Document:

[*] Confidential Treatment Requested
by Limoneira Company.

Execution Version

 

CADIZ – LIMONEIRA LEASE

 

	1.  Parties	
        Cadiz Real Estate LLC (“Cadiz”),
        a wholly-owned subsidiary of Cadiz Inc., is the owner of approximately 45,000 acres of land and the subsurface strata, inclusive
        of the unsaturated soils and appurtenant water rights (the “Cadiz Property”).

         

        Limoneira Company (“Limoneira”)
        is a publicly traded agribusiness and real estate development company.

         

	2.  Leased Property	
        A minimum of 320 acres to a maximum of 1,280 acres located within
        9,600 zoned agricultural acres within the Cadiz Property, with the exact location(s) to be mutually agreed to by the parties, on
        terms set forth in this Lease (“Leased Property”). Within thirty (30) days following the Effective Date,
        Cadiz will provide Limoneira a title report that identifies any and all liens recorded against the Leased Property, and a non-disturbance
        letter with regard to the Leased Property.

         

        Further, as the parties may mutually agree from time to time
        during the Term, housing and other dwelling structures located adjacent to or near the Leased Property may be included within the
        “Leased Property” for purposes of housing Limoneira’s agricultural employees working on the Leased Property.
        Terms associated with such temporary housing facilities shall be agreed to in writing by the parties.

         

	
        3. Initial Lease; Option to Lease Additional Acreage 

         
	
        Cadiz hereby leases to Limoneira, and Limoneira hereby leases
        from Cadiz, Three Hundred Twenty (320) acres (the “Initial Acreage”), the location to be mutually agreed
        to by the parties, and subject to the planting schedule described in Section 5 hereof. Further, Cadiz hereby grants to Limoneira
        the right to exercise an option to lease (beyond the Initial Acreage) up to Six Hundred Forty (640) acres (“Option
        1”), and up to Three Hundred Twenty (320) acres (“Option 2”) (the two options together
        are collectively referred to as the “Option”); provided that (a) notice of Limoneira’s exercise
        of the Option must be in writing and received by Cadiz no later than December 31, 2016 (for Option 1), and December 31, 2018 (for
        Option 2), and the physical planting of the lemon trees has occurred no later than December 31, 2017 (for Option 1) and December
        31, 2019 (for Option 2).

        Excepting any water or soil contamination that may exist on
        the Leased Property as of the Effective Date, Limoneira accepts the Leased Property in its “AS-IS” condition as of
        the Effective Date, and in respect to the acreage leased under the timely exercise of the Option, as of the date of the exercise
        of the applicable Option.

         

 

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	4.  Effective Date; Lease Term 	
        This Lease shall be effective as of last date this Lease is
        executed by the parties hereto as set forth on the signature page (the “Effective Date”), and shall expire
        with respect to actual planted acreage twenty (20) years following the initial planting on such acreage, and no later than December
        31, 2039, or as earlier terminated pursuant to this Lease (the “Term”), with no automatic renewals, provided,
        however, that the parties may mutually agree (to be exercised in each party’s sole discretion) to extend the Term.

         

	5.  Use of Leased Property 	
        The Leased Property is leased to Limoneira for the following
        purpose and for no other purpose except with the prior written consent of Cadiz, which shall be exercised by Cadiz in its sole
        and absolute discretion:

         

        §
        The planting, growing, and harvesting of lemon trees.

         

        Cadiz hereby represents that a conditional use permit from the
        County of San Bernardino is not required for the above-described use of the Leased Property.

         

        The parties agree that the intent of the parties is for Limoneira
        to plant, grow and harvest lemon trees on all of the Leased Property (that is, all 1,280 acres) by 2019. Although Limoneira is
        not obligated to exercise all or any part of the Option, Limoneira agrees that the Initial Acreage shall be planted with lemon
        trees no later than December 31, 2014.

         

        Limoneira shall carry on all activities permitted herein in
        accordance with the best husbandry and best farming practices and sound management in accordance with sustainable farming practices
        and in such a manner that does not degrade the aquifer underlying the Leased Property. Limoneira shall not use or permit the use
        of the Leased Property for any unlawful purpose or in any way that will interfere with Cadiz’s use of the portion of its
        property not included in the Leased Property.

         

 

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	6.  Lease Payment	
        In consideration for the Lease, Limoneira shall pay to Cadiz
        or its assignee an annual amount equal to the sum of (a) $200 per acre planted, prorated for partial acreages planted during the
        relevant period (“Base Rent”) and (b) 20% of the “Net Cash Flow” (“Lease
        Payment”). The Lease Payment shall be due and payable semi-annually on June 30 and December 31 of each year, and
        shall not exceed $1,200 per acre per year. For purposes of this Lease, “Net Cash Flow” shall mean gross
        revenues from the sale of the harvested lemons less operating expenses (including Base Rent but excluding depreciation or other
        non-cash expenses). “Operating expenses” shall include, but not be limited to, expenditures incurred by Limoneira for
        farming and growing, frost prevention, soil treatments, irrigation, harvesting, packing and freight. Further, the parties may mutually
        agree (each exercised in its sole discretion) upon a characterization that extraordinary non-cash expenses be “operating
        expenses” for purposes of calculating Net Cash Flow.

         

	7.  Water Infrastructure and Supply	
        In consultation with Limoneira, Cadiz shall design, develop
        and construct the necessary infrastructure in order to supply water to Limoneira for its irrigation purposes on the Leased Property.
        Cadiz shall be responsible for well maintenance and the delivery of water to the planted acreage through all subsurface infrastructure,
        including mains and laterals. Limoneira shall be responsible for any deep ripping to the land prior to any planting, if necessary,
        and the costs associated with the surface distribution of such water to the trees through selected drip irrigation.

         

        The water supply source for the Leased Property shall be from
        the Cadiz Property, and shall be provided by Cadiz to Limoneira for use on the Leased Property consistent with this Lease at a
        cost equal to $[*] per acre-foot as increased (but not decreased) by an escalation equal to the percentage change (year over year)
        of the Consumer Price Index for All Urban Consumers, Los Angeles-Riverside-Orange County, CA, All Items, not seasonally adjusted
        (1982-1984=100) (“CPI”) (“Water Cost”), which shall be invoiced by Cadiz and
        paid by Limoneira to Cadiz on a quarterly basis. The maximum water supply to which Limoneira is entitled shall be 5 acre-feet per
        acre of the Leased Property (the “Total Water Allowance,” with actual entitlement based on the number
        of acres actually planted being “Planted Water Allowance”). For illustration purposes only, if Limoneira
        has the full 1,280 acres planted, its Planted Water Allowance shall be 6,400 acre-feet, at a total cost of $[*] + CPI.

         

        Any and all water rights initiated or preserved as a result
        of Limoneira’s use of water on the Leased Property shall accrue to the benefit of Cadiz. Cadiz will be responsible to provide
        water in quantity and suitability for the purposes set forth in this Lease.

         

 

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	8.  Taxes and Assessments	
        Cadiz shall pay, when due, all real property, personal property
        and/or any other type of tax or assessment relating to the Leased Property, except that Limoneira shall pay any taxes or assessments
        attributable to any alterations, additions or improvements made to the Leased Property by Limoneira or attributable to Limoneira’s
        personal property or fixtures.

         

	9.  Maintenance and Repairs; Utilities	
        All farming operations on the Leased Property shall be done
        at the sole cost and expense of Limoneira, and Limoneira agrees to keep the Leased Property free and clear of all liens or claims
        of any kind for labor or material, and agrees to keep the Leased Property and the crops thereon free of any labor claims of any
        kind or nature.

         

        Limoneira agrees that it will not commit any waste or suffer
        any waste to be committed on the Leased Property and that at all times during the Term, it will keep and maintain all improvements
        now on the Leased Property, or that shall be constructed on the Leased Property during the Term with the approval of Cadiz, in
        as good order, condition and repair as reasonable use and wear thereof will permit, damage by the elements not traceable to the
        negligence of Limoneira or its agents or employees excepted.

         

        Limoneira will observe, comply and conform to all laws of the
        State of California and all ordinance of the County of San Bernardino, affecting the use or occupation of the Leased Property,
        including without limitation all laws and ordinances relating to the transportation and use of fertilizer and other chemicals.
        Limoneira agrees not to apply pesticides, herbicides, insecticides, fungicides or other chemical treatments on the Leased Property
        that may have a residual effect beyond the Term of the Lease.

         

        During the Term, Limoneira will keep and maintain in good order,
        condition and repair all subsurface irrigation pipelines, valves and headgates, and other subsurface structures and pipelines on
        the Leased Property used for the purposes of controlling the flow of water within the Leased Property.

         

 

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	10.  Insurance	
        Limoneira agrees to obtain and keep in force during the Term
        workers’ compensation, general liability and such other insurance coverages as deemed reasonably necessary by Cadiz to protect
        against any liability for personal injury or property damage to the public incident to Limoneira’s use of or resulting from
        any accident occurring on or about the Leased Property. Such policies shall insure any contingent liability of Cadiz and shall
        name Cadiz as an additional insured. Such policies shall also provide for at least twenty (20) days written notice by the insurer
        to Cadiz prior to any cancellation or modification thereof.

         

	11.  Cadiz’s Right of Entry and Inspection	
        Cadiz, its agents or attorneys, shall have the right at all
        times to enter upon the Leased Property to inspect, to determine if Limoneira is complying with the terms of this Lease, and for
        any other purpose.

         

	12.  Cadiz Buy-Out Right	
        At any time during the Term, Cadiz shall have the right, exercised
        at any time and in its sole and absolute discretion, to divert the Total Water Allowance (or any portion thereof) by paying to
        Limoneira an amount equal to the sum of (a) all unamortized capital costs incurred by Limoneira pursuant to its permitted use of
        the Leased Property (based on a 20- year amortization schedule) and (b) 30% of such unamortized capital costs (“Cadiz
        Buy-Out Right”). In the event Cadiz exercises the Cadiz Buy-Out Right, Cadiz agrees that it shall not, directly or
        allow any third party to, harvest the then-planted lemon trees for profit on such portion of the Leased Property associated with
        the Total Water Allowance (or portion thereof) diverted.

         

 

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	13.  Limoneira Tag Right	
        During the Term, Limoneira shall have the right to convert up
        to 500 acre-feet of the Total Water Allowance (proportionately reduced if the Planted Water Allowance is less than the Total Water
        Allowance) (the “Tag Right”) to obtain rights within the permitted 50,000 acre feet of that certain Cadiz
        Valley Water Conservation, Recovery, and Storage Project located on the Cadiz Property overlying the Fenner Valley Aquifer System
        (the “Project”).

        Cadiz shall provide Limoneira written notice of any “firm
        contract” (that is, a non-contingent contract to sell Project water) within seven (7) days of the execution of the firm contract.
        Limoneira shall have sixty (60) days to exercise its Tag Right by providing written notice to Cadiz. See Exhibit A attached
        hereto and incorporated herein for an illustration of the Tag Right.

         

        Limoneira agrees that if it exercises its Tag Right pursuant
        to this Section 13, it shall curtail use of any of the Total Water Allowance on one-fourth (1/4th) of the acres planted.
        For illustration purposes, if 320 acres are planted, Limoneira’s Tag Right is 125 acre-feet, and if exercised, it is precluded
        from using any of the Total Water Allowance on 80 acres, unless other water is deemed available by Cadiz through the implementation
        of its Project and an agreement is reached between Cadiz and Limoneira as to the source and cost of such new water supply.

         

	14.  Default	
        The occurrence of any one or more of the following events shall
        constitute a material default and breach of this Lease by Limoneira (each, a “Limoneira Default”):

         

        §
        The failure by Limoneira to make any Lease Payment or any other payment, including the Water Cost, required to be made by
        Limoneira under this Lease as and when due, where such failure shall continue for a period of ten (10) days after written notice
        of such failure from Cadiz to Limoneira;

         

        §
        The failure by Limoneira to observe any of the material covenants, conditions or provisions of this Lease, other than the
        payment of money, where such failure shall continue for a period of twenty (20) days after written notice of such failure from
        Cadiz to Limoneira, provided, however, that if the nature of Limoneira’s default is such that more than twenty (20) days
        are reasonably required for its cure, Limoneira continually and diligently prosecutes such cure to completion.

         

        The failure by Cadiz to observe any of the material covenants,
        conditions or provisions of this Lease, where such failure shall continue for a period of twenty (20) days after written notice
        of such failure from Limoneira to Cadiz, provided, however, that if the nature of Cadiz’s default is such that more than
        twenty (20) days are reasonably required for its cure, Cadiz continually and diligently prosecutes such cure to completion (“Cadiz
        Default”).

         

 

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	15.  Termination	
        This Lease shall terminate upon the earliest of the following:

         

        §
        The expiration of the Term (as to the particular acreage then expiring);

         

        §
        Upon mutual agreement of the parties for any reason, including, but not limited to, a determination that the intended use
        of the Leased Property (that is, to plant, grow and harvest lemon trees for profit) is or becomes “economically unviable,”
        which shall include, without limitation, market or weather conditions that render the lemon operation unprofitable, the existence
        or occurrence of water or soil contamination or pollution, pest infestation, litigation and injunctions prohibiting or precluding
        the intended use of the Leased Property.

         

        §
        At the option of Cadiz, the occurrence of a Limoneira Default;

         

        §
        At the option of Limoneira, the occurrence of a Cadiz Default;

         

        §
        At the option of either party, the occurrence of a “Force Majeure” event, which for purposes of
        this Lease shall be defined as the failure of a party to perform its obligations hereunder by reason of any fire, earthquake, flood,
        epidemic, explosion, riot, civil disturbance, act of public enemy or terrorism, war, act of God or similar event beyond such party’s
        control, and specifically with respect to Cadiz’s supply of water pursuant to the terms of this Lease, any governmental or
        judicial order to reduce the water volume or flow rate to the Leased Property;

         

        §
        Exercise by Cadiz of the Cadiz Buy-Out Right.

         

        Upon termination of this Lease, Limoneira shall quit and surrender
        the Leased Property to Cadiz in at least as good order, condition and repair as when received, reasonable use, damage by act of
        God or by natural causes excepted, remove all of Limoneira’s personal property and fixtures from the Leased Property (excepting
        planted lemon trees), and repair any damage caused by such removal. Limoneira shall promptly execute, acknowledge and deliver to
        Cadiz such instruments of further assurance as in the reasonable opinion of Cadiz are necessary or desirable to confirm or perfect
        Cadiz’s rights, title and interest in and to the Leased Property. The provisions of this paragraph shall survive the expiration
        or termination of this Lease. Upon termination, Limoneira shall have no further right or interest in or to the Leased Property
        or any part thereof.

         

        In the event the Lease is terminated due to Cadiz’s exercise
        of the Cadiz Buy-Out Right or the occurrence of a Cadiz Default, Cadiz hereby agrees that it shall not, directly or allow any third
        party to, harvest the then-planted lemon trees for profit.

         

 

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	16.  Indemnification	
        Cadiz shall not be liable in any manner for any loss, damage
        or injury to any person or the property of Limoneira or that of its agents or employees, or to any other person(s) or the property
        of such person(s) invited or permitted by Limoneira to come upon or about the Leased Property, or to any other person(s) who enters
        upon or about the Leased Property whether invitees, by trespass or otherwise, by reason of anything done, permitted to be done
        or suffered or admitted to be done, by Limoneira or its agents or employees or otherwise. Limoneira agrees to indemnify and save
        harmless Cadiz, its officers, directors, agents, employees, successors and assigns from any and all such liability, damage, cost
        and expense, to protect Cadiz against any claim that may be made, or action that may be brought against Cadiz, and pay all reasonable
        costs and expenses of such protection and defense.

         

        Cadiz agrees to indemnify and save harmless Limoneira, its officers,
        directors, agents, employees, successors and assigns from any and all liability, damage, cost and expense suffered by Limoneira
        directly resulting from contamination of the Leased Property or the water supplied by Cadiz hereunder, provided that such contamination
        is caused by an agent or employee of Cadiz. Cadiz further agrees to indemnify and save harmless Limoneira, its officers, directors,
        agents, employees, successors and assigns from any and all liability, damage, cost and expense suffered by Limoneira (including
        reasonable attorneys’ fees and costs) directly resulting from actions or causes of actions against Cadiz and Limoneira that
        seek to prevent, enjoin or otherwise prohibit Limoneira from its intended use of the Leased Property.

         

 

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	17.  Attorneys’ Fees	
        If either Limoneira or Cadiz has to institute legal proceedings
        of any kind or character to compel performance of any of the covenants or conditions to be paid, kept or performed under this Lease,
        the party recovering judgment shall have and recover all attorneys’ fees and costs incurred in connection with any such legal
        proceedings.

         

	
        18. Binding Nature; General Provisions

         
	
        The provisions of this Lease shall be binding upon the parties
        and their successors and permitted assigns commencing on the date last set forth the parties’ signatures. Limoneira shall
        not assign this Lease or sublet the Leased Property without the prior written consent of Cadiz which shall be exercised in Cadiz’s
        sole and absolute discretion.

         

        The validity and interpretation of this Lease shall be governed
        by the laws of the State of California.

         

        All individuals executing this Lease on behalf of the respective
        parties represent and warrant that they have the capacity and have been duly authorized to so execute the same. Each signatory
        shall indemnify each other party, and hold them harmless, from all damages, costs, attorneys’ fees and other expenses if
        not so authorized.

         

        Any and all notices shall be given by a party to the other party
        in writing by delivery of such notice to such party personally or by certified or registered mail addressed to the party as set
        forth on the signature page of this Lease or such other address as delivered to the other party pursuant to this paragraph. In
        the case of notices by mail, notice shall be deemed to have been received forty-eight (48) hours after the date of deposit in the
        United States mail.

         

        No waiver of any breach of any of the covenants, agreements,
        restrictions and conditions of this Lease shall be construed to be a waiver of any succeeding breach of the same or other covenants,
        agreements, restrictions or conditions.

         

        No remedy shall be exclusive but shall, wherever possible, be
        deemed cumulative with all other remedies at law or in equity.

         

        Time is of the essence in respect to the terms and provisions
        of this Lease.

         

        Neither party will issue any public statement with respect to
        the existence of this Lease or its contemplated transactions, nor will either party use the other party’s names or trademarks,
        without the other party’s prior written consent.

         

        Each party agrees to cooperate in the performance of this Lease
        and to execute and deliver any and all documents and perform any and all acts necessary to carry out its purpose and intent.

         

        Nothing contained in this Lease shall create a partnership,
        joint venture or employment relationship between Cadiz and Limoneira. Neither party shall be liable, except as otherwise expressly
        provided for in this Lease, for any obligations or liabilities incurred by the other party.

         

 

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	Dated:  	July 1, 2013	 	CADIZ REAL ESTATE LLC
	 	 	 	 	 
	 	 	 	By:  	/s/ Courtney Degener for Timothy J. Shaheen
	 	 	 	 	 
	 	 	 	Its:	Chief Financial Officer
	 	 	 	 	 
	 	 	 	Address:	 
	 	 	 	550 S. Hope Street, Suite 2850
	 	 	 	Los Angeles, CA  90071
	 	 	 	 	 
	Dated:	July 1, 2013	 	LIMONEIRA COMPANY
	 	 	 	 
	 	 	 	By:	/s/ Harold S. Edwards
	 	 	 	 	 
	 	 	 	Its:	President and Chief Executive Officer
	 	 	 	 	 
	 	 	 	Address:	 
	 	 	 	1141 Cummings Road
	 	 	 	Santa Paula, CA  93060
	 	 	 	 	 

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[*] Confidential Treatment Requested
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Execution Version

 

Exhibit A

Sample Calculation of Tag-A-Long Price Provision

 

Valuation: $10,962,398 (2015)

Assumptions

		·	Price in 2013: $500 per acre foot

		·	Annual rate of increase of MWD’s Untreated Full Service Tier 1 Water Rate: 6.2% (based on
cumulative annual increase from 2003-2012)

		·	Interest Rate: 6.5%

		o	Yield on 10-Year Treasury Note: 4.5% (long-term real
interest rate of 2% plus expected inflation of 2.5% based on differential between nominal yield on 10-Year Treasury Note and yield
on 10-Year Treasury Inflation Protected Securities, “TIPS”)

		o	Risk premium: 2.0% (expected life 50 years)

 

50-Year Projections

	Year	 	Price	 	 	Quantity	 	Revenues	 	 	Year	 	Price	 	 	Quantity	 	Revenues	 
	2015	 	$	500.00	 	 	500	 	$	250,000	 	 	2040	 	$	2,249.48	 	 	500	 	$	1,124,740	 
	2016	 	$	531.00	 	 	500	 	$	265,500	 	 	2041	 	$	2,388.95	 	 	500	 	$	1,194,475	 
	2017	 	$	563.92	 	 	500	 	$	281,960	 	 	2042	 	$	2,537.07	 	 	500	 	$	1,268,535	 
	2018	 	$	598.89	 	 	500	 	$	299,445	 	 	2043	 	$	2,694.37	 	 	500	 	$	1,347,185	 
	2019	 	$	636.02	 	 	500	 	$	318,010	 	 	2044	 	$	2,861.42	 	 	500	 	$	1,430,710	 
	2020	 	$	675.45	 	 	500	 	$	337,725	 	 	2045	 	$	3,038.82	 	 	500	 	$	1,519,410	 
	2021	 	$	717.33	 	 	500	 	$	358,665	 	 	2046	 	$	3,227.23	 	 	500	 	$	1,613,615	 
	2022	 	$	761.80	 	 	500	 	$	380,900	 	 	2047	 	$	3,427.32	 	 	500	 	$	1,713,660	 
	2023	 	$	809.03	 	 	500	 	$	404,515	 	 	2048	 	$	3,639.81	 	 	500	 	$	1,819,905	 
	2024	 	$	859.19	 	 	500	 	$	429,595	 	 	2049	 	$	3,865.48	 	 	500	 	$	1,932,740	 
	2025	 	$	912.46	 	 	500	 	$	456,230	 	 	2050	 	$	4,105.14	 	 	500	 	$	2,052,570	 
	2026	 	$	969.04	 	 	500	 	$	484,520	 	 	2051	 	$	4,359.66	 	 	500	 	$	2,179,830	 
	2027	 	$	1,029.12	 	 	500	 	$	514,560	 	 	2052	 	$	4,629.96	 	 	500	 	$	2,314,980	 
	2028	 	$	1,092.92	 	 	500	 	$	546,460	 	 	2053	 	$	4,917.02	 	 	500	 	$	2,458,510	 
	2029	 	$	1,160.68	 	 	500	 	$	580,340	 	 	2054	 	$	5,221.87	 	 	500	 	$	2,610,935	 
	2030	 	$	1,232.64	 	 	500	 	$	616,320	 	 	2055	 	$	5,545.63	 	 	500	 	$	2,772,815	 
	2031	 	$	1,309.07	 	 	500	 	$	654,535	 	 	2056	 	$	5,889.46	 	 	500	 	$	2,944,730	 
	2032	 	$	1,390.23	 	 	500	 	$	695,115	 	 	2057	 	$	6,254.60	 	 	500	 	$	3,127,300	 
	2033	 	$	1,476.42	 	 	500	 	$	738,210	 	 	2058	 	$	6,642.39	 	 	500	 	$	3,321,195	 
	2034	 	$	1,567.96	 	 	500	 	$	783,980	 	 	2059	 	$	7,054.22	 	 	500	 	$	3,527,110	 
	2035	 	$	1,665.18	 	 	500	 	$	832,590	 	 	2060	 	$	7,491.58	 	 	500	 	$	3,745,790	 
	2036	 	$	1,768.42	 	 	500	 	$	884,210	 	 	2061	 	$	7,956.05	 	 	500	 	$	3,978,025	 
	2037	 	$	1,878.06	 	 	500	 	$	939,030	 	 	2062	 	$	8,449.33	 	 	500	 	$	4,224,665	 
	2038	 	$	1,994.50	 	 	500	 	$	997,250	 	 	2063	 	$	8,973.19	 	 	500	 	$	4,486,595	 
	2039	 	$	2,118.16	 	 	500	 	$	1,059,080	 	 	2064	 	$	9,529.53	 	 	500	 	$	4,764,765	 

 

    	11Exhibit 4.1

 

CUSIP 827694 209

 

SILVER EAGLE ACQUISITION CORP.

 

UNITS CONSISTING OF ONE SHARE OF COMMON
STOCK AND ONE HALF OF ONE WARRANT TO PURCHASE

ONE SHARE OF COMMON STOCK

 

THIS CERTIFIES THAT _______________________________________________________________is
the owner of ________________________________________ Units.

 

Each Unit (“Unit”) consists of one
(1) share of common stock, par value $0.0001 per share (“Common Stock”), of Silver Eagle Acquisition
Corp., a Delaware corporation (the “Company”), and one half of one warrant. Each full warrant (the “Warrant”) entitles
the holder to purchase one (1) share (subject to adjustment) of Common Stock for $11.50 per share (subject to adjustment).  Each
Warrant will become exercisable on the later of (i) thirty (30) days after the Company’s completion of a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination with one or more businesses
(each a “Business Combination”), or (ii) twelve (12) months from the closing of the Company’s
initial public offering, and will expire unless exercised before 5:00 p.m., New York City Time, on the date that is five (5) years
after the date on which the Company completes its initial Business Combination, or earlier upon redemption or liquidation (the “Expiration
Date”).  The Common Stock and Warrants comprising the Units represented by this certificate are not transferable
separately prior to ____________, 20___, unless Deutsche Bank Securities Inc. elects to allow separate trading earlier, subject
to the Company’s filing of a Current Report on Form 8-K with the Securities and Exchange Commission containing an audited
balance sheet reflecting the Company’s receipt of the gross proceeds of the offering and issuing a press release announcing
when separate trading will begin.  The terms of the Warrants are governed by a Warrant Agreement, dated as of _____________,
2013, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are subject to the terms and
provisions contained therein, all of which terms and provisions the holder of this certificate consents to by acceptance hereof.  Copies
of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and
are available to any Warrant holder on written request and without cost.

 

This certificate is not valid unless countersigned
by the Transfer Agent and Registrar of the Company.

 

Witness the facsimile signature of its duly
authorized officers.

 

	 	 	 
	Secretary	 	President

 

    	 

    	 

    

 

Silver Eagle Acquisition Corp.

 

The Company will furnish without charge
to each unitholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional
or other special rights of each class of stock or series thereof of the Company and the qualifications, limitations, or restrictions
of such preferences and/or rights.

 

The following abbreviations, when used in
the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable
laws or regulations:

 

	TEN COM	—  	as tenants in common	 	UNIF GIFT MIN ACT	—  	___________ Custodian
	 	 	 	 	 	 	___________
	TEN ENT	—	as tenants by the entireties	 	 	 	(Cust)
	 	 	 	 	 	 	(Minor)
	 	 	 	 	 	 	Under Uniform Gifts to Minors
	JT TEN	—	as joint tenants with right of survivorship and not as tenants in common	 	 	 	
         

         

        Act                                    

        (State)

 

Additional abbreviations may also be used
though not in the above list.

 

For value received, _____________ hereby
sell, assign and transfer unto ____________

 

PLEASE INSERT SOCIAL SECURITY OR

OTHER

IDENTIFYING NUMBER OF ASSIGNEE

	 

(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS,
INCLUDING ZIP CODE, OF ASSIGNEE)

	 

 

 

________________________________________ Units represented
by the within Certificate, and do hereby irrevocably constitute and appoint

 

________________________________________________ Attorney
to transfer the said Units on the books of the within named Corporation with full power of substitution in the premises.

 

Dated ___________________

 

    	 

    	 

    

 

	 	 	 
	 	Notice:  	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change whatever.

 

	Signature(s) Guaranteed:	 
	 	 
	THE SIGNATURE(S) MUST BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00218-of-00352.parquet"}]]