SEC Contract Filing

Filing Date: 2023-01-31

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>3
<FILENAME>ea172442ex10-1_cadiz.htm
<DESCRIPTION>PLACEMENT AGENT AGREEMENT, DATED AS OF JANUARY 30, 2023, BY AND AMONG CADIZ INC., B. RILEY SECURITIES, INC. AND NORTHLAND SECURITIES, INC
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><U>PLACEMENT AGENT AGREEMENT</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">January 30, 2023</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">B. Riley Securities, Inc.</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">299 Park Avenue, 21st Floor</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">New York, NY 10171</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0; text-indent: 0in"><B>1. <U>Introduction</U></B>.
Cadiz, Inc., a Delaware corporation (the &ldquo;<B>Company</B>&rdquo;), proposes, pursuant to the terms of this Placement Agent Agreement
(this &ldquo;<B>Agreement</B>&rdquo;) to sell to certain institutional investors (the &ldquo;<B>Purchasers</B>&rdquo;) up to an aggregate
<FONT STYLE="font-size: 10pt">of </FONT>10,500,000 shares (the &ldquo;<B>Shares</B>&rdquo;) of common stock, $0.01 par value per share
(the &ldquo;<B>Common Stock</B>&rdquo;), of the Company. The Company hereby confirms that B. Riley Securities, Inc (&ldquo;<B>B. Riley</B>&rdquo;)
is acting as the exclusive placement agent (the &ldquo;<B>Placement Agent</B>&rdquo;) in accordance with the terms and conditions hereof.
In addition, the Company confirms that it has engaged Northland Securities, Inc. (&ldquo;<B>Northland</B>&rdquo;) as a qualified independent
underwriter (the &ldquo;<B>QIU</B>&rdquo;) in connection with the transaction contemplated herein.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><B>2. <U>Agreement
to Act as Placement Agent; Placement of Shares</U></B>. On the basis of the representations, warranties and agreements of the Company
herein contained, and subject to all the terms and conditions of this Agreement:</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(a) The
Company hereby authorizes the Placement Agent to act as its agent to solicit offers for the purchase of all or part of the Shares from
the Company in connection with the proposed offering of the Shares (the &ldquo;<B>Offering</B>&rdquo;). Until the Closing Date (as defined
in <U>Section 4</U> hereof), the Company shall not, without the prior written consent of the Placement Agent, solicit or accept offers
to purchase Shares otherwise than through the Placement Agent.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(b) The
Company hereby acknowledges that the Placement Agent, as an agent of the Company, shall use its reasonable best efforts to solicit offers
from potential purchasers to purchase the Shares from the Company on the terms and subject to the conditions set forth in the Prospectus
(as defined below). The Placement Agent has no authority to bind the Company with respective to any prospective offer to purchase the
Shares. The Placement Agent shall use commercially reasonable efforts to assist the Company in obtaining performance by each Purchaser
whose offer to purchase Shares was solicited by the Placement Agent and accepted by the Company, but the Placement Agent shall not, except
as otherwise provided in this Agreement, be obligated to disclose the identity of any potential purchaser or have any liability to the
Company in the event any such purchase is not consummated for any reason. Under no circumstances will the Placement Agent be obligated
to underwrite or purchase any Shares for its own accounts and, in soliciting offers to purchase the Shares, the Placement Agent shall
act solely as the Company&rsquo;s agents and not as a principal. Notwithstanding the foregoing, it is understood and agreed that the Placement
Agent (or its affiliates) may, solely at their discretion and without any obligation to do so, purchase Shares as a principal.</P>

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

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in">(c) Subject
to the provisions of this <U>Section 2</U>, offers for the purchase of Shares shall be solicited by the Placement Agent as agent for the
Company at such times and in such amounts as the Placement Agent deem