EXHIBIT 10.2

      

     

      

    FIRST AMENDMENT TO

    OPTION AGREEMENT

    THIS FIRST AMENDMENT TO OPTION AGREEMENT (this “Amendment”), dated as of November 8, 2019, is made by and between Cadiz Inc., a Delaware corporation (“Cadiz”),
      and Nokomis Capital, L.L.C., a Texas limited liability company (the “Noteholder”; Cadiz and the Noteholder each sometimes referred to herein
      individually as a “Party” and together, as the “Parties”).

    WHEREAS, Cadiz is party to that certain Indenture, dated as of December 10, 2015 (the “Indenture”), between Cadiz, as issuer, and U.S. Bank National Association, as trustee, pursuant to which Cadiz issued certain 7.00% Convertible Senior Notes due 2020 (“Convertible Notes”);

    

    

    WHEREAS, the Noteholder has acquired Convertible Notes under the Indenture in the aggregate original principal
      amount of $17,605,000 (such Convertible Notes acquired by the Noteholder, the “Notes”);

    

    

    WHEREAS, the Parties entered into that certain Option Agreement dated as of March 14, 2019 (the “Option Agreement”) which granted Cadiz the option (the “Option”) to extend the Maturity Date of the Notes to September 5, 2021.  Capitalized terms not otherwise herein defined shall have the same meaning as assigned in the Option Agreement; and

    

    

    WHEREAS, the Parties now desire to amend the Option Agreement to extend the Exercise Period for Cadiz’s Option.

    NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged,
      the Parties agree as follows:

    1. Exercise Period.  Section 1(b) of the
        Option Agreement is hereby amended to replace the date “December 5, 2019” with the date “March 5, 2020.”

    2. Full Force and Effect.  Except as expressly modified by this
        Amendment, the Option Agreement shall remain in full force and effect.

    3. Entire Agreement.
        The Option Agreement, as modified by this Amendment, constitutes the entire agreement between the Parties with respect to the matters in the Option Agreement, and cannot be amended, modified or terminated except by an agreement in writing executed
        by the Parties.

    4. Governing Law. This Amendment shall be
        governed by the internal law of the State of New York without giving effect to the conflicts of laws principles thereof.

    5. Counterparts; Facsimiles.
        This Amendment may be executed in two or more counterparts, each of which shall be deemed an original (including copies sent to a Party by facsimile or other electronic transmission) as against the Party signing such counterpart, but which together
        shall constitute one and the same instrument. Signatures transmitted via facsimile or electronically shall be considered authentic and binding.

    [SIGNATURES APPEAR ON FOLLOWING PAGE]

    
      
        


    

    	 	
            PARTIES:

             

            

            

            CADIZ INC.,

            a Delaware corporation

             

            By: /s/ Timothy J. Shaheen

              

                  Timothy J. Shaheen

                  CFO

             

             

            

             

            

            NOKOMIS CAPITAL, L.L.C.

             

            

            By: /s/ Brett Hendrickson

                   Brett Hendrickson