[Form 4] CADIZ INC Insider Trading Activity

Rhea-AI Filing Summary

Barbara A. Lloyd, a director of Cadiz Inc. (CDZI), was issued 1,056 shares of Common Stock on 10/01/2025 at a per-share price of $4.44. These shares were granted under the 2019 Equity Incentive Plan and were issued in lieu of cash compensation for director services covering the three-month period beginning October 1, 2025. After this issuance Ms. Lloyd beneficially owns 20,528 shares, held directly. The Form 4 was signed on 10/02/2025.

Positive

• 1,056 shares issued under the 2019 Equity Incentive Plan in lieu of cash compensation
• Beneficial ownership increased to 20,528 shares held directly

Negative

• None.

Insights

Corporate Governance Analyst

Director received equity compensation rather than cash, increasing direct holdings to 20,528 shares.

This Form 4 discloses a non-cash director compensation event: 1,056 shares were issued under the 2019 Equity Incentive Plan for services over the three-month period starting 10/01/2025.

Because the shares were issued in lieu of cash, this is a routine compensation settlement rather than an open-market purchase or sale; the report shows the director holds 20,528 shares following the transaction.

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).

1. Name and Address of Reporting Person^*

Lloyd Barbara A

(Last) (First) (Middle)

C/O CADIZ INC.

550 S HOPE ST., 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)
10/01/2025

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	10/01/2025		A		1,056(1)	A	$4.44	20,528	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 October 1, 2025.

	Barbara A. Lloyd	10/02/2025
	** 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 transaction did the Form 4 for CDZI report?

The Form 4 reports that director Barbara A. Lloyd was issued 1,056 shares of Common Stock on 10/01/2025 at $4.44 per share.

Why were the shares issued to the reporting person?

The shares were issued in lieu of cash compensation for director services rendered during the three-month period beginning October 1, 2025 under the 2019 Equity Incentive Plan.

How many shares does Barbara A. Lloyd own after the transaction?

Following the issuance, Ms. Lloyd beneficially owns 20,528 shares, held directly.

What price per share is reported on the Form 4?

The reported price per share for the transaction is $4.44.

When was the Form 4 signed?

The Form 4 bears the reporting person's signature dated 10/02/2025.