Transaction Details

Footnotes

Shares issued under the 2019 Equity Incentive Plan to the Reporting Person as a performance bonus. | Includes 57,350 restricted stock unites ("RSUs"), each representing a contingent right to receive one share of Cadiz Inc. (the "Company") common stock to vest (a) in four equal installments of 11,450 on the final day of every quarter beginning June 30, 2026, and (b) one final quarterly installment of 11,550 vesting on June 30, 2027, 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. | Each RSU represents a contingent right to receive one share of the Company's common stock. | These previously reported RSUs will vest as a performance goal-based milestone award once the following events have occurred: (a) 25,000 RSUs upon a closing a minimum of$200 million in equity capital for project finance; (b) 12,500 RS Us upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate 35,000 acre- feet per year ("AFY") of annual water supply to be delivered via the Northern or Southern Pipeline; (c) 25,000 RSUs upon the Binding and Unappealable issuance of a Federal Land Policy and Management Act ("FLPMA") right of way permit ("ROW") authorizing the conveyance of water across Federal lands through the Northern Pipeline; (d) 25,000 RSUs upon the execution by public water systems of binding agreements for the purchase from the Company of not less than an aggregate of25,000 AFY of annual water supply to be delivered via the Southern Pipeline; | Footnote 4 cont'd: (e) 25,000 RSUs upon the Binding and Unappealable completion of any CEQA/National Environmental Policy Act ("NEPA") review for the storage of imported water at the Cadiz Property; and (f) 25,000 RSUs for the first delivery by the Company of water under binding agreements with public water systems for the conveyance of water through the Northern Pipeline.