<SEC-DOCUMENT>0000727273-20-000025.txt : 20200522
<SEC-HEADER>0000727273-20-000025.hdr.sgml : 20200522
<ACCEPTANCE-DATETIME>20200522152117
ACCESSION NUMBER:		0000727273-20-000025
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20200521
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200522
DATE AS OF CHANGE:		20200522

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CADIZ INC
		CENTRAL INDEX KEY:			0000727273
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER SUPPLY [4941]
		IRS NUMBER:				770313235
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-12114
		FILM NUMBER:		20905513

	BUSINESS ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071
		BUSINESS PHONE:		213-271-1600

	MAIL ADDRESS:	
		STREET 1:		550 SOUTH HOPE STREET
		STREET 2:		SUITE 2850
		CITY:			LOS ANGELES
		STATE:			CA
		ZIP:			90071

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CADIZ LAND CO INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PACIFIC AGRICULTURAL HOLDINGS INC
		DATE OF NAME CHANGE:	19920602

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARIDTECH INC
		DATE OF NAME CHANGE:	19880523
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>form8k_may2020.htm
<DESCRIPTION>CURRENT REPORT ON FORM 8-K
<TEXT>
<html>
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    <title></title>
    <!-- Licensed to: Cadiz Inc.
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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    <div style="text-align: center; font-size: 14pt; font-variant: small-caps; font-weight: bold;">
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;">united states</div>
    <div style="text-align: center; font-size: 14pt; font-variant: small-caps; font-weight: bold;">Securities and Exchange Commission</div>
    <div style="text-align: center; font-size: 12pt; font-variant: small-caps; font-weight: bold;">Washington, D. C. 20549</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-weight: bold;">Pursuant to Section 13 or 15(d) of the </div>
    <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div style="text-align: center; font-weight: bold;">Date of Report (Date of earliest event reported):</div>
    <div style="text-align: center; font-weight: bold;">May 21, 2020</div>
    <table cellspacing="0" cellpadding="0" id="z2f51fc315ef04ec7844bb1d302a90319" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 100%; vertical-align: bottom;" colspan="7">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="7">
            <div style="text-align: center; font-weight: bold;"><font style="font-variant: small-caps;">C</font>adiz Inc.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="7">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="7">
            <div style="text-align: center; font-weight: bold;">(Exact Name of Registrant as Specified in its Charter)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.99%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">DELAWARE</div>
          </td>
          <td style="width: 1.99%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">0-12114</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">77-0313235</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.99%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">(State or Other Jurisdiction</div>
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">of Incorporation)</div>
          </td>
          <td style="width: 1.99%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;" colspan="3">
            <div style="text-align: center; font-weight: bold;">(Commission File Number)</div>
          </td>
          <td style="width: 2%; vertical-align: bottom;">
            <div>&#160;</div>
          </td>
          <td style="width: 32%; vertical-align: top;">
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">(IRS Employer</div>
            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">Identification No.)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49%; vertical-align: top; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; margin-right: 28.8pt; margin-left: 28.8pt; font-weight: bold;">550 S. Hope Street, Suite 2850</div>
            <div style="text-align: center; margin-right: 28.8pt; margin-left: 28.8pt; font-weight: bold;">Los Angeles, CA</div>
          </td>
          <td style="width: 2%; vertical-align: middle;">
            <div>&#160;</div>
          </td>
          <td style="width: 49%; vertical-align: bottom; border-bottom: #000000 2px solid;" colspan="3">
            <div style="text-align: center; font-weight: bold;">90071</div>
          </td>
        </tr>
        <tr>
          <td style="width: 49%; vertical-align: top;" colspan="3">
            <div style="text-align: center; font-weight: bold;">(Address of Principal Executive Offices)</div>
          </td>
          <td style="width: 2%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 49%; vertical-align: top;" colspan="3">
            <div style="text-align: center; font-weight: bold;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-weight: bold;">Registrant&#8217;s
        telephone number, including area code:</font>&#160;<font style="font-weight: bold;">(231) 271-1600</font></div>
    <table cellspacing="0" cellpadding="0" id="zd4c73fcf5b1a4b3690892f44594ec453" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 0.05%; vertical-align: top;">&#160;</td>
          <td style="width: 37.46%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Title of each class</div>
          </td>
          <td style="width: 24.85%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Trading Symbol(s)</div>
          </td>
          <td style="width: 37.59%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">Name of each exchange on which registered</div>
          </td>
          <td style="width: 0.05%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 0.05%; vertical-align: top;">&#160;</td>
          <td style="width: 37.46%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">Common Stock, par value $0.01 per share</div>
          </td>
          <td style="width: 24.85%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">CDZI</div>
          </td>
          <td style="width: 37.59%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">The NASDAQ Global Market</div>
          </td>
          <td style="width: 0.05%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: bottom;" colspan="5">
            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Not Applicable</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="5">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="5">
            <div style="text-align: center; font-weight: bold;">(Former Name or Former Address, if Changed Since Last Report)</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation
      of the registrant under any of the following provisions (see General Instruction A.2. below):</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;&#160; </font>Written communications
      pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;&#160; </font>Soliciting material pursuant
      to Rule&#160;14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;&#160; </font>Pre-commencement
      communications pursuant to Rule&#160;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
    <div style="text-align: justify; margin-top: 12pt; margin-bottom: 12pt;"><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;&#160; </font>Pre-commencement
      communications pursuant to Rule&#160;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
    <div style="text-align: justify; margin-right: 16.75pt; margin-bottom: 10.35pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the
      Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</div>
    <div style="text-align: justify; margin-bottom: 5.25pt;">Emerging growth company <font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="text-align: justify; margin-right: 26.5pt; margin-bottom: 5.25pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
      transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div><font style="font-weight: bold;">Item 5.02</font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Departure
        of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</font></div>
    <div><br>
    </div>
    <div>(b) and (c)&#160;&#160;&#160;&#160; On May 21, 2020 (the &#8220;Effective Date&#8221;), Mr.
        Stanley E. Speer was appointed to serve as the Chief Financial Officer and Secretary of Cadiz Inc. (the &#8220;Company&#8221;).&#160; Mr. Speer is replacing Mr. Timothy J. Shaheen, who was concurrently appointed to the Company&#8217;s newly created position of Director
        of Development.&#160;&#160; As previously disclosed, the Company is engaged in ongoing efforts to expand the agricultural development of its properties.&#160; Mr. Shaheen&#8217;s new position was created by the Company in order to utilize Mr. Shaheen&#8217;s extensive
        experience in the agriculture industry to support the active development of the Company&#8217;s Cadiz Valley properties for agriculture and complementary water projects.&#160; Mr. Shaheen&#8217;s existing employment agreement with the Company was amended as of the
        Effective Date to reflect the modification of his duties.</div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>Mr. Speer, age 59, had previously served as the Company&#8217;s Chief
      Financial Officer from 1997 through 2003 and has served as a financial consultant to the Company since 2015.&#160; Since 2012 Mr. Speer has been the principal of Speer and
        Associates, LLC, a consulting firm he founded to provide practical operational, financial and strategic financial solutions to public and private businesses.&#160; He also serves as a director of Sunworks, Inc., a provider of high performance solar
        power systems.&#160; From 2006 to 2012 Mr. Speer was a Managing Director with Alvarez &amp; Marsal specializing in advising and assisting boards of directors, investment groups, management groups and lenders in a wide range of turnaround, restructuring
        and reorganization situations.&#160; Prior to joining the Company in 1997, Mr. Speer was a partner with Coopers &amp; Lybrand (now PricewaterhouseCoopers), where he spent 14 years in the Los Angeles office specializing in business reorganizations and
        mergers and acquisitions.&#160; Mr. Speer earned his bachelor's degree in business administration from the University of Southern California.</div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>For his services as Chief Financial Officer and Secretary, Mr.
      Speer will receive base compensation of $350,000 and will be entitled to participate in the Company&#8217;s bonus and equity incentive programs.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Item 8.01&#160; &#160;&#160; Other Events</div>
    <div> <br>
    </div>
    <div><font style="width: 9pt; font-size: 1px; display: inline-block;" class="HorizontalTab">&#160;</font>On May 21, 2020, the Company issued a press release regarding
      the appointments of Mr. Speer and Mr. Shaheen.&#160; A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report on Form 8-K.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="font-weight: bold;">Item 9.01&#160; &#160;&#160; Financial Statements and Exhibits</div>
    <div><br>
    </div>
    <div>(d) Exhibits</div>
    <div><br>
    </div>
    <div>10.1<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><a href="exh10-1.htm">Employment Agreement between Cadiz Inc. and
          Stanley E. Speer dated as of May 21, 2020.</a></div>
    <div><br>
    </div>
    <div>10.2<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><a href="exh10-2.htm">Amendment No. 2 to Amended and Restated
          Employment Agreement between Cadiz Inc. and Timothy J. Shaheen dated as of May 21, 2020.</a></div>
    <div><br>
    </div>
    <div>99.1<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; font-size: 1px; width: 36pt">&#160;</font><a href="exh_99-1.htm">Press Release dated May 21, 2020</a></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: center; font-weight: bold;">SIGNATURES</div>
    <div style="text-indent: 18pt;">&#160;</div>
    <div style="text-indent: 18pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
      by the undersigned hereunto duly authorized.</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt;">&#160;</div>
    <table cellspacing="0" cellpadding="0" border="0" id="zb2de8103f44c4fcba5190a19775818ce" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="font-weight: bold;">&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div style="margin-left: 0.05pt; font-weight: bold;">CADIZ INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="vertical-align: top;" colspan="2">
            <div style="margin-left: 0.05pt;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 3%; vertical-align: top;">
            <div style="margin-left: 0.05pt;">By:</div>
          </td>
          <td style="width: 47%; vertical-align: top;"><u>/s/ Scott Slater</u> <br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 47%; vertical-align: top;" rowspan="1">Scott Slater <br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 3%; vertical-align: top;" rowspan="1">&#160;</td>
          <td style="width: 47%; vertical-align: top;" rowspan="1">Chief Executive Officer <br>
          </td>
        </tr>

    </table>
    <div style="text-align: center;">&#160;</div>
    <div>Date:&#160; May 22, 2020</div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exh10-1.htm
<DESCRIPTION>EMPLOYMENT AGREEMENT BETWEEN CADIZ INC. AND STANLEY E. SPEER DATED AS OF MAY 21, 2020
<TEXT>
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    <div style="text-align: right; font-family: 'Times New Roman',Times,serif; font-weight: 400;"><font style="font-weight: bold;"> EXHIBIT 10.1</font><br>
    </div>
    <div style="text-align: center; font-size: 12pt; font-weight: bold;"><u> <br>
      </u></div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>EMPLOYMENT AGREEMENT</u></div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">THIS EMPLOYMENT AGREEMENT (the "Agreement") is entered into as of May 21, 2020 (the &#8220;Effective Date&#8221;), by and between Cadiz
      Inc., a Delaware corporation (the "Company") and Stanley E. Speer, an individual ("Speer").</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Company and Speer desire to enter into this Agreement in order to set forth all of the terms and conditions
      pursuant to which Speer shall serve as the Chief Financial Officer of the Company;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein and for other good and valuable
      consideration, the receipt of which is mutually acknowledged, the Company and Speer (collectively, the &#8220;Parties&#8221;) agree as follows:</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>TERM OF EMPLOYMENT</u>.&#160; The terms and conditions of Speer's
        employment under this Agreement shall be effective as of the Effective Date and shall continue until terminated in accordance with the termination provisions of Section 6 below.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>DUTIES</u>.&#160; Speer shall be employed as the Chief Financial Officer of
        the Company.&#160; Speer's duties and responsibilities shall relate, generally, to those ordinarily performed by the chief financial officer of a publicly traded corporation and shall include, without limitation, direct responsibility for (i) the
        Company&#8217;s accounting systems, cash management and financial reporting; (ii) supervision and direction of the Company&#8217;s financial staff; (iii) preparation and coordination with outside professional advisors&#160;of all regulatory filings, including those
        required by the rules and regulations of the U.S. Securities and Exchange Commission and by the NASDAQ; (iv) coordination of the Company&#8217;s compliance with all of the requirements of the Sarbanes-Oxley Act of 2002, as amended; and (v) the
        administrative and financial management of the Company's real estate holdings.&#160; In addition, as a member of the Company&#8217;s senior management group Speer shall be involved on a daily basis with discussion and analysis of the development of the
        Company&#8217;s water resource and other development programs.&#160; Speer shall also perform such other duties as would reasonably be performed by a senior executive of the Company as the Board may from time to time direct.&#160; Speer shall report to, and take
        direction from, the Chief Executive Officer of the Company.&#160; Speer further consents to serve in further capacities as an officer, manager and/or director of the Company or any subsidiary or affiliate of the Company without any additional salary or
        compensation.&#160; Speer's base of operations shall be at the corporate headquarters office of the Company in Los Angeles, California, unless changed by mutual agreement.&#160; However, Speer shall also render services at such other sites as necessary from
        time to time to properly perform his duties.</font></div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>NECESSARY SERVICES</u>.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Performance of Duties</u>.&#160; Speer agrees that he will at all times
        faithfully, industriously and to the best of his ability, experience and talents, perform to the reasonable satisfaction of the Company all of the duties that may be assigned to him hereunder and shall devote such time to the performance of these
        duties as may be necessary therefor.&#160; Provided that Speer otherwise performs his duties in a satisfactory manner, nothing herein shall require Speer to provide such services on a full-time basis or&#160; shall preclude Speer from spending a reasonable
        amount of time in the management of his personal investments or businesses or with any charitable or civic venture with which Speer may be involved as long as such activities do not result in any conflicts with respect to Speer&#8217;s duties to the
        Company hereunder, or violate any conflicts of interest policy which may be maintained from time to time by the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Exclusive Services</u>.&#160; Speer agrees that during the period of his
        employment hereunder, Speer shall, subject to subsection (a), above, provide services exclusively pursuant to this Agreement, and Speer will not, without the prior written consent of the Company (which consent may not be unreasonably withheld),
        directly or indirectly:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman',Times,serif;">(i)&#160; engage in the business of, or own or control any interest in (except as a passive investor owning less than 10% of the
      equity securities of a publicly held company), or act as director, officer of employee of, or consultant to, any individual, partnership, joint venture, corporation or other business entity, directly or indirectly engaged anywhere in the United
      States, its possessions or territories, in any business competitive with the business then being carried on by the Company or any affiliate;</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman',Times,serif;">(ii)&#160; plan or organize any business activity competitive with the business or planned business of the Company or its
      affiliates, or combine, participate, or conspire with other employees of the Company or its affiliates or other persons or entities for the purpose of organizing any such competitive business activity; or</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt; font-family: 'Times New Roman',Times,serif;">(iii)&#160; divert or take away, or attempt to divert or take away, any of the customers or potential customers of the Company or
      its affiliates, either for himself or for any other person, firm, partnership, corporation or other business entity.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">4.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>BASE COMPENSATION</u>.&#160; Subject to such deductions as the Company may
        from time to time be required to make pursuant to law, governmental regulation or order, the Company agrees to pay to Speer a base cash salary of $350,000 per annum.&#160; Payments of base salary shall be made in accordance with the normal payroll
        practices of the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">5.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>OTHER COMPENSATION</u>. In addition to the base compensation set forth
        in Section 4 above, the Company agrees to provide additional compensation (&#8220;Other Compensation&#8221;) to Speer as follows:</font></div>
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    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Discretionary Annual Bonus</u>.&#160; Following the conclusion of each fiscal year during the
        term of this Agreement, the Board shall make a good faith evaluation of the performance of Speer during such year, on the basis of which Speer shall receive a bonus in an amount and upon such other terms and conditions as shall be determined at the
        discretion of the Board.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Equity Based Compensation</u>.&#160; Speer shall be eligible to receive
        awards under the Cadiz Inc. 2019 Equity Incentive Plan (the &#8220;2019 Plan&#8221;), with the form and amount of any such awards to be determined from time to time in the sole discretion of the Committee (as defined in the 2019 Plan). In addition, in the
        event that the Company, following the execution of this Agreement, adopts a new compensation plan or program for senior management, then Speer shall be invited to participate in such plan, with Speer&#8217;s participation in such plan to be negotiated
        between Speer and the Company in good faith at a level consistent with that of a member of senior management with comparable duties and responsibilities.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Fringe Benefits</u>.&#160; In addition to the compensation set forth above,
        Speer shall be entitled to the following benefits:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Four (4) weeks paid annual vacation, provided that no more than two weeks are to be taken consecutively;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">ii.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Sick leave and personal leave with pay in accordance with the prevailing policies of the Company;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">iii.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Medical coverage under the group medical insurance plan of the Company (or COBRA coverage, at the election of Speer);</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">iv.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Participation in any pension, profit-sharing, 401(k), or deferred compensation plan maintained by the Company for the general benefit of its
        employees;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">v.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">An automobile allowance of $700 per month;</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">vi.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Participation in any other benefit plan maintained by the Company for the general benefit of its employees; and</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">vii.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any other benefits not specifically set forth herein as may be granted by the Company in its sole and absolute discretion.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Deduction and Reimbursement</u>.&#160; Speer hereby agrees that the Company
        may deduct and withhold from the compensation payable to Speer hereunder any amounts of money required to be deducted or withheld by the Company under the provisions of any and all applicable local, state or federal statutes or regulations or any
        amendments thereto hereafter enacted requiring the withholding or deducting of compensation.</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">6.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>TERMINATION</u>.&#160; This Agreement continue in full force and effect
        unless and until terminated as provided in this Section.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Termination Events</u>.&#160; This Agreement shall terminate:</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Upon the death or Disability of Speer, "Disability" having the definition set forth in the 2019 Plan.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">ii.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">At the election of the Company, upon a Change in Control&#160; (as defined in the 2019 Plan) or at such time, if any, as the Company ceases to conduct
        business for any reason whatsoever.</font></div>
    <div><br>
    </div>
    <div style="text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">iii.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">At the election of the Company, upon the dismissal of Speer by the Company for Cause.&#160; For purposes of this Agreement, "Cause" shall mean any of the
        following that has a material adverse effect upon the Company or any Subsidiary:</font></div>
    <div><br>
    </div>
    <div style="text-indent: 144pt;"><font style="font-family: 'Times New Roman',Times,serif;">(1)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Speer&#8217;s material failure to perform his duties which remains uncured for more than ten (10) days after a written warning (except in the case of a deliberate and bad
        faith failure to perform his duties, which shall require no warning),</font></div>
    <div><br>
    </div>
    <div style="text-indent: 144pt;"><font style="font-family: 'Times New Roman',Times,serif;">(2)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Speer&#8217;s breach of his fiduciary duty to the Company,</font></div>
    <div><br>
    </div>
    <div style="text-indent: 144pt;"><font style="font-family: 'Times New Roman',Times,serif;">(3)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Speer&#8217;s indictment (or equivalent) for a felony or other serious crime, or</font></div>
    <div><br>
    </div>
    <div style="text-indent: 144pt;"><font style="font-family: 'Times New Roman',Times,serif;">(4)</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Speer&#8217;s commission of a wrongful act that would make the continuance of his employment by the Company detrimental to the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">iv.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">At the election of Speer, upon a material breach by the Company of any term or condition of this Agreement or upon a material change in Speer&#8217;s job
        title or a material reduction in Speer&#8217;s duties and responsibilities hereunder.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">v.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">At the election of either party, without Cause.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Payments Following Termination</u>.&#160; Following termination of this
        Agreement, whether for any of the reasons specifically set forth above or for any other reason, the Company shall have no obligation to make payments to or bestow benefits upon Speer after the date of termination except as may be required by law,
        as described in this subsection (b), and under the 2019 Plan (to the extent not otherwise provided for in this Agreement).&#160; References under this Agreement to Speer&#8217;s termination of employment or the termination of this Agreement shall be deemed to
        refer to the date upon which Speer has experienced a &#8220;separation from service&#8221; within the meaning of Code Section 409A, as defined below:</font></div>
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    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the event of termination of this Agreement by the Company pursuant to Section 6(a)(i) as the result of Speer&#8217;s death or Disability, Speer or his
        estate shall be entitled to receive base compensation as set forth in Section 4 above for a period of 180 days following Speer&#8217;s death or Disability as though Speer were continuing to provide services to the Company under this Agreement.&#160; Any such
        payment shall be in addition to, and not in lieu of, any payments made pursuant to any Company provided death or disability benefit plans.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">ii.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the event of termination of this Agreement by the Company concurrently with or following a Change in Control pursuant to Section 6(a)(ii) above,
        Speer shall be entitled to receive (i) base compensation as set forth in Section 4 above for a period of twelve (12) months following the effective date of termination, as though Speer were continuing to provide services to the Company under this
        Agreement, and (ii) for a period of twelve (12) months following the effective date of termination, all Other Compensation as described in Section 5(c) above to the extent that such benefits can then lawfully be made available by the Company (or
        the Company&#8217;s successor in interest) to Speer; provided, however, that in order to receive continuing compensation during the time period set forth in this subparagraph Speer shall make himself available to the Company (or the Company&#8217;s successor
        in interest) during such time period as reasonably needed to assist in the transition of his duties and responsibilities.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">iii.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the event of termination of this Agreement by the Company for Cause pursuant to Section 6(a)(iii) above, or in the event of termination of this
        Agreement by Speer without Cause pursuant to Section 6(a)(v) above, the Company shall have no further liability or obligation to Speer under this Agreement other than the Company's obligation to pay base compensation as set forth in Section 4 above
        and fringe benefits as described in Section 5(c) above, all to the extent that such base compensation or fringe benefits are accrued but unpaid or unissued as of the effective date of termination.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">iv.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">In the event of termination of this Agreement by Speer pursuant to Section 6(a)(iv) above or by the Company without Cause pursuant to Section (a)(v)
        above, or in the event of termination of this Agreement by the Company for any reason not specifically set forth above, Speer shall be entitled to receive (i) base compensation as set forth in Section 4 above for a period of one hundred eighty
        (180) days following the effective date of termination, as though Speer were continuing to provide services to the Company under this Agreement, and (ii) for a period of one hundred eighty (180) days following the effective date of termination, all
        Other Compensation as described in Section 5(c) above to the extent that such benefits can then lawfully be made available by the Company (or the Company&#8217;s successor in interest) to Speer; provided, however, that in order to receive continuing
        compensation during the time period set forth in this subparagraph Speer shall make himself available to the Company during such time period as reasonably needed to assist in the transition of his duties and responsibilities.</font></div>
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    </div>
    <div style="text-align: justify; text-indent: 108pt;"><font style="font-family: 'Times New Roman',Times,serif;">v.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The termination of this Agreement shall not affect the right of Speer to exercise any stock option, to purchase securities of the Company, or to
        receive payments or equity securities under any incentive plans in which Speer participates, which rights may have vested under the terms of the applicable equity grant or incentive plan prior to the date of termination.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Return of Company's Property</u>.&#160; If this Agreement is terminated for
        any reason, the Company may, at its option, require Speer to vacate his offices prior to the effective date of a termination and to cease all activities on the Company&#8217;s behalf.&#160; Speer agrees that on the termination of this Agreement in any manner,
        he will immediately deliver to the Company all notebooks, brochures, documents, memoranda, reports, files, books, correspondence, customer lists, or other written or graphical records, and the like, relating to the business or work of the Company,
        which are or have been in his possession or under his control and which have not been returned to the Company.&#160; Speer hereby expressly acknowledges that all such materials referenced above are the property of the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Public Identification</u>.&#160; If this Agreement is terminated for any
        reason, Speer shall immediately and forever thereafter cease to hold himself out to any person, firm, partnership, corporation or other entity as an employee, agent, independent contractor or representative of the Company or of any entity owned by,
        or affiliated with, the Company.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Timing of Payments Under Certain Circumstances</u>.&#160; With respect to any amount that becomes payable to or for the benefit of Speer under this Agreement upon Speer&#8217;s Separation from Service (as defined below) for any reason, the
          provisions of this subsection (e) will apply, notwithstanding any other provision of this Agreement to the contrary.&#160; If the Company determines in good faith that Speer is a &#8220;specified employee&#8221; within the meaning of Section 409A of the
        Internal Revenue Code, any Treasury regulations promulgated thereunder and any guidance issued by the Internal Revenue Service relating thereto (collectively, &#8220;Code Section 409A&#8221;), then to the extent required under Code Section 409A, payment of any
        amount of deferred compensation that becomes payable to or for the benefit of Speer upon Separation from Service (other than by reason of the death of Speer) and that otherwise would be payable during the six-month period following Speer&#8217;s
        Separation from Service shall be suspended until the lapse of such six-month period (or, if earlier, the date of Speer&#8217;s death).&#160; A &#8220;Separation from Service&#8221; of Speer means Speer&#8217;s separation from service, as defined in Code Section 409A, with the
        Company and all other entities with which the Company would be considered a single employer under Internal Revenue Code Section 414(b) or (c), applying the 80% threshold used in such Internal Revenue Code Sections or any Treasury regulations
        promulgated thereunder.&#160; Any payment suspended as provided in this subsection (e), unadjusted for interest on such suspended payment, shall be paid to Speer in a single payment on the first business day following the end of such six-month period or
        within 30 days following the death of Speer, as applicable, provided that the death of Speer during such six-month period shall not cause the acceleration of any amount that otherwise would be payable on any date during such six-month period
        following the date of Speer&#8217;s death.</font></div>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">7.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>EXPENSES</u>.&#160; The Company shall reimburse Speer for all out&#8209;of&#8209;pocket
        expenses incurred by Speer in the performance of his duties hereunder, including, but not limited to, telephone, travel, and office expenses, all subject to such written guidelines and/or requirements for verification as the Company may, in its
        sole and absolute discretion, establish.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">8.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>CONFIDENTIALITY AND TRADE SECRETS</u>.&#160; For purposes of this Section
        8, the term "Company" shall collectively refer to the Company and any affiliate thereof.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Confidential Information</u>.&#160; Speer shall keep in strictest
        confidence all information relating to the business, affairs, products, customers and suppliers of the Company (collectively hereinafter referred to as "Trade Secrets"), which Speer has obtained or may acquire in the course of his employment by the
        Company and which is not otherwise generally known to the public.&#160; Speer acknowledges that such Trade Secrets are of great value, and have been developed and/or acquired at great expense to the Company, and the Company would not enter into this
        contract of employment and such information would not be made available to Speer in Speer's fiduciary capacity unless the Company were assured that all such information will be used for the exclusive benefit of the Company.&#160; Accordingly, during the
        term of this Agreement, and at all times thereafter, Speer shall not publish, communicate, divulge, disclose or use, whether or not for his own benefit, any such information without the prior written consent of the Company.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Non-Competition</u>.&#160; Speer agrees that during the period of his
        employment, Speer will not, directly or indirectly, engage in the business of, or own or control any interest in (except as a passive investor owning less than 10% of the equity securities of a publicly held company), or act as a director, officer
        of employee of, or consultant to, any individual, partnership, joint venture, corporation or other business entity, directly or indirectly engaged in any country in which the Company conducts business (including, without limitation, the United
        States, its possessions and territories), in any business competitive with the business then being carried on by the Company.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Client Information</u>.&#160; Speer hereby specifically agrees that he will
        not utilize any information concerning the customers, licensees or other clients, partners or affiliates of the Company which Speer acquires during the term of this Agreement, whether or not the same originated through Speer's efforts, for any
        purpose detrimental to the business of the Company.&#160; Without limitation of the foregoing, Speer agrees that he shall not at any time interfere with any existing contracts of the Company, and further agrees that he shall not engage in business
        discussions with any person or entity with whom he or the Company are in negotiations at the time he ceases to be an employee of the Company until after such negotiations have been concluded.</font></div>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Solicitation of Employees</u>.&#160; Speer acknowledges that important
        factors in the Company's business and operations are the loyalty and good will of its employees and its customers.&#160; Accordingly, Speer agrees that both during the term of this Agreement and after the expiration or termination of this Agreement he
        will not enter into, and will not participate in, any plan or arrangement to cause any of the Company's employees to terminate his employment with the Company or hire any of such employees in connection with business initiated by Speer or any other
        person, firm or corporation.&#160; Speer further agrees that information as to the capabilities of the Company's employees, their salaries and benefits, and the other terms of their employment is confidential and proprietary to the Company and
        constitutes its valuable trade secrets.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Ongoing Obligation</u>.&#160; The provisions in this Section&#160;8 shall be
        binding during Speer's employment and at all times thereafter, regardless of the circumstances or reasons for termination of this Agreement.&#160; In the event the provisions in this Section&#160;8 are more restrictive than permitted by the laws of the
        jurisdiction in which enforcement of this provision is sought, such provisions shall be interpreted to extend only over the maximum period of time, range of activities or geographic area as to which it may be enforceable.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">9.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>REMEDY FOR BREACH</u>.&#160; Speer acknowledges that the services to be
        rendered by him hereunder are of a special, unique and extraordinary character, which gives this Agreement a peculiar value to the Company, the loss of which cannot be reasonably or adequately compensated in damages in an action at law, and a
        breach by Speer of the provisions of this Agreement will cause the Company irreparable injury.&#160; It is, therefore, expressly acknowledged that this Agreement may be enforced by injunction and other equitable remedies, without bond.&#160; Such relief
        shall not be exclusive, but shall be in addition to any other rights or remedies Company may have for such breach, and Company shall be entitled to recover all costs and expenses, including reasonably attorneys' fees, incurred by reason of any
        breach of the covenants of this Agreement.&#160; Similarly, the provisions of this Section 9 shall not it any way limit any rights or remedies to which Speer may be entitled in the event of a breach by the Company of any obligations of the Company
        arising under this Agreement.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 28.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">10.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 43.2pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>LITIGATION AND ATTORNEYS FEES</u>.&#160; In the event of any litigation
        or arbitration between the parties hereto in connection with this Agreement or to enforce any provision or right hereunder, each party to such litigation or arbitration shall pay its own costs and expenses.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 28.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">11.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 43.2pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>BOARD ACTIONS</u>.&#160; Any actions required to be taken or
        determinations to be made by the Board under this Agreement may, at the discretion of the Board, be taken or made by the Compensation Committee or any other duly authorized committee of the Board.</font></div>
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    <div style="text-align: justify; text-indent: 28.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">12.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 43.2pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>ADDITIONAL ACKNOWLEDGMENTS</u>.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Speer understands that the terms of this Agreement may be required to be disclosed in, or filed as an exhibit to, the Company&#8217;s annual proxy
        statement or other reports filed publicly with the U.S. Securities and Exchange Commission.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Speer acknowledges and agrees that he has fully read and understands this Agreement, has been advised to and has been given the opportunity to
        consult with his attorney concerning this Agreement, has been advised that the Company's attorney as not acted as his attorney concerning this Agreement, has had any questions regarding its effect or the meaning of its terms answered to his
        satisfaction and, intending to be legally bound hereby, has freely and voluntarily executed this Agreement.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 28.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">13.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 43.2pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>GENERAL PROVISIONS</u>.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The failure of the Company at any time to enforce performance by Speer of any provisions of this Agreement shall in no way affect the Company's
        rights thereafter to enforce the same, nor shall the waiver by the Company of any breach of any provision hereof be held to be a waiver of any other breach of the same or any other provision.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">This Agreement shall be binding upon and inure to the benefit of the parties hereto and the successors and assigns of the Company; provided,
        however, it is understood and agreed that the services to be rendered and the duties to be performed by Speer hereunder are of a special, unique and personal nature and that it would be difficult or impossible to replace such services; by reason
        thereof, Speer may not assign either the benefits or the obligations of this Agreement.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Speer shall be considered an employee of the Company within the meaning of all federal, state, and local laws and regulations governing unemployment
        insurance, workers' compensation, industrial accident, labor and taxes.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">This Agreement is the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior oral and
        written agreements and negotiations between the parties with respect to services to be provided by Speer to the Company, including, without limitation, any consulting agreement with the Company to which Speer may be a party as of the Effective
        Date, and any compensation heretofore received or which may be receivable by Speer pursuant to any such prior agreement shall be adjusted as necessary to reflect the termination of such agreement and the effectiveness of this Agreement as of the
        Effective Date.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">e.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">The headings of the several paragraphs in this Agreement are inserted solely for the convenience of the parties and are not a part of and are not
        intended to govern, limit or aid in the construction of any term or provision hereof.</font></div>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">f.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">This Agreement may not be modified except by a written instrument signed by all parties hereto.</font></div>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">g.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">All clauses and covenants contained in this Agreement are severable, and in the event any of them shall be held to be invalid by any court, such
        clauses or covenants shall be limited as permitted under applicable law, or, if the same are not susceptible to such limitation, this Agreement shall be interpreted as if such invalid clauses or covenants were not contained herein.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">h.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">This Agreement is made with reference to the laws of the State of California and shall be governed by and construed in accordance therewith.&#160; Any
        litigation concerning or to enforce the provisions of this Agreement shall be brought in the courts of the State of California.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">i.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any controversy or claim arising out of or relating to this Agreement, or breach thereof, may, with the prior consent of both the Company and Speer,
        be settled by binding arbitration in Los Angeles, California in accordance with the Commercial Arbitration Rules of the American Arbitration Association.</font></div>
    <div><br>
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    <div style="text-align: justify; text-indent: 28.8pt;"><font style="font-family: 'Times New Roman',Times,serif;">14.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 43.2pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>SECTION 409A</u>.</font></div>
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    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">a.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">It is the intention of Company and Speer that this Agreement shall comply with the requirements of Code Section 409A. All payments under this Agreement are intended to
        be excluded from the requirements of Code Section 409A or be payable on a fixed date or schedule under Code Section 409A. All payments made under this Agreement shall be strictly paid in accordance with the terms of this Agreement. Notwithstanding
        any other provision of this Agreement to the contrary, if Company or Speer determines that any compensation or benefit payable under this Agreement may be subject to Code Section 409A(a)(1), Company and Speer, at the request of either but with the
        written consent of the other, which consent shall not be unreasonably withheld, shall adopt such amendments to this Agreement or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take
        any other actions necessary or appropriate to cause the compensation and benefits payable under this Agreement not to be subject to Code Section 409A(a)(1) and to preserve the intended tax treatment of such compensation and benefits. Each payment
        of compensation under this Agreement shall be treated as a separate payment of compensation for purposes of Code Section 409A.</font></div>
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    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">b.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Any reimbursements or in-kind benefits provided under this Agreement that are subject to Code Section 409A shall be made or provided in accordance with the requirements
        of Code Section 409A, including, where applicable, the requirement that (A) any reimbursement is for expenses incurred during the period of time specified in the Agreement, (B) the amount of expenses eligible for reimbursement, or in-kind benefits
        provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year, (C) the reimbursement of an eligible expense will be made no later than the last day of the
        calendar year following the year in which the expense is incurred, and (D) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.</font></div>
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    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">c.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Company shall not make any deductions for money or property that Speer owes to Company, or offset or otherwise reduce any sums that may be due or become payable to or
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    <div><br>
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    <div style="text-indent: 72pt;"><font style="font-family: 'Times New Roman',Times,serif;">d.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">Speer&#8217;s right to any deferred compensation, as defined under Code Section 409A, shall not be subject to borrowing, anticipation, alienation, sale, transfer, assignment,
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    <div style="text-align: justify; text-indent: 28.8pt; font-family: 'Times New Roman',Times,serif;">IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above written.</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>By: <br>
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              <div>&#160;</div>
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              <div>&#160;</div>
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              <div>&#160;</div>
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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>exh10-2.htm
<DESCRIPTION>AMENDMENT NO. 2 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT
<TEXT>
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  <div style="text-align: right;"><font style="font-weight: bold;">EXHIBT 10.2</font><br>
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  <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-weight: bold;">AMENDMENT NO. 2 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">This AMENDMENT NO. 2 TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT&#160; (&#8220;Amendment No. 2&#8221;) is entered into as of May 21, 2020 among Cadiz
    Inc., a Delaware corporation (the &#8220;<u>Company</u>&#8221;) and Timothy J. Shaheen (&#8220;<u>Shaheen</u>&#8221;).&#160; The
    parties to this Amendment No. 2 are hereinafter sometimes referred to collectively as the "Parties".</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: center; font-size: 12pt; font-weight: bold;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;"><u>RECITALS</u></font><font style="font-size: 10pt;">:</font></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Parties have entered into an Amended and Restated Employment Agreement as of June 13, 2014 (the "Agreement"), as amended
    by Amendment No. 1 dated as of March 10, 2020 (&#8220;Amendment No. 1) ; and</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, prior to the date hereof Shaheen has served as the Chief Financial Officer and Secretary of the Company; and</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">WHEREAS, the Company and Shaheen wish to modify the duties and responsibilities of Shaheen as an employee of the Company with such
    modification to take effect as of the effective date of this Amendment No. 2;</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">NOW THEREFORE, in consideration of the above recitals, the promises and the mutual representations, warranties, covenants and
    agreements herein contained, the Parties hereby agree as follows.&#160; Defined terms used herein shall, if not otherwise defined in this Amendment No. 2, have the same meaning as set forth in the Agreement.</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">1.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Duties</u>.&#160; Section 2 of the Agreement is hereby amended to read in its entirety as follows:</font></div>
  <div><br>
  </div>
  <div style="text-align: justify; text-indent: 72pt; font-family: 'Times New Roman',Times,serif;">&#8220;2.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 12pt;">&#160;</font><u>DUTIES</u>.&#160; In the course of his employment hereunder, Shaheen shall direct the Company&#8217;s agricultural operations, and in doing so shall utilize his experience in agricultural development in
    assisting the Company and its wholly owned subsidiary, Cadiz Real Estate LLC in the development and implementation of the Company&#8217;s agricultural operations including wellfield and crop development plans that are complementary to the Company&#8217;s water
    project implementation.&#160; Shaheen shall operate at all times under the direction of the Chairman and Chief Executive Officer of the Company (the &#8220;Executive Officers&#8221;).&#160; Shaheen's base of operations shall be at the corporate headquarters office of the
    Company in Los Angeles, California, unless changed by mutual agreement.&#160; However, Shaheen shall also render services at such other sites as necessary from time to time to properly perform his duties.&#8221;</div>
  <div><br>
  </div>
  <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">2.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Resignations</u>.The
      execution by Shaheen of this Amendment No. 2 shall evidence his resignation, effective concurrently with the appointment of his successor thereto, from all executive positions (e.g. officer, director or manager) held prior to the date hereof with the
      Company or any of its subsidiaries or affiliates, including, without limitation, all positions listed on Appendix A hereto.</font></div>
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    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-indent: 36pt;"><font style="font-family: 'Times New Roman',Times,serif;">3.</font><font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 36pt;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;"><u>Existing Agreement</u>.&#160; Except as otherwise amended or modified herein or hereby, the
      provisions of the Agreement and Amendment No. 1 thereto shall remain in full force and effect.</font></div>
  <div><br>
  </div>
  <div style="text-indent: 72pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered by their
    proper and duly authorized officers as of the day and year first above written.</div>
  <div style="font-family: 'Times New Roman',Times,serif;"> <br>
  </div>
  <div style="margin-bottom: 12pt;">
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z9d105ef9a21a411f93ca4f98de204705">

        <tr>
          <td style="width: 50%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;" rowspan="1" colspan="2"><font style="font-weight: bold;">CADIZ INC.</font><br>
          </td>
        </tr>
        <tr>
          <td style="width: 50%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 47%;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">
            <div>By: <br>
            </div>
          </td>
          <td style="width: 47%;">
            <div><u>/s/ Keith Brackpool </u><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 47%;">
            <div>Keith Brackpool, Chairman of the Board </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 47%;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">
            <div>&#160;</div>
          </td>
          <td style="width: 47%;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;" rowspan="1" colspan="2">
            <div><font style="font-weight: bold;">SHAHEEN </font><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%;" rowspan="1">&#160;</td>
          <td style="width: 3%;" rowspan="1" colspan="2">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%;">
            <div>&#160;</div>
          </td>
          <td style="width: 3%;">
            <div>By: <br>
            </div>
          </td>
          <td style="width: 47%;">
            <div><u>/s/ Timothy J. Shaheen </u><br>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%;" rowspan="1">&#160;</td>
          <td style="width: 3%;" rowspan="1">&#160;</td>
          <td style="width: 47%;" rowspan="1">Timothy J. Shaheen <br>
          </td>
        </tr>

    </table>
  </div>
  <br>
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      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;"> <br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">APPENDIX A</div>
  <div><br>
  </div>
  <div style="text-align: center; font-family: 'Times New Roman',Times,serif;">RESIGNATIONS</div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman',Times,serif;">1.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 12pt;">&#160;</font><u>Cadiz Inc.</u></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Chief Financial Officer</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Secretary</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman',Times,serif;">2.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 12pt;">&#160;</font><u>Cadiz Real Estate</u></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Manager</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Chairman</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Chief Executive Officer</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman',Times,serif;">3.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 12pt;">&#160;</font><u>Octagon Partners LLC</u></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Manager</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Vice-President</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman',Times,serif;">4.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 12pt;">&#160;</font><u>Rancho Cadiz Mutual Water Company</u></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Director</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Chief Financial Officer</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Secretary</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman',Times,serif;">5.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 12pt;">&#160;</font><u>SWI Estate, Inc.</u></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">President and Chief Executive Officer</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Chief Financial Officer</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Secretary</div>
  <div><br>
  </div>
  <div style="font-family: 'Times New Roman',Times,serif;">6.<font id="TRGRRTFtoHTMLTab" style="display: inline-block; text-indent: 0px; width: 12pt;">&#160;</font><u>Fenner Valley Mutual Water Company</u></div>
  <div><br>
  </div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Director</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Chief Financial Officer</div>
  <div style="text-indent: 36pt; font-family: 'Times New Roman',Times,serif;">Secretary</div>
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<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>exh_99-1.htm
<DESCRIPTION>PRESS RELEASE DATED MAY 21, 2020
<TEXT>
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    <div style="text-align: right; margin-bottom: 8pt;"><font style="font-weight: bold;">EXHIBIT 99.1</font><br>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div><img width="95" height="119" src="image0.jpg"></div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">PRESS RELEASE</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Date: May 21, 2020</div>
    <div style="text-align: center;"><br>
    </div>
    <div style="text-align: center; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">CADIZ INC. EXPANDS MANAGEMENT TEAM TO SUPPORT BURGEONING OPERATIONS</font><font style="font-weight: bold;"></font></div>
    <div style="text-align: center; margin-top: 2pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Company appoints Tim Shaheen to new Director of Development role and names new CFO as operations focus on
      expansion of agriculture development and complementary water infrastructure</div>
    <div style="background-color: #FFFFFF;">
      <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;"> <br>
        </font></div>
      <div style="margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Los Angeles,
          CA) </font><font style="font-size: 10pt;">&#8211; <font style="font-family: 'Times New Roman',Times,serif;">Cadiz</font> Inc. (NASDAQ: CDZI) (&#8220;Cadiz&#8221;, the &#8220;Company&#8221;)<font style="font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif;">announced today that it has expanded its management team, adding a Director of Development role to support the active development of the Company&#8217;s
            Cadiz Valley properties for agriculture and complementary water projects. The Company&#8217;s current CFO Timothy Shaheen will immediately assume this new position.&#160; Mr. Stan Speer, who has been a financial consultant to the Company for five years,
            will take over as Chief Financial Officer.</font></font></div>
      <div style="margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Over the last 12 months, the Company has made significant investments in its land and water assets, including
        the expansion of its sustainable agriculture, water infrastructure and irrigation capacity to support a variety of uses.&#160; Mr. Shaheen has been instrumental in this effort, building on decades of prior experience in agriculture, including as CEO of
        Sun World International, which during his tenure from 1996 to 2005 owned and operated 20,000 acres of various growing, packing and shipping operations throughout California.&#160; As the new Director of Development, Shaheen will provide focused
        leadership and oversight as the Company executes on its plans to continue its successful expansion of agricultural operations and water infrastructure at the Cadiz Ranch.&#160;</div>
      <div><br>
      </div>
    </div>
    <div style="background-color: rgb(255, 255, 255);">
      <div style="font-family: 'Times New Roman',Times,serif;">In the CFO position, Mr. Speer will assume the Company&#8217;s financial management and reporting responsibilities and maintain oversight of operational budgets. Speer
        brings decades of financial management experience to this position, including previous tenure as Cadiz CFO from 1997-2003, and roles as a Managing Director with global professional services firm Alvarez &amp; Marsal, and as a partner with Coopers
        &amp; Lybrand (now PricewaterhouseCoopers), where he spent 14 years specializing in business reorganizations.</div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
      <div style="margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Scott Slater, Cadiz&#8217;s President &amp; CEO, commented: &#8220;The enthusiasm around our agricultural prospects and
        the supporting water infrastructure has led to exciting growth that requires the focus of a leader like Tim to ensure the continued success of these developments. Tim&#8217;s deep experience with the Company and our land holdings will serve him well in
        this exciting new role.&#160; We also welcome Stan, who has a wealth of financial management experience and personal knowledge of the Company, to round out the team as CFO.&#8221;</div>
      <div><br>
      </div>
    </div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif;">Cadiz is the largest private landowner in eastern San Bernardino County with over 45,000 acres of landholdings, including 9,600
      acres permitted for agricultural development.&#160; The Company currently maintains lease arrangements with agricultural partners, including Limoneira Company (NASDAQ: LMNR) and Glass House Group, covering approximately 2,500 acres of active farming.&#160;&#160;
      This year the Company installed new water infrastructure, including three new wells with 12,500 acre-feet per year in capacity, to support its active agriculture and plans to further develop the water infrastructure at the Cadiz Ranch to support its
      complementary water and agricultural projects.</div>
    <div style="margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif;">More information about Mr. Speer and Mr. Shaheen is available on the Company&#8217;s website,&#160;https://www.cadizinc.com/management/.</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">About Cadiz Inc.</div>
    <div style="margin-bottom: 8pt; font-size: 12pt;"><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">Founded in
        1983, Cadiz Inc. (NASDAQ: CDZI) is </font><font style="font-size: 10pt; font-family: 'Times New Roman',Times,serif;">a California business dedicated to sustainable water and agricultural projects. We own </font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">70 square miles of property with significant water resources in Southern California and are the largest agricultural operation in
        San Bernardino, California, where we have sustainably farmed since the 1980s.&#160; We are also partnering with public water agencies to implement the&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><u>Cadiz
          Water Project</u></font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;">, which was named a </font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><u>Top 10 Infrastructure Project</u></font><font style="background-color: rgb(255, 255, 255); font-size: 10pt; font-family: 'Times New Roman',Times,serif;"> that over two phases will create a new water supply for
        approximately 400,000 people and make available up to 1 million acre-feet of new groundwater storage capacity for the region. Guided by a holistic land management plan, we are dedicated to pursuing sustainable projects and practicing responsible
        stewardship of our land, water and agricultural resources. For more information, please visit&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><u>www.cadizinc.com</u></font><font style="font-family: 'Times New Roman',Times,serif; font-size: 10pt;"><u>.</u></font></div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Contact:</div>
    <div style="margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif;">Courtney Degener<br>
      213-271-1603<br>
      cdegener@cadizinc.com</div>
    <div style="text-align: center; margin-bottom: 8pt; font-family: 'Times New Roman',Times,serif;">###</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-style: italic;">FORWARD LOOKING STATEMENT: This release contains forward-looking statements that are subject to significant risks and
      uncertainties, including statements related to the future operating and financial performance of the Company and the financing activities of the Company. &#160;Although the Company believes that the expectations reflected in our forward-looking statements
      are reasonable, it can give no assurance that such expectations will prove to be correct. &#160;Factors that could cause actual results or events to differ materially from those reflected in the Company&#8217;s forward-looking statements include the Company&#8217;s
      ability to maximize value for Cadiz land and water resources, the Company&#8217;s ability to obtain new financing as needed, the receipt of additional permits for the water project and other factors and considerations detailed in the Company&#8217;s Securities
      and Exchange Commission filings.</div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
