Stanley E. Speer - 01 Mar 2023 Form 4 Insider Report for CADIZ INC (CDZI)

Role: Chief Financial Officer
Signature: Stanley E. Speer
Issuer symbol: CDZI
Transactions as of: 01 Mar 2023
Net transactions value: $0
Form type: 4
Filing time: 02 Mar 2023, 20:51:22 UTC
Previous filing: 16 Dec 2022
Next filing: 07 Dec 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CDZI	Common Stock	Options Exercise	$0	+20,124	+51%	$0.000000	59,584	01 Mar 2023	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	CDZI	Restricted Stock Units	Options Exercise	$0	-42,500	-50%	$0.000000	42,500	01 Mar 2023	Common Stock	42,500		Direct	F1, F2, F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents the vesting of 42,500 previously reported restricted stock units ("RSUs") and the concurrent issuance of net 20,124 shares of common stock as a consequence of such vesting, after giving effect to tax withholding as permitted under the approved terms applicable to the grant of the RSUs.
F2	Each previously reported RSU represents a contingent right to receive one share of Cadiz Inc. common stock.
F3	42,500 of these RSUs owned following the reporting transaction will vest upon the Company's entering into final binding water supply agreements for delivery of at least 9,500 acre-feet per year, subject to the Reporting Person's continuing employment as of such vesting date.
F4	The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested.