Document:

Exhibit 10.1

    

     

    

    
      SECURITIES PURCHASE AGREEMENT

      

      

      THIS SECURITIES PURCHASE AGREEMENT (the “Agreement”) is made as of March 7, 2019, by and between RiceBran Technologies, a California corporation (the “Company”), and each investor identified on the signature pages hereto (each, including its successors and assigns, an “Investor”
          and, collectively, the “Investors”.  The Investors and the Company shall be referred to collectively herein as the “Parties” and each, individually, a “Party”.

       

      

      WHEREAS, upon the terms and condition stated
          in the Agreement and pursuant to Section 4(a)(2) of the 1933 Act (as defined below) and Rule 506(b) promulgated thereunder, each Investor wishes to purchase, and the Company wishes to sell that number of shares of the Company’s common stock (“Common Stock”) (or, in lieu thereof, pre-funded warrants to purchase Common Stock substantially in the form attached hereto as Exhibit B (“Warrants”)) as set forth on such Investor’s signature page attached hereto.

      

      

      WHEREAS, at the Closing (as defined below) of
          the sale and issuance of shares of Common Stock (the “Shares”) or Warrants, as applicable (collectively, the “Securities”) pursuant to this Agreement, the Parties shall execute and deliver a Registration Rights Agreement, in the form attached hereto as Exhibit A (the “Registration Rights Agreement”), pursuant to which the Company has agreed to provide certain registration rights
          with respect to the Registrable Securities (as defined in the Registration Rights Agreement), under the 1933 Act (as defined below) and the rules and regulations promulgated thereunder, and applicable state securities laws.

      

      

      NOW, THEREFORE, for good and valuable
          consideration, the receipt and sufficiency of which are hereby acknowledged, and in consideration of the premises and the mutual agreements, representations and warranties, provisions and covenants contained herein, the parties hereto, intending
          to be legally bound hereby, agree as follows:

       

        

      1.           Purchase and Sale of Securities.  On the Closing Date (as hereinafter defined), subject to the terms and conditions of this Agreement, the Investors, severally and not jointly, hereby agree to purchase and the Company
          hereby agrees to sell and issue, (i) up to an aggregate of $12,140,000.56 in Shares, with each Investor purchasing, at a per share purchase price equal to $3.00 per share of Common Stock (the “Per Share Purchase Price”), and (ii) for each Investor whose purchase of Shares hereunder would otherwise result in such Investor, together with its affiliates, beneficially owning more than 19.99% of the
          outstanding Common Stock immediately following the Closing, a Warrant for that number of shares of Common Stock (the “Warrant Shares”) for a purchase price
          equal to Per Share Purchase Price minus $0.01 multiplied by the number of Warrant Shares issuable pursuant thereto (the “Warrant Purchase Price”), as set
          forth on such Investor’s signature page attached hereto.  Each Warrant shall be exercisable at an exercise price equal to $0.01.  Each Investor’s aggregate purchase price for the Securities purchased by such Investor is as set forth on such
          Investor’s signature page attached hereto (“Purchase Price”).

       

      

      
        
          

      

      
      2.           Purchase Price.  At the Closing, each Investor shall pay its respective Purchase Price to the Company in exchange for the Securities to be issued to and purchased by such Investor.  At the Closing, each Investor shall
          fund its Purchase Price by wire transfer of immediately available funds to the account specified in writing by the Company at least one (1) Business Day prior to the Closing.

       

      

      3.           The Closing.  The purchase and sale of the Securities shall take place at a closing (the “Closing”) to be held at the offices of
          Weintraub Tobin Chediak Coleman Grodin Law Corporation, 400 Capitol Mall, 11th Floor, Sacramento, California, subject to the satisfaction or, to the extent permitted
          by applicable law, waiver of all conditions to the obligations of the Parties set forth in Section 4, or at such other place or at such other time or date as the
          Parties mutually may agree in writing.  At the Closing, the Company shall deliver to each Investor:  (i) this Agreement duly executed by the Company; (ii) a photocopy or other evidence certified by an officer of the Company of a certificate
          registered in such Investor’s name representing the number of Shares that such Investor is purchasing at the Closing, (iii) if applicable, the Warrants, and (iv) the Registration Rights Agreement duly executed by the Company.  At the Closing,
          each Investor shall deliver to the Company (i) this Agreement duly executed by such Investor; (ii) the Registration Rights Agreement duly executed by such Investor (other than Continental (as defined below); (iii) the Purchase Price for the
          Securities to be purchased by such Investor in accordance with Section 2, and (iv) the Selling Stockholder Questionnaire attached as Annex B to the Registration Rights Agreement.  The day on which the Closing takes place is referred to as the “Closing

            Date.”

      

      

      4.           Closing Conditions; Certain Covenants.

       

      

      4.1        Conditions to each Investor’s Obligations.  The obligation of each Investor to purchase the Securities to be issued to such Investor at the Closing is subject to the fulfillment, to such Investor’s reasonable
          satisfaction, prior to or at the Closing, of each of the following conditions, any of which may, to the extent permitted by applicable law, be waived by such Investor:

       

      

      (a)          Representations and Warranties.

      

      

      (i)          The representations and
          warranties of the Company contained in this Agreement (other than the Fundamental Representations) shall be true and correct in all material respects (except for such representations and warranties that are qualified by their terms by reference
          to materiality or Material Adverse Effect (as defined below), which representations and warranties as so qualified shall be true and correct in all respects) on the date hereof and on and as of the Closing Date as if made on and as of such date
          (unless as of a specific date therein, in which case they shall be so true and correct as of such date).

      

      

      (ii)          The Fundamental Representations
          shall be true and correct in all respects on the date hereof and on and as of the Closing Date as if made on and as of such date.

      

      

      
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      (b)         Officer’s Certificate.  The Company shall have delivered a certificate, executed on behalf of the Company by its Chief Executive Officer or its Chief Financial Officer, dated as of the Closing Date, certifying to the
          fulfillment of the conditions in Section 4.1(a) and Section 4.1(h).

       

      

      (c)          Registration Rights Agreement.  The Company shall have duly executed and delivered the Registration Rights Agreement to such Investor.

       

      

      (d)          No Actions.  No federal, national, supranational, state, provincial, local or similar government, governmental, regulatory or administrative authority, branch, agency or commission or any court, tribunal or arbitral
          or judicial body (including any grand jury) (each, a “Governmental Authority”) shall have enacted, issued, promulgated, instituted, threatened, enforced or
          entered any law, rule, judgment, injunction, order, decree, Proceeding, regulation or legislation that is then in effect, and no Proceeding shall have been initiated by any Governmental Authority the intent of which, in each case, is to enjoin,
          restrain, condition, limit, make illegal or otherwise prohibit or obtain substantial damages in respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

       

      

      (e)          Deliverables.  At the Closing, the Company shall have tendered to such Investor the appropriate deliverables as set forth herein.

      

      

      (f)         Proceedings and Documents.  All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident to such transactions shall be satisfactory in substance and form to such
          Investor, and such Investor shall have received all such counterpart originals or certified or other copies of such documents as such Investor may reasonably request.

      

      

      (g)          No Delisting.  No stop order or suspension of trading shall have been imposed by The NASDAQ Stock Market, the Commission or any other Governmental Authority with respect to the public trading of the Common Stock.

      

      

      (h)          No Material Adverse Effect.  There shall have been no Material Adverse Effect since September 30, 2018.

       

      

      4.2        Conditions to the Company’s Obligations.  The obligation of the Company to sell and issue the Securities to an Investor at the Closing is subject to the fulfillment, to the Company’s reasonable satisfaction, prior to
          or at the Closing, of each of the following conditions, any of which may, to the extent permitted by applicable law, be waived by the Company:

       

      

      (a)          Representations and Warranties.  The representations and warranties of such Investor contained in this Agreement (other than Sections 6.2
          and 6.3) shall be true and correct in all material respects on the date hereof and on and as of the Closing Date as if made on and as of such date.  The representations
          of such Investor contained in Sections 6.2 and 6.3 shall be true and correct in all
          respects on the date hereof and on and as of the Closing Date as if made on and as of such date.

      

      

      
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      (b)          Purchase Price.  At the Closing, such Investor shall have tendered such Investor’s Purchase Price to the Company.

       

      

      (c)          Registration Rights Agreement.  Such Investor shall have duly executed and delivered the Registration Rights Agreement to the Company.

       

      

      (d)          Deliverables.  At the Closing, such Investor shall have tendered to the Company the appropriate deliverables as set forth herein.

       

      

      (e)         No Actions.  No Governmental Authority shall have enacted, issued, promulgated, instituted, threatened, enforced or entered any law, rule, judgment, injunction, order, decree, Proceeding, regulation or legislation
          that is then in effect, and no Proceeding shall have been initiated by any Governmental Authority the intent of which, in each case, is to enjoin, restrain, condition, limit, make illegal or otherwise prohibit or obtain substantial damages in
          respect of, this Agreement or the consummation of the transactions contemplated by this Agreement.

       

      

      (f)         Proceedings and Documents.  All proceedings in connection with the transactions contemplated hereby and all documents and instruments incident to such transactions shall be satisfactory in substance and form to the
          Company and the Company shall have received all such counterpart originals or certified or other copies of such documents as the Company may reasonably request.

       

      

      4.3        Securities Law Disclosure; Publicity.  The Company shall (a) by 9:00 a.m. (New York City time) on the Business Day immediately following the date hereof, issue a press release disclosing the material terms of the
          transactions contemplated hereby in a form agreed upon by Investors purchasing Securities representing a majority of the aggregate Purchase Price hereunder and (b) file a Current Report on Form 8-K with the Commission disclosing the material
          terms of the transactions contemplated hereby, and including the Transaction Documents (as defined below) as exhibits thereto, within the time required by the 1934 Act.  From and after the issuance of such press release, and except for such
          Investors that agree otherwise in a separate written agreement with the Company, the Company represents to the Investors that the Company shall have publicly disclosed all material, non-public information delivered to the Investors 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 the Transaction Documents.  The Company and the Investors shall consult with each other in issuing
          any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Investor shall issue any such press release nor otherwise make any public statement without the prior consent of the Company, with
          respect to any press release of any Investor, or without the prior consent of each Investor, 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 written notice of such public statement or communication.

       

      

      
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      4.4         Legends.

      

      

      (a)          The Securities may only be disposed of in
          compliance with state and federal securities laws.  In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144 (as defined below), to the Company or to an affiliate of an Investor, the
          Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the
          Company, to the effect that such transfer does not require registration of such transferred Securities under the 1933 Act.  As a condition of such transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and
          the Registration Rights Agreement and shall have the rights and obligations of an Investor under this Agreement and the Registration Rights Agreement.

      

      

      (b)          Each Investor understands that, except as provided
          below, the stock certificates evidencing the Securities may bear the following legends:

      

      

      THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
          AMENDED, OR APPLICABLE STATE SECURITIES LAWS.  THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF EITHER (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS
          AMENDED, OR (B) AN OPINION OF COUNSEL, IN A FORM GENERALLY ACCEPTABLE TO THE COMPANY’S LEGAL COUNSEL, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD PURSUANT TO AN EXEMPTION FROM THE RESTRICTIONS ON TRANSFERABILITY AND
          RESALE UNDER THE SECURITIES ACT OF 1933, AS AMENDED.

       

      

      (c)         The Company shall use its reasonable best efforts
          to cause its transfer agent to remove the legend set forth above and to issue a certificate without such legend to the holder of the Shares or Warrant Shares upon which it is stamped, or to issue to such holder by electronic delivery at the
          applicable balance account at the Depository Trust Company, unless otherwise required by state securities or “blue sky” laws, (i) while such Shares or Warrant Shares are registered for resale under the 1933 Act, (ii) following any sale of such
          Shares or Warrant Shares pursuant to Rule 144 (assuming Investor is not an Affiliate of the Company), (iii) if such Shares or Warrant Shares are eligible for sale under Rule 144 without the requirement for the Company to be in compliance with the
          current public information required under Rule 144 as to such Shares and Warrant Shares and without volume or manner-of-sale restrictions or (iv) if such legend is not required under applicable requirements of the 1933 Act as provided in an
          opinion of counsel provided by such holder to the Company.

      

      

      (d)         The Company agrees that, following the Effective
          Date or at such time as such legend is not required pursuant to this Section 4.4, the Company shall, no later than two (2) Trading Days following the delivery by such
          Investor to the Company or the Company’s transfer agent of a certificate representing the Shares or Warrant Shares issued with a restrictive legend and such other information reasonably required by the Company to evidence such legend is not
          required pursuant to this Section 4.4 (such third Trading Day, the “Legend Removal
            Date”), deliver or cause to be delivered to such Investor a certificate representing such shares that is free from all restrictive and other legends.  The Company may not make any notation on its records or give instructions to the
          Company’s transfer agent that enlarge the restrictions on transfer set forth in this Section 4 unless agreed to by such Investor or if required by law.  Certificates
          for Shares or Warrant Shares subject to legend removal hereunder shall be transmitted by the Company’s transfer agent to such Investor by crediting the account of such Investor’s prime broker with the Depository Trust Company System, as directed
          by such Investor.

       

      

      
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      5.          Representations and Warranties of the Company.  Except as set forth in the disclosure schedules separately delivered to the Investors concurrently herewith (the “Disclosure Schedules”), which Disclosure Schedules are referenced below as “Schedules” and shall be deemed a part hereof
          and shall qualify the representations and warranties otherwise made herein, to the extent (i) of the disclosure contained in the corresponding section of the Disclosure Schedules or (ii) that it is reasonably apparent from the subject matter
          contained in the face of such disclosure that such disclosure should also qualify or apply to other representations and warranties, the Company hereby makes the following representations and warranties to each of the Investors:

      

      

      5.1         Subsidiaries, Organization, Good Standing and Qualification.

      

      

      (a)         Exhibit 21 to the 10-K sets forth a correct and
          complete list of all of the direct and indirect subsidiaries of the Company that are required to be disclosed on Exhibit 21 to a Form 10-K, and the Company’s ownership interest therein. Except as set forth on Schedule 5.1(a), the Company owns, directly or indirectly, its capital stock or other equity interests of each Subsidiary free and clear of all Liens, and, except as Previously Disclosed, all of
          the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

      

      

      (b)          The Company and each of the Subsidiaries is an
          entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation, organization or formation, with the requisite power and authority to own and use its properties and
          assets and to carry on its business as currently conducted.  Neither the Company nor any Subsidiary is in violation or default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or
          charter documents.

      

      

      (c)          Each of the Company and the Subsidiaries is duly
          qualified to transact business and is in good standing in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing,
          as the case may be, would not have or reasonably be expected to result in a Material Adverse Effect.  No Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power
          and authority or qualification.

       

      

      
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      (a)        5.2        Capitalization and Voting Rights.  The authorized capital of the Company as of the date hereof consists of (i) 50,000,000 shares of
          Common Stock, of which 29,299,912  shares of Common Stock were issued and outstanding as of March 7, 2019, and (ii) 20,000,000 shares of Preferred Stock, no par value per share
          (the “Preferred Stock”), of which 225 shares of Series G Preferred Stock are presently issued and outstanding.  No Person has any right of first refusal,
          preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.  Except as Previously Disclosed or as reflected on Schedule 5.2, there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or
          exchangeable for, or giving any Person any right to subscribe for or acquire any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or
          may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary.  The issuance and sale of the Securities will not (a) obligate the Company or any Subsidiary to issue shares of Common
          Stock or other securities to any Person (other than the Investors or to the Holders (as defined in the Warrants)), (b) result in a right of any holder of Company securities to adjust the exercise, conversion, exchange, redemption or reset price
          under any of such securities or (c) accelerate any exercise, conversion, exchange or redemption rights of any holder of Company securities.  Except as Previously Disclosed, there are no outstanding securities or instruments of the Company or any
          Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such
          Subsidiary.  The Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement.  All of the outstanding shares of capital stock of the Company are duly authorized, validly issued,
          fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase
          securities.  No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities.  Except as Previously Disclosed or as provided in Schedule 5.2, there are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of
          the Company, between or among any of the Company’s stockholders. So long as the Warrants remain outstanding, the Company shall take all action necessary to at all times have authorized, and reserved for the purpose of issuance, the maximum number
          of shares of Common Stock issuable upon exercise of the Warrants (without regard to any limitations on the exercise of the Warrants set forth therein).

       

      

      5.3        Authorization; Enforcement.  All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this Agreement, the Registration Rights
          Agreement and the performance of all obligations of the Company hereunder and thereunder, and the authorization, sale and issuance of the Securities have been taken on or prior to the date hereof and no further action is required by the Company,
          the Board of Directors or the Company’s stockholders in connection with the consummation of the transactions contemplated by the Transaction Documents.  This Agreement and each other Transaction Document to which it is a party has been (or upon
          delivery will have been) duly and validly authorized, executed and delivered by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the legal, valid and binding obligation of the Company enforceable
          against the Company in accordance with their respective terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of
          creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable
          law.

       

      

      
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      5.4        Valid Issuance.  The Securities are duly authorized and, when issued and paid for in accordance with this Agreement, will be duly and validly issued, fully paid and nonassessable, and free and clear of all Liens other
          than Liens created by such Investor and restrictions on transfer under this Agreement and under applicable state and federal securities laws.

       

      

      5.5        Offering.  Assuming the accuracy of each Investor’s representations and warranties set forth in Section 6 of this Agreement, the offer and
          issuance of the Securities as contemplated by this Agreement are exempt from the registration requirements of the Securities Act of 1933, as amended (the “1933 Act”),

          and the qualification or registration requirements of state securities laws or other applicable blue sky laws.  Neither the Company nor any authorized agent acting on its behalf will take any action hereafter that would cause the loss of such
          exemptions.  The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market.

       

      

      5.6         Public Reports.  The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the 1933 Act or 1934 Act, including without limitation as to its filings
          of Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K (such materials, including all exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “Public Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such Public Reports prior to the expiration of any
          such extension.  As of their respective dates, the Public Reports complied in all material respects with the requirements of the 1933 Act and 1934 Act, as applicable, and none of the Public Reports, when filed, contained any untrue statement of a
          material fact or omitted to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of circumstances under which they were made, not misleading.    The financial statements included
          within the Public Reports for the fiscal years ended December 31, 2017 and December 31, 2016 and for each quarterly period thereafter (the “Financial Statements”)

          have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis (“GAAP”) throughout the periods
          indicated and with each other, except that unaudited Financial Statements may not contain all footnotes required by GAAP.  The Financial Statements fairly present, in all material respects, the financial condition and operating results and cash
          flows of the Company and its consolidated Subsidiaries as of the dates, and for the periods, indicated therein, subject in the case of unaudited Financial Statements to normal year-end audit adjustments.

       

      

      5.7         Compliance With Laws.  Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in
          a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or
          instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree or order of any Governmental Authority or (iii) is or has
          been in violation of any statute, rule, ordinance or regulation of any Governmental Authority, including all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and
          safety and employment and labor matters except, in each case, as could not have or reasonably be expected to result in a Material Adverse Effect.

       

      

      
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      5.8        Violations.  The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation of the
          transactions contemplated hereby and thereby, do not and will not result in or constitute any of the following:  (a) a violation of any provision of the articles of incorporation, bylaws or other governing documents of the Company or any of its
          Subsidiaries; (b) subject to receipt of the Required Approvals, a violation of any provisions of any applicable law, rule, regulation, order, judgment, injunction or of any writ or decree of any court or governmental instrumentality; (c) a
          default or an event that, with notice or lapse of time or both, would be a default, breach, or violation of a lease, license, promissory note, conditional sales contract, commitment, indenture, mortgage, deed of trust, or other agreement,
          instrument, or arrangement to which the Company or any Subsidiary is a party or by which the Company, any Subsidiary or their respective assets or properties are bound; (d) an event that would permit any party to terminate any agreement or to
          accelerate the maturity of any indebtedness or other obligation of the Company or any Subsidiary; or (e) the creation or imposition of any lien, pledge, option, security agreement, equity, claim, charge, encumbrance or other restriction or
          limitation on the capital stock or on any of the properties or assets of the Company or any of its Subsidiaries; except in the case of each of clauses (c), (d) and (e), such as could not have or reasonably be expected to result in a Material
          Adverse Effect.

       

      

      5.9        Consents; Waivers.  Other than the Required Filings, no consent, waiver, approval or authority of any nature, or other formal action, by any Person, not already obtained, is required, and, except for the filings
          contemplated by Section 7.4, the Company is not required to give any notice to, or make any filing or registration with, any Person, in each case, in connection with
          the execution, delivery and performance of the Transaction Documents by the Company or the consummation by the Company of the transactions provided for therein, other than (i) the filings required pursuant to Section 4.3 of this Agreement, (ii) the filing with the Commission pursuant to the Registration Rights Agreement, (iii) the notice and/or applications(s) to each applicable Trading Market for the
          issuance and sale of the Securities and the listing of the Shares for trading thereon, and (iv) the filing of a Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the “Required Approvals”).

       

      

      5.10       Acknowledgment Regarding Investor’s Purchase of Securities.  The Company acknowledges that no Investor is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the
          Transaction Documents and the transactions contemplated hereby and thereby, and any advice given by an Investor or any of its representatives or agents in connection with the Transaction Documents and the transactions contemplated hereby and
          thereby is merely incidental to such Investor’s purchase of the Securities.  The Company further represents to each Investor that the Company’s decision to enter into the Transaction Documents has been based solely on the independent evaluation
          of the transactions contemplated hereby and thereby by the Company and its representatives.

       

      

      
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      5.11       Sarbanes-Oxley Act. The Company is in material compliance with any and all applicable requirements of the Sarbanes-Oxley Act of 2002, as amended, that are effective as of the date hereof, and any and all applicable
          rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof.  The Company maintains a system of internal accounting controls sufficient to provide reasonable assurance 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 asset accountability, (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 the existing assets at reasonable intervals and appropriate action is taken with respect
          to any differences.  The Company and the Subsidiaries have established disclosure controls and procedures (as defined in 1934 Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and
          procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the 1934 Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and
          forms.  The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the 1934
          Act (such date, the “Evaluation Date”).  The Company presented in its most recently filed periodic report under the 1934 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.  Since the Evaluation Date, there have been no changes in the internal control over financial reporting
          (as such term is defined in the 1934 Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

       

      

      5.12      Absence of Litigation.  Except as Previously Disclosed, there is no Proceeding pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective assets or
          properties before or by any court, arbitrator, governmental or administrative agency, regulatory authority, self-regulatory organization or body which (a) adversely affects or challenges the legality, validity or enforceability of any of the
          Transaction Documents or the Securities or (b) could, if there were an unfavorable decision, reasonably be expected to result in a Material Adverse Effect.  Except as set forth on Schedule

              5.12, 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 Proceeding involving a claim of violation of or liability under federal or state
          securities laws or a claim of breach of fiduciary duty.  Except as set forth on Schedule 5.12 or as Previously Disclosed, there has not been, and to the knowledge of
          the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company (in his or her capacity as such).  The Commission 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 1934 Act or the 1933 Act.

       

      

      
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      5.13       Material Changes; Undisclosed Events, Liabilities or Developments.  Since the date of the latest audited financial statements included within the Public Reports, except as disclosed in a subsequent Public Report filed
          prior to the date hereof: (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the Company and the Subsidiaries have not incurred any material
          liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial
          statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its
          stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) neither the Company nor any Subsidiary has issued any equity securities to any officer, director or Affiliate, except
          pursuant to and in accordance with existing Company stock option plans.  The Company does not have pending before the Commission any request for confidential treatment of information.  Except for the transactions contemplated by this Agreement
          and the Registration Rights Agreement or as set forth in Schedule 5.13, no event, liability, fact, circumstance, occurrence or development has occurred or exists or is
          reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, properties, operations, assets or financial condition, that would be required to be disclosed by the Company under applicable
          securities laws at the time this representation is made or deemed made that has not been publicly disclosed prior to the date that this representation is made.

       

      

      5.14      Intellectual Property.  The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions,
          copyrights, licenses and other intellectual property rights and similar rights as Previously Disclosed as necessary or required for use in connection with their respective businesses and which the failure to so have could have a Material Adverse
          Effect (collectively, the “Intellectual Property Rights”).  None of, and neither the Company nor any Subsidiary has received a written notice that any of,
          the Intellectual Property Rights that are material to the Company and the Subsidiaries have expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement. 
          Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the Public Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights
          violate or infringe upon the rights of any Person, except as could not have or could not reasonably be expected to have a Material Adverse Effect.  To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there
          is no existing infringement by another Person of any of the Intellectual Property Rights.  The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual
          property rights, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

       

      

      
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      5.15       Registration Rights.  Except as set forth on Schedule 5.15 and other than the Investors, no person has any right to cause the Company to
          effect the registration under the 1933 Act of any securities of the Company or any Subsidiary.

       

      

      5.16      Disclosure.  All of the written materials furnished by or on behalf of the Company to the Investors regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby,
          including the Disclosure Schedules to this Agreement, taken as a whole, are true and correct and do not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in
          light of the circumstances under which they were made, not misleading.  The press releases disseminated by the Company during the twelve months preceding the date of this Agreement do not contain any untrue statement of a material fact or omit to
          state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made and when made, not misleading.  The Company acknowledges and agrees that no
          Investor makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in the Transaction Documents.

       

      

      5.17       No Integrated Offering. Assuming the accuracy of each Investor’s representations and warranties set forth in Section 6, neither the
          Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering
          of the Securities to be integrated with prior offerings by the Company for purposes of (i) the 1933 Act which would require the registration of any such securities under the 1933 Act, or (ii) any applicable shareholder approval provisions of any
          Trading Market on which any of the securities of the Company are listed or designated.

       

      

      5.18      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 currently planned 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.  Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.  For purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $100,000 (other than trade accounts payable incurred in the ordinary
          course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness for borrowed money of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the
          notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $100,000 due under
          leases required to be capitalized in accordance with GAAP.

       

      

      
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      5.19       Regulation M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of
          the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any
          Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Company’s placement agent in connection with the placement of the
          Securities.

      

      

      5.20       Title to Assets.  The Company and the Subsidiaries owns, licenses or leases all such assets and properties as are necessary to the conduct of their business as presently operated and as proposed to be operated. The
          Company and the Subsidiaries have good and marketable title in fee simple to all real property and good and marketable title to all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case
          free and clear of all Liens except for (i) Liens that do not materially affect the value of such property and do not materially interfere with the use made and proposed be made of such property by the Company and the Subsidiaries and (ii) Liens
          for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and the payment of which is neither delinquent nor subject to penalties.  Any real property, buildings or facilities
          held under lease or sublease by the Company or the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company or the Subsidiaries, as applicable, are in compliance. Neither the Company nor any Subsidiary
          has received any notice of any unresolved claim adverse to its ownership of any real or personal property or of any unresolved claim against the continued possession of any real property, whether owned or held under lease or sublease by the
          Company or any Subsidiary.

      

      

      5.21       Taxes.  Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries have, in each case, made or filed
          all federal, state, foreign, local and other tax returns that are required to be made or filed by it and has paid or made provision for the payment of all taxes and other governmental assessments and charges that are material in amount.  There
          are no unpaid taxes in any material amount claimed to be due by the taxing authorities of any jurisdiction.

      

      

      5.22       Employee Relations.  No labor dispute with the employees of the Company currently exists or, to the Company’s knowledge, is likely to occur, which could reasonably be expected to be material to the Company and the
          Subsidiaries. None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a
          collective bargaining agreement, and the Company and its Subsidiaries believe that their relationships with their employees are good.  To the knowledge of the Company, no executive officer of the Company or any Subsidiary, is, or is now expected
          to be, in violation of any material term of any employment contract, confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any
          third party, and to the Company’s knowledge, the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters.  The Company and its
          Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in
          compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

      

      

      
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      5.23        Foreign Corrupt Practices; Money Laundering; OFAC.

      

      

      (a)        Neither the Company nor any Subsidiary, nor any
          director, officer, or employee thereof, nor any agent or other Person acting on behalf of the Company has: (i) directly or indirectly, used any funds for any unlawful contribution, gift, entertainment or other unlawful expenses relating to
          foreign or domestic political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official, agent, representative or employee or to any foreign or domestic political parties or campaigns; (iii)
          violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977, as amended or any analogous or similar rule, law, regulation of any non-U.S. jurisdiction; (iv) made any unlawful bribe, rebate, payoff, influence
          payment, kickback or other unlawful payment to any foreign or domestic government official, agent, representative or employee or (v) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on
          its behalf) which is in violation of law.

      

      

      (b)        The operations of the Company and its Subsidiaries
          are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements and money laundering statutes of the United States (including the Currency and Foreign Transactions Reporting Act of 1970,
          as amended) and all other jurisdictions to which the Company is subject, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any applicable Governmental Authority
          (collectively, the “Money Laundering Laws”) and no Proceeding involving the Company with respect to the Money Laundering Laws is pending or, to the best
          knowledge of the Company or any Subsidiary, threatened.

      

      

      (c)        Neither the Company nor any Subsidiary nor, to the
          Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary nor any customer, supplier or other third-party with whom the Company or any Subsidiary has business relations with, is currently subject to
          any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department.

      

      

      
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      5.24       Environmental Laws.  The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient
          air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes
          (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage,
          disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued,
          entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under
          applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be
          reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

      

      

      5.25       Regulatory Permits.  The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their
          respective businesses as Previously Disclosed, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

      

      

      5.26      Insurance.  The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the
          Company and the Subsidiaries are engaged, including, except to the extent otherwise provided in Schedule 5.26, directors and officers insurance coverage at least equal
          to the aggregate total Purchase Price for all Investors.  Neither the Company nor any Subsidiary has any 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 without a significant increase in cost.

      

      

      5.27       Transactions With Affiliates and Employees.  Except as Previously Disclosed or as set forth on Schedule 5.27, none of the officers or
          directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as
          employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from
          or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an
          officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for: (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company in
          the ordinary course of business and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.  The Company shall take all action necessary to at all times have authorized, and reserved for the
          purpose of issuance, the maximum number of shares of Common Stock issuable upon exercise of any stock options issued under any stock option plan of the Company.

      

      

      
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      5.28       Certain Fees.  Except as set forth on Schedule 5.28, no brokerage or finder’s fees or commissions are or will be payable by the Company or
          any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents.  No Investor shall have any obligation
          with respect to any fees or with respect to any claims (other than such fees or commissions owed by an Investor pursuant to agreements entered into by such Investor, which fees or commission shall be the sole responsibility of the Investor) made
          by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents due to an arrangement or agreement made by the Company.

      

      

      5.29      Investment Company.  The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the
          Investment Company Act of 1940, as amended.  The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.

      

      

      5.30       Listing and Maintenance Requirements.  The Common Stock is registered pursuant to Section 12(b) or 12(g) of the 1934 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 1934 Act nor has the Company received any notification that the Commission is contemplating terminating such registration.  Except as Previously Disclosed, 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.

      

      

      5.31       Application of Takeover Protections; Rule 16b-3.  The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination,
          poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s articles of incorporation (or similar charter documents) or the laws of its state of incorporation that is or could
          become applicable to the Investors as a result of the Investors and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including as a result of the Company’s issuance of the Securities and the
          Purchasers’ ownership of the Securities and (b) in order to cause the sale of the Securities hereunder to be exempt from the short swing profit disgorgement provisions of Section 16(b) of the 1934 Act for any director (including any person who
          may be considered a “director by deputization”) who may have a direct or indirect pecuniary interest in the Securities.

      

      

      
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      5.32      No General Solicitation.  Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising.  The Company has offered
          the Securities for sale only to the Investors and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

      

      

      5.33       No Disagreements with Accountants and Lawyers.  To the knowledge of the Company, there are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and
          the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform any of its obligations under any
          of the Transaction Documents.

      

      

      5.34      FDA.  There is no pending, completed or, to the Company’s knowledge, threatened, Proceeding (including any lawsuit, arbitration, or legal or administrative or regulatory proceeding, charge, complaint, or investigation)
          against the Company or any of its Subsidiaries, and none of the Company or any of its Subsidiaries has received any notice, warning letter or other communication from the U.S. Food and Drug Administration (“FDA”) or any other Governmental Authority, which (i) contests the premarket clearance, licensure, registration, or approval of, the uses of, the distribution of, the manufacturing or
          packaging of, the testing of, the sale of, or the labeling and promotion of any Pharmaceutical Product, (ii) withdraws its approval of, requests the recall, suspension, or seizure of, or withdraws or orders the withdrawal of advertising or sales
          promotional materials relating to, any Pharmaceutical Product, (iii) imposes a clinical hold on any clinical investigation by the Company or any of its Subsidiaries, (iv) enjoins production at any facility of the Company or any of its
          Subsidiaries, (v) enters or proposes to enter into a consent decree of permanent injunction with the Company or any of its Subsidiaries, or (vi) otherwise alleges any violation of any laws, rules or regulations by the Company or any of its
          Subsidiaries, and which, either individually or in the aggregate, would have a Material Adverse Effect.  The Company has not been informed by the FDA that the FDA will prohibit the marketing, sale, license or use in the United States of any
          product proposed to be developed, produced or marketed by the Company nor has the FDA expressed any material concern as to approving or clearing for marketing any product being developed or proposed to be developed by the Company.

      

      

      5.35       Form S-3 Eligibility.  The Company is eligible to register the resale of the Securities for resale by the Investors on Form S-3 promulgated under the 1933 Act.

      

      

      5.36       Stock Option Plans.  Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at
          least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law.  No stock option granted under the Company’s stock option plan has been backdated.  The Company has
          not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material
          information regarding the Company or its Subsidiaries or their financial results or prospects.

       

      

      
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      6.           Representations and Warranties of each Investor.  Each Investor hereby represents, warrants and covenants, severally and not jointly, that:

       

      

      6.1         Organization; Authorization.  Such Investor is validly existing and in good standing under the laws of the State of its formation.  Such Investor has full power and authority to enter into this Agreement, to perform
          its obligations hereunder and to consummate the transactions contemplated hereby and has taken all action necessary to authorize the execution and delivery of this Agreement and the Registration Rights Agreement, the performance of its
          obligations hereunder and thereunder and the consummation of the transactions contemplated hereby and thereby.

      

      

      6.2        No Public Sale or Distribution. Such Investor is acquiring the Securities for its own account, not as a nominee or agent, and not with a view towards, or for resale in connection with, the public sale or distribution
          of any part thereof, except pursuant to sales registered or exempted under the 1933 Act.  Such Investor is acquiring the Securities hereunder in the ordinary course of its business.  Such Investor does not presently have any contract, agreement,
          undertaking, arrangement or understanding, directly or indirectly, with any individual, a limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a Governmental Authority including any
          department or agency thereof (each, a “Person”) to sell, transfer, pledge, assign or otherwise distribute any of the Securities (this representation and
          warranty shall not limit in any way such Investor’s right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws and the terms of the Transaction Documents).

       

      

      6.3        Accredited Investor Status; Investment Experience. Such Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.  Such Investor can bear the economic risk of its investment in the
          Securities, and has such knowledge and experience in financial and business matters that it is capable of evaluating the merits and risks of an investment in the Securities.

       

      

      6.4         Reliance on Exemptions.  Such Investor understands that the Securities are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state
          securities laws and that the Company is relying in part upon the truth and accuracy of, and such Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Investor set forth herein in
          order to determine the availability of such exemptions and the eligibility of such Investor to acquire the Securities.

       

      

      
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      6.5         Information.  Such Investor and its advisors, if any, have had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the Public Reports.  Such Investor and its
          advisors, if any, have been afforded the opportunity to ask questions of the Company.  Neither such inquiries nor any other due diligence investigations conducted by such Investor or its advisors, if any, or its representatives shall modify,
          amend or affect such Investor’s right to rely on the Company’s representations and warranties contained herein.  Such Investor understands that its investment in the Securities involves a high degree of risk.  Such Investor has sought such
          accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to its acquisition of the Securities.  Such Investor is relying solely on its own accounting, legal and tax advisors, and not on
          any statements of the Company or any of its agents or representatives, for such accounting, legal and tax advice with respect to its acquisition of the Securities and the transactions contemplated by this Agreement.

       

      

      6.6         No Governmental Review. Such Investor understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Securities
          or the fairness or suitability of the investment in the Securities nor have such authorities passed upon or endorsed the merits of the offering of the Securities.

       

      

      6.7         Validity; Enforcement; No Conflicts. This Agreement and each other Transaction Document to which such Investor is a party have been duly and validly authorized, executed and delivered on behalf of such Investor and,
          when delivered by the other applicable Parties in accordance with the terms hereof and thereof, shall constitute the legal, valid and binding obligations of such Investor enforceable against such Investor in accordance with their respective
          terms, except: (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws
          relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.  The execution, delivery and performance by
          such Investor of this Agreement and each Transaction Document to which such Investor is a party and the consummation by such Investor of the transactions contemplated hereby and thereby will not (a) result in a violation of the organizational
          documents of such Investor, as applicable, or (b) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration
          or cancellation of, any agreement, indenture or instrument to which such Investor is a party, or (c) result in a violation of any law, rule, regulation, order, judgment or decree (including federal and state securities or “blue sky” laws)
          applicable to such Investor, except in the case of clause (b) above, for such conflicts, defaults or rights which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of such
          Investor to perform its obligations hereunder.

      

      

      
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      6.8         Certain Transactions and Confidentiality.  Other than consummating the transactions contemplated hereunder, such Investor has not, nor has any Person acting on behalf of or pursuant to any understanding with such
          Investor, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Investor first received a term sheet (written or oral) from the
          Company or any other Person authorized to represent the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the public announcement of the transactions contemplated hereby as
          provided in Section 4.3 hereof.  Notwithstanding the foregoing, in the case of an Investor that is a multi-managed investment vehicle whereby separate portfolio
          managers manage separate portions of such Investor’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Investor’s assets, the representation set
          forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.  Other than to other Persons party to this Agreement or to
          such Investor’s representatives that are bound by confidentiality obligations, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Investor has maintained the
          confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).  Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a
          representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

       

      

      7.           Other Agreements of the Parties.

      

      

      7.1        Public Information.  Until the earliest of the time that each Investor no longer owns any Securities, the Company covenants to such Investor to maintain the registration of the Common Stock under Section 12(b) or
          12(g) of the 1934 Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the 1934 Act even if the Company is
          not then subject to the reporting requirements of the 1934 Act.

      

      

      7.2         Integration.  The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the 1933 Act) that would be integrated with the offer or
          sale of the Securities in a manner that would require the registration under the 1933 Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading
          Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

      

      

      7.3         Shareholder Rights Plan.  No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that an Investor is an “Acquiring Person” under any control share acquisition, business
          combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that such Investor could be deemed to trigger the provisions of any such
          plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and such Investor.

      

      

      
        20

        
          

      

      7.4         Form D; Blue Sky Filings.  The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof, promptly upon request of any Investor.  The Company
          shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Investors at the Closing under applicable securities or “Blue Sky” laws of the states
          of the United States, and shall provide evidence of such actions promptly upon request of any Investor.

      

      

      7.5         Use of Proceeds.  Each Investor acknowledges that the Company will use the proceeds received from the purchase of the Securities for general working capital purposes.

      

      

      8.           Indemnification.  Subject to the provisions of this Section 8, the Company will indemnify and hold each Investor, its Affiliates and each
          of their respective officers, directors, agents, members, managers, control persons, shareholders, partners and employees and agents (each, an “Investor Indemnified
            Party”) harmless from and against 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 Investor Indemnified Party may suffer or incur as a result of or relating to (i) any breach of any of the representations or warranties made by the Company in this Agreement or in the other Transaction
          Documents, (ii) any breach of any of the covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (iii) any Proceeding instituted against the Investor Indemnified 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 Investor Indemnified Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such Proceeding is based
          upon a breach of such Investor’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Investor may have with any such stockholder , or any knowing violations by such Investor of state
          or federal securities laws or any conduct by such Investor which constitutes gross negligence, willful misconduct or malfeasance).  If any Proceeding shall be brought against any Investor Indemnified Party in respect of which indemnity may be
          sought pursuant to this Agreement, such Investor Indemnified 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
          Investor Indemnified Party.  Any Investor Indemnified Party shall have the right to employ separate counsel in any such Proceeding and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such
          Investor Indemnified Party except to the extent that (a) the employment thereof has been specifically authorized by the Company in writing, (b) the Company has failed after a reasonable period of time to assume such defense and to employ counsel
          or (c) in such Proceeding there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue between the position of the Company and the position of such Investor Indemnified 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 Investor Indemnified Party under this Agreement (y) for any settlement by an Investor Indemnified 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 Investor Indemnified Party’s
          breach of any of the representations, warranties, covenants or agreements made by such Investor in this Agreement or in the other Transaction Documents. The indemnification required by this Section 8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, within thirty days of when bills relating to indemnifiable amounts are received by the Company.  The
          indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Investor Indemnified Party against the Company or others and any liabilities the Company may be subject to pursuant to law.  Notwithstanding
          anything herein to the contrary, in no event shall the Company be liable to any Investor and its other Investor Indemnified Parties pursuant to Section 8(i) above for
          more than the total Purchase Price paid by such Investor.

      

      

      
        21

        
          

      

      9.           Miscellaneous

       

      

      9.1         Successors and Assigns.  Except as specifically provided otherwise herein, the terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and assigns of the
          parties (including transferees of the Securities).  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of the Investors purchasing Securities representing a majority of the aggregate
          Purchase Price hereunder (other than by merger).  Any Investor may assign any or all rights under this Agreement and the Registration Rights Agreement to any Person to whom such Investor assigns or transfers any Securities, provided, that, such
          transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to such Investor.

      

      

      9.2        No Third-Party Beneficiaries.  Except as otherwise set forth in Section 8 and this Section 9.2, nothing in this Agreement is intended to confer upon any party, other than the Parties or their respective successors and permitted assigns, any rights, remedies, obligations or liabilities under or by reason
          of this Agreement.

      

      

      9.3        Governing Law; Jurisdiction; Jury Trial. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by and construed and enforced in accordance with the
          internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any
          jurisdictions other than the State of New York.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute
          hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the
          jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper.  Each Party hereby irrevocably waives personal service of process and
          consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service
          of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law.  EACH PARTY
            KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR
            ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

       

      

      
        22

        
          

      

      9.4         Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

       

      

      9.5         Notices.  All notices required or permitted hereunder shall be in writing and shall be deemed effectively given:  (a) upon personal delivery to the party to be notified, (b) when sent by confirmed facsimile if sent
          during normal business hours of the recipient; if not, then on the next Business Day, (c) five (5) Business Days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit
          with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt.  All communications shall be sent to (a) in the case of the Company to RiceBran Technologies, 1330 Lake Robbins Drive, Suite 250,
          The Woodlands, Texas 77380, with a copy (which shall not constitute notice) to Weintraub Tobin Chediak Coleman Grodin, 400 Capitol Mall,  11th Floor, Sacramento,
          California, Attention: Christopher V. Chediak, Esq.; Fax#: (916) 446-1611 or (b) in the case of an Investor, to the address as set forth on the signature page of such Investor attached hereto or at such other address as such party may designate
          by ten (10) days advance written notice to the other parties hereto.

       

      

      9.6        Amendments and Waivers.  No provision of this Agreement may be amended or waived other than by an instrument in writing signed by the Company and the Investor(s) to be bound by such amendment or against whom
          enforcement of any such waiver is sought.

       

      

      9.7         Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions,
          covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the Parties shall use their commercially reasonable efforts to find and employ an alternative means to
          achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction.  It is hereby stipulated and declared to be the intention of the Parties that they would have executed the remaining terms,
          provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

       

      

      9.8         Entire Agreement.  This Agreement and the other Transaction Documents together with the exhibits and schedules thereto, constitute the entire agreement among the Parties with respect to the subject matter hereof and
          thereof and supersede all prior agreements and understandings, oral or written, with respect to the such matters, and no party shall be liable or bound to any other party in any manner by any warranties, representations or covenants except as
          specifically set forth herein or therein; provided, however, that, for the avoidance of
          doubt, except for the Amendment to Registration Rights Agreement by and between Continental Grain Company, a Delaware corporation (“Continental”), and the
          Company dated the same date herewith, nothing herein or in any of the other Transaction Documents shall amend or supersede the Common Stock Purchase Agreement, dated as of September 13, 2017, by and between the Company and Continental or the
          rights and obligations thereunder of the parties thereto.

       

      

      
        23

        
          

      

      9.9         Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.  In the event that any
          signature is delivered by facsimile transmission or by email delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the Party executing (or on whose behalf such signature is executed) with the same
          force and effect as if such facsimile or “.pdf” signature page were an original thereof.

       

      

      9.10       Interpretation.  Unless the context of this Agreement clearly requires otherwise, (a) references to the plural include the singular, the singular the plural, the part the whole, (b) references to any gender include
          all genders, (c) “including” has the inclusive meaning frequently identified with the phrase “but not limited to,” (d) references to “hereunder” or “herein” relate to this Agreement and (e) “or” is used in the inclusive sense of “and/or”.

       

      

      9.11       Remedies.  In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each Investor and the Company will be entitled to specific performance under the
          Transaction Documents.  The Parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in
          any action for specific performance of any such obligation the defense that a remedy at law would be adequate.

       

      

      9.12       Fees and Expenses.  Except as expressly set forth in the Transaction Documents to the contrary, each Party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other
          expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.  The Company shall pay all transfer agent fees (including, without limitation, any fees required for same-day
          processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to an Investor.

      

      

      9.13       Survival.  The representations, warranties, covenants and agreements contained herein shall survive the Closing and the delivery of the Securities.

      

      

      9.14       Replacement of Securities.  If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon
          cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction.  The
          applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

      

      

      
        24

        
          

      

      9.15       Liquidated Damages.  The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all
          unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to which such partial liquidated damages or other amounts are due and payable shall have been canceled.

      

      

      9.16       Saturdays, Sundays, Holidays, etc.  If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or
          such right may be exercised on the next succeeding Business Day.

      

      

      9.17       Construction.  The parties agree that each of them or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect
          that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto.

      

      

      9.18       Independent Nature of Investors’ Obligations and Rights.  The obligations of each Investor under the Transaction Documents are several and not joint with the obligations of any other Investor, and no Investor shall be
          responsible in any way for the performance or non-performance of the obligations of any other Investor under any of the Transaction Documents.  Nothing contained herein or in any other Transaction Document, and no action taken by any Investor
          pursuant hereto or thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with
          respect to such obligations or the transactions contemplated by the Transaction Documents.  Each Investor shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising out of this Agreement
          or out of the other Transaction Documents, and it shall not be necessary for any other Investor to be joined as an additional party in any proceeding for such purpose.  Each Investor has been represented by its own separate legal counsel in its
          review and negotiation of the Transaction Documents.

       

      

      10.          Additional Defined Terms.  In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings set forth in this Section 10:

       

      

      “1934 Act” means the Securities Exchange Act
          of 1934, as amended, and the rules and regulations promulgated thereunder.

       

      

      “Affiliate” means any Person that, directly
          or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person.  Notwithstanding anything to the contrary in this Agreement, the Company and its Affiliates (other than the Investors and
          their Affiliates) shall not be deemed to be Affiliates of any Investor or any of its respective Affiliates.

      

      

      
        25

        
          

      

      “Board of Directors” means the board of
          directors of the Company.

      

      

      “Business Day” means any day except any
          Saturday, Sunday or other day on which commercial banks in the State of New York are authorized or required by law or other governmental action to close.

      

      

      “Commission” means the United States
          Securities and Exchange Commission.

       

      

      “Common Stock Equivalents” means any
          securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time
          convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

       

      

      “Effective Date” means the earliest of the
          date that (i) the initial Registration Statement has been declared effective by the Commission, (ii) all of the Registrable Securities have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company
          to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions or (iii) following the one year anniversary of the Closing Date provided that a holder of Registrable Securities is
          not an Affiliate of the Company, all of the Registrable Securities may be sold pursuant to an exemption from registration under Section 4(a)(1) of the 1933 Act without volume or manner-of-sale restrictions.

      

      

      “Fundamental Representations” means Sections 5.1 (Organization, Good Standing and Qualification), 5.2 (Capitalization and Voting Rights), 5.3 (Authorization, Enforcement), 5.4 (Valid Issuance), 5.5 (Offering), 5.8 (Violations), 5.9 (Consents, Waivers), 5.28 (Certain Fees) and 5.36 (Form S-3 Eligibility).

      

      

      “Liens” means a lien, charge, pledge,
          security interest, encumbrance, right of first refusal, preemptive right or other restriction.

       

      

      “Material Adverse Effect” means (i) a
          material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, or condition (financial or otherwise) of the Company and the
          Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document; provided, however, that changes in the trading price
          of the Common Stock shall not, in and of itself, constitute a Material Adverse Effect under clause (ii) hereof.

       

      

      “Previously Disclosed” means information
          publicly disclosed by the Company in its Annual Report on Form 10-K for the fiscal year ended December 31, 2017 (the “10-K”), and all other reports filed by
          the Company pursuant to the 1934 Act since the filing of the 10-K and prior to the date hereof (excluding any risk factor disclosures contained in any such documents and any disclosure of risks included in any “forward-looking statements”
          disclaimer or other statements that are similarly non-specific and are predictive or forward-looking in nature).

      

      

      
        26

        
          

      

      “Proceeding” means an action, claim, suit,
          investigation, notice of violation, or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition).

      

      

      “Registrable Securities” shall have the
          meaning set forth in the Registration Rights Agreement.

      

      

      “Registration Statement” shall have the
          meaning set forth in the Registration Rights Agreement.

       

      

      “Rule 144” means Rule 144 as promulgated by
          the Commission under the 1933 Act, as such Rule may be amended from time to time, or any similar successor rule that may be promulgated by the Commission.

      

      

      “Subsidiary” means any subsidiary of the
          Company as set forth on Exhibit 21 to the 10-K and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

      

      

      “Trading Day” means any day on which the
          Common Stock is traded on the principal securities exchange or securities market on which the Common Stock is then traded, provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to trade on such exchange or
          market for less than 4.5 hours or any day that the Common Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does not designate in advance the closing time of trading on such
          exchange or market, then during the hour ending at 4:00:00 p.m., New York time) unless such day is otherwise designated as a Trading Day in writing by the Investor.

       

      

      “Trading Market” means any of the following
          markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE MKT, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, the New York Stock Exchange, the OTCQB
          Marketplace or the OTC Bulletin Board (or any successors to any of the foregoing).

      

      

      “Transaction Documents” means this Agreement,
          the Registration Rights Agreement and any other document, instrument, certificate or agreement entered into or delivered pursuant to this Agreement or the Registration Rights Agreement.

      

      

      [SIGNATURES ON THE FOLLOWING PAGE]

      

      

      
        27

        
          

      

      IN WITNESS WHEREOF, the parties have caused this
          Agreement to be duly executed and delivered as of the date provided above.

      

      

      	 	
              THE COMPANY:

            	 
	 	 	 
	 	
              RICEBRAN TECHNOLOGIES

            	 
	 	 	 	 
	 	
              By:

            	 	 
	 	 	
              Name: Brent Rystrom

            	 
	 	 	
              Title:  Chief Executive Officer

            	 

      

      

      
        28

        
          

      

      [INVESTOR SIGNATURE PAGES TO RICEBRAN TECHNOLOGIES SECURITIES PURCHASE AGREEMENT]

      

      

      IN WITNESS WHEREOF, the undersigned have
          caused this Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

       

        

       
        	Name of Investor:  

                	
                 

              	 

      

       

        	
                Signature of Authorized Signatory of Investor:  

                  

              	
                 

              	 

         
         

        

        	
                Name of Authorized Signatory:  

                  

              	
                 

              

         

    

    

      
      	
              Title of Authorized Signatory:  

                

            	
               

            

       

    

      
      	
              Email Address of Authorized Signatory:  

                

            	
               

            

    

     

       
      	
              Facsimile Number of Authorized Signatory:  

                

            	
               

            

       

        

      Address for Notice to Investor:

      

      

      Address for Delivery of Securities to Investor (if not same as address for notice):

      

      

      
        	
                Purchase Price: $

              	
                 

              	 

      

      

      

      
        	Shares:  

                	
                 

              	 

      

      

      

      
        	Warrants:  

                	
                 

              	 

      

       

        

       
        	
                EIN Number:  

                  

              	
                 

              	 

      

      

        

      [SIGNATURE PAGES CONTINUE]

      

      

      
        29

        
          

      

      EXHIBIT A

      REGISTRATION RIGHTS AGREEMENT

      

      

      
        30

        
          

      

      EXHIBIT B

      WARRANT

      

      

      

      

    

     31Exhibit 10.2

    

     

    

    
      PRE-FUNDED WARRANT

       

      THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED OR THE SECURITIES
          LAWS OF ANY STATE OF THE UNITED STATES. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER APPLICABLE SECURITIES LAWS OR
          UNLESS OFFERED, SOLD, PLEDGED, HYPOTHECATED OR TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS. THE COMPANY SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH
          REGISTRATION IS NOT REQUIRED TO THE EXTENT THAT AN OPINION IS REQUIRED PURSUANT TO THE AGREEMENT UNDER WHICH THE SECURITIES WERE ISSUED.

       

      RICEBRAN TECHNOLOGIES

       

      PRE-FUNDED WARRANT TO PURCHASE COMMON STOCK

       

      

      Void After March 8, 2029

       

      THIS CERTIFIES THAT, for value received,
          Continental Grain Company, a Delaware corporation, or its permitted assigns (the “Holder”), is entitled to subscribe for and purchase at the Exercise Price
          (defined below) from RiceBran Technologies, a California corporation (the “Company”), up to 1,003,344 shares of the common stock, no par value, of the
          Company (the “Common Stock”), subject to adjustment as provided herein. This Warrant is being issued pursuant to the terms of the Securities Purchase
          Agreement, dated March 8, 2019, by and among the Company, the original Holder and the other parties named therein (the “Purchase Agreement”). Capitalized
          terms not otherwise defined herein shall have the respective meanings ascribed to such terms in the Purchase Agreement.

       

      1. DEFINITIONS. As used herein, the following terms shall have the following respective meanings:

       

      (a) “Exercise Period” shall mean the
          period commencing March 8, 2019 and ending March 8, 2029, unless sooner terminated as provided below.

       

      (b) “Exercise Price” shall mean $0.01 per
          share, subject to adjustment pursuant to Section 5 below.

       

      (c) “Exercise Shares” shall mean the
          shares of Common Stock issued upon exercise of this Warrant, subject to adjustment pursuant to the terms herein, including but not limited to adjustment pursuant to Section 5 below.

       

        

      
        
          

      

      
      (d) “Fundamental Transaction” shall mean
          (i) that the Company shall, directly or indirectly, including through subsidiaries, affiliates or otherwise, in one or more related transactions, (A) consolidate or merge with or into (whether or not the Company is the surviving corporation)
          another Subject Entity, or (B) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the Company and its subsidiaries to a Subject Entity, or (C) make, or allow a Subject Entity to make, or
          allow the Company to be subject to or have its shares of Common Stock be subject to such Subject Entity making, a purchase, tender or exchange offer that is accepted by the holders of at least either (1) 50% of the outstanding shares of Common
          Stock, (2) 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by such Subject Entity making or party to such purchase, tender or exchange offer were not outstanding; or (3) such number of shares of
          Common Stock such that such Subject Entity making or party to such purchase, tender or exchange offer, becomes the beneficial owner (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the outstanding shares of Common Stock, or (D)
          consummate a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with a Subject Entity whereby such Subject Entity acquires, directly or
          indirectly, either (1) at least 50% of the outstanding shares of Common Stock, (2) at least 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by such Subject Entity making or party to such stock
          purchase agreement or other business combination were not outstanding; or (3) such number of shares of Common Stock such that the Subject Entity becomes the beneficial owner (as defined in Rule 13d-3 under the 1934 Act) of at least 50% of the
          outstanding shares of Common Stock, or (E) reorganize, recapitalize or reclassify its shares of Common Stock, (ii) that the Company shall, directly or indirectly, including through subsidiaries, affiliates or otherwise, in one or more related
          transactions, allow any Subject Entity to become the “beneficial owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, whether through acquisition, purchase, assignment, conveyance, tender, tender offer, exchange,
          reduction in outstanding shares of Common Stock, merger, consolidation, business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification or otherwise in any manner
          whatsoever, of either (1) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of Common Stock, (2) at least 50% of the aggregate ordinary voting power represented by issued and outstanding shares of
          Common Stock not held such Subject Entities as of the Subscription Date calculated as if any shares of Common Stock held by such Subject Entity were not outstanding, or (3) a percentage of the aggregate ordinary voting power represented by issued
          and outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entity to effect a statutory short form merger or other transaction requiring other stockholders of the Company to surrender their
          Common Stock without approval of the stockholders of the Company or (iii) directly or indirectly, including through subsidiaries, affiliates or otherwise, in one or more related transactions, the issuance of or the entering into any other
          instrument or transaction structured in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed and implemented in a manner otherwise than in strict conformity with the terms of
          this definition to the extent necessary to correct this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument or transaction.

       

      (e) “Group” means a “group” as that term
          is used in Section 13(d) of the 1934 Act and as defined in Rule 13d-5 thereunder.

       

        

      
        2

        
          

      

      (f) “Person” means an individual, a
          limited liability company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and a government or any department or agency thereof.

       

      (g) “Subject Entity” means any Person,
          Persons or Group or any affiliate or associate of any such Person, Persons or Group.

       

      (h) “Successor Entity” means one or more Person or Persons (or, if so elected by the Holder, the Company or its parent entity) formed by, resulting from or surviving any Fundamental
          Transaction or one or more Person or Persons (or, if so elected by the Holder, the Company or its parent entity) with which such Fundamental Transaction shall have been entered into.

       

      2. EXERCISE OF WARRANT.

       

      2.1 Method of Exercise. The rights
          represented by this Warrant may be exercised by the Holder in whole or in part at any time during the Exercise Period, by delivery of the following to the Company at its address set forth above (or at such other address as it may designate by
          notice in writing to the Holder):

       

      (a) An executed Notice of Exercise in
          the form attached hereto;

       

      (b) Payment of the Exercise Price either
          (i) in cash or by check or wire transfer of immediately available funds, or (ii) pursuant to a Cashless Exercise, as described and permitted below; and

       

      (c) This Warrant.

       

      Upon the exercise of the rights represented by this Warrant, shares of Common Stock shall be issued for the Exercise Shares so
          purchased, and shall be registered in the name of the Holder or persons affiliated with the Holder, if the Holder so designates.

       

      The person in whose name any Exercise Shares are to be issued upon exercise of this Warrant shall be deemed to have become the
          holder of record of such shares on the date on which this Warrant was surrendered and payment of the Exercise Price was made, irrespective of the date of issuance of the shares of Common Stock, except that, if the date of such surrender and
          payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares at the close of business on the next succeeding date on which the stock transfer books are open. The
          Exercise Shares issuable upon any exercise of this Warrant shall be issued within two (2) Trading Days  following such exercise.

       

      2.2 Cashless Exercise. Notwithstanding any
          provisions herein to the contrary, if, at any time during the Exercise Period, the Current Market Price (as defined below) of one share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), then, in
          lieu of exercising this Warrant by payment of cash, the Holder may exercise this Warrant by a cashless exercise by surrender of this Warrant at the principal office of the Company together with the properly endorsed Notice of Exercise and the
          Company shall issue to the Holder a number of shares of Common Stock computed using the following formula:

       

        

      
        3

        
          

      

      	 	 	
              X =

            	 	
              Y (B-A)

              B

            
	 	 	 
	
              Where:

            	 	
              X =

            	 	
              the number of shares of Common Stock to be issued to the Holder.

            
	 	 	 
	 	 	
              Y =

            	 	
              the number of shares of Common Stock purchasable upon exercise of all of the Warrant or,

              if only a portion of the Warrant is being exercised, the portion of the Warrant being exercised.

            
	 	 	 
	 	 	
              A =

            	 	
              the Exercise Price.

            
	 	 	 
	 	 	
              B =

            	 	
              the Current Market Price of one share of Common Stock.

            

       

      “Current Market Price” means on any
          particular date:

       

      (a) if the Common Stock is traded on The
          Nasdaq Stock Market, the closing price of the Common Stock of the Company on such market on the day prior to the date the Warrant is surrendered for exercise;

       

      (b) if the Common Stock is traded on any
          registered national stock exchange but is not traded on The Nasdaq Stock Market, the closing price of the Common Stock of the Company on such exchange on the day prior to the date the Warrant is surrendered for exercise;

       

      (c) if the Common Stock is traded
          over-the-counter, but not on The Nasdaq Stock Market or another registered national stock exchange, the closing bid price of the Common Stock of the Company on the day prior to the date the Warrant is surrendered for exercise; and

       

      (d) if there is no active public market
          for the Common Stock, the value thereof, the fair value thereof determined by a nationally recognized investment bank selected by the Board of Directors of the Company and the Holder.

       

      2.3 Partial Exercise. If this Warrant is
          exercised in part only, the Company shall, upon surrender of this Warrant, execute and deliver, within five (5) Business Days of the date of exercise, a new Warrant evidencing the rights of the Holder, or such other person as shall be designated
          in the Notice of Exercise, to purchase the balance of the Exercise Shares purchasable hereunder. In no event shall this Warrant be exercised for a fractional Exercise Share, and the Company shall not distribute a Warrant exercisable for a
          fractional Exercise Share. Fractional Warrant shares shall be treated as provided in Section 6 hereof.

       

      

      2.4 No Settlement for Cash. The Warrant
          cannot be settled with the Company for cash and except (a) with respect to fractional shares as provided herein or (b) as compensation for Buy-In on failure to timely deliver Warrant Shares upon exercise in accordance with Section 2.8, the
          Company shall have no obligation to pay cash upon any exercise of this Warrant.

       

      

      
        4

        
          

      

      2.5 Exercise Limitation. The Company shall not effect the exercise of this Warrant and the Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such exercise, the
            Holder (together with the Holder’s affiliates) would beneficially own in excess of 19.99% (the “Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such
            Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be
            issuable upon (a) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Holder and its affiliates and (b) exercise or conversion of the unexercised or unconverted portion of any other securities of the
            Company beneficially owned by such Holder and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation
            contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “1934 Act”). For purposes of this Warrant, in determining the number of outstanding shares of
            Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as the case may be, filed with the SEC on the date thereof, (y) a more recent public
            announcement by the Company or (z) any other notice by the Company or its transfer agent setting forth the number of shares of Common Stock outstanding (the “Reported Outstanding Share Number”). The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms
            of this paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly
            give effect to such limitation and comply with any rules of the Nasdaq Stock Market.  Notwithstanding any of the limitations set forth in this paragraph, this Warrant shall be fully exercisable in connection with a Liquidation Event (as defined
            below); provided further that this sentence shall not be given effect to the extent it could conflict with the rules of The Nasdaq Stock Market or any similar rule of any stock exchange on which the Common Stock is listed at the relevant
            time.   For purposes herein, “Liquidation Event” shall mean the consummation of any
            of the following transactions: (i) a merger or consolidation in which the Company is not the surviving entity (other than a merger or consolidation with a wholly-owned subsidiary, a reincorporation or continuation of the Company in a different
            jurisdiction, or other transaction in which there is no substantial change in the stockholders of the Company), (ii) the sale of all or substantially all of the assets of the Company, (iii) the acquisition of all of the outstanding shares of
            the Company by a single stockholder and its affiliates as a result of a tender offer or similar transaction or (iv) dissolution, liquidation or winding up of the Company. If the Company receives an Exercise Notice from the Holder at a time when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the
            Company shall (A) notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section
            2.5, to exceed the Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (B) as soon as reasonably practicable, the Company shall return to the
            Holder any exercise price paid by the Holder for the Reduction Shares.  For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing or by electronic
            mail to the Holder the number of shares of Common Stock then outstanding.  In the event that the issuance of Warrant Shares to the Holder upon exercise of this Warrant results in the Holder (together with the Holder’s affiliates) being deemed
            to beneficially own, in the aggregate, more than the Maximum Percentage of the number of outstanding shares of Common Stock, the number of shares so issued by which the Holder’s (together with the Holder’s affiliates) aggregate beneficial
            ownership exceeds the Maximum Percentage (the “Excess Shares”) shall be deemed null
            and void and shall be cancelled ab initio, and the Holder shall not have the power
            to vote or to transfer the Excess Shares.  As soon as reasonably practicable after the issuance of the Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the Excess
            Shares and reinstate the portion of this Warrant and equivalent number of Warrant Shares in respect of the Excess Shares. No prior inability to exercise this Warrant pursuant to this Section 2.5 shall have any effect on the applicability of the
            provisions of this Section 2.5 with respect to any subsequent determination of exercisability.

      

      

      
        5

        
          

      

      2.6 Automatic Exercise.  If, at any time
          during the Exercise Period, the Company receives stockholder approval to issue more than the Maximum Percentage of shares of Common Stock to the Holder in connection with a “change of control" (as defined by Nasdaq Listing Rule 5635) resulting
          from the issuance of shares of Common Stock to the Holder (such approval, the “Required Stockholder Approval”), then the Company shall provide notice to
          Holder of such approval.  If Holder does not fully exercise this Warrant within following ten (10) days’ after delivery of such notice by the Company to Holder, this Warrant shall automatically be deemed exercised by Holder on the following
          Trading Day in accordance with Section 2.2 above.

      

      

      2.7 Rescission Rights. If the Company fails
          to issue the Warrant Shares within two (2) Trading Days following such exercise pursuant to Section 2.1 (other than pursuant to the limitation set forth in Section 2.5), then the Holder will have the right to rescind such exercise, in addition to
          any other remedies available to the Holder hereunder, at law or in equity.

      

      

      2.8 Compensation for Buy-In on Failure to Timely
            Deliver Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to issue the Warrant Shares within two (2) Trading Days following such exercise pursuant to Section 2.1 (other than pursuant to
          the limitation set forth in Section 2.5), and if after such date the Holder purchases or is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock
          to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the
          Company shall (a) pay in cash to the Holder the amount, if any, by which (i) the Holder’s total purchase price (including brokerage fees and commissions, if any) for the shares so purchased exceeds (ii) the amount obtained by multiplying (A) the
          number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (B) the price at which the sell order giving rise to such purchase was executed, and (b) at the option of the Holder,
          either reinstate the portion of this Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of Warrant Shares that would
          have been issued had the Company timely complied with its exercise and delivery obligations hereunder.

       

        

      
        6

        
          

      

      3. COVENANTS OF THE COMPANY.

       

      3.1 Covenants as to Exercise Shares. The
          Company covenants and agrees that all Exercise Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon issuance, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes,
          liens and charges with respect to the issuance thereof. The Company further covenants and agrees that the Company will at all times during the Exercise Period have authorized and reserved, free from preemptive rights, a sufficient number of
          shares of its Common Stock to provide for the exercise of the rights represented by this Warrant. If at any time during the Exercise Period the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of
          this Warrant (an “Authorized Share Failure”), the Company will take all such actions as may be necessary to increase its authorized but unissued shares of
          Common Stock (or other securities as provided herein) to such number of shares as shall be sufficient for such purposes. Without limiting the generality of the foregoing sentence, as soon as practicable after the date of the occurrence of an
          Authorized Share Failure, but in no event later than one hundred and twenty (120) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its stockholders for the approval of an increase in the number of
          authorized shares of Common Stock.  In connection with such meeting, the Company shall provide each stockholder with a proxy statement and shall use its reasonable best efforts to solicit its stockholders’ approval of such increase in authorized
          shares of Common Stock and to cause its board of directors to recommend to the stockholders that they approve such proposal.  Notwithstanding the foregoing, if any such time of an Authorized Share Failure, the Company is able to obtain the
          written consent of a majority of the shares of its issued and outstanding shares of Common Stock to approve the increase in the number of authorized shares of Common Stock, the Company may satisfy this obligation by obtaining such consent and
          submitting for filing with the SEC an Information Statement on Schedule 14C.

       

      3.2 No Impairment. Except and to the extent
          as waived or consented to by the Holder or otherwise in accordance with Section 11 hereof, the Company will not, by amendment of its Articles of Incorporation (as such may be amended from time to time), or through any means, avoid or seek to avoid the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in
          the carrying out of all the provisions of this Warrant and in the taking of all such action as may be necessary or appropriate in order to protect the exercise rights of the Holder against impairment.

       

      3.3 Notices of Record Date. In the event of
          any taking by the Company of a record of the holders of any class of securities for the purpose of determining the holders thereof who are entitled to receive any dividend (other than a cash dividend which is the same as cash dividends paid in
          previous quarters) or other distribution, the Company shall mail to the Holder, at least ten (10) days prior to the date thereof, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or
          distribution.

       

      3.4 Distributions.  If the Company shall
          declare or make any dividend or other distribution of its assets (or rights to acquire its assets) (the “Distributed Property”) to holders of shares of
          Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of
          arrangement or other similar transaction) (a “Distribution”), at any time after the issuance of this Warrant, then, in each such case, the Holder shall be
          entitled, upon exercise of this Warrant for the purchase of any or all of the Exercise Shares, to receive the amount of Distributed Property which would have been payable to the Holder had such Holder been the holder of such Exercise Shares on
          the record date for the determination of the stockholders entitled to receive such Distributed Property.  The Company will at all times set aside in escrow and keep available for distribution to such Holder upon exercise of this Warrant a portion
          of the Distributed Property to satisfy the distribution to which such Holder is entitled pursuant to the preceding sentence.

       

        

      
        7

        
          

      

      3.5 Fundamental Transactions.  The Company
          shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes in writing all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3.5, including agreements to
          deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant, including, without limitation, which is exercisable for a
          corresponding number of shares of capital stock equivalent to the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental
          Transaction, and with an exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of
          such shares of capital stock, such adjustments to the number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such Fundamental
          Transaction). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for the Company (so that from and after the date of the applicable Fundamental Transaction, the provisions of this
          Warrant referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this Warrant with the same effect as if such
          Successor Entity had been named as the Company herein. Upon consummation of each Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time after the
          consummation of the applicable Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets or other property (except such items still issuable under Section 3.4, which shall continue to be receivable
          thereafter)) issuable upon the exercise of this Warrant prior to the applicable Fundamental Transaction, such shares of common stock (or its equivalent) of the Successor Entity (including its parent entity) and/or other securities, cash, assets
          or other property which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any
          limitations on the exercise of this Warrant), as adjusted in accordance with the provisions of this Warrant. In addition to and not in substitution for any other rights hereunder, prior to the consummation of each Fundamental Transaction pursuant
          to which holders of shares of Common Stock are entitled to receive securities or other assets with respect to or in exchange for shares of Common Stock (a “Corporate

            Event”), the Company shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon an exercise of this Warrant at any time after the consummation of the applicable Fundamental Transaction but
          prior to the Expiration Date, in lieu of the shares of the Common Stock (or other securities, cash, assets or other property (except such items still issuable under Sections 3.4, which shall continue to be receivable thereafter)) issuable upon
          the exercise of the Warrant prior to such Fundamental Transaction, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights) (collectively, the “Corporate Event Consideration”) which the Holder would have been entitled to receive upon the happening of the applicable Fundamental Transaction had this
          Warrant been exercised immediately prior to the applicable Fundamental Transaction (without regard to any limitations on the exercise of this Warrant). The provision made pursuant to the preceding sentence shall be in a form and substance
          reasonably satisfactory to the Holder. The provisions of this Section 4(b) shall apply similarly and equally to successive Fundamental Transactions and Corporate Events.

       

        

      
        8

        
          

      

      3.6 Required Stockholder Approval. From and after the date hereof through the earlier of (a) the expiration of the Exercise Period and (b) receipt of the Required Stockholder Approval, the Company shall seek from its
            stockholders the Required Stockholder Approval at each annual meeting of such stockholders.  In connection with such meeting, the Company shall (x) provide that the proxy statement for each such annual meeting includes a proposal to vote on the Required Stockholder Approval and a recommendation by the Company’s board of directors to
            the stockholders that the stockholders approve such proposal and (y) use its reasonable best efforts to solicit its stockholders’ approval of such proposal.  Notwithstanding the foregoing, if any such time the Company is able to obtain the
            written consent of a majority of the shares of its issued and outstanding shares of Common Stock for the Required Stockholder Approval, the Company may satisfy this obligation by obtaining such consent and submitting for filing with the SEC an
            Information Statement on Schedule 14C.

       

      4. REPRESENTATIONS OF HOLDER.

       

      4.1 Acquisition of Warrant for Personal Account.
          The Holder represents and warrants that it is acquiring the Warrant and the Exercise Shares solely for its account for investment and not with a present view toward the public or distribution of said Warrant or Exercise Shares or any part thereof
          and has no intention of selling or distributing said Warrant or Exercise Shares or any arrangement or understanding with any other persons regarding the sale or distribution of said Warrant or, except in accordance with the provisions of the
          Purchase Agreement, the Exercise Shares, and except as would not result in a violation of the Securities Act. The Holder will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy,
          purchase or otherwise acquire or take a pledge of) the Warrant except in accordance with the Securities Act and will not, directly or indirectly, offer, sell, pledge, transfer or otherwise dispose of (or solicit any offers to buy, purchase or
          otherwise acquire or take a pledge of) the Exercise Shares except in accordance with the provisions of the Purchase Agreement or pursuant to and in accordance with the Securities Act. By making the representations herein, the Holder does not
          agree to hold any of the Warrant or any of the Exercise Shares for any minimum or other specific term and reserves the right to assign, transfer or otherwise dispose of any of such Securities at any time in accordance with or pursuant to a
          registration statement or a valid exemption under the Securities Act.

       

      4.2 Securities Are Not Registered.

       

      

      (a) The Holder understands that the
          offer and sale of the Warrant or the Exercise Shares have not been registered under the Securities Act on the basis that no distribution or public offering of the securities is to be effected. The Holder realizes that the basis for the exemption
          may not be present if the Holder’s representations in this Section 4 are untrue.

       

        

      
        9

        
          

      

      (b) The Holder recognizes that the
          Warrant and the Exercise Shares must be held indefinitely unless they are subsequently registered under the Securities Act or an exemption from such registration is available. The Holder recognizes that the Company has no obligation to register
          the Warrant, except as provided in the Purchase Agreement.

       

      (c) The Holder is aware that neither the
          Warrant nor the Exercise Shares may be sold pursuant to Rule 144 adopted under the Securities Act unless certain conditions are met, including, among other things, the availability of certain current public information about the Company and the
          resale following the required holding period under Rule 144. Holder is aware that any such sale made in reliance on Rule 144, if Rule 144 is available, may be made only in accordance with the terms of Rule 144.

       

      4.3 Disposition of Warrant and Exercise Shares.

       

      (a) The Holder further agrees not to
          make any disposition of all or any part of the Warrant or Exercise Shares in any event unless and until:

       

      (i) The Company shall have received a
          letter secured by the Holder from the SEC stating that no action will be recommended to the SEC with respect to the proposed disposition;

       

      (ii) There is then in effect a
          registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with said registration statement; or

       

      (iii) The Holder shall have notified the
          Company of the proposed disposition and shall have furnished the Company with a detailed statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall have furnished the Company
          with an opinion of counsel, reasonably satisfactory to the Company, for the Holder to the effect that such disposition will not require registration of such Warrant or Exercise Shares under the Securities Act or any applicable state securities
          laws; provided, that no notice, detailed statement of the circumstances surrounding the proposed disposition or opinion shall be required for any disposition made or to be made in accordance with the provisions of Rule 144.

       

      (b) The Holder understands and agrees
          that all certificates evidencing the Exercise Shares to be issued to the Holder may bear a legend in substantially the following form; provided, that such legend shall be removed (or such Exercise Shares shall be issued without such legend upon
          exercise of this Warrant) as required pursuant to the Purchase Agreement:

       

      THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR THE
          SECURITIES LAWS OF ANY STATE OF THE UNITED STATES. THE SECURITIES MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER APPLICABLE
          SECURITIES LAWS, OR UNLESS OFFERED, SOLD, PLEDGED, HYPOTHECATED OR TRANSFERRED PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THOSE LAWS. THE COMPANY SHALL BE ENTITLED TO REQUIRE AN OPINION OF COUNSEL SATISFACTORY TO THE
          COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED TO THE EXTENT THAT AN OPINION IS REQUIRED PURSUANT TO THE AGREEMENT UNDER WHICH THE SECURITIES WERE ISSUED.

       

        

      
        10

        
          

      

      5. ADJUSTMENT OF EXERCISE PRICE. In the event of changes in the outstanding Common Stock of the Company by reason of stock dividends, split-ups, recapitalizations, reclassifications, combinations or exchanges of shares,
          separations, reorganizations, liquidations, or the like, the number and class of shares available under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant, on exercise for the
          same aggregate Exercise Price, the total number, class, and kind of shares as the Holder would have owned had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring adjustment. The form of this Warrant need not be changed because of any adjustment in the number, class, and kind of shares subject to this Warrant. The Company
          shall promptly notify the Holder in writing of any adjustment in the Exercise Price and/or the total number, class, and kind of shares issuable upon exercise of this Warrant, which notice shall specify the Exercise Price and number, class and
          kind of shares under this Warrant after giving effect to such adjustment.

       

      6. FRACTIONAL SHARES. No fractional shares shall be issued upon the exercise of this Warrant as a consequence of any adjustment pursuant hereto. All Exercise Shares (including fractions) issuable upon exercise of this
          Warrant may be aggregated for purposes of determining whether the exercise would result in the issuance of any fractional share. If, after aggregation, the exercise would result in the issuance of a fractional share, the Company shall, in lieu of
          issuance of any fractional share, pay the Holder otherwise entitled to such fraction a sum in cash equal to the product resulting from multiplying the Exercise Price by such fraction.

       

      7. [RESERVED].

       

      8. NO STOCKHOLDER RIGHTS. This Warrant in and of itself shall not entitle the Holder to any voting rights or other rights as a stockholder of the Company.

       

      9. TRANSFER OF WARRANT. Subject to applicable laws and compliance with Section 4.3 hereof, this Warrant and all rights hereunder are transferable, by the Holder in person or by duly authorized attorney, upon delivery of
          this Warrant and the form of assignment attached hereto to any transferee designated by Holder. The transferee shall sign an investment letter in form and substance reasonably satisfactory to the Company.

       

      10. LOST, STOLEN, MUTILATED OR DESTROYED WARRANT. If this Warrant is lost, stolen, mutilated or destroyed, the Company may, on such terms as to indemnity or otherwise as it may reasonably impose (which shall, in
          the case of a mutilated Warrant, include the surrender thereof), issue a new Warrant of like denomination and tenor as the Warrant so lost, stolen, mutilated or destroyed and in lieu thereof.

       

      

      
        11

        
          

      

      11. MODIFICATIONS AND WAIVER. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in writing signed by the Company and the Holder.

       

      12. NOTICES, ETC. All notices required or permitted hereunder shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed email or
          facsimile if sent during normal business hours of the recipient, if not, then on the next business day, (c) five days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one business day after
          deposit with a nationally recognized overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the Company at the address listed on the signature page and to the Holder at the
          address on the Company records, or at such other address as the Company or Holder may designate by 10 days’ advance written notice to the other party hereto.

       

      13. ACCEPTANCE. Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained herein.

       

      14. GOVERNING LAW; JURISDICTION; WAIVER OF JURY TRIAL.

       

      This Warrant and all rights, obligations and liabilities hereunder shall be governed by the laws of the State of New York without without giving effect
          to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of New York.

       

      The Company hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of
          Manhattan, for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any
          claim that it is not personally subject to the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. The Company hereby
          irrevocably waives personal service of process and consents to process being served in any such suit, action or proceeding by mailing a copy thereof to the Company in accordance with Section 12 above and agrees that such service shall constitute
          good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. Nothing contained herein shall be deemed or operate to preclude the
          Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or to enforce a
          judgment or other court ruling in favor of the Holder. If either party shall commence an action, suit or proceeding to enforce any provisions of this Warrant, the prevailing party in such action, suit or proceeding shall be reimbursed by the
          other party for their reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action or proceeding. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT
          TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS WARRANT OR ANY TRANSACTION CONTEMPLATED HEREBY.

       

        

      
        12

        
          

      

      15. DESCRIPTIVE HEADINGS. The descriptive headings of the several paragraphs of this Warrant are inserted for convenience only and do not constitute a part of this Warrant. The language in this Warrant shall be
          construed as to its fair meaning without regard to which party drafted this Warrant.

       

      16. SEVERABILITY. The invalidity or unenforceability of any provision of this Warrant in any jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction, or affect any
          other provision of this Warrant, which shall remain in full force and effect.

       

      17. ENTIRE AGREEMENT. This Warrant and the Purchase Agreement (including the schedules and exhibits) constitute the entire agreement between the parties pertaining to the subject matter contained in it and
          supersedes all prior and contemporaneous agreements, representations, and undertakings of the parties, whether oral or written, with respect to such subject matter.

       

      [Signature Page Follows]

       

        

      
        13

        
          

      

      IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of the date first
          above indicated.

       

      	 	
              RICEBRAN TECHNOLOGIES

            
	 	 
	 	
              By:/s/ Brent Rystrom

            
	 	
              Brent Rystrom

            
	 	
              Chief Executive Officer

            

       

      

      
        14

        
          

      

      NOTICE OF EXERCISE

       

      
        
          	TO:	
                  RICEBRAN TECHNOLOGIES

                

        

      

       

      (1)         The undersigned hereby elects
          to purchase ________ Exercise Shares of the Company pursuant to the terms of the attached Warrant, and tenders herewith payment of the exercise price in full, together with all applicable transfer taxes, if any.

       

      (2)            Payment shall take the form
          of (check applicable box):

       

      ☐ in lawful money of the United States; or

       

      ☐ if permitted, the cancellation of such number of Warrant Shares as is necessary, in accordance with the cashless exercise
          procedure set forth in Section 2.2, to exercise this Warrant with respect to such number of Warrant Shares.

       

      (3)            Please issue said Exercise
          Shares in the name of the undersigned or in such other name as is specified below:

       

      	 	
              

              

            	 

      

      

      The Exercise Shares shall be delivered to the following DWAC Account Number:

       

      	 	
              

              

            	 
	 	
              

              

            	 
	 	 	 

      

      

      	
              Name of Investing Entity:  

                

            	

            

      

      

      	
              Signature of Authorized Signatory of Investing Entity:  

                

            	 

      

      

      	
              Name of Authorized Signatory:  

                

            	 

      

      

      	
              Title of Authorized Signatory:  

                

            	 

      

      

      Date:

      

      

      
        
          

      

      ASSIGNMENT FORM

      

      

       (To assign the foregoing Warrant, execute this form and supply required information.  Do not use this form to purchase
          shares.)

       

      FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to

       

      	
              Name:

            	 	 
	 	 	 
	 	 	
              (Please Print)

            
	
              Address:

            	 	 
	 	 	 
	 	 	
              (Please Print)

            

      
        

        

        	
                Email:

              	 	 	 

        

        

        	
                Facsimile:

              	 	 	 

        

        

        	
                Dated:

              	 	 	 	,	 	 	 

        

        

        	
                Holder’s Signature:

              	 	 	 

        

        

        	
                Holder’s Address:

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