuter, and vice versa, unless the context otherwise requires. Headings in this Agreement are for convenience
of reference only and shall not limit or otherwise affect the meanings of the provisions hereof. Neither party, nor its respective counsel,
shall be deemed the drafter of this Agreement for purposes of construing the provisions of this Agreement, and all language in all parts
of this Agreement shall be construed in accordance with its fair meaning, and not strictly for or against either party.


 


Section 6.3 Governing Law.
This Agreement shall in all respects be construed in accordance with and governed by the substantive laws of the State of Delaware, without
reference to its choice of law rules.


 


Section 6.4 Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which taken together shall constitute
one and the same instrument. Delivery of an executed Agreement by one party to the other may be made by facsimile transmission or email
of a .pdf attachment.


 


Section 6.5 Specific Performance.
Each party acknowledges and agrees that, in addition to other remedies, the parties shall be entitled to enforce the terms of this Agreement
by decree of specific performance without the necessity of proving the inadequacy of monetary damages as a remedy and to obtain injunctive
relief against any breach or threatened breach of this Agreement.


 


Section 6.6 Certain Definitional
Provisions. Unless the express context otherwise requires: the words “hereof”, “herein”, and “hereunder”
and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision
of this Agreement; any references herein to a specific Section, Schedule or Annex shall refer, respectively, to Sections, Schedules or
Annexes of this Agreement; wherever the word “include”, “includes”, or “including” is used in this
Agreement, it shall be deemed to be followed by the words “without limitation”; and references herein to any gender includes
each other gender.


 


[Signature Page Follows]


 






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IN WITNESS WHEREOF, each of
the parties hereto has caused this Agreement to be executed as of the date first above written.


 


	 	THE COMPANY
	 	 	 
	 	Cadiz, Inc.
	 	 	 
	 	By: 	         
	 	Name:	 
	 	Title:	 



 


[Signature page to Securities Purchase Agreement]


 






    


     


    

 


	 	PURCHASER
	 	 	 
	 	By:	              
	 	Name:	 
	 	Title:	 



 


[Signature page to Securities Purchase Agreement]