GRAZING LICENSE Cypress, Inc. ("Owner") and Joe M. Chavez and Steve Chavez (collectively, "Chavez") agree: 1. Property. In consideration of value provided by Chavez to Owner, Owner grants permission to Chavez to use, for livestock grazing purposes as defined in this Grazing License (this "License"), land located in Santa Fe County, New Mexico, that is suitable for grazing livestock held in fee simple by Owner (the "Fee Simple Property"); land held by Owner pursuant to United States Department of the Interior, Bureau of Land Management (the "BLM"), Grazing Lease, Allotment 00830 Puertacito Salado (the "BLM Lease") (the "BLM Lease Property"), and land held by Owner pursuant to New Mexico State Land Office (the "SLO"), Commissioner of Public Lands, Agricultural Leases Nos. GR2122 and GR2088 (collectively, the "SLO Leases") (collectively, the "SLO Lease Property"). Collectively, the Fee Simple Property, the BLM Lease Property and the SLO Lease Property are referred to herein as the "Property" and are described on attached Exhibit A. Owner has delivered to Chavez and Chavez acknowledges receipt and understanding of the terms of the BLM Lease and the two SLO Leases and takes subject to the terms of the BLM Leases and the SLO Leases. Owner explicitly denies permission to Chavez to use land that is not suitable or appropriate for livestock grazing purposes or land that is in close proximity to any of the existing residences or the airstrip on the Fee Simple Property. Owner grants permission to Chavez to use the Fee Simple Property for livestock grazing purposes effectively upon the execution of this License. Chavez is expressly precluded from using the BLM Lease Property and the SLO Lease Property until the BLM and SLO have approved the sublease of the BLM Lease Property and SLO Lease Property, as applicable. Chavez and the Owner 2293463.doc EFTA00285830