Cadiz director Maria Dreyfus gets stock compensation as director fees (CDZI)

Rhea-AI Filing Summary

Cadiz Inc. director Maria S. Dreyfus reported receiving 3,267 shares of common stock of Cadiz Inc. as of January 2, 2026. The shares were issued at a value of $5.74 per share under the company’s 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for her services as a director during the three-month period beginning January 1, 2026. After this stock award, she beneficially owns 182,294 shares of Cadiz Inc. common stock, held directly.

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

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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^*

Dreyfus Maria S.

(Last) (First) (Middle)

C/O CADIZ INC.

550 SOUTH HOPE STREET, SUITE 2850

(Street)

LOS ANGELES CA 90071

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
01/02/2026

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

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

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

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	01/02/2026		A		3,267(1)	A	$5.74	182,294	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

Explanation of Responses:

1. 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.

	Maria S. Dreyfus	01/06/2025
	** 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.

FAQ

What insider transaction did Cadiz Inc. (CDZI) report for Maria S. Dreyfus?

Cadiz Inc. reported that director Maria S. Dreyfus received 3,267 shares of common stock on January 2, 2026 as a stock award.

What was the price per share for the Cadiz (CDZI) stock awarded to Maria S. Dreyfus?

The reported value of the stock award was $5.74 per share for the 3,267 shares of Cadiz Inc. common stock.

Why did Maria S. Dreyfus receive Cadiz Inc. (CDZI) shares instead of cash?

The 3,267 shares were issued under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation for her director services over a three-month period beginning January 1, 2026.

How many Cadiz Inc. (CDZI) shares does Maria S. Dreyfus own after this transaction?

Following the reported stock award, Maria S. Dreyfus beneficially owns 182,294 shares of Cadiz Inc. common stock.

Is Maria S. Dreyfus considered an officer or major shareholder of Cadiz Inc. (CDZI)?

According to the report, Maria S. Dreyfus is a director of Cadiz Inc., and is not listed as an officer or a 10% owner.

Was the Cadiz Inc. (CDZI) stock transaction by Maria S. Dreyfus a direct holding?

Yes. The Form 4 shows the 182,294 shares following the transaction as held with direct ownership.