CADIZ director receives 6,103-share equity award

COURTER STEPHEN E reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

COURTER STEPHEN E reported acquisition or exercise transactions in this Form 4 filing.

CADIZ INC director Stephen E. Courter reported an equity award of company stock. He received 6,103 shares of Common Stock valued at $4.10 per share as a grant for board service, rather than an open-market purchase.

The award was allocated under the company’s 2019 Equity Incentive Plan for services rendered as a director for the 12‑month period ended June 30, 2026, and these shares will vest on January 31, 2027. After this grant, Courter directly holds 81,592 shares of CADIZ INC common stock.

Insider Trade Summary

Grant/Award: 6,103 shares

Grant/Award 1 txn

Insider COURTER STEPHEN E

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	6,103	$4.10	$25K

Holdings After Transaction: Common Stock — 81,592 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Equity award size: 6,103 shares Grant price: $4.10 per share Post-transaction holdings: 81,592 shares +2 more

5 metrics

Equity award size 6,103 shares Common Stock grant to director on June 30, 2026

Grant price $4.10 per share Valuation used for the equity award

Post-transaction holdings 81,592 shares Director’s direct Common Stock holdings after grant

Service period covered 12-month period ended June 30, 2026 Board service period tied to the grant

Vesting date January 31, 2027 Date when the granted shares vest

Key Terms

2019 Equity Incentive Plan, Common Stock, vesting

3 terms

2019 Equity Incentive Plan financial

"Shares allocated to the Reporting Person under the 2019 Equity Incentive Plan for services rendered"

Common Stock financial

"security_title": "Common Stock""

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

vesting financial

"which shares will vest on January 31, 2027"

Vesting is the process by which you earn full ownership of something, like company stock or a retirement benefit, over time. It’s like earning the right to keep a gift piece by piece the longer you stay with a company, making sure employees stay committed before they receive all the benefits.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did CADIZ INC (CDZI) director Stephen E. Courter report?

Stephen E. Courter reported receiving 6,103 shares of CADIZ INC Common Stock as an equity grant. The shares were awarded as compensation for his board service, not bought on the open market, and are subject to a future vesting date under the company’s equity plan.

At what price were the CADIZ INC (CDZI) shares granted to Stephen E. Courter valued?

The 6,103 CADIZ INC Common Stock shares granted to Stephen E. Courter were valued at $4.10 per share. This valuation reflects the grant price used for the award under the 2019 Equity Incentive Plan and helps quantify the scale of his stock-based compensation.

When do Stephen E. Courter’s CADIZ INC (CDZI) equity award shares vest?

The 6,103 CADIZ INC shares granted to Stephen E. Courter will vest on January 31, 2027. Until that vesting date, the award remains subject to the plan’s terms, aligning his compensation with continued service and long-term shareholder interests at the company.

What period of service does Stephen E. Courter’s CADIZ INC (CDZI) stock grant cover?

The equity grant to Stephen E. Courter covers his services as a director for the 12-month period ended June 30, 2026. The award recognizes this full year of board service and is structured to vest later, providing deferred, stock-based compensation tied to that timeframe.

How many CADIZ INC (CDZI) shares does Stephen E. Courter hold after this Form 4 transaction?

Following the reported grant, Stephen E. Courter directly holds 81,592 shares of CADIZ INC Common Stock. This total includes the newly awarded 6,103 shares, which are scheduled to vest on January 31, 2027, under the terms of the company’s 2019 Equity Incentive Plan.

Is Stephen E. Courter’s CADIZ INC (CDZI) Form 4 transaction a market purchase or a compensation grant?

The transaction is a compensation grant, not a market purchase. Stephen E. Courter received 6,103 shares under the 2019 Equity Incentive Plan for his director services, with a grant value of $4.10 per share and vesting scheduled for January 31, 2027.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2026 - 06:09 PM EDT Learn about SEC filing dates

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^*

COURTER STEPHEN E

(Last) (First) (Middle)

C/O CADIZ INC.

550 S. HOPE ST., 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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

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	06/30/2026		A		6,103(1)	A	$4.1	81,592	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 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.

	Stephen E. Courter	07/02/2026
	** 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)