Transaction Details

Footnotes

Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus. | Includes 150,000 restricted stock unites ("RSUs"), each representing a contingent right to receive one share of Cadiz Inc. (the "Company") common stock to vest ratably in three equal quarterly installments of 50,000 each on the final day of every quarter of the Company's remaining 2026 fiscal years, subject in all cases to the Reporting Person's continuing employment as of each such vesting date. The Reporting Person disclaims beneficial ownership of these securities until such time, and to the extent, that ownership of the securities has vested. | Represents the vesting of 50,000 previously reported RSUs upon completion of the California Environmental Quality Act ("CEQA") review for the construction and conveyance of water through the Northern Pipeline. | Each previously reported RSU represents a contingent right to receive one share of the Company's common stock. | The Reporting Person and Issuer mutually agreed to cancel these 150,500 restricted stock units so that the shares can be utilized for future grants to other key employees under the Cadiz Inc. 2019 Equity Incentive Plan, as amended. The Reporting Person received no consideration for the cancellation. | These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 100,000 RSUs upon the closing of project financing necessary for the construction of the Northern Pipeline; (b) 75,000 RSUs upon the issuance of a Federal Land Policy and Management Act right of way permit authorizing the conveyance of water across Federal lands through the Northern Pipeline; (c) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 12,500 AFY of annual water supply to be delivered via the Southern Pipeline; (d) 50,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of 25,000 AFY of annual water supply to be delivered via the Southern Pipeline; | Footnote 6 cont'd: (e) 64,500 RSUs upon the execution by public water systems of binding agreements for the storage of not less than 25,000 acre-feet of imported water at the Cadiz Property; and (f) 50,000 RSUs upon the completion of the CEQA/National Environmental Policy Act review for the storage of imported water at the Cadiz Property.