SEC Contract Filing

Filing Date: 2022-03-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ea157151ex10-1_cadizinc.htm
<DESCRIPTION>FORM OF SECURITIES PURCHASE AGREEMENT
<TEXT>
<HTML>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES PURCHASE AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">This Securities Purchase Agreement
(the &ldquo;<U>Agreement</U>&rdquo;) is made as of March 20, 2022 by and among the parties set forth on <U>Exhibit A</U> hereof (together,
the &ldquo;<U>Purchasers</U>&rdquo;) and Cadiz, Inc., a Delaware corporation (the &ldquo;<U>Company</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">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 &ldquo;<U>Securities</U>&rdquo;)
of common stock, $0.01 par value per share (the &ldquo;<U>Common Stock</U>&rdquo;), of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">NOW THEREFORE, on and subject
to the terms hereof, the parties hereto agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PURCHASE OF SECURITIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">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 <U>Exhibit A</U> hereto at the purchase price of $1.75 per share
(the &ldquo;<U>Purchase Price</U>&rdquo;) 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 &ldquo;<U>Registration Statement</U>&rdquo;) filed by the Company with the Securities
and Exchange Commission (the &ldquo;<U>SEC</U>&rdquo;) and a prospectus consisting of the base prospectus included in the Registration
Statement (the &ldquo;<U>Base Prospectus</U>&rdquo;) and one or more prospectus supplements that have been or will be filed with the SEC
(the &ldquo;<U>Prospectus Supplement</U>,&rdquo; and together with the Base Prospectus, the &ldquo;<U>Prospectus</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">Subject to Section 4.1, the
closing of the purchase and sale of the Securities (the &ldquo;<U>Closing</U>&rdquo;) shall occur on a date (the &ldquo;<U>Closing Date</U>&rdquo;)
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 <U>Exhibit A</U> hereto, pursuant to the wire
instructions set forth in <U>Exhibit B</U> hereto, and (b) the Company shall issue to each Purchaser the amount of Securities set out
against such Purchaser&rsquo;s name in <U>Exhibit A</U> hereto. At a Purchaser&rsquo;s choice, the Securities will be delivered (i) by
crediting the account of the Purchaser&rsquo;s broker (as specified by the Purchaser to the Company) with the Depository Trust Company
(&ldquo;<U>DTC</U>&rdquo;) through its Deposit/Withdrawal At Custodian (&ldquo;<U>DWAC</U>&rdquo;) system, whereby Purchaser&rsquo;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&rsquo;s transfer agent, at the Company&rsquo;s direction; or (ii) in book-entry form on the Closing
Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPRESENTATIONS AND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WARRANTIES OF THE PURCHASERS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0.5in">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