Document:

Exhibit 10.2

 

Board Observer and Nomination Right Agreement

 

This agreement (the “Agreement”)
is made effective as of March ____, 2022, by Cadiz Inc., a Delaware corporation (the “Company”), and Heerema International
Group Services SA, a Société anonyme organized under the laws of Switzerland (the “Investor”).

 

WHEREAS, pursuant to and subject to the terms and
conditions of that certain Securities Purchase Agreement made as of the date hereof by and among the Purchasers (as defined therein) and
the Company (as amended, modified, or supplemented, the “Purchase Agreement”), the Company has agreed to issue and sell
to an affiliate investment vehicle of the Investor (as one of the Purchasers (as defined in the Purchase Agreement)), and such affiliate
investment vehicle of the Investor has agreed to purchase from the Company, certain shares of common stock of the Company described therein
(the “Shares”); and

 

WHEREAS, as an inducement to the affiliate investment
vehicle of the Investor to enter into the Purchase Agreement and purchase the Shares, the Company desires to provide the Investor with
certain observation rights regarding the Company’s board of directors (the “Board”) and the committees of the Board (the
“Committees” and each, a “Committee”), as further described, and subject to the terms and conditions
set forth, herein.

 

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

 

1. Observer
Rights.

 

1.1 The
Company grants to the Investor the option and right to appoint a natural person as representative (the “Observer”) to
attend all meetings (including meetings held by means of conference telephone or other communications equipment and meetings held in executive
session) of the Board and the Committees in a non-voting, observer capacity. The Observer may participate fully in discussions of all
matters brought to the Board or any Committee, as the case may be, for consideration, but in no event shall the Observer: (i) be deemed
to be a member of the Board or any Committee; (ii) except for (and without limitation of) the obligations expressly set forth in this
Agreement, have or be deemed to have, or otherwise be subject to, any duties (fiduciary or otherwise) to the Company or its stockholders;
or (iii) have the right to vote on, consent to or veto any matter, motion or resolution presented to the Board or any Committee or propose
or offer any motions or resolutions to the Board or any Committee. Upon request of the Observer, the Company shall allow the Observer
to attend any Board or any Committee meeting by means of conference telephone or other communications equipment. The presence of the Observer
shall not be taken into account or required for purposes of establishing a quorum of the Board or any Committee.

 

1.2 The
Company shall provide to the Observer copies of all notices, minutes, consents, and other materials that the Company (or any director,
officer, employee, or agent thereof) provides to members of the Board or any Committee (collectively, “Board Materials”),
including any draft versions, proposed written consents, and exhibits and annexes to any such materials, at the same time and in the same
manner as such information is delivered to the members of the Board or any Committee.

 

     

    

    

 

1.3 Notwithstanding
anything in this Agreement to the contrary, the Company may exclude the Observer from access to any Board Materials and any meeting of
the Board or any Committee or portion thereof if the Board or the Committee, as applicable, concludes, acting in good faith, that: (i)
such exclusion is reasonably necessary to preserve the attorney-client privilege, work product privilege or similar privilege or protection
between the Company, the Board or any Committee, on the one hand, and its counsel, on the other hand (provided, however, that any
such exclusion shall only apply to such portion of such Board Materials or meeting which the Board or the Committee, as applicable, concludes,
acting in good faith, would reasonably be required to preserve such privilege or protection); (ii) such Board Materials or any meeting
of the Board or any Committee or portion thereof relates directly to the Company’s relationship, contractual or otherwise, with the Investor
or its affiliates; or (iii) such exclusion is necessary to avoid a conflict of interest or disclosure that is restricted by any agreement
to which the Company or any of its affiliates is a party or otherwise bound.

 

1.4 The
parties agree that neither the Company nor its affiliates nor any member of the Board or Committee shall be entitled to rely on any statements
or views expressed by the Observer in any Board or Committee meeting.

 

2. Board
Nomination Right.

 

2.1 The
Investor shall be entitled to nominate for election to the Board at each annual meeting of stockholders of the Company and any special
meeting of the stockholders of the Company at which a vacancy on the Board caused by the death, resignation or removal of the Investor
Director (as defined below) is proposed to be filled (each such meeting, an “Election Meeting”), one natural person (the
“Investor Nominee” and any Board Nominee that is serving as a director of the Company at any time and from time to time
in accordance with this Agreement, the “Investor Director”). The Investor shall use its reasonable best efforts
to notify the Company in writing of the identity of the Investor Nominee sufficiently in advance of the date on which the proxy materials
are to be delivered to the stockholders of the Company by the Company in connection with the applicable Election Meeting to allow for
inclusion of the Investor Nominee in such proxy materials, and to provide the Company with a duly completed and executed Director Questionnaire
with respect to the Investor Nominee substantially in the form that the Company provides to its outside directors generally.

 

2.2 The
parties hereto acknowledge and agree that, as of the date hereof, the Investor has not nominated an Investor Nominee. At any time after
the date of this Agreement, upon the Investor’s written notice to the Company notifying the Company in writing of the identity of the
Investor Nominee, together with a duly completed and executed Director Questionnaire with respect to the Investor Nominee substantially
in the form that the Company provides to its outside directors generally, the Company shall, to the fullest extent permitted by applicable
law, take all such lawful action so as to cause (a) the number of directors constituting the Board to be increased by one (if there shall
not then be a vacancy or newly-created directorship on the Board), and (b) the newly-created directorship created thereby (or the vacancy,
if there shall be one) to be filled with the Investor Nominee.

 

    2

    

    

 

2.3 Immediately
upon the effectiveness of the election of the Investor Director pursuant to Section 2.2, the Investor shall cause the Observer
(if the Observer is not the same natural person as the Investor Director) to step down as the Observer.

 

2.4 Notwithstanding
anything to the contrary set forth in this Agreement, in the event that the Board or the Nominating & Corp Governance Committee, as
applicable, determines, in good faith, after consultation with outside legal counsel, that any of the actions of the Company contemplated
by Sections 2.1 or 2.2 would constitute a breach of fiduciary duties to the Company and the Company’s stockholders or does
not otherwise comply with any requirements of the Company’s certificate of incorporation or bylaws, the securities laws of the United
States or any state thereof, the General Corporation Law of the State of Delaware or applicable stock exchange rules, then the Board or
the Nominating & Corp Governance Committee, as applicable, shall notify the Investor of such determination in writing and explain
in reasonable detail the basis for such determination, and the Investor shall be entitled to nominate a new natural person as the Investor
Nominee in accordance with Section 2.1 or Section 2.2, as applicable.

 

2.5 In
furtherance of the rights granted to the Investor by this Section 2, the Company shall, to the fullest extent permitted by applicable
law, take all such lawful action so as to cause: (a) the annual meeting of the stockholders of the Company for 2022 (the “2022
Annual Meeting”) to be held on or before August 15, 2022; (b) the submission to the stockholders of the Company at the 2022 Annual
Meeting a proposal to amend Part D of Article FIFTH of the Company’s certificate of incorporation in its entirety to provide “Intentionally
Omitted” (such proposal, the “Amendment Proposal”); (c) to the extent that the Amendment Proposal is not approved
by the stockholders of the Company at the 2022 Annual Meeting, to call and hold a special meeting of the stockholders of the Company to
reconsider the Amendment Proposal within three months of the 2022 Annual Meeting (the “First Special Meeting”); (d) to
the extent that the Amendment Proposal is not approved by the stockholders of the Company at the First Special Meeting, to call and hold
a second special meeting of the stockholders of the Company to again reconsider the Amendment Proposal within three months of the First
Special Meeting (the “Second Special Meeting”); (e) to the extent that the Amendment Proposal is not approved by the
stockholders of the Company at the Second Special Meeting, to call and hold a third special meeting of the stockholders of the Company
to again reconsider the Amendment Proposal within three months of the Second Special Meeting; and (f) promptly following approval of the
Amendment Proposal by the stockholders of the Company, the adoption of amendments to or an amendment and restatement of the bylaws of
the Company to require the Board to call a special meeting of the stockholders of the Company upon appropriate written request of the
stockholder or stockholders of record of the Company holding not less than twenty percent (20%) in voting power of the then outstanding
shares of capital stock of the Company generally entitled to vote.

 

    3

    

    

 

2.6 The
rights granted to the Investor by this Section 2 can be terminated at any time by the Investor, upon written notice to the Company.

 

3. Confidential
Information.

 

3.1 To
the extent that any information obtained by the Observer from the Company (or any director, officer, employee, or agent thereof) is Confidential
Information (as defined below), the Investor shall, and shall cause the Observer to, treat any such Confidential Information as confidential
in accordance with the terms and conditions set out in this Section 3.

 

3.2 As
used in this Agreement, “Confidential Information” means any and all information or data concerning the Company or its
subsidiaries, whether in verbal, visual, written, electronic, or other form, including all non-public information concerning the Company,
together with all information discerned from, based on, or relating to any of the foregoing which may be prepared or created by the Observer,
the Investor or any of its affiliates, or any of their respective directors, officers, employees, agents, or advisors (each, a “Representative”);
provided, however, that “Confidential Information” shall not include information that:

 

(a) is
or becomes generally available to the public other than as a result of disclosure of such information by the Investor, any of its affiliates,
any of their Representatives, or the Observer;

 

(b) is
independently developed by the Investor, any of its affiliates, any of their Representatives, or the Observer without use of Confidential
Information provided by the Company or by any director, officer, employee, or agent thereof;

 

(c) becomes
available to the recipient of such information at any time on a non-confidential basis from a third party that is not, to the recipient’s
knowledge, prohibited from disclosing such information to the Investor or any of its affiliates, any of their respective Representatives,
or the Observer by any contractual, legal, or fiduciary obligation to the Company; or

 

(d) was
known by the Investor, any of its affiliates, any of their respective Representatives, or the Observer prior to receipt from the Company
or from any director, officer, employee, or agent thereof.

 

    4

    

    

 

3.3 The
Investor shall, and shall cause the Observer to: (a) retain all Confidential Information in strict confidence; (b) not release or disclose
Confidential Information in any manner to any other person (other than disclosures to the Investor, its affiliates, or to any of its or
their Representatives who (i) have a need to know such information, and (ii) are informed of its confidential nature); and (c) use the
Confidential Information solely in connection with (i) the Investor’s and Observer’s rights hereunder, or (ii) monitoring, reviewing,
and analyzing the Investor’s investment in the Company and not for any other purpose; provided, however, that the foregoing shall
not apply to the extent the Investor, its affiliates, any of its or their Representatives, or the Observer is compelled to disclose Confidential
Information by judicial or administrative process, pursuant to the advice of its outside counsel, or by requirements of law; provided,
further, however, that, if legally permissible, the disclosing party shall use commercially reasonable efforts to notify the Company
so that the Company may take action, at its expense, to prevent such disclosure and any such disclosure is limited only to that portion
of the Confidential Information which such person is compelled to disclose.

 

3.4 The
Investor, on behalf of itself and the Observer, acknowledges that the Confidential Information is proprietary to the Company and may include
trade secrets or other business information the disclosure of which could harm the Company. None of the Investor, any of its affiliates,
their Representatives, or the Observer shall, by virtue of the Company’s disclosure of, or such person’s use of any Confidential Information,
acquire any rights with respect thereto, all of which rights (including intellectual property rights) shall remain exclusively with the
Company. The Investor shall be responsible for any breach of this Section 3 by the Observer, any of its affiliates, or its or their
Representatives.

 

3.5 The
Investor agrees that, upon the request of the Company following a Termination (as defined below) it will (and will cause the Observer,
the Investor’s affiliates, and its and their Representatives to) promptly: (a) return or destroy, at the Company’s option, all physical
materials containing or consisting of Confidential Information and all hard copies thereof in their possession or control; and (b) destroy
all electronically stored Confidential Information in their possession or control; provided, however, that each of the Investor,
its affiliates, and its and their Representatives may retain any electronic or written copies of Confidential Information as may be (i)
stored on its electronic records or storage system resulting from automated back-up systems, (ii) required by law, other regulatory requirements,
or internal document retention policies, or (iii) contained in board presentations or minutes of board meetings of the Investor or its
affiliates; provided, further, however, that any such retained Confidential Information shall remain subject to this Section
3.

 

4. Expenses.
The Company agrees to reimburse the Investor promptly for reasonable out-of-pocket expenses incurred in connection with the Observer’s
attendance at Board and Committee meetings; provided that all reimbursements payable by the Company pursuant to this Section 3
shall be payable in accordance with and subject to the Company’s policies and practices with respect to director expense reimbursement
then in effect.

 

    5

    

    

 

5. Indemnification;
Advancement of Expenses. The Observer shall, to the fullest extent permitted by applicable law, be entitled to advancement of expenses
and rights to indemnification from the Company to the same extent provided by the Company to its directors under the Certificate of Incorporation
and Bylaws of the Company as in effect on the date hereof. The Company acknowledges and agrees that the foregoing rights to indemnification
and advancement of expenses constitute third-party rights extended to the Observer by the Company and do not, to the fullest extent permitted
by applicable law, constitute rights to indemnification or advancement of expenses as a result of the Observer serving as a director,
officer, employee, or agent of the Company.

 

6. Notices.
Notices are to be delivered in writing, in the case of the Company, to 550 South Hope Street, Suite 2850, Los Angeles, California 90071,
sspeer@cadizinc.com, Attention: Stanley Speer, and in the case of the Investor, to Route de Florissant 81, 1206 Geneve, Switzerland, vmuller@heerema.com,
Attention Victor Muller, or to such other address as may be given by each party from time to time under this Section 6. Notices
shall be deemed properly given if by electronic mail, 24 hours after delivery, or upon personal delivery, the day following deposit by
overnight carrier, or three (3) days after deposit in the U.S. mail.

 

7. Miscellaneous
Provisions. This Agreement constitutes the entire agreement and understanding of the parties, and supersedes any and all previous
agreements and understandings, whether oral or written, between the parties regarding the matters set out in this Agreement. No provision
of this Agreement may be amended, modified, or waived, except in a writing signed by the parties hereto. This Agreement may not be assigned
by the Investor. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision, and if any restriction in this Agreement is found by a court to be unreasonable or unenforceable, then such court
may amend or modify the restriction so it can be enforced to the fullest extent permitted by applicable law. The section headings in this
Agreement have been inserted as a matter of convenience of reference and are not a part of this Agreement. This Agreement may be executed
by electronic signature in any number of counterparts, each of which together shall constitute one and the same instrument. Any waiver
by any party hereto of a breach of any provision of this Agreement shall not operate or be construed to be a waiver of any other breach
of such provision or of any breach of any other provision of this Agreement. The failure of a party to insist on strict adherence to any
term of this Agreement on one or more occasions shall not be construed as a waiver or deprive such party of the right to thereafter insist
on strict adherence to that term or any other term of this Agreement.

 

8. Remedies.
The Company, on the one hand, and the Investor, on the other hand, each acknowledge and agree that monetary damages would not be a sufficient
remedy for any breach (or threatened breach) of this Agreement and that, in the event of any breach or threatened breach hereof, and to
the fullest extent permitted by applicable law: (a) the non-breaching party shall have the right to immediate injunctive and other equitable
relief, without proof of actual damages; (b) the breaching party will not plead in defense thereto that there would be an adequate remedy
at law; and (c) the breaching party agrees to waive any applicable right or requirement that a bond be posted by the non-breaching party.
Such remedies will not be the exclusive remedies for a breach of this Agreement, but will be in addition to all other remedies that may
be available to the non-breaching party at law or in equity.

 

    6

    

    

 

9. Applicable
Law; Venue; Waiver of Jury Trial.

 

9.1 This
Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware without giving effect to any
choice or conflict of law provision or rule (whether of the State of Delaware or any other jurisdiction) that would cause the application
of the laws of any jurisdiction other than those of the State of Delaware.

 

9.2 To
the fullest extent permitted by applicable law, each of the parties hereto (a) hereby irrevocably and unconditionally agrees that
any claim, suit, action or other proceeding arising out of, based upon or related to this Agreement or the transactions contemplated by
this Agreement (a “Dispute”), shall be brought solely and exclusively in the Court of Chancery of the State of Delaware
or, if the Court of Chancery of the State of Delaware does not have jurisdiction over a particular Dispute, any state or federal court
located within the State of Delaware (the “Delaware Courts”), (b) hereby irrevocably and unconditionally submits
to the sole and exclusive jurisdiction of the Delaware Courts with regard to any Dispute, (c) agrees not to commence any Dispute,
except in the Delaware Courts, and (d) hereby waives, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise,
in any such Dispute, any claim that such party is not subject personally to the jurisdiction of the Delaware Courts, that such party’s
property is exempt or immune from attachment or execution, that such Dispute brought in an inconvenient forum, that the venue of such
Dispute is improper or that this Agreement or the subject matter of this Agreement may not be enforced in or by the Delaware Courts. To
the fullest extent permitted by applicable law, each of the parties hereto consents to and agrees that service of process, summons, notice
or document given in the manner and to the address set forth in Section 6 or in any other manner permitted by applicable law shall
be effective service of legal process

 

9.3 TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY WAIVES SUCH PERSON’S RIGHTS TO A JURY TRIAL WITH RESPECT
TO ANY DISPUTE. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE SCOPE OF THE FOREGOING WAIVER IS INTENDED TO BE ALL-ENCOMPASSING
OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT. THIS SECTION 9.3 HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES HERETO
AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH OF THE PARTIES HERETO
HEREBY FURTHER REPRESENTS AND WARRANTS THAT SUCH PERSON HAS REVIEWED THIS WAIVER WITH SUCH PERSON’S LEGAL COUNSEL, AND THAT SUCH PERSON
KNOWINGLY AND VOLUNTARILY WAIVES SUCH PERSON’S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

10. Termination.
This Agreement shall terminate and be of no further force and effect (a “Termination”) upon failure of the Investor and
its affiliates in the aggregate to hold at least 10% of the outstanding shares of Common Stock (as adjusted for any stock splits, stock
dividends, recapitalizations, or similar transaction); provided, that Section 3, Section 6, Section 7, Section
8, and Section 9 shall survive any such Termination.

 

[signature page follows]

 

    7

    

    

 

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement
as of the date first written above.

 

	Cadiz Inc.	 	Heerema International Group Services SA
	 	 	 
	By:	 	 	By:	          
	Name:	 	 	Name:	 
	Title:	 	 	Title:	 

 

 

8EXhibit
10.3

 

REGISTRATION RIGHTS
AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”),
dated as of March [___], 2022, is made and entered into by and among Cadiz, Inc., a Delaware corporation (the “Company”),
and the undersigned parties listed under Holder on the signature page hereto (each such party and any person or entity who hereafter becomes
a party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively
the “Holders”).

 

RECITALS

 

WHEREAS, the Company and the Holders (or
designated Affiliates of such Holders) have entered into that certain Securities Purchase Agreement, dated as of March [20], 2022 (the
“Purchase Agreement”), pursuant to which each Holder or such Holder’s designated Affiliates severally,
and not jointly, shall purchase the amount of shares of the Company’s common stock, par value $0.01 per share (the “Common
Stock”), set out against its name as its purchase commitment in Exhibit A of the Purchase Agreement at the purchase
price of $1.75 per share at the closing;

 

WHEREAS, the Company and the Holders desire
to enter into this Agreement, pursuant to which the Company shall grant the Holders certain registration rights with respect to certain
securities of the Company, as set forth in this Agreement.

 

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

 

ARTICLE I

DEFINITIONS

 

1.1  
Definitions. The terms defined in this Article I shall, for all purposes of this Agreement, have the respective
meanings set forth below:

 

“Adverse Disclosure”
shall mean any public disclosure of material non-public information, which disclosure, in the good faith judgment of the Chief Executive
Officer or any principal financial officer of the Company, after consultation with counsel to the Company, (i) would be required to be
made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus not to contain any untrue
statement of a material fact or omit to state a material fact necessary to make the statements contained therein (in the case of any prospectus
and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading, (ii) would not be required
to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona fide business purpose for
not making such information public.

 

“Affiliate” means, with
respect to any specified person, any other person who, directly or indirectly, controls, is controlled by, or is under common control
with such person, including, without limitation, any general partner, managing member, officer, director or trustee of such person, or
any venture capital fund or other investment fund now or hereafter existing that is controlled by one (1) or more general partners, managing
members or investment adviser of, or shares the same management company or investment adviser with, such person.

 

“Agreement” shall have
the meaning given in the Preamble.

 

“Board” shall mean the
Board of Directors of the Company.

 

“Commission” shall mean
the U.S. Securities and Exchange Commission.

 

“Common Stock” shall
have the meaning given in the Recitals hereto.

 

“Company” shall have
the meaning given in the Preamble.

 

“Demand Registration”
shall have the meaning given in subsection 2.1.1.

 

     

     

    

 

“Demanding Holders” shall
have the meaning given in subsection 2.1.1.

 

“Exchange Act” shall
mean the Securities Exchange Act of 1934, as amended.

 

“Heerema” shall mean
Heerema International Group Services S.A.

 

“Holders” shall have
the meaning given in the Preamble.

 

“Immediate Family Member”
means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, life partner or similar statutorily-recognized domestic
partner, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships
of a natural person referred to herein.

 

“Maximum Number of Securities”
shall have the meaning given in subsection 2.1.4.

 

“Misstatement” shall
mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under which
they were made not misleading.

 

“Participating Directors”
shall mean the directors of the Company who will purchase shares of Common Stock pursuant to the Purchase Agreement, either directly or
through a trust.

 

“Permitted Transferees”
shall mean any person or entity that (i) is an Affiliate of a Holder; (ii) is a Holder’s Immediate Family Member or trust for the
benefit of an individual Holder or one (1) or more of such Holder’s Immediate Family Members.

 

“Pro Rata” shall have
the meaning given in subsection 2.1.4.

 

“Prospectus” shall mean
the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by any and
all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable Security”
shall mean (a) any outstanding shares of Common Stock held by Heerema or its Affiliates as of the date of this Agreement and any shares
of Common Stock that will be purchased by Heerema or its Affiliates pursuant to the Purchase Agreement, (b) any shares of Common Stock
that will be purchased by a Participating Director or his Affiliates, and (c) any other equity security of the Company issued or issuable
with respect to any such shares of Common Stock by way of a stock dividend or stock split or in connection with a combination of shares,
recapitalization, merger, consolidation or reorganization; provided, however, that, as to any particular Registrable Security,
such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged in
accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates for such securities
not bearing a legend restricting further transfer shall have been delivered by the Company and subsequent public distribution of such
securities shall not require registration under the Securities Act; (C) such securities shall have ceased to be outstanding; (D) such
securities may be sold without registration pursuant to Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission) (but with no volume or other restrictions or limitations); or (E) such securities have been sold to, or
through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

“Registration” shall
mean a registration effected by preparing and filing a Registration Statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such Registration Statement becoming effective.
The Company may file (a) a Registration Statement on Form S-3 or a successor form, if the Company is then eligible to file a Registration
Statement on Form S-3, or (b) any other appropriate form under the Securities Act for the type of offering contemplated by the Holders,
if the Company is not then eligible to file a Registration Statement on Form S-3. 

 

“Registration Expenses”
shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration and filing fees (including
fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.) and any securities exchange on
which the Common Stock is then listed;

 

(B) fees and expenses of compliance with securities
or blue sky laws (including reasonable fees and disbursements of counsel for the Underwriters in connection with blue sky qualifications
of Registrable Securities);

 

    2

     

    

 

(C) printing, messenger, telephone and delivery
expenses;

 

(D) reasonable fees and disbursements of counsel
for the Company;

 

(E) reasonable fees and disbursements of all independent
registered public accountants of the Company incurred specifically in connection with such Registration; and

 

(F) reasonable fees and expenses of one (1) legal
counsel selected by the majority-in-interest of the Demanding Holders initiating a Demand Registration to be registered for offer and
sale in the applicable Registration.

 

“Registration Statement”
shall mean any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement, including the
Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to such registration
statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting Holder” shall
have the meaning given in subsection 2.1.1.

 

“Securities Act” shall
mean the Securities Act of 1933, as amended.

 

“Underwriter” shall mean
a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s
market-making activities.

 

“Underwritten Registration”
or “Underwritten Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter
in a firm commitment underwriting for distribution to the public.

 

ARTICLE II

REGISTRATIONS

 

2.1 Demand
Registration.

 

2.1.1 Request
for Registration. The Company agrees that, at any time and from time to time, the Holders of at least a majority in interest of
the then-outstanding number of Registrable Securities (the “Demanding Holders”) may make a written demand
for Registration to register the resale or transfer of the Registrable Securities, which written demand shall describe the amount of
shares to be included in such Registration and the intended method(s) of distribution thereof (such written demand a
“Demand Registration”). The Company shall, within ten (10) days of the Company’s receipt of the
Demand Registration, notify, in writing, all other Holders of Registrable Securities of such demand, and each Holder of Registrable
Securities who thereafter wishes to include all or a portion of such Holder’s Registrable Securities in a Registration
pursuant to a Demand Registration (each such Holder that includes all or a portion of such Holder’s Registrable Securities in
such Registration, a “Requesting Holder”) shall so notify the Company, in writing, within five (5) days
after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification from a
Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included in a
Registration pursuant to a Demand Registration and the Company shall effect, as soon thereafter as practicable, the Registration of
all Registrable Securities requested by the Demanding Holders and Requesting Holders pursuant to such Demand Registration.
Notwithstanding the foregoing, the Company’s obligations to include the Registrable Securities in the Registration Statement
are contingent upon each Demanding Holder or Requesting Holder furnishing in writing to the Company such information regarding such
Holder, the securities of the Company held by such Holder and the intended method of disposition of the Registrable Securities as
reasonably permitted or requested by the Company, to effect the registration of the Registrable Securities, and shall execute such
documents in connection with such registration as the Company may reasonably request that are customary of a selling stockholder in
similar situations. Notwithstanding the foregoing, if the Commission prevents the Company from including in the Registration
Statement any or all of the Registrable Securities due to limitations on the use of Rule 415 of the Securities Act for the resale or
transfer of the Registrable Securities by the applicable stockholders or otherwise, the Registration Statement shall register for
resale or transfer such number of Registrable Securities which is equal to the maximum number of Registrable Securities as is
permitted by the Commission. In such event, the number of Registrable Securities to be registered for each selling stockholder named
in the Registration Statement shall be reduced Pro Rata (as defined below) among all such selling stockholders. If the Commission
requests that any Demanding Holder or Requesting Holder be identified as a statutory underwriter in the Registration Statement, such
Holder will have an opportunity to withdraw from the Registration Statement. The Company will use its commercially reasonable
efforts to maintain the continuous effectiveness of the Registration Statement until the earliest of (i) the date on which the
Registrable Securities may be resold without volume or manner of sale limitations pursuant to Rule 144, (ii) the date on which such
Registrable Securities have actually been sold and (iii) the date which is three (3) years after the effectiveness of the
Registration. Notwithstanding anything to the contrary herein, this subsection 2.1.1 shall not prevent a sale, merger, going
private or similar transaction involving the Company. Under no circumstances shall the Company be obligated to effect more than an
aggregate of two (2) Registrations pursuant to a Demand Registration under this subsection 2.1.1 with respect to any or
all Registrable Securities.

 

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2.1.2 Effective Registration. Notwithstanding the provisions of subsection 2.1.1 above or any other part of this Agreement,
a Registration pursuant to a Demand Registration shall not count as a Registration unless and until (i) the Registration Statement filed
with the Commission with respect to a Registration pursuant to a Demand Registration has been declared effective by the Commission and
(ii) the Company has complied with all of its obligations under this Agreement with respect thereto; provided, further,
that if, after such Registration Statement has been declared effective, an offering of Registrable Securities in a Registration pursuant
to a Demand Registration is subsequently interfered with by any stop order or injunction of the Commission, federal or state court or
any other governmental agency the Registration Statement with respect to such Registration shall be deemed not to have been declared effective,
unless and until, (i) such stop order or injunction is removed, rescinded or otherwise terminated and (ii) a majority-in-interest of the
Demanding Holders initiating such Demand Registration thereafter affirmatively elect to continue with such Registration and accordingly
notify the Company in writing, but in no event later than five (5) days, of such election; provided, further, that the Company
shall not be obligated or required to file another Registration Statement until the Registration Statement that has been previously filed
with respect to a Registration pursuant to a Demand Registration becomes effective or is subsequently terminated.

 

2.1.3 Underwritten Offering. Subject to the provisions of subsection 2.1.4 and Section 2.4 hereof, if
a majority-in-interest of the Demanding Holders so advise the Company as part of their Demand Registration that the offering of the Registrable
Securities pursuant to such Demand Registration shall be in the form of an Underwritten Offering, then the right of such Demanding Holder
or Requesting Holder (if any) to include its Registrable Securities in such Registration shall be conditioned upon such Holder’s
participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in such Underwritten Offering
to the extent provided herein. All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering
under this subsection 2.1.3 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected
for such Underwritten Offering by the majority-in-interest of the Demanding Holders initiating the Demand Registration.

 

2.1.4 Reduction
of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Registration pursuant to a Demand
Registration, in good faith, advises the Company, the Demanding Holders and the Requesting Holders (if any) in writing that the
dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to sell,
taken together with all other Common Stock or other equity securities that the Company desires to sell and the Common Stock, if any,
as to which a Registration has been requested pursuant to separate written contractual piggy-back registration rights held by any
other stockholders who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold in
the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the
probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable, the
“Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as follows:
(i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on the respective
number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included in such
Underwritten Registration and the aggregate number of Registrable Securities that the Demanding Holders and Requesting Holders have
requested be included in such Underwritten Registration (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), the Common Stock or other equity securities that
the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Common Stock or other
equity securities of other persons or entities that the Company is obligated to register in a Registration pursuant to separate
written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

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2.1.5 Demand Registration Withdrawal. A majority-in-interest of the Demanding Holders initiating a Demand Registration or a majority-in-interest
of the Requesting Holders (if any), pursuant to a Registration under subsection 2.1.1 shall have the right to withdraw from
a Registration pursuant to such Demand Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter
or Underwriters (if any) of their intention to withdraw from such Registration prior to the effectiveness of the Registration Statement
filed with the Commission with respect to the Registration of their Registrable Securities pursuant to such Demand Registration. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
a Registration pursuant to a Demand Registration prior to its withdrawal under this subsection 2.1.5.

 

2.2 Piggyback Registration.

 

2.2.1 Piggyback Rights. If, at any time on or after the date the Company proposes to file a Registration Statement under the Securities
Act with respect to an offering of equity securities, or securities or other obligations exercisable or exchangeable for, or convertible
into equity securities, for its own account or for the account of stockholders of the Company (or by the Company and by the stockholders
of the Company including, without limitation, pursuant to Section 2.1 hereof), other than a Registration Statement (i) filed
in connection with any employee stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to
the Company’s existing stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company or
(iv) for a dividend reinvestment plan, then the Company shall give written notice of such proposed filing to all of the Holders of Registrable
Securities as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement, which
notice shall (A) describe the amount and type of securities to be included in such offering, the intended method(s) of distribution,
and the name of the proposed managing Underwriter or Underwriters, if any, in such offering, and (B) offer to all of the Holders
of Registrable Securities the opportunity to register the sale of such number of Registrable Securities as such Holders may request in
writing within five (5) days after receipt of such written notice (such Registration a “Piggyback Registration”).
The Company shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and shall use its best
efforts to cause the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable Securities requested
by the Holders pursuant to this subsection 2.2.1 to be included in a Piggyback Registration on the same terms and conditions
as any similar securities of the Company included in such Registration and to permit the sale or other disposition of such Registrable
Securities in accordance with the intended method(s) of distribution thereof. All such Holders proposing to distribute their Registrable
Securities through an Underwritten Offering under this subsection 2.2.1 shall enter into an underwriting agreement in customary
form with the Underwriter(s) selected for such Underwritten Offering by the Company.

 

2.2.2 Reduction of Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Registration that is
to be a Piggyback Registration, in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback
Registration in writing that the dollar amount or number of the shares of Common Stock that the Company desires to sell, taken together
with (i) the Common Stock, if any, as to which Registration has been demanded pursuant to separate written contractual arrangements
with persons or entities other than the Holders of Registrable Securities hereunder, (ii) the Registrable Securities as to which registration
has been requested pursuant to Section 2.2 hereof, and (iii) the Common Stock, if any, as to which Registration has been requested
pursuant to separate written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number
of Securities, then:

 

(a) If the Registration is undertaken for the Company’s
account, the Company shall include in any such Registration (A) first, the Common Stock or other equity securities that the Company desires
to sell, which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to subsection 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities;
and (C) third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common
Stock, if any, as to which Registration has been requested pursuant to written contractual piggy-back registration rights of other stockholders
of the Company, which can be sold without exceeding the Maximum Number of Securities;

 

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(b) If the Registration is pursuant to a request
by persons or entities other than the Holders of Registrable Securities, then the Company shall include in any such Registration (A) first,
the Common Stock or other equity securities, if any, of such requesting persons or entities, other than the Holders of Registrable Securities,
which can be sold without exceeding the Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable
Securities pursuant to subsection 2.2.1, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; (C)
third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock
or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and
(D) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the
Common Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant
to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number of
Securities.

 

2.2.3 Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback
Registration for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of
his, her or its intention to withdraw from such Piggyback Registration prior to the effectiveness of the Registration Statement filed
with the Commission with respect to such Piggyback Registration. The Company (whether on its own good faith determination or as the result
of a request for withdrawal by persons pursuant to separate written contractual obligations) may withdraw a Registration Statement filed
with the Commission in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration Statement.
Notwithstanding anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in
connection with the Piggyback Registration prior to its withdrawal under this subsection 2.2.3.

 

2.2.4 Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2
hereof shall not be counted as a Registration pursuant to a Demand Registration effected under Section 2.1 hereof.

 

2.3 Restrictions on Registration Rights. If (A) during the period starting with the date sixty (60) days prior to the Company’s
good faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of,
a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of a Demand
Registration pursuant to subsection 2.1.1 and it continues to actively employ, in good faith, all reasonable efforts to cause
the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten Registration and the Company
and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or (C) in the good faith judgment
of the Board such Registration would be seriously detrimental to the Company and the Board concludes as a result that it is essential
to defer the filing of such Registration Statement at such time, then in each case the Company shall furnish to such Holders a certificate
signed by the Chairman of the Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company
for such Registration Statement to be filed in the near future and that it is therefore essential to defer the filing of such Registration
Statement. In such event, the Company shall have the right to defer such filing for a period of not more than sixty (60) days; provided,
however, that the Company shall not defer its obligation in this manner more than once in any 12-month period.

 

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ARTICLE III

COMPANY PROCEDURES

 

3.1 General Procedures.
If at any time on or after the date the Company is required to effect the Registration of Registrable Securities, the Company shall use
its best efforts to effect such Registration to permit the sale of such Registrable Securities in accordance with the intended plan of
distribution thereof, and pursuant thereto the Company shall, as expeditiously as possible:

 

3.1.1  prepare and file with
the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable best
efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered by such
Registration Statement have been sold;

 

3.1.2
prepare and file with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements
to the Prospectus, as may be reasonably requested by the Holders or any Underwriter of Registrable Securities or as may be required by
the rules, regulations or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations
thereunder to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold
in accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3  prior to filing a Registration
Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters, if any, and the Holders
of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such Registration Statement
as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the Prospectus included in such Registration Statement (including each preliminary Prospectus),
and such other documents as the Underwriters and the Holders of Registrable Securities included in such Registration or the legal counsel
for any such Holders may request in order to facilitate the disposition of the Registrable Securities owned by such Holders;

 

3.1.4  prior to any public
offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as the Holders of Registrable
Securities included in such Registration Statement (in light of their intended plan of distribution) may request and (ii) take such action
necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved by such other
governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and all other acts and
things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration Statement to
consummate the disposition of such Registrable Securities in such jurisdictions; provided, however, that the Company shall
not be required to qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify or take any
action to which it would be subject to general service of process or taxation in any such jurisdiction where it is not then otherwise
so subject;

 

3.1.5 cause all such Registrable
Securities to be listed on each securities exchange or automated quotation system on which similar securities issued by the Company are
then listed;

 

3.1.6 provide a transfer agent
or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such Registration
Statement;

 

3.1.7 advise
each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any
stop order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if
such stop order should be issued;

 

3.1.8 at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
a copy thereof to each seller of such Registrable Securities or its counsel;

 

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3.1.9  
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the
Securities Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then
in effect, includes a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10 permit a representative of the Holders, the Underwriters, if any, and any attorney or accountant retained by such Holders or Underwriter
to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the Company’s
officers, directors and employees to supply all information reasonably requested by any such representative, Underwriter, attorney or
accountant in connection with the Registration; provided, however, that such representatives or Underwriters enter into
a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior to the release or disclosure of any such
information;

 

3.1.11 obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an
Underwritten Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters
as the managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.12 on
the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel
representing the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any,
and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being
given as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions
and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

 

3.1.13 in
the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such offering;

 

3.1.14 make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least
twelve (12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the Commission);

 

3.1.15 if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use
its reasonable efforts to make available senior executives of the Company to participate in customary “road show” presentations
that may be reasonably requested by the Underwriter in any Underwritten Offering; and

 

3.1.16 otherwise,
in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in
connection with such Registration.

 

3.2 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that the
Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration
Expenses,” all reasonable fees and expenses of any legal counsel representing the Holders.

 

3.3 Requirements
for Participation in Underwritten Offerings. No person may participate in any Underwritten Offering for equity securities of the
Company pursuant to a Registration initiated by the Company hereunder unless such person (i) agrees to sell such person’s securities
on the basis provided in any underwriting arrangements approved by the Company and (ii) completes and executes all customary questionnaires,
powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be reasonably required
under the terms of such underwriting arrangements.

 

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3.4 Suspension
of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus
contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until he, she or it
has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby
covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she
or it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or
continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse
Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company
for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders,
delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but in
no event more than sixty (60) days, determined in good faith by the Company to be necessary for such purpose. In the event the
Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the
notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell
Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised
its rights under this Section 3.4.

 

3.5 Reporting Obligations. As long as
any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the Exchange Act,
covenants to file timely (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 Sections 13(a) or 15(d) of the Exchange Act. The Company further
covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to time
to enable such Holder to sell shares of the Common Stock held by such Holder without registration under the Securities Act within
the limitation of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated
thereafter by the Commission), including providing any legal opinions, to the extent such exemption is available to Holders at such
time. Upon the request of any Holder, the Company shall deliver to such Holder a written certification of a duly authorized officer
as to whether it has complied with such requirements.

 

ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The
Company agrees to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each
person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses
(including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any Registration Statement,
Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or alleged omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, except insofar as the same are caused
by or contained in any information furnished in writing to the Company by such Holder expressly for use therein. The Company shall indemnify
the Underwriters, their officers and directors and each person who controls such Underwriters (within the meaning of the Securities Act)
to the same extent as provided in the foregoing with respect to the indemnification of the Holder.

 

4.1.2 In
connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such
Registration Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers
and agents and each person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages,
liabilities and expenses (including without limitation reasonable attorneys’ fees) resulting from any untrue statement of
material fact contained in the Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement
thereto or any omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
but only to the extent that such untrue statement or omission is contained in any information or affidavit so furnished in writing
by such Holder expressly for use therein; provided, however, that the obligation to indemnify shall be several, not
joint and several, among such Holders of Registrable Securities, and the liability of each such Holder of Registrable Securities
shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities pursuant
to such Registration Statement. The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors
and each person who controls such Underwriters (within the meaning of the Securities Act) to the same extent as provided in the
foregoing with respect to indemnification of the Company.

 

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4.1.3 Any person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with
respect to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to
indemnification hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such
claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party.
If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party
without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not
to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified
by such indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest
may exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall,
without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled
in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement)
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

 

4.1.4 The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made
by or on behalf of the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the
transfer of securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

4.1.5 If the indemnification provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient
to hold harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the
indemnifying party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party
as a result of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault
of the indemnifying party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the
indemnifying party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates
to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s
relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however,
that the liability of any Holder under this subsection 4.1.5 shall be limited to the amount of the net proceeds received by
such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the losses or other liabilities
referred to above shall be deemed to include, subject to the limitations set forth in subsections 4.1.1, 4.1.2 and
4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection with any investigation
or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant to this subsection 4.1.5
were determined by pro rata allocation or by any other method of allocation, which does not take account of the equitable considerations
referred to in this subsection 4.1.5. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution pursuant to this subsection 4.1.5 from any person who was not guilty
of such fraudulent misrepresentation.

 

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ARTICLE V

MISCELLANEOUS

 

5.1   Notices.
Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United States mail,
addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested, (ii) delivery in
person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic mail, or
facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be deemed
sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date on which
it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail, or facsimile, at such time as
it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery is refused by
the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company, to: 550 S.
Hope St., Suite 2850, Los Angeles, CA 90071, Attention: Stanley Speer, with copy to:
Greenberg Traurig, LLP, 1840 Century Park E #1900, Los Angeles, CA 90067, Attention: Kevin Friedmann, Esq., and, if to any Holder,
at such Holder’s address or email address as set forth in the Company’s books and records. Any party may change its
address for notice at any time and from time to time by written notice to the other parties hereto, and such change of address shall
become effective thirty (30) days after delivery of such notice as provided in this Section 5.1.

 

5.2  
Assignment; No Third Party Beneficiaries.

 

5.2.1 This Agreement and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company
in whole or in part.

 

5.2.2 No Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except
in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee, but only if such Permitted Transferee
agrees to become bound by the transfer restrictions set forth in this Agreement and other applicable agreements.

 

5.2.3
This Agreement and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors
and the permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4 This
Agreement shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this
Agreement and Section 5.2 hereof.

 

5.2.5 No assignment by any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate
the Company unless and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1
hereof and (ii) the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and
provisions of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment
made other than as provided in this Section 5.2 shall be null and void.

 

5.3 Severability. This Agreement shall be deemed severable, and the invalidity or unenforceability of any term or provision
hereof shall not affect the validity or enforceability of this Agreement or of any other term or provision hereof. Furthermore, in lieu
of any such invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Agreement
a provision as similar in terms to such invalid or unenforceable provision as may be possible that is valid and enforceable.

 

5.4 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed an
original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.5  Entire Agreement. This Agreement (including all agreements entered into pursuant hereto and all certificates and instruments
delivered pursuant hereto and thereto) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede
all prior and contemporaneous agreements, representations, understandings, negotiations and discussions between the parties, whether oral
or written.

 

    11

     

    

 

5.6 Governing
Law; Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY
AGREE THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS
AMONG NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT IN
NEW YORK COUNTY IN THE STATE OF NEW YORK.

 

5.7 Waiver of Trial by Jury. Each party
hereby irrevocably and unconditionally waives the right to a trial by jury in any action, suit, counterclaim or other proceeding (whether
based on contract, tort or otherwise) arising out of, connected with or relating to this Agreement, the transactions contemplated hereby,
or the actions of the Sponsor in the negotiation, administration, performance or enforcement hereof.

 

5.8  Amendments and Modifications. Upon
the written consent of the Company and the Holders of at least a majority in interest of the Registrable Securities at the time in question,
compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived, or any of such provisions,
covenants or conditions may be amended or modified; provided, however, that notwithstanding the foregoing, any amendment hereto or waiver
hereof that adversely affects one Holder, solely in his, her or its capacity as a holder of the shares of capital stock of the Company,
in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder so affected.
No course of dealing between any Holder or the Company and any other party hereto or any failure or delay on the part of a Holder or
the Company in exercising any rights or remedies under this Agreement shall operate as a waiver of any rights or remedies of any Holder
or the Company. No single or partial exercise of any rights or remedies under this Agreement by a party shall operate as a waiver or
preclude the exercise of any other rights or remedies hereunder or thereunder by such party.

 

5.9 Titles and Headings. Titles and headings
of sections of this Agreement are for convenience only and shall not affect the construction of any provision of this Agreement.

 

5.10 Remedies Cumulative. In the event
that the Company fails to observe or perform any covenant or agreement to be observed or performed under this Agreement, the Holders
may proceed to protect and enforce its rights by suit in equity or action at law, whether for specific performance of any term contained
in this Agreement or for an injunction against the breach of any such term or in aid of the exercise of any power granted in this Agreement
or to enforce any other legal or equitable right, or to take any one or more of such actions, without being required to post a bond.
None of the rights, powers or remedies conferred under this Agreement shall be mutually exclusive, and each such right, power or remedy
shall be cumulative and in addition to any other right, power or remedy, whether conferred by this Agreement or now or hereafter available
at law, in equity, by statute or otherwise.

 

5.11 Other Registration Rights. The
Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to require the Company
to register any securities of the Company for sale or to include such securities of the Company in any Registration filed by the
Company for the sale of securities for its own account or for the account of any other person, except such holders of Series 1
Preferred Stock whose shares of Series 1 Preferred Stock and shares of common stock issuable upon conversion of such shares of
Series 1 Preferred Stock have been registered under a Registration Statement on Form S-3 (Registration No. 333-237352) pursuant to
their registration rights Agreement with the Company dated March 5, 2020. Further, the Company represents and warrants that this
Agreement supersedes any other registration rights agreement or agreement with similar terms and conditions and in the event of a
conflict between any such agreement or agreements and this Agreement, the terms of this Agreement shall prevail.

 

5.12 Term. This Agreement shall
terminate upon the earlier of (i) the fifth anniversary of the date of this Agreement or (ii) the date as of which (A) all of the
Registrable Securities have been sold pursuant to a Registration Statement (but in no event prior to the applicable period referred
to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder (or any successor rule promulgated thereafter by the
Commission)) or (B) the Holders of all of the Registrable Securities are permitted to sell the Registrable Securities under Rule 144
(or any similar provision) under the Securities Act without limitation on the amount of securities sold or the manner of sale. The
provisions of Section 3.5 and Article IV shall survive any termination.

 

5.13  Covenants of Holders. Each Holder
hereby covenants and agrees that it shall not sell any Registrable Securities in violation of the Securities Act or this Agreement.

 

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IN WITNESS WHEREOF, the undersigned have
caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 
	 	CADIZ, Inc.,
	 	a Delaware corporation
	 	 	 
	 	By:	 
	 	Name: 	 
	 	Title:	Chief Financial Officer
	 	 	 
	 	HOLDERS:
	 	 
	 	Heerema International Group Services S.A.
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 	 
	 	Keith Brackpool
	 	 
	 	 
	 	 
	 	Geoffrey Grant
	 	 
	 	 

 

[Signature Page to Registration Rights Agreement]

 

 

13

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