CDZI

SEC source: 0002125738-26-000005 · primary_doc.xml · nonDerivative · entry 1

O'Hara David Mark · CIK 0002125738 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 130,311

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning October 1, 2026.

SEC source: 0001751484-26-000004 · primary_doc.xml · nonDerivative · entry 1

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 201,524

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning July 1, 2026.

SEC source: 0001617455-26-000004 · primary_doc.xml · nonDerivative · entry 1

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,729

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning October 1, 2026.

SEC source: 0001937040-26-000003 · primary_doc.xml · derivative · entry 2

Hernandez Jacinto J · CIK 0001937040 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 800,000

Underlying: Common Stock · 800,000 shares

Expires 2031-07-27

F3 · security: Each Performance Right ("PSU") represents a contingent right to receive one share of the Company's common stock. The PSUs were granted to the Reporting Person as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c)(4). The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.

F4 · derivative.exercise_price: Of the 800,000 PSUs granted to the Reporting Person, 200,000 PSUs vest upon the Company's common stock achieving a price hurdle of $6.00 per share, 200,000 PSUs vest upon the Company's common stock achieving a price hurdle of $8.00 per share, 200,000 PSUs vest upon the Company's common stock achieving a price hurdle of $10.00 per share, and 200,000 PSUs vest upon the Company's common stock achieving a price hurdle of $12.00 per share, subject to the Reporting Person's continuous service as of each applicable vesting date. All PSUs that vest shall be settled by delivery of one share of the Company's common stock per vested PSU on the earlier to occur of (a) the fifth anniversary of the Grant Date or (b) the Reporting Person's "separation from service", as defined in Section 209A of the Internal Revenue Code of 1986, as amended.

F4 · derivative.exercise_date: Of the 800,000 PSUs granted to the Reporting Person, 200,000 PSUs vest upon the Company's common stock achieving a price hurdle of $6.00 per share, 200,000 PSUs vest upon the Company's common stock achieving a price hurdle of $8.00 per share, 200,000 PSUs vest upon the Company's common stock achieving a price hurdle of $10.00 per share, and 200,000 PSUs vest upon the Company's common stock achieving a price hurdle of $12.00 per share, subject to the Reporting Person's continuous service as of each applicable vesting date. All PSUs that vest shall be settled by delivery of one share of the Company's common stock per vested PSU on the earlier to occur of (a) the fifth anniversary of the Grant Date or (b) the Reporting Person's "separation from service", as defined in Section 209A of the Internal Revenue Code of 1986, as amended.

F3 · balance_after: Each Performance Right ("PSU") represents a contingent right to receive one share of the Company's common stock. The PSUs were granted to the Reporting Person as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c)(4). The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.

SEC source: 0001937040-26-000003 · primary_doc.xml · nonDerivative · entry 1

Hernandez Jacinto J · CIK 0001937040 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 800,000

F1 · shares: Represents shares of Cadiz Inc. (the "Company") common stock underlying a like number of restricted stock units ("RSUs") granted to the Reporting Person on September 9, 2026 ("Grant Date"). These RSUs shall vest ratably (a) 200,000 on the Grant Date and (b) in twelve equal quarterly installments of 50,000 each on the final day of each fiscal quarter of the Company commencing with the fiscal quarter ending September 30, 2026, subject to the Reporting Person's continuous service as of each applicable vesting date. The RSUs were granted to the Reporting Person as an employment inducement award pursuant to Nasdaq Listing Rule 5635(c)(4). All RSUs that vest shall be settled by delivery of one share of the Company's common stock per vested RSU on the earlier to occur of (a) the fifth anniversary of the Grant Date or (b) the Reporting Person's "separation from service", as defined in Section 209A of the Internal Revenue Code of 1986, as amended.

F2 · balance_after: The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.

SEC source: 0001617455-26-000003 · primary_doc.xml · nonDerivative · entry 2

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 29,491

F2 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning July 1, 2026.

SEC source: 0002125738-26-000004 · primary_doc.xml · nonDerivative · entry 2

O'Hara David Mark · CIK 0002125738 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 125,357

F2 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning July 1, 2026.

SEC source: 0001751484-26-000003 · primary_doc.xml · nonDerivative · entry 2

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 196,570

F2 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning July 1, 2026.

SEC source: 0001617455-26-000003 · primary_doc.xml · nonDerivative · entry 1

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,375

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan, as amended, for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2026, which shares will vest on January 31, 2027.

SEC source: 0002125738-26-000004 · primary_doc.xml · nonDerivative · entry 1

O'Hara David Mark · CIK 0002125738 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 120,893

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 5-month period ended June 30, 2026, which shares will vest on January 31, 2027.

SEC source: 0001751484-26-000003 · primary_doc.xml · nonDerivative · entry 1

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 192,106

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2026, which shares will vest on January 31, 2027.

SEC source: 0001385454-26-000001 · primary_doc.xml · nonDerivative · entry 1

Polanco Richard Garcia · CIK 0001385454 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 28,155

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2026, which shares will vest on January 31, 2027.

SEC source: 0001327762-26-000001 · primary_doc.xml · nonDerivative · entry 1

Lombard Kenneth T · CIK 0001327762 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,990

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2026, which shares will vest on January 31, 2027.

SEC source: 0001783184-26-000001 · primary_doc.xml · nonDerivative · entry 1

Echaveste Maria · CIK 0001783184 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 45,730

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2026, which shares will vest on January 31, 2027.

SEC source: 0001131058-26-000001 · primary_doc.xml · nonDerivative · entry 1

COURTER STEPHEN E · CIK 0001131058 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 81,592

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2026, which shares will vest on January 31, 2027.

SEC source: 0001299311-26-000001 · primary_doc.xml · nonDerivative · entry 1

Hickox Winston H · CIK 0001299311 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 199,174

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2026, which shares will vest on January 31, 2027.

SEC source: 0002125738-26-000003 · primary_doc.xml · nonDerivative · entry 1

O'Hara David Mark · CIK 0002125738 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 117,841

F1 · shares: This transaction was executed in multiple trades at prices ranging from $4.50 to $4.61. The price reported above reflects the weighted average purchase price. The reporting person hereby undertakes to provide upon request to the SEC staff, the issuer or a security holder of the issuer full information regarding the number of shares and prices at which the transaction was effected.

SEC source: 0002040286-26-000002 · primary_doc.xml · nonDerivative · entry 1

Rivera Cathryn · CIK 0002040286 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 145,000

F1 · balance_after: Includes 57,350 restricted stock unites ("RSUs"), each representing a contingent right to receive one share of Cadiz Inc. (the "Company") common stock to vest (a) in four equal installments of 11,450 on the final day of every quarter beginning June 30, 2026, and (b) one final quarterly installment of 11,550 vesting on June 30, 2027, subject in all cases to the Reporting Person's continuing employment as of each such vesting date. The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.

SEC source: 0002040286-26-000001 · primary_doc.xml · nonDerivative · entry 1

Rivera Cathryn · CIK 0002040286 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 147,500

F1 · shares: Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus.

F2 · balance_after: Includes 57,350 restricted stock unites ("RSUs"), each representing a contingent right to receive one share of Cadiz Inc. (the "Company") common stock to vest (a) in four equal installments of 11,450 on the final day of every quarter beginning June 30, 2026, and (b) one final quarterly installment of 11,550 vesting on June 30, 2027, subject in all cases to the Reporting Person's continuing employment as of each such vesting date. The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.

SEC source: 0001854939-26-000001 · primary_doc.xml · derivative · entry 3

Kennedy Susan P · CIK 0001854939 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 439,500

Underlying: Common Stock · 150,500 shares

Expires not disclosed

F4 · derivative.exercise_price: Each previously reported RSU represents a contingent right to receive one share of the Company's common stock.

F5 · shares: The Reporting Person and Issuer mutually agreed to cancel these 150,500 restricted stock units so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan, as amended. The Reporting Person received no consideration for the cancellation.

F6 · price: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline;

F7 · price: Footnote 6 cont'd: (e) 64,500 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; and (f) 50,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property.

F6 · derivative.exercise_date: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline;

F7 · derivative.exercise_date: Footnote 6 cont'd: (e) 64,500 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; and (f) 50,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property.

F6 · derivative.expiration_date: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline;

F7 · derivative.expiration_date: Footnote 6 cont'd: (e) 64,500 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; and (f) 50,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property.

F5 · derivative.underlying_shares: The Reporting Person and Issuer mutually agreed to cancel these 150,500 restricted stock units so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan, as amended. The Reporting Person received no consideration for the cancellation.

SEC source: 0001854939-26-000001 · primary_doc.xml · nonDerivative · entry 1

Kennedy Susan P · CIK 0001854939 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,121,921

F1 · shares: Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus.

F2 · balance_after: Includes 150,000 restricted stock unites ("RSUs"), each representing a contingent right to receive one share of Cadiz Inc. (the "Company") common stock to vest ratably in three equal quarterly installments of 50,000 each on the final day of every quarter of the Company's remaining 2026 fiscal years, subject in all cases to the Reporting Person's continuing employment as of each such vesting date. The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.

SEC source: 0001191897-26-000001 · primary_doc.xml · nonDerivative · entry 1

SPEER STANLEY E · CIK 0001191897 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 283,860

F1 · shares: Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus after giving effect to tax withholding as permitted under the approved terms applicable to the award.

SEC source: 0001617455-26-000002 · primary_doc.xml · nonDerivative · entry 1

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,272

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning April 1, 2026.

SEC source: 0001751484-26-000002 · primary_doc.xml · nonDerivative · entry 1

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 186,003

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning April 1, 2026.

SEC source: 0002125738-26-000002 · primary_doc.xml · nonDerivative · entry 2

O'Hara David Mark · CIK 0002125738 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 6,976

F2 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning April 1, 2026.

SEC source: 0002125738-26-000002 · primary_doc.xml · nonDerivative · entry 1

O'Hara David Mark · CIK 0002125738 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 3,267

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 2-month period beginning February 3, 2026.

SEC source: 0001617455-26-000001 · primary_doc.xml · nonDerivative · entry 1

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 21,345

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning January 1, 2026.

SEC source: 0001751484-26-000001 · primary_doc.xml · nonDerivative · entry 1

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 182,294

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning January 1, 2026.

SEC source: 0001854939-26-000001 · primary_doc.xml · derivative · entry 4

Kennedy Susan P · CIK 0001854939 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 389,500

Underlying: Common Stock · 50,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: Each previously reported RSU represents a contingent right to receive one share of the Company's common stock.

F3 · shares: Represents the vesting of 50,000 previously reported RSUs upon completion of the California Environmental Quality Act ("CEQA") review for the construction and conveyance of water through the Northern Pipeline.

F6 · price: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline;

F7 · price: Footnote 6 cont'd: (e) 64,500 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; and (f) 50,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property.

F6 · derivative.exercise_date: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline;

F7 · derivative.exercise_date: Footnote 6 cont'd: (e) 64,500 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; and (f) 50,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property.

F6 · derivative.expiration_date: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline;

F7 · derivative.expiration_date: Footnote 6 cont'd: (e) 64,500 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; and (f) 50,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property.

F3 · derivative.underlying_shares: Represents the vesting of 50,000 previously reported RSUs upon completion of the California Environmental Quality Act ("CEQA") review for the construction and conveyance of water through the Northern Pipeline.

SEC source: 0001854939-26-000001 · primary_doc.xml · nonDerivative · entry 2

Kennedy Susan P · CIK 0001854939 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,171,921

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F3 · shares: Represents the vesting of 50,000 previously reported RSUs upon completion of the California Environmental Quality Act ("CEQA") review for the construction and conveyance of water through the Northern Pipeline.

F2 · balance_after: Includes 150,000 restricted stock unites ("RSUs"), each representing a contingent right to receive one share of Cadiz Inc. (the "Company") common stock to vest ratably in three equal quarterly installments of 50,000 each on the final day of every quarter of the Company's remaining 2026 fiscal years, subject in all cases to the Reporting Person's continuing employment as of each such vesting date. The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.

SEC source: 0001191897-26-000001 · primary_doc.xml · derivative · entry 3

SPEER STANLEY E · CIK 0001191897 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 260,000

Underlying: Common Stock · 25,000 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: Each previously reported RSU represents a contingent right to receive one share of the Company's common stock.

F5 · price: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 85,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 25,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 25,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 acre-feet per year ("AFY") of annual water supply to be delivered via the Southern Pipeline; (d) 25,000 RSUs upon the execution by public water systems of binding agreements for a cumulative total of 35,000 AFY in water purchase agreements;

F6 · price: Footnote 5 continued: (e) 25,000 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; (f) 25,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property; and (g) 50,000 RSUs for first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

F5 · derivative.exercise_date: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 85,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 25,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 25,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 acre-feet per year ("AFY") of annual water supply to be delivered via the Southern Pipeline; (d) 25,000 RSUs upon the execution by public water systems of binding agreements for a cumulative total of 35,000 AFY in water purchase agreements;

F6 · derivative.exercise_date: Footnote 5 continued: (e) 25,000 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; (f) 25,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property; and (g) 50,000 RSUs for first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

F5 · derivative.expiration_date: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 85,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 25,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 25,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 acre-feet per year ("AFY") of annual water supply to be delivered via the Southern Pipeline; (d) 25,000 RSUs upon the execution by public water systems of binding agreements for a cumulative total of 35,000 AFY in water purchase agreements;

F6 · derivative.expiration_date: Footnote 5 continued: (e) 25,000 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; (f) 25,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property; and (g) 50,000 RSUs for first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

SEC source: 0001191897-26-000001 · primary_doc.xml · nonDerivative · entry 2

SPEER STANLEY E · CIK 0001191897 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 297,285

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F2 · shares: Represents the vesting of 25,000 previously reported restricted stock units ("RSUs") upon completion of the California Environmental Quality Act ("CEQA") review for the construction and conveyance of water through the Northern Pipeline, and the concurrent issuance of a net of 13,425 shares of common stock as a consequence of such vesting, after giving effect to tax withholding as permitted under the approved terms applicable to the grant of the RSUs.

F3 · balance_after: Includes 80,150 restricted stock unites ("RSUs"), each representing a contingent right to receive one share of Cadiz Inc. (the "Company") common stock to vest ratably in seven quarterly installments of 11,450 each on the final day of every quarter of the Company's 2026 and 2027 fiscal years, subject in all cases to the Reporting Person's continuing employment as of each such vesting date. The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.

SEC source: 0001191897-25-000003 · primary_doc.xml · derivative · entry 2

SPEER STANLEY E · CIK 0001191897 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 285,000

Underlying: Common Stock · 285,000 shares

Expires not disclosed

F3 · derivative.exercise_price: Each restricted stock unit ("RSU") represents a contingent right to receive one share of Cadiz Inc. common stock.

F4 · derivative.exercise_date: The 285,000 RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 25,000 RSUs upon the completion of the California Environmental Quality Act ("CEQA") review for the construction and conveyance of water through the Northern Pipeline; (b) 85,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (c) 25,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (d) 25,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 acre-feet per year ("AFY") of annual water supply to be delivered via the Southern Pipeline;

F5 · derivative.exercise_date: Footnote 4 continued:(e) 25,000 RSUs upon the execution by public water systems of binding agreements for a cumulative total of 35,000 AFY in water purchase agreements; (f) 25,000 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; (g) 25,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property; and (h) 50,000 RSUs for first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

F4 · derivative.expiration_date: The 285,000 RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 25,000 RSUs upon the completion of the California Environmental Quality Act ("CEQA") review for the construction and conveyance of water through the Northern Pipeline; (b) 85,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (c) 25,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (d) 25,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 acre-feet per year ("AFY") of annual water supply to be delivered via the Southern Pipeline;

F5 · derivative.expiration_date: Footnote 4 continued:(e) 25,000 RSUs upon the execution by public water systems of binding agreements for a cumulative total of 35,000 AFY in water purchase agreements; (f) 25,000 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; (g) 25,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property; and (h) 50,000 RSUs for first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

SEC source: 0001191897-25-000003 · primary_doc.xml · nonDerivative · entry 1

SPEER STANLEY E · CIK 0001191897 · CFO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 258,785

F1 · shares: Represents shares of Cadiz Inc. (the "Company") common stock underlying a like number of restricted stock units ("RSUs") granted to the Reporting Person on October 6, 2025. These restricted stock units shall vest ratably (a) 50,000 on December 31, 2025 and (b) in eight equal quarterly installments of 11,450 each on the final day of every quarter of the Company's 2026 and 2027 fiscal years, subject in all cases to the Reporting Person's continuing employment as of each such vesting date.

F2 · balance_after: The Reporting Person disclaims beneficial ownership of 141,600 of these securities until such time, and to the extent, that ownership of the securities has vested.

SEC source: 0001617455-25-000002 · primary_doc.xml · nonDerivative · entry 1

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 20,528

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning October 1, 2025.

SEC source: 0001751484-25-000002 · primary_doc.xml · nonDerivative · entry 1

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 179,027

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning October 1, 2025.

SEC source: 0001854939-25-000006 · primary_doc.xml · nonDerivative · entry 2

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 19,472

F2 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning July 1, 2025.

SEC source: 0001854939-25-000005 · primary_doc.xml · nonDerivative · entry 2

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 174,804

F2 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning July 1, 2025.

SEC source: 0000923876-25-000008 · primary_doc.xml · nonDerivative · entry 1

Lombard Kenneth T · CIK 0001327762 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 24,887

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2025, which shares will vest on January 31, 2026.

SEC source: 0000923876-25-000009 · primary_doc.xml · nonDerivative · entry 1

Polanco Richard Garcia · CIK 0001385454 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 22,052

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2025, which shares will vest on January 31, 2026.

SEC source: 0000923876-25-000007 · primary_doc.xml · nonDerivative · entry 1

Hickox Winston H · CIK 0001299311 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 193,071

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2025, which shares will vest on January 31, 2026.

SEC source: 0000923876-25-000006 · primary_doc.xml · nonDerivative · entry 1

COURTER STEPHEN E · CIK 0001131058 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 75,489

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2025, which shares will vest on January 31, 2026.

SEC source: 0000923876-25-000004 · primary_doc.xml · nonDerivative · entry 1

Echaveste Maria · CIK 0001783184 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 39,627

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2025, which shares will vest on January 31, 2026.

SEC source: 0001854939-25-000006 · primary_doc.xml · nonDerivative · entry 1

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 17,920

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan, as amended, for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2025, which shares will vest on January 31, 2026.

SEC source: 0001854939-25-000005 · primary_doc.xml · nonDerivative · entry 1

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 168,595

F1 · shares: Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered by the Reporting Person as a director of the Issuer for the 12-month period ended June 30, 2025, which shares will vest on January 31, 2026.

SEC source: 0000923876-25-000002 · primary_doc.xml · nonDerivative · entry 1

Dreyfus Maria S. · CIK 0001751484 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 160,383

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning April 1, 2025.

SEC source: 0000923876-25-000001 · primary_doc.xml · nonDerivative · entry 1

Lloyd Barbara A · CIK 0001617455 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 9,708

F1 · shares: Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for services rendered by the Reporting Person as a director of the Issuer during the 3-month period beginning April 1, 2025.

SEC source: 0000923876-25-000003 · primary_doc.xml · derivative · entry 3

Kennedy Susan P · CIK 0001854939 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 125,000 shares

Expires not disclosed

F6 · derivative.exercise_price: Each previously reported performance right represents a contingent right to receive one share of Cadiz Inc. common stock.

F7 · shares: The Reporting Person and Issuer mutually agreed to cancel these 125,000 performance rights so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan, as amended. The Reporting Person received no consideration for the cancellation.

F8 · price: These previously reported performance rights vest upon the Company's common stock achieving a price hurdle of $15 per share, subject to the Reporting Person's continued employment as of such vesting date.

F8 · derivative.exercise_date: These previously reported performance rights vest upon the Company's common stock achieving a price hurdle of $15 per share, subject to the Reporting Person's continued employment as of such vesting date.

F8 · derivative.expiration_date: These previously reported performance rights vest upon the Company's common stock achieving a price hurdle of $15 per share, subject to the Reporting Person's continued employment as of such vesting date.

F7 · derivative.underlying_shares: The Reporting Person and Issuer mutually agreed to cancel these 125,000 performance rights so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan, as amended. The Reporting Person received no consideration for the cancellation.

SEC source: 0000923876-25-000003 · primary_doc.xml · derivative · entry 2

Kennedy Susan P · CIK 0001854939 · Director · Chief Executive Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 590,000

Underlying: Common Stock · 10,000 shares

Expires not disclosed

F2 · derivative.exercise_price: Each previously reported RSU represents a contingent right to receive one share of the Company's common stock.

F3 · shares: The Reporting Person and Issuer mutually agreed to cancel these 10,000 restricted stock units so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan, as amended. The Reporting Person received no consideration for the cancellation.

F4 · price: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 50,000 RSUs upon the completion of the California Environmental Quality Act("CEQA") review for the construction and conveyance of water through the Northern Pipeline; (b) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (c) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 acre-feet per year ("AFY") of annual water supply to be delivered via the Northern Pipeline;

F5 · price: Footnote 4 cont'd: (e) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (f) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline; (g) 75,000 RSUs upon the execution by public water systems of binding agreements for the storage of not less than25,000 acre-feet of imported water at the Cadiz Property; (h) 100,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property; and (i) 40,000 RSUs for first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

F4 · derivative.exercise_date: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 50,000 RSUs upon the completion of the California Environmental Quality Act("CEQA") review for the construction and conveyance of water through the Northern Pipeline; (b) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (c) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 acre-feet per year ("AFY") of annual water supply to be delivered via the Northern Pipeline;

F5 · derivative.exercise_date: Footnote 4 cont'd: (e) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (f) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline; (g) 75,000 RSUs upon the execution by public water systems of binding agreements for the storage of not less than25,000 acre-feet of imported water at the Cadiz Property; (h) 100,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property; and (i) 40,000 RSUs for first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

F4 · derivative.expiration_date: These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 50,000 RSUs upon the completion of the California Environmental Quality Act("CEQA") review for the construction and conveyance of water through the Northern Pipeline; (b) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (c) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 acre-feet per year ("AFY") of annual water supply to be delivered via the Northern Pipeline;

F5 · derivative.expiration_date: Footnote 4 cont'd: (e) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (f) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline; (g) 75,000 RSUs upon the execution by public water systems of binding agreements for the storage of not less than25,000 acre-feet of imported water at the Cadiz Property; (h) 100,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property; and (i) 40,000 RSUs for first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

F3 · derivative.underlying_shares: The Reporting Person and Issuer mutually agreed to cancel these 10,000 restricted stock units so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan, as amended. The Reporting Person received no consideration for the cancellation.

SEC source: 0001854939-25-000004 · primary_doc.xml · derivative · entry 3

Kennedy Susan P · CIK 0001854939 · Director · CEO

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 125,000

Underlying: Common Stock · 175,000 shares

Expires not disclosed

F6 · derivative.exercise_price: Each previously reported performance right represents a contingent right to receive one share of Cadiz Inc. common stock.

F7 · shares: The Reporting Person and Issuer mutually agreed to cancel these 175,000 performance rights so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan. The Reporting Person received no consideration for the cancellation.

F8 · price: These previously reported performance rights vest upon the Company's common stock achieving a price hurdle of $15 per share, subject to the Reporting Person's continued employment as of such vesting date.

F8 · derivative.exercise_date: These previously reported performance rights vest upon the Company's common stock achieving a price hurdle of $15 per share, subject to the Reporting Person's continued employment as of such vesting date.

F8 · derivative.expiration_date: These previously reported performance rights vest upon the Company's common stock achieving a price hurdle of $15 per share, subject to the Reporting Person's continued employment as of such vesting date.

F7 · derivative.underlying_shares: The Reporting Person and Issuer mutually agreed to cancel these 175,000 performance rights so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan. The Reporting Person received no consideration for the cancellation.