[Form 4] Cadiz, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Cadiz Inc. (CDZI) – SEC Form 4 filing dated 30 June 2025

Director Richard Garcia Polanco reported the allocation of 8,212 shares of Cadiz common stock under the company’s 2019 Equity Incentive Plan. The award, recorded at an accounting value of $3.0443 per share, represents compensation for board service during the 12-month period ended 30 June 2025 and will vest on 31 January 2026.

Following the grant, Polanco’s direct beneficial ownership rises to 22,052 shares. No shares were sold, and no derivative securities were involved. The transaction is coded “A” (grant/acquisition) and is routine director compensation rather than an open-market purchase.

For shareholders, the filing signals continued equity alignment between the board and investors but has minimal dilution and negligible impact on Cadiz’s capital structure.

Positive

• Increased director ownership: Polanco’s stake grows to 22,052 shares, modestly enhancing board–shareholder alignment.

Negative

• Minor dilution: New share issuance, though tiny relative to total outstanding, adds marginal dilution.

Insights

Corporate Governance Analyst

TL;DR – Routine equity grant; aligns director and shareholder interests, immaterial to valuation.

The 8,212-share award is standard annual board compensation under Cadiz’s equity plan. With only ~22 k shares now held, Polanco’s stake remains nominal relative to Cadiz’s outstanding float, so voting influence and dilution are de minimis. Nonetheless, paying directors in stock rather than cash encourages long-term alignment, a modest governance positive. No insider selling occurred, so there are no negative signalling effects. Overall impact: neutral.

Portfolio Manager

TL;DR – Neutral event; too small to affect portfolio decisions or liquidity.

The reported grant is less than 0.1% of daily trading volume and has no bearing on earnings, liquidity, or leverage metrics. I would not adjust position sizing or valuation models based on this filing. The vesting schedule (January 2026) suggests shares will not hit the market soon, limiting supply pressure. Transaction does not alter the investment thesis.

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^*

Polanco Richard Garcia

(Last) (First) (Middle)

550 SOUTH HOPE STREET

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)
06/30/2025

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	06/30/2025		A		8,212(1)	A	$3.0443	22,052	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, 2025, which shares will vest on January 31, 2026.

	Richard Garcia Polanco	06/30/2025
	** 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 did Cadiz (CDZI) disclose in the June 30 2025 Form 4?

Director Richard Garcia Polanco received 8,212 shares of common stock as part of the 2019 Equity Incentive Plan.

At what price were the shares granted to Director Polanco?

The Form 4 lists an accounting value of $3.0443 per share.

How many Cadiz shares does Richard Garcia Polanco now own?

After the grant, he holds 22,052 direct shares.

When will the newly granted CDZI shares vest?

The shares are scheduled to vest on January 31 2026.

Were any Cadiz shares sold by the director in this filing?

No. The Form 4 reports an acquisition only; no sales were disclosed.