Cadiz (CDZI) COO receives 10,000-share stock grant and RSU awards

Rhea-AI Filing Summary

Rivera Cathryn reported acquisition or exercise transactions in this Form 4 filing.

Cadiz Inc Chief Operating Officer Cathryn Rivera received a grant of 10,000 shares of common stock on April 8, 2026 as a performance bonus under the 2019 Equity Incentive Plan. Following this award, she directly holds 147,500 shares of Cadiz common stock.

The filing also notes 137,500 restricted stock units (RSUs) outstanding, each representing a contingent right to one share of common stock. Of these, 57,350 RSUs vest in quarterly installments from June 30, 2026 through June 30, 2027, subject to continued employment. Additional RSU tranches vest only upon achieving specified project finance, water sales, permitting, environmental review, and first-delivery performance milestones.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Rivera Cathryn

Role Chief Operating Officer

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	10,000	$0.00	--
holding	Restricted Stock Units	--	--	--

Holdings After Transaction: Common Stock — 147,500 shares (Direct); Restricted Stock Units — 137,500 shares (Direct)

Footnotes (1)

1. Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus. 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. Each RSU represents a contingent right to receive one share of the Company's common stock. These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 25,000 RSUs upon a closing a minimum of$200 million in equity capital for project finance; (b) 12,500 RS Us upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate 35,000 acre- feet per year ("AFY") of annual water supply to be delivered via the Northern or Southern Pipeline; (c) 25,000 RSUs upon the Binding and Unappealable issuance of a Federal Land Policy and Management Act ("FLPMA") right of way permit ("ROW") 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 of25,000 AFY of annual water supply to be delivered via the Southern Pipeline; Footnote 4 cont'd: (e) 25,000 RSUs upon the Binding and Unappealable completion of any CEQA/National Environmental Policy Act ("NEPA") review for the storage of imported water at the Cadiz Property; and (f) 25,000 RSUs for the first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

Key Figures

Common stock grant: 10,000 shares Common shares held: 147,500 shares RSUs outstanding: 137,500 underlying shares +3 more

6 metrics

Common stock grant 10,000 shares Performance bonus granted April 8, 2026

Common shares held 147,500 shares Direct Cadiz common stock after grant

RSUs outstanding 137,500 underlying shares Restricted Stock Units linked to common stock

Time-based RSUs 57,350 RSUs Quarterly vesting from June 30, 2026 to June 30, 2027

Finance milestone RSUs 25,000 RSUs Vest upon closing a minimum of $200 million in equity capital

Water supply milestone RSUs 12,500 RSUs Vest upon 35,000 AFY water purchase agreements via pipelines

Key Terms

Restricted Stock Units, 2019 Equity Incentive Plan, performance bonus, performance goal-based milestone award, +2 more

6 terms

Restricted Stock Units financial

"Includes 57,350 restricted stock unites ("RSUs"), each representing a contingent right to receive one share"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

2019 Equity Incentive Plan financial

"Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus"

performance bonus financial

"Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus"

performance goal-based milestone award financial

"These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred"

Federal Land Policy and Management Act ("FLPMA") regulatory

"issuance of a Federal Land Policy and Management Act ("FLPMA") right of way permit ("ROW")"

CEQA/National Environmental Policy Act ("NEPA") review regulatory

"completion of any CEQA/National Environmental Policy Act ("NEPA") review for the storage of imported water"

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Rivera Cathryn

(Last) (First) (Middle)

550 SOUTH HOPE STREET

SUITE 2850

(Street)

LOS ANGELES CALIFORNIA 90071

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
CADIZ INC [ CDZI ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Operating Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/08/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/08/2026		A		10,000(1)	A	$0	147,500(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)							(4)(5)	(4)(5)	Common Stock	137,500		137,500	D

Explanation of Responses:

1. Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus.

2. 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.

3. Each RSU represents a contingent right to receive one share of the Company's common stock.

4. These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 25,000 RSUs upon a closing a minimum of$200 million in equity capital for project finance; (b) 12,500 RS Us upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate 35,000 acre- feet per year ("AFY") of annual water supply to be delivered via the Northern or Southern Pipeline; (c) 25,000 RSUs upon the Binding and Unappealable issuance of a Federal Land Policy and Management Act ("FLPMA") right of way permit ("ROW") 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 of25,000 AFY of annual water supply to be delivered via the Southern Pipeline;

5. Footnote 4 cont'd: (e) 25,000 RSUs upon the Binding and Unappealable completion of any CEQA/National Environmental Policy Act ("NEPA") review for the storage of imported water at the Cadiz Property; and (f) 25,000 RSUs for the first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.

	Cathryn Rivera	04/10/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did Cadiz (CDZI) report for COO Cathryn Rivera?

Cadiz reported that COO Cathryn Rivera received a grant of 10,000 shares of common stock on April 8, 2026 as a performance bonus under the 2019 Equity Incentive Plan, increasing her direct ownership to 147,500 common shares.

How many Cadiz (CDZI) shares does the COO hold after this Form 4?

After the April 8, 2026 grant, COO Cathryn Rivera directly holds 147,500 shares of Cadiz common stock. This reflects the addition of 10,000 shares awarded as a performance bonus under the company’s 2019 Equity Incentive Plan.

What equity incentive did Cadiz (CDZI) use for the COO’s new shares?

The 10,000 new Cadiz shares for COO Cathryn Rivera were issued under the company’s 2019 Equity Incentive Plan as a performance bonus. This plan provides stock-based compensation to align executive incentives with company performance.

How many restricted stock units does the Cadiz (CDZI) COO have outstanding?

The filing shows 137,500 restricted stock units (RSUs) outstanding for COO Cathryn Rivera, each representing a contingent right to one share of Cadiz common stock. These RSUs vest over time and upon achieving specified operational and project milestones.

When do time-based RSUs for the Cadiz (CDZI) COO vest?

A block of 57,350 RSUs for Cadiz COO Cathryn Rivera vests in five quarterly installments. Four installments of 11,450 RSUs vest on the final day of each quarter starting June 30, 2026, with a final 11,550 RSUs vesting on June 30, 2027.

What performance milestones affect Cadiz (CDZI) COO’s RSU vesting?

Certain RSUs vest only on achieving performance goal-based milestones such as raising at least $200 million in project equity capital, securing water purchase agreements at specified acre-feet per year levels, obtaining key right-of-way permits, completing CEQA/NEPA reviews, and making first water deliveries.