Document:

Exhibit 10.8

 

[●], 2022

 

Spring Valley Acquisition Corp. II

2100 McKinney Ave, Suite 1675

Dallas, TX 75201

 

Re:         Initial Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered
into by and among Spring Valley Acquisition Corp. II, a Cayman Islands exempted company (the “Company”), Citigroup
Global Markets Inc. and Guggenheim Securities, LLC, as representatives (the “Representatives”) of the several
underwriters (the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”) of 23,000,000 of the Company’s units (including 3,000,000 units that may be purchased pursuant to the
Underwriters’ option to purchase additional units, the “Units”), each comprising of one of the Company’s
Class A ordinary shares, par value $0.0001 per share (the “Ordinary Shares”), one right to receive one-tenth
of one Class A Ordinary Share (each, a “Right"), and one-half of one redeemable warrant (each whole warrant, a “Warrant”).
Each Warrant entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units
will be sold in the Public Offering pursuant to a registration statement on Form S-l and a prospectus (the “Prospectus”)
filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). Certain capitalized
terms used herein are defined in paragraph 1 hereof.

 

In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, Spring Valley Acquisition Sponsor II, LLC (the “Sponsor”)
and each of the undersigned (each, an “Insider” and, collectively, the “Insiders”)
hereby agree with the Company as follows:

 

1.                  Definitions.
As used herein, (i) “Business Combination” shall mean a merger, share exchange, asset acquisition,
share purchase, reorganization or similar business combination with one or more businesses or entities; (ii)
 “Founder Shares” shall mean the 7,666,667 Class B ordinary shares of the Company, par value $0.0001
per share, outstanding prior to the consummation of the Public Offering; (iii) “Private Placement
Warrants” shall mean the warrants to purchase Ordinary Shares of the Company that will be acquired by the
Sponsor for an aggregate purchase price of $10,000,000 (or up to $11,050,000 if the Underwriters’ exercise their option
to purchase additional units), or $1.00 per Warrant, in a private placement that shall close simultaneously with the
consummation of the Public Offering (including Ordinary Shares issuable upon conversion thereof); (iv) “Public
Shareholders” shall mean the holders of Ordinary Shares included in the Units issued in the Public Offering;
(v) “Public Shares” shall mean the Ordinary Shares included in the Units issued in the Public
Offering; (vi) “Trust Account” shall mean the trust account into which a portion of the net
proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; (vii)
 “Transfer” shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate,
pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or
establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent
position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations
of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other arrangement that
transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such
transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any
intention to effect any transaction specified in clause (a) or (b); and (viii) “Charter” shall mean
the Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to
time.

 

     

     

    

 

2.                 
Representations and Warranties.

 

(a)              
The Sponsor and each Insider, with respect to itself, herself or himself, represent and warrant to the Company that it,
she or he has the full right and power, without violating any agreement to which it, she or he is bound (including, without limitation,
any non-competition or non-solicitation agreement with any employer or former employer), to enter into this Letter Agreement, as
applicable, and to serve as an officer of the Company and/or a director on the Company’s Board of Directors (the “Board”),
as applicable, and each Insider hereby consents to being named in the Prospectus, road show and any other materials as an officer
and/or director of the Company, as applicable.

 

(b)              
Each Insider represents and warrants, with respect to herself or himself, that such Insider’s biographical information
furnished to the Company (including any such information included in the Prospectus) is true and accurate in all material respects
and does not omit any material information with respect to such Insider’s background. The Insider’s questionnaire furnished
to the Company is true and accurate in all material respects. Each Insider represents and warrants that such Insider is not subject
to or a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain
from any act or practice relating to the offering of securities in any jurisdiction; such Insider has never been convicted of,
or pleaded guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another
person, or (iii) pertaining to any dealings in any securities and such Insider is not currently a defendant in any such criminal
proceeding; and such Insider has never been suspended or expelled from membership in any securities or commodities exchange or
association or had a securities or commodities license or registration denied, suspended or revoked.

 

3.                  Business
Combination Vote. It is acknowledged and agreed that the Company shall not enter into a definitive agreement
regarding a proposed Business Combination without the prior consent of the Sponsor. The Sponsor and each Insider, with
respect to itself, herself or himself, agrees that if the Company seeks shareholder approval of a proposed initial Business
Combination, then in connection with such proposed initial Business Combination, it, she or he, as applicable, shall vote all
Founder Shares and any Public Shares held by it, her or him, as applicable, in favor of such proposed initial Business
Combination (including any proposals recommended by the Board in connection with such Business Combination) and not redeem
any Public Shares held by it, her or him, as applicable, in connection with such shareholder approval.

 

    2

     

    

 

4.                 
Failure to Consummate a Business Combination: Trust Account Waiver.

 

(a)              
The Sponsor and each Insider hereby agree, with respect to itself, herself or himself, that in the event that the Company
fails to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor and each Insider
shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up; (ii) as
promptly as reasonably possible but not more than 10 business days thereafter, redeem 100% of the Public Shares, at a per-share
price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds
held in the Trust Account and not previously released to the Company to pay income taxes (less up to $100,000 of interest to pay
dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public
Shareholders’ rights as shareholders (including the right to receive further liquidation distributions, if any); and (iii)
as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders
and the Board, liquidate and dissolve, subject in the case of clauses (ii) and (iii) to the Company’s obligations under Cayman
Islands law to provide for claims of creditors and in all cases subject to the other requirements of applicable law. The Sponsor
and each Insider agree not to propose any amendment to the Charter (i) that would modify the substance or timing of the Company’s
obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with an initial Business
Combination or to redeem 100% of the Public Shares if the Company does not complete an initial Business Combination within the
required time period set forth in the Charter or (ii) with respect to any other provision relating to the rights of holders of
Public Shares unless the Company provides its Public Shareholders with the opportunity to redeem their Public Shares upon approval
of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay taxes, if any,
divided by the number of then-outstanding Public Shares.

 

(b)               The
Sponsor and each Insider, with respect to itself, herself or himself, acknowledges that it, she or he has no right, title,
interest or claim of any kind in or to any monies held in the Trust Account or any other asset of the Company as a result of
any liquidation of the Company with respect to the Founder Shares held by it, her or him, if any. The Sponsor and each of the
Insiders hereby further waive, with respect to any Founder Shares and Public Shares held by it, her or him, as
applicable, any redemption rights it, she or he may have in connection with the consummation of a Business Combination,
including, without limitation, any such rights available in the context of a shareholder vote to approve such Business
Combination or a shareholder vote to approve an amendment to the Charter (i) that would modify the substance or timing of the
Company’s obligation to provide holders of the Public Shares the right to have their shares redeemed in connection with
an initial Business Combination or to redeem 100% of the Public Shares if the Company has not consummated an initial Business
Combination within the time period set forth in the Charter or (ii) with respect to any other provision relating to the
rights of holders of Public Shares (although the Sponsor and the Insiders shall be entitled to liquidation rights with
respect to any Public Shares they hold if the Company fails to consummate a Business Combination within the required time
period set forth in the Charter).

 

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5.                 
Lock-up: Transfer Restrictions.

 

(a)              
The Sponsor and the Insiders agree that they shall not Transfer any Founder Shares (the “Founder Shares Lock-up”)
until the earliest of (A) one year after the completion of an initial Business Combination and (B) following the completion of
an initial Business Combination, the date on which the Company completes a liquidation, merger, share exchange or other similar
transaction that results in all of the Company’s shareholders having the right to exchange their Ordinary Shares for cash,
securities or other property (the “Founder Shares Lock-up Period”). Notwithstanding the foregoing, if,
subsequent to a Business Combination, the closing price of the Ordinary Shares equals or exceeds $12.00 per share (as adjusted
for share sub-divisions, share capitalizations, share consolidations, reorganizations, recapitalizations and other similar transactions)
for any 20 trading days within a 30-trading day period commencing at least 120 days after the Company’s initial Business
Combination, the Founder Shares shall be released from the Founder Shares Lock-up.

 

(b)              
The Sponsor and Insiders agree that they shall not effectuate any Transfer of Private Placement Warrants or Ordinary Shares
underlying such warrants until 30 days after the completion of an initial Business Combination.

 

(c)              
Notwithstanding the provisions set forth in paragraphs 5(a), 5(b) and 12(b), Transfers of the Founder Shares,
Private Placement Warrants and Ordinary Shares underlying the Private Placement Warrants are permitted (a) to the Company’s officers
or directors, any affiliate or family member of any of the Company’s officers or directors, any members or partners of the Sponsor
or their affiliates, any affiliates of the Sponsor, or any employees of such affiliates; (b) in the case of an individual, by gift to
a member of one of the individual’s immediate family or to a trust, the beneficiary of which is a member of the individual’s
immediate family, an affiliate of such person or to a charitable organization; (c) in the case of an individual, by virtue of laws of
descent and distribution upon death of the individual; (d) in the case of an individual, pursuant to a qualified domestic relations order;
(e) by private sales or transfers made in connection with any forward purchase agreement or similar arrangement or in connection with
the consummation of a Business Combination at prices no greater than the price at which the Founder Shares, Private Placement Warrants
or Ordinary Shares, as applicable, were originally purchased; (f) by virtue of the Sponsor’s organizational documents upon liquidation
or dissolution of the Sponsor; (g) to the Company for no value for cancellation in connection with the consummation of an initial Business
Combination, (h) in the event of the Company’s liquidation prior to the completion of a Business Combination; or (i) in the event
of completion of a liquidation, merger, share exchange or other similar transaction which results in all of the Company’s Public
Shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of
an initial Business Combination; provided, however, that in the case of clauses (a) through (f) these permitted transferees
must enter into a written agreement agreeing to be bound by these transfer restrictions.

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(d)              
 During the period commencing on the effective date of the Underwriting Agreement and ending 180 days after such date, the
Sponsor and each Insider shall not, without the prior written consent of Citigroup Global Markets Inc., Transfer any Units, Ordinary
Shares, Warrants, Rights or any other securities convertible into, or exercisable or exchangeable for, Ordinary Shares held by it, her
or him, as applicable, subject to certain exceptions enumerated in Section 6(h) of the Underwriting Agreement.

 

6.                 
Remedies. The Sponsor and each of the Insiders hereby agree and acknowledge that (i) each of the Underwriters and the
Company would be irreparably injured in the event of a breach by the Sponsor or such Insider of its, her or his obligations, as applicable
under paragraphs 3, 4, 5, 7, 10, 11 and 12, (ii) monetary damages may not be an adequate
remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition to any other remedy that
such party may have in law or in equity, in the event of such breach.

 

7.                 
Payments by the Company. Except as disclosed in the Prospectus, neither the Sponsor nor any affiliate of the
Sponsor nor any director or officer of the Company nor any affiliate of the officers shall receive from the Company any finder’s
fee, reimbursement, consulting fee, monies in respect of any payment of a loan or other compensation prior to, or in connection
with any services rendered in order to effectuate the consummation of the Company’s initial Business Combination (regardless
of the type of transaction that it is).

 

8.                 
Director and Officer Liability Insurance. The Company will maintain an insurance policy or policies providing
directors’ and officers’ liability insurance, and the Insiders shall be covered by such policy or policies, in accordance
with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

9.                 
Termination. This Letter Agreement shall terminate on the earlier of (i) the expiration of the Founder Shares
Lock-up Period and (ii) the liquidation of the Company.

 

10.              Indemnification.
In the event of the liquidation of the Trust Account upon the failure of the Company to consummate its initial Business
Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”) agrees
to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever
(including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or
defending against any litigation, whether pending or threatened) to which the Company may become subject as a result of any
claim by (i) any third party for services rendered or products sold to the Company (except for the Company’s
independent auditors) or (ii) any prospective target business with which the Company has discussed entering into a
transaction agreement (a “Target”); provided, however, that such indemnification of
the Company by the Indemnitor (x) shall apply only to the extent necessary to ensure that such claims by a third party for
services rendered or products sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below
the lesser of (i) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the
date of the liquidation of the Trust Account if less than $10.00 per Public Share due to reductions in the value of the trust
assets, in each case net of interest that may be withdrawn to pay the Company’s tax obligations, (y) shall not apply to
any claims by a third party or Target who executed a waiver of any and all rights to the monies held in the Trust Account
(whether or not such waiver is enforceable) and (z) shall not apply to any claims under the Company’s indemnity of the
Underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. The Indemnitor
shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to the Company if,
within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor notifies the Company in
writing that it shall undertake such defense.

 

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11.             
Forfeiture of Founder Shares. To the extent that the Underwriters do not exercise their option to purchase
additional Units within 45 days from the date of the Prospectus in full (as further described in the Prospectus), the Sponsor agrees
to automatically surrender to the Company for no consideration, for cancellation at no cost, an aggregate number of Founder Shares
so that the number of Founder Shares will equal 20% of the sum of the total number of Ordinary Shares and Founder Shares outstanding
at such time. The Sponsor and Insiders further agree that to the extent that the size of the Public Offering is increased or decreased,
the Company will effect a share capitalization or a share repurchase, as applicable, with respect to the Founder Shares immediately
prior to the consummation of the Public Offering in such amount as to maintain the number of Founder Shares at 20% of the sum of
the total number of Ordinary Shares and Founder Shares outstanding at such time.

 

12.              
Unvested Founder Shares.

 

(a)              
The Sponsor agrees that upon and subject to the completion of the Business Combination (the “Business Combination Closing”),
20% of the Founder Shares then held by the Sponsor shall be considered to be newly unvested shares, which will vest only if the Share
Price Level is achieved on or after the first anniversary of the Business Combination Closing but before the fifth anniversary of the
Business Combination Closing.

 

(b)             
 The Sponsor agrees that it shall not Transfer any unvested Founder Shares prior to the date such Founder Shares become vested,
except to the extent permitted by paragraph 5(c).

 

(c)              
Founder Shares, if any, that remain unvested at the fifth anniversary of the Business Combination Closing will be forfeited, and
shall be transferred by the Sponsor to the Company without any consideration for such transfer. For the avoidance of doubt, the Founder
Shares owned by the individual Insiders other than the Sponsor shall not be subject to vesting or forfeiture; provided, however, that
the Sponsor shall hold a sufficient number of unvested Founder Shares to comply with the forfeiture provisions of this Letter Agreement.

 

(d)              
For purposes of this paragraph 12, the “Share Price Level” will be considered achieved only if the closing price of
the Ordinary Shares on the Nasdaq Global Market (or other exchange or other market where the Ordinary Shares are then traded) equals or
exceeds $12.50 for any 20 trading days within a 30 trading day period on or after the first anniversary of the Business Combination Closing
but before the fifth anniversary of the Business Combination Closing. The Share Price Level will be equitably adjusted on account of any
share split, reverse share split or similar equity restructuring transaction.

 

(e)               
Notwithstanding the foregoing, in the event the Company enters into a binding agreement on or before the fifth anniversary of the
Business Combination Closing with respect to a Sale (as defined below), all unvested Founder Shares shall vest on the day prior to the
closing of such Sale. “Sale” shall mean the occurrence of any of the following events (which, for the avoidance of doubt,
shall not include the Business Combination): (a) any person or any group of persons acting together which would constitute a “group”
for purposes of Section 13(d) of the Exchange Act or any successor provisions thereto is or becomes the beneficial owner, directly or
indirectly, of securities of the Company representing more than 50% of the combined voting power of the Company's then outstanding voting
securities, (b) there is consummated a merger or consolidation of the Company with any other corporation or other entity, and, immediately
after the consummation of such merger or consolidation, either (x) the board of directors of the Company immediately prior to the merger
or consolidation does not constitute at least a majority of the board of directors of the company surviving the merger or, if the surviving
company is a subsidiary, the ultimate parent thereof, or (y) the voting securities of the Company immediately prior to such merger or
consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then outstanding
voting securities of the person resulting rom such merger or consolidation or, if the surviving company is a subsidiary, the ultimate
parent thereof, or (c) the shareholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is
consummated an agreement or series of related agreements for the sale, lease or other disposition, directly or indirectly, by the Company
of all or substantially all of the assets of the Company and its subsidiaries, taken as a whole, other than such sale or other disposition
by the Company of all or substantially all of the assets of the Company and its Subsdiaires, taken as a whole, to an entity at least 50%
of the combined voting power of the voting securities of which are owned by shareholders of the Company in substantially the same proportions
as their ownership of the Company immediately prior to such sale.

 

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13.             
Entire Agreement. This Letter Agreement constitutes the entire agreement and understanding of the parties hereto
in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations by or among the
parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions contemplated
hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical error) as
to any particular provision, except by a written instrument executed by all parties hereto.

 

14.             
Assignment. No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other parties. Any purported assignment in violation of this paragraph shall
be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee. This Letter
Agreement shall be binding on the Sponsor, each of the Insiders and each of their respective successors, heirs, personal representatives
and assigns and permitted transferees.

 

15.             
Counterparts. This Letter Agreement may be executed in any number of original or facsimile counterparts, and
each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute
but one and the same instrument. Signatures to this Agreement transmitted via facsimile or e-mail shall be valid and effective
to bind the party so signing (including any electronic signature covered by the U.S. federal ESIGN Act of 2000, Uniform Electronic
Transactions Act, the Electronic Signatures and Records Act or other applicable law, e.g., www.docusign.com).

 

16.             
Effect of Headings. The paragraph headings herein are for convenience only and are not part of this Letter Agreement
and shall not affect the interpretation thereof.

 

17.              Severability.
This Letter 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 Letter 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 Letter Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be
valid and enforceable.

 

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18.             
Governing Law. This Letter Agreement shall be governed by and construed and enforced in accordance with the laws
of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive
laws of another jurisdiction. The parties hereto (i) all agree that any action, proceeding, claim or dispute arising out of, or
relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New
York, and irrevocably submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive, and (ii) waive any
objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

19.             
Notices. Any notice, consent or request to be given in connection with any of the terms or provisions of this
Letter Agreement shall be in writing and shall be sent by express mail or similar private courier service, by certified mail (return
receipt requested), by hand delivery or facsimile or other electronic transmission.

 

20.             
Each party hereto shall not be liable for any breaches or misrepresentations contained in this
Letter Agreement by any other party to this Letter Agreement (including, for the avoidance of doubt, any Insider with respect to any
other Insider), and no party shall be liable or responsible for the obligations of another party, including, without limitation, indemnification
obligations and notice obligations.

 

[Signature Page Follows]

 

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	 	Sincerely,
	 	 
	 	SPRING VALLEY ACQUISITION SPONSOR II, LLC
	 	 
	 	By:	      
	 	Name:     David Levinson
	 	Title:       Corporate Secretary

 

[Signature Page to Insider Letter
Agreement]

 

     

     

    

 

	 	
	 	Christopher Sorrells

 

[Signature Page to Insider Letter
Agreement]

 

     

     

    

 

	 	
	 	Jeffrey Schramm

 

[Signature Page to Insider Letter
Agreement]

 

     

     

    

 

	 	
	 	Robert Kaplan

 

[Signature Page to Insider Letter
Agreement]

 

     

     

    

 

	 	
	 	David Levinson

 

[Signature Page
to Insider Letter Agreement]

 

     

     

    

 

	 	
	 	Kevin Pohler

 

[Signature Page
to Insider Letter Agreement]

 

     

     

    

 

	 	
	 	David Buzby

  

[Signature Page
to Insider Letter Agreement]

 

     

     

    

 

	 	
	 	Richard Thompson

 

[Signature Page
to Insider Letter Agreement]

 

     

     

    

 

	 	
	 	Sharon Youngblood

 

[Signature Page
to Insider Letter Agreement]

 

     

     

    

 

	Acknowledged and Agreed:	 
	 	 
	SPRING VALLEY ACQUISITION CORP. II	 
	 	 
	By:	      	 
	 	     Name:  Christopher Sorrells	 
	 	     Title:    Chief Executive Officer	 

 

[Signature
Page to Insider Letter Agreement]Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement
(the “Agreement”) is made as of March 20, 2022 by and among the parties set forth on Exhibit A hereof (together,
the “Purchasers”) and Cadiz, Inc., a Delaware corporation (the “Company”).

 

RECITALS

 

WHEREAS, the Purchasers desire
to purchase from the Company and the Company desires to sell to the Purchasers an aggregate of 6,857,140 shares (the “Securities”)
of common stock, $0.01 par value per share (the “Common Stock”), of the Company.

 

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

 

ARTICLE I

PURCHASE OF SECURITIES

 

Subject to the terms set forth
in this Agreement, the Company agrees to issue the Securities, and each Purchaser severally, and not jointly, agrees to purchase the amount
of the Securities set out against its name as its purchase commitment in Exhibit A hereto at the purchase price of $1.75 per share
(the “Purchase Price”) at the Closing (as defined herein), pursuant to an effective Registration Statement on Form
S-3 (Registration No. 333-257159), including all amendments thereto, the exhibits and any schedules thereto, the documents otherwise deemed
to be a part thereof or included therein (together, the “Registration Statement”) filed by the Company with the Securities
and Exchange Commission (the “SEC”) and a prospectus consisting of the base prospectus included in the Registration
Statement (the “Base Prospectus”) and one or more prospectus supplements that have been or will be filed with the SEC
(the “Prospectus Supplement,” and together with the Base Prospectus, the “Prospectus”).

 

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

 

ARTICLE II

REPRESENTATIONS AND

WARRANTIES OF THE PURCHASERS

 

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

 

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

 

     

     

    

 

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

 

Section 2.3 [Reserved].

 

Section 2.4 No Illegal
Transactions. The Purchaser has not, directly or indirectly, and no person acting on behalf of or pursuant to any understanding with
it has, engaged in any transactions in the securities of the Company (including, without limitation, any Short Sales (as defined below)
involving any of the Company’s securities) since the time that the Purchaser was first contacted by the Company or any other person
regarding the transactions contemplated by this Agreement or an investment in the Securities or the Company. The Purchaser covenants that
neither it nor any person acting on its behalf or pursuant to any understanding with it will engage, directly or indirectly, in any transactions
in the securities of the Company (including Short Sales) prior to the time the transactions contemplated by this Agreement are publicly
disclosed. “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 of Regulation
SHO promulgated under the Exchange Act, and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls,
short sales, swaps, derivatives and similar arrangements (including on a total return basis), and sales and other transactions through
non-U.S. broker-dealers or foreign regulated brokers. Solely for purposes of this Section 2.4, subject to the Purchaser’s compliance
with its obligations under the U.S. federal securities laws and the Purchaser’s internal policies, “Purchaser” shall
not be deemed to include any employees, subsidiaries or affiliates of the Purchaser that are effectively walled off by appropriate “Chinese
Wall” information barriers approved by the Purchaser’s legal or compliance department (and thus have not been privy to any
information concerning the transactions contemplated by this Agreement).

 

Section 2.5 Adequate Information;
No Reliance. The Purchaser acknowledges and agrees that (a) the Purchaser has been furnished with all materials it considers relevant
to making an investment decision to enter into the purchase and sale of the Securities and has had the opportunity to review the Company’s
filings and submissions with the SEC, including, without limitation, all information filed or furnished pursuant to the Exchange Act and
all information incorporated into such filings and submissions, (b) has (and if applicable, its officers, employees, directors or equity
owners have) either alone or with its representatives, if any, such knowledge and experience in financial and business matters that the
Purchaser is capable of evaluating the merits and risks of an investment in the Securities, and (c) the Purchaser is not relying, and
has not relied, upon any statement, advice (whether accounting, tax, financial, legal or other), representation or warranty made by the
Company or any of its affiliates or representatives, except for (A) the publicly available filings and submissions made by the Company
with the SEC under the Exchange Act, and (B) the representations and warranties made by the Company in this Agreement.

 

Section 2.6 Legal Opinions.
The Purchaser acknowledges and understands that a legal opinion is being delivered by counsel to the Company in reliance on, and assuming
the accuracy of, the foregoing representations and warranties of the Purchaser.

 

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Section 2.7 Purchaser’s
Reporting Requirement. The Company has made no representations to the Purchaser regarding the Purchaser’s reporting requirements
with the SEC related to the Purchaser’s ownership in the Company, and the Purchaser acknowledges and agrees that it is the responsibility
of the Purchaser to ensure that it complies with any disclosure and reporting requirements of the SEC.

 

Section 2.8 Certain
Fees. No placement agent, underwriter, broker, investment banker, financial advisor or other person or entity is entitled to any placement
agent’s, underwriter’s, broker’s, finder’s, financial advisor’s or other similar fee, discount or commission
in connection with the transactions contemplated by this Agreement as a result of any contract or agreement with the Purchaser.

 

ARTICLE III

REPRESENTATIONS AND

WARRANTIES OF THE COMPANY

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

Section 3.10 Capitalization.
The capital stock of the Company consists of (a) 70,000,000 authorized shares of Common Stock, of which 43,895,063 shares of Common Stock
were issued and outstanding as of the close of business on March 18, 2022, and (b) 100,000 authorized shares of preferred stock, of which
(i) 329 shares of the Company’s Series 1 Preferred Stock, par value $0.01 per share (the “Series 1 Preferred Stock”),
and (ii) 2,300 shares of 8.875% Series A Cumulative, Perpetual Preferred Stock, par value $0.01 per share (“Series A Preferred
Stock,” and together with the Series 1 Preferred Stock the “Preferred Stock”), which are represented by depositary
shares, each depositary share representing a 1/1,000th interest in a share of Series A Preferred Stock, were issued and outstanding, each
as of the close of business of March 18, 2022. All outstanding shares of Common Stock and Preferred Stock have been duly authorized, and
are validly issued, fully paid and nonassessable. As of the date hereof, the Company has no shares of capital stock reserved for issuance
other than (i) 475,061 shares of Common Stock reserved for issuance under the Company’s employee benefit plans, stock option and
employee stock purchase plans or other employee compensation plans as such plans are in existence on the date hereof and described in
the Registration Statement; (ii) 133,261 shares of Common Stock issuable upon conversion of the outstanding shares of Series 1 Preferred
Stock and (iii) 1,000,000 shares of Common Stock underlying outstanding warrants. Except as described in the Registration Statement and
Prospectus (including the Incorporated Documents), there are no preemptive or other outstanding rights, options, warrants, conversion
rights, stock appreciation rights, redemption rights, repurchase rights, agreements, arrangements, calls, commitments or rights of any
kind that obligate the Company or any of its Subsidiaries to issue or sell any shares of capital stock or other securities of the Company
or any of its Subsidiaries or any securities or obligations convertible or exchangeable into or exercisable for, or giving any person
a right to subscribe for or acquire, any securities of the Company or any of its Subsidiaries, and no securities or obligations evidencing
such rights are authorized, issued or outstanding. Except as described in the Registration Statement and Prospectus (including the Incorporated
Documents), the Company does not have outstanding any bonds, debentures, notes or other obligations the holders of which have the right
to vote (or convertible into or exercisable for securities having the right to vote) with the stockholders of the Company on any matter.
None of the outstanding shares of capital stock of the Company were issued in violation of any preemptive rights, rights of first refusal
or other similar rights to subscribe for or purchase securities of the Company. Except as described in the Registration Statement and
Prospectus (including the Incorporated Documents), neither the filing of the Registration Statement nor the offering or sale of the Securities
as contemplated by this Agreement gives rise to any rights for or relating to the registration of any shares of Common Stock or other
securities of the Company (collectively “Registration Rights”) and any person to whom the Company has granted Registration
Rights, if any, has agreed not to exercise such rights until after expiration of any applicable lock-up period. The Securities to be issued
and sold by the Company have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement,
will have been validly issued and will be fully paid and nonassessable, and the holders thereof will not be subject to personal liability
by reason of being such holders.

 

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

 

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

 

Section 3.13 Independent
Accountants. PricewaterhouseCoopers LLP (“PwC”), who has certified certain financial statements and related schedules
included or incorporated by reference in the Registration Statement, is an independent registered public accounting firm as required by
the Securities Act and the rules and regulations thereunder and the Public Company Accounting Oversight Board (United States) (“PCAOB”).
Except as pre-approved in accordance with the requirements set forth in Section 10A of the Exchange Act, PwC has not been engaged by the
Company to perform any “prohibited activities” (as defined in Section 10A of the Exchange Act). To the knowledge and
belief of the Company, PwC shall express its opinion with respect to the financial statements to be included in the Company’s Annual
Report on Form 10-K for the fiscal year ending December 31, 2021 which will be filed with the SEC pursuant to the Exchange Act.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

ARTICLE IV

CONDITIONS TO CLOSING

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

(h) Greenberg
Traurig, LLP, counsel for the Company, shall have furnished to the Purchasers an opinion, in the form agreed as of the date hereof, dated
the Closing Date and addressed to the Purchasers except any Purchaser who is a director or an affiliate of a director of the Company.

 

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

 

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

 

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

 

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

 

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

 

ARTICLE V

CERTAIN COVENANTS

 

Section 5.1 Certain Actions.
Each of the Company and each Purchaser shall reasonably cooperate with each other and use (and shall cause their respective affiliates
to use) reasonable efforts to take or cause to be taken all actions, and do or cause to be done all things, necessary, proper or advisable
on its part under this Agreement and applicable law and stock exchange listing standards to consummate the transactions contemplated by
this Agreement as soon as practicable, and in any event on or prior to March 23, 2022.

 

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

 

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

 

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

 

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

 

ARTICLE VI

MISCELLANEOUS

 

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

 

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

 

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

 

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

 

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

 

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

 

[Signature Page Follows]

 

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

 

	 	The Company
	 	 
	 	CADIZ INC.
	 	 
	 	By: 	        
	 	Name:  	Stanley Speer
	 	Title: 	Chief Financial Officer

 

[Signature page to Securities Purchase Agreement]

 

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	 	Purchaser
	 	 
	 	 

 

[Signature page to Securities Purchase Agreement] 

 

 

18

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