Cadiz director gets stock grant for board fees

Dreyfus Maria S. reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Dreyfus Maria S. reported acquisition or exercise transactions in this Form 4 filing.

CADIZ INC director Maria S. Dreyfus received 3,709 shares of Common Stock as equity compensation. The shares were issued at $5.055 per share under the 2019 Equity Incentive Plan in lieu of cash compensation for her services as a director during the three‑month period beginning April 1, 2026. Following this stock award, she directly holds 186,003 shares of CADIZ INC common stock.

Insider Trade Summary

Grant/Award: 3,709 shares

Grant/Award 1 txn

Insider Dreyfus Maria S.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	3,709	$5.055	$19K

Holdings After Transaction: Common Stock — 186,003 shares (Direct)

Footnotes (1)

1. F1. 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.

Key Figures

Stock award: 3,709 shares Implied grant price: $5.055 per share Post‑grant holdings: 186,003 shares +1 more

4 metrics

Stock award 3,709 shares Common Stock granted to director on April 1, 2026

Implied grant price $5.055 per share Value used for director stock compensation

Post‑grant holdings 186,003 shares Common Stock directly owned after the award

Service period covered 3 months Director services beginning April 1, 2026 compensated in stock

Key Terms

2019 Equity Incentive Plan, in lieu of cash compensation, Common Stock, Grant, award, or other acquisition

4 terms

2019 Equity Incentive Plan financial

"Shares issued to the Reporting Person under the 2019 Equity Incentive Plan, as amended, in lieu of cash compensation"

in lieu of cash compensation financial

"in lieu of cash compensation for services rendered by the Reporting Person as a director"

Common Stock financial

"security_title: "Common Stock" and shares issued as Common Stock to the Reporting Person"

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.

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

FAQ

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

What did CADIZ INC (CDZI) director Maria S. Dreyfus report in this Form 4?

She reported receiving 3,709 shares of CADIZ INC Common Stock as a stock award. The shares were granted under the 2019 Equity Incentive Plan as compensation for serving as a director during a specified three‑month period beginning April 1, 2026.

How many CADIZ INC (CDZI) shares did Maria S. Dreyfus receive and at what value?

She received 3,709 shares of Common Stock valued at $5.055 per share. This grant represents equity compensation rather than an open‑market purchase, reflecting how the company pays part of her director fees in stock instead of cash.

Is the CADIZ INC (CDZI) Form 4 transaction an open‑market buy or a stock award?

The transaction is a stock award, not an open‑market purchase. The Form 4 code “A” and footnote state the shares were issued under the 2019 Equity Incentive Plan in lieu of cash compensation for director services during a three‑month period.

How many CADIZ INC (CDZI) shares does Maria S. Dreyfus own after this grant?

After this grant, she directly holds 186,003 shares of CADIZ INC Common Stock. This total includes the newly awarded 3,709 shares issued as equity compensation for her director service starting April 1, 2026.

What is the CADIZ INC (CDZI) 2019 Equity Incentive Plan mentioned in the filing?

It is the company’s 2019 Equity Incentive Plan, as amended, used to grant stock-based compensation. In this case, shares were issued to Maria S. Dreyfus under the plan instead of paying cash fees for her board service during a three‑month period.

Why did CADIZ INC (CDZI) pay director fees in stock instead of cash?

The filing states the shares were issued “in lieu of cash compensation” for services as a director. This means CADIZ INC chose to compensate Maria S. Dreyfus for a three‑month service period beginning April 1, 2026 using Common Stock rather than cash.

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

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Accepted by SEC EDGAR 04/03/2026 - 04:24 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^*

Dreyfus Maria S.

(Last) (First) (Middle)

125 WEST 55TH STREET

15TH FLOOR

(Street)

NEW YORK NEW YORK 10019

(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)
04/01/2026

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	04/01/2026		A		3,709(1)	A	$5.055	186,003	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 April 1, 2026.

	Maria S. Dreyfus	04/03/2026
	** 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)