Cadiz CEO gets stock bonus, cancels RSUs
Cadiz Inc Chief Executive Officer Susan P. Kennedy reported several stock-based compensation changes.
Rhea-AI Filing Summary
Cadiz Inc Chief Executive Officer Susan P. Kennedy reported several stock-based compensation changes. On April 8, 2026, she agreed with the company to cancel 150,500 restricted stock units, which will be used for future grants to other key employees; she received no consideration for this cancellation.
That same day, she received a grant of 125,000 shares of common stock as a performance bonus under the 2019 Equity Incentive Plan, increasing her direct common stock holdings to 1,121,921 shares. Earlier, on October 31, 2025, 50,000 restricted stock units vested and were converted into the same number of common shares following completion of the California Environmental Quality Act review for the Northern Pipeline project.
Positive
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Negative
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Insider Trade Summary
50,000 shares exercised/converted
Exercise
4 txns
Insider
Kennedy Susan P
Role
Chief Executive Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Restricted Stock Units | 150,500 | $0.00 | $0.00 |
| Grant/Award | Common Stock | 125,000 | $0.00 | $0.00 |
| Exercise | Restricted Stock Units | 50,000 | $0.00 | $0.00 |
| Exercise | Common Stock | 50,000 | $0.00 | $0.00 |
Holdings After Transaction:
Restricted Stock Units — 829,000 contracts (Direct);
Common Stock — 1,121,921 shares (Direct)
Footnotes (7)
- F1. Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus.
- F2. 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.
- F3. 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.
- F4. Each previously reported RSU represents a contingent right to receive one share of the Company's common stock.
- F5. 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. 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. 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.
Key Figures
RSUs canceled: 150,500 units
Common stock grant: 125,000 shares
RSUs vested and exercised: 50,000 units/shares
+2 more
5 metrics
RSUs canceled
150,500 units
Disposition to issuer on April 8, 2026
Common stock grant
125,000 shares
Performance bonus under 2019 Equity Incentive Plan
RSUs vested and exercised
50,000 units/shares
Converted to common stock on October 31, 2025
Common shares held after grant
1,121,921 shares
Direct ownership following April 8, 2026 transactions
RSUs remaining after cancellation
439,500 units
Restricted stock units balance following April 8, 2026 disposition
Key Terms
Restricted Stock Units, 2019 Equity Incentive Plan, California Environmental Quality Act ("CEQA"), performance bonus, +1 more
5 terms
Restricted Stock Units financial
"Represents the vesting of 50,000 previously reported RSUs upon completion of the California Environmental Quality Act"
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."
California Environmental Quality Act ("CEQA") regulatory
"upon completion of the California Environmental Quality Act ("CEQA") review for the construction and conveyance of water"
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"
FAQ
What stock grant did Cadiz Inc (CDZI) CEO Susan Kennedy receive?
Susan P. Kennedy received a grant of 125,000 shares of Cadiz Inc common stock as a performance bonus under the 2019 Equity Incentive Plan. This grant increased her direct common stock holdings to 1,121,921 shares following the transaction on April 8, 2026.
Why were 150,500 Cadiz Inc restricted stock units canceled for the CEO?
Cadiz Inc and Susan P. Kennedy mutually agreed to cancel 150,500 restricted stock units so those shares could be used for future grants to other key employees under the 2019 Equity Incentive Plan. The footnote states she received no consideration for this cancellation.
What triggered vesting of 50,000 Cadiz Inc RSUs for the CEO?
A block of 50,000 previously reported restricted stock units vested upon completion of the California Environmental Quality Act (CEQA) review for construction and conveyance of water through the Northern Pipeline. Each RSU converted into one share of common stock at that time.
What are the performance milestones tied to Cadiz Inc RSU awards?
Some RSUs vest only when specific milestones occur, such as closing project financing, receiving a Federal Land Policy and Management Act right-of-way permit, or executing binding agreements for water supply and storage. Each event unlocks a defined number of RSUs for Susan P. Kennedy.
AI-generated analysis. How Rhea-AI works. Not financial advice.
