[Form 4] CADIZ INC Insider Trading Activity

Rhea-AI Filing Summary

Maria S. Dreyfus, a director of Cadiz Inc. (CDZI), received 4,223 shares of common stock as equity compensation. The shares were issued under the company's 2019 Equity Incentive Plan in lieu of cash for director services covering the three-month period beginning 10/01/2025, at a reported price of $4.44 per share. After this issuance the reporting person beneficially owned 179,027 shares on a direct basis. The Form 4 reports this insider acquisition and identifies the transaction code as an award for services.

Positive

• Director alignment: 4,223 shares issued to Maria S. Dreyfus as compensation
• Clear plan authority: Shares issued under the 2019 Equity Incentive Plan
• Post-transaction ownership: Reporting person beneficially owns 179,027 shares

Negative

• None.

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
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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^*

Dreyfus Maria S.

(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		4,223(1)	A	$4.44	179,027	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.

	Maria S. Dreyfus	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 Maria S. Dreyfus report on Form 4 for CDZI?

She reported receipt of 4,223 shares of Cadiz Inc. common stock as compensation under the 2019 Equity Incentive Plan.

When was the CDZI transaction executed and at what price?

The transaction date is listed as 10/01/2025 with a reported price of $4.44 per share.

How many Cadiz (CDZI) shares does the reporting person own after the issuance?

The Form 4 shows 179,027 shares beneficially owned by the reporting person following the transaction.

Under what authority were the CDZI shares issued to the director?

The shares were issued under the 2019 Equity Incentive Plan in lieu of cash compensation for director services.

Does the Form 4 indicate the ownership is direct or indirect for CDZI?

The ownership is reported as Direct (D) on the Form 4.