0000950152-06-004236 Sample Contracts

SECURITIES PURCHASE AGREEMENT
Securities Purchase Agreement • May 10th, 2006 • Pico Holdings Inc /New • Real estate • California

This Securities Purchase Agreement (this “Agreement”) is dated as of May 4, 2006 among PICO Holdings, Inc., a California corporation (the “Company”), and the purchaser identified on the signature page hereto (the “Purchaser”).

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