<SEC-DOCUMENT>0000727273-21-000002.txt : 20210326
<SEC-HEADER>0000727273-21-000002.hdr.sgml : 20210326
<ACCEPTANCE-DATETIME>20210326140241
ACCESSION NUMBER:		0000727273-21-000002
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210324
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:		20210326
DATE AS OF CHANGE:		20210326

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:		21776357

	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_mar2021.htm
<DESCRIPTION>CURRENT REPORT ON FORM 8K
<TEXT>
<html>
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    <!-- Licensed to: Cadiz Inc.
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      <div style="font-family: 'Times New Roman', serif; font-size: 1pt;">&#160;</div>
    </div>
    <div style="font-size: 12pt;">&#160;
      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Arial Narrow', sans-serif; font-size: 1pt;"><font style="font-size: 10pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Washington, D.C. 20549</font>&#160;</div>
    <div style="text-align: center; font-weight: bold;">&#160;</div>
    <div style="text-align: center; font-size: 14pt; font-weight: bold;">FORM 8-K</div>
    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">CURRENT REPORT</div>
    <div style="text-align: center; font-weight: bold;">Pursuant to Section&#160;13 or 15(d) of the</div>
    <div style="text-align: center; font-weight: bold;">Securities Exchange Act of 1934</div>
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    <div style="text-align: center; font-weight: bold;">Date of report (Date of earliest event reported):&#160; March 24, 2021</div>
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    <div style="text-align: center; font-size: 14pt; font-weight: bold;">Cadiz Inc.</div>
    <div style="text-align: center; font-weight: bold;">(Exact Name of Registrant as Specified in its Charter)</div>
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            <div style="text-align: center; font-weight: bold;">0-12114</div>
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          <td style="width: 2%; vertical-align: bottom;">
            <div>&#160;</div>
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          <td style="width: 32%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center; font-weight: bold;">77-0313235</div>
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            <div style="text-align: center; margin-right: 0.8pt; font-weight: bold;">(State or Other Jurisdiction</div>
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          <td style="width: 2%; vertical-align: bottom;">
            <div>&#160;</div>
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          <td style="width: 32%; vertical-align: top;">
            <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>
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    <div>&#160;</div>
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            <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>
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          <td style="width: 2.12%; vertical-align: middle;">
            <div>&#160;</div>
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            <div>&#160;</div>
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          <td style="width: 45.85%; vertical-align: top;">
            <div style="text-align: center; font-weight: bold;">(Zip Code)</div>
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    <div style="text-align: center;">&#160;</div>
    <div style="text-align: center; font-weight: bold;">Registrant&#8217;s telephone number, including area code: (231) 271-1600</div>
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          <td style="width: 36.54%; vertical-align: top; border-bottom: #000000 2px solid;">
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          <td style="width: 39.42%; vertical-align: top; border-bottom: #000000 2px solid;">
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          <td style="width: 18.27%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">CDZI</div>
          </td>
          <td style="width: 2.88%; vertical-align: top;">&#160;</td>
          <td style="width: 39.42%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="text-align: center;">The NASDAQ Global Market</div>
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            <div>&#160;</div>
            <div style="text-align: center; font-weight: bold;">Not Applicable</div>
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            <div style="text-align: center; font-weight: bold;">(Former Name or Former Address, if Changed Since Last Report)</div>
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        </tr>

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    <div>&#160;&#160;&#160;</div>
    <div>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:</div>
    <div>&#160;</div>
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          <td style="width: 95.99%; vertical-align: top;">
            <div>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</div>
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    <div>&#160;</div>
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            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
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          <td style="width: 95.99%; vertical-align: top;">
            <div>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</div>
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    <div>&#160;</div>
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            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
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          <td style="width: 95.99%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</div>
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    <div>&#160;</div>
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          <td style="width: 4.01%; vertical-align: top;">
            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
          </td>
          <td style="width: 95.99%; vertical-align: top;">
            <div>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</div>
          </td>
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    <div>&#160;</div>
    <div>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
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    <div>&#160;</div>
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            <div>Emerging growth company</div>
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    <div>&#160;</div>
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            <div style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</div>
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          <td style="width: 96.15%; vertical-align: top;">
            <div>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
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    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
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    <div><font style="font-weight: bold;">Item 5.02&#160;&#160;&#160;&#160; </font><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 (d)&#160;&#160;&#160;&#160; On March 24, 2021, the Cadiz Inc. (the
        &#8220;Company&#8221;) Board of Directors (the &#8220;Board&#8221;) appointed Susan P. Kennedy as a new member, expanding the size of the Board to 10 members.</div>
    <div><br>
    </div>
    <div>Ms. Kennedy brings more than 30 years of relevant public and private experience
        to the Board, including her roles as former Commissioner of the California Public Utilities Commission, former Chief of Staff and Cabinet Secretary to two California governors, former member of the California Bay-Delta Authority, and as founder and CEO of renewable energy start-up Advanced Microgrid Solutions, which was
        acquired by AES/Siemens in 2020.</div>
    <div><br>
    </div>
    <div>Concurrently with her appointment to the Board, Ms. Kennedy was appointed to the Board&#8217;s Compensation Committee and the Corporate Governance and Nominating
      Committee.</div>
    <div><br>
    </div>
    <div>Ms. Kennedy has initially been appointed as a director for a term expiring at the Company's 2021 Annual Meeting of Stockholders (the &#8220;2021 Meeting&#8221;) and will
      stand for re-election as a director at the 2021 Meeting.</div>
    <div>&#160;</div>
    <div>Ms. Kennedy will be compensated for her services as a director in accordance with the Company's Director Compensation Policy, as described in the Company's
      Proxy Statement for its 2020 Annual Meeting of Stockholders held June 17, 2020.</div>
    <div><br>
    </div>
    <div>Also, on March 24, 2021, Director Murray Hutchison and Director Richard Nevins, who
          have served on the Board since 1997 and 2016 respectively, announced their retirement from the Board. They will continue to serve on the Board until their present term expires at the 2021 Meeting and will not stand for re-election
      as directors.</div>
    <div><br>
    </div>
    <div>Further, on March 24, 2021, the Board voted to adjust its committee membership, naming Director Maria Echaveste as Chair of the Corporate Governance and
      Nominating Committee and Director Winston Hickox as Chair of the Compensation Committee. The Audit Committee was renamed as the Audit and Risk Committee and Director Steven Courter will continue as Committee Chair. The Board also approved amendments
      to the Charters of the Audit and Risk Committee, the Corporate Governance and Nominating Committee and the Compensation Committee that clarify oversight duties over the Company&#8217;s information security risks, regulatory affairs, and environmental,
      social and governance policies at each of these Committees.&#160;</div>
    <div><br>
    </div>
    <div><br>
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    <div style="text-align: justify;"><font style="font-weight: bold;">Item 8.01</font>&#160;&#160;&#160;&#160; <font style="font-weight: bold;">Other Events</font></div>
    <div><br>
    </div>
    <div>On March 25, 2021, the Company issued a press release announcing the appointment
        of Director Susan Kennedy to the Board, the retirement of Director Hutchison and Director Nevins and changes to the Company&#8217;s Board Committees.&#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;&#160; Financial Statements and Exhibits</div>
    <div><br>
    </div>
    <div>(d) Exhibits</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="exh99-1.htm">Press Release dated March 25, 2021</a></div>
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    <div style="text-align: center; font-weight: bold;">&#160;SIGNATURES</div>
    <div>&#160;</div>
    <div style="text-indent: 36pt;">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>&#160;</div>
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        <tr>
          <td style="width: 60%; vertical-align: top;">&#160;</td>
          <td style="width: 40%; vertical-align: top;" colspan="2">
            <div style="font-weight: bold;">CADIZ INC.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 36%; vertical-align: top;">
            <div>&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div>By:</div>
          </td>
          <td style="width: 36%; vertical-align: top;">
            <div><u>/s/ Stanley Speer</u></div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 36%; vertical-align: top;">
            <div>Stanley Speer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 60%; vertical-align: top;">
            <div>&#160;</div>
          </td>
          <td style="width: 4%; vertical-align: top;">
            <div>&#160;</div>
          </td>
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            <div>Chief Financial Officer</div>
          </td>
        </tr>

    </table>
    <div>&#160;</div>
    <div>Date: March 26, 2021</div>
  </div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh99-1.htm
<DESCRIPTION>EXHIBIT 99.1 PRESS RELEASE DATED MARCH 25, 2021
<TEXT>
<html>
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    <title></title>
    <!-- Licensed to: Cadiz Inc.
         Document created using EDGARfilings PROfile 7.4.0.0
         Copyright 1995 - 2021 Broadridge -->
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  <div>
    <div style="text-align: justify;"> <img src="image00001.jpg"></div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify;">PRESS RELEASE</div>
    <div style="text-align: justify;">Date: March 25, 2021</div>
    <div style="font-size: 16pt; font-weight: bold;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">CADIZ INC. ANNOUNCES APPOINTMENT OF SUSAN P. KENNEDY</div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold;">TO ITS BOARD OF DIRECTORS</div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',Times,serif; font-style: italic;">Kennedy brings more than 30 years of public and private sector experience and background in sustainable resource management,
      including her former role as Commissioner of the California Public Utilities Commission and Member of the California Bay-Delta Authority</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">(Los Angeles, California) - Cadiz Inc. (&#8220;the Company&#8221;, NASDAQ:CDZI), a California business dedicated to sustainable water and agricultural projects,
      is pleased to announce Susan Kennedy's appointment to the Company&#8217;s Board of Directors.&#160; Kennedy brings more than 30 years of relevant public and private experience, including her roles as former Commissioner of the California Public Utilities
      Commission, former Chief of Staff and Cabinet Secretary to two California governors, former member of the California Bay-Delta Authority, and as founder and CEO of renewable energy start-up Advanced Microgrid Solutions, which was acquired by
      AES/Siemens in 2020.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#8220;I am extremely pleased to welcome Susan to the Company&#8217;s Board of Directors,&#8221; <font style="font-weight: bold;">said Scott Slater, Cadiz CEO and
        Board Member. </font>&#8220;Susan is an accomplished and well-respected leader with a diverse background as a CEO, government regulator and consensus builder, particularly in the water and renewable resources sectors.&#160; That experience will help guide
      Cadiz in our commitments to provide clean, reliable, and affordable water to Californians and be of significant benefit to our Board and our shareholders.&#8221;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#8220;I am delighted to join the Cadiz Board at this exciting time,&#8221; <font style="font-weight: bold;">said Kennedy.</font> &#8220;The Company has great
      potential to make meaningful contributions to addressing California&#8217;s water challenges particularly in communities underserved by the State&#8217;s traditional water supply system.&#160;&#160; I am excited to get to work and contribute my expertise to this important
      effort.&#8221;</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Kennedy&#8217;s appointment to the Board comes as Cadiz also announces that Board members Murray Hutchison and Richard Nevins, who have honorably served
      since 1997 and 2016 respectively, will retire at this year&#8217;s Annual Meeting of Stockholders in June and not stand for re-election.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">&#8220;We warmly welcome Susan to our Board and also want to express our sincere thanks to Murray Hutchison and Richard Nevins for their distinguished
      service and the outstanding contributions they both made to Cadiz during their tenure,&#8221; <font style="font-weight: bold;">said Keith Brackpool, Chairman of the Board.</font></div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <font style="font-weight: bold;"><br>
      </font></div>
    <div style="font-family: 'Times New Roman',Times,serif;">Kennedy&#8217;s appointment to the Board is effective immediately and comes at an important time for Cadiz, as the Company continues to expand its water and
      agricultural footprint in California.&#160; Cadiz is focused on advancing its commitments to provide sustainable water and groundwater storage to communities who would benefit from additional access to reliable water supplies.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Kennedy will join the Board&#8217;s Compensation Committee and the Corporate Governance and Nominating Committee, which oversees the Company&#8217;s public
      affairs and environmental, social and governance policy practices.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">In a separate action, the Board of Directors also re-aligned its committee membership, naming Maria Echaveste the new Chair of the Corporate
      Governance and Nominating Committee, Winston Hickox the new Chair of the Compensation Committee and Steven Courter as continuing Chair of the newly named Audit and Risk Committee, which amended its Charter to provide specific risk oversight duties.</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Richard Nevins and Murray Hutchison will continue to serve on the Board until the Annual Meeting of Stockholders scheduled for June 2021.</div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;">Susan Kennedy Background</div>
    <div style="font-family: 'Times New Roman',Times,serif;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Susan P. Kennedy is an accomplished policymaker and strategist with a distinguished career as founder and chief executive of a renewable energy
      company, top advisor to two California Governors, former Commissioner of the California Public Utilities Commissioner, and advisor to high-profile governing boards in the corporate, regulatory, government, and non-profit sectors.&#160; She currently
      serves as a Senior Executive at Lyft, Inc. Susan, a cleantech visionary, founded California renewable energy start-up Advanced Microgrid Solutions, serving as chief executive officer and board chair from 2013-2020 until it was acquired by
      Siemens/AES. Prior to entering the private sector, Susan served for two decades at the highest levels of government, including chief of staff to Governor Arnold Schwarzenegger (2006-2011) and cabinet secretary and deputy chief of staff to Governor
      Gray Davis (1999-2003). From 2003 to 2006, Susan served as Commissioner of the California Public Utilities Commission (CPUC), which regulates the state's investor-owned electricity, gas, telecommunications, and water utilities. In this role, she
      oversaw CPUC efforts to ensure water utilities deliver clean, safe, and reliable water to their customers at reasonable rates.&#160; In addition to her service on the CPUC, Kennedy was confirmed by the California Senate to serve on the California
      Bay-Delta Authority, the statewide body responsible for overseeing one of the largest water projects in the world &#8212;&#160;the $8 billion,10-year restoration of the San Francisco Bay Delta ecosystem &#8212; to increase storage, promote efficiency and protect
      California's extensive levee system. In this role, Kennedy was responsible for agreements among environmentalists, agricultural interests, and urban water users for multi-billion-dollar co-investments in water storage facilities, water use
      efficiency, and restoration of impaired waterways and fisheries. Susan holds a B.A. in Management from Saint Mary&#8217;s College of California.</div>
    <div>
      <div style="font-family: 'Times New Roman',Times,serif;"> <br>
      </div>
      <div style="font-family: 'Times New Roman',Times,serif;">More information about the members of the Cadiz Inc. Board of Directors is available on the Company&#8217;s website
        -&#160;https://www.cadizinc.com/management/.</div>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u>About Cadiz Inc.</u></div>
    <div style="font-family: 'Times New Roman',Times,serif; font-weight: 400;"> <br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Founded in 1983, Cadiz Inc. (NASDAQ: CDZI) is a California business dedicated to sustainable water and agricultural projects. We own 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;Cadiz Water Project, which was named a Top 10 Infrastructure Project 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;www.cadizinc.com.</div>
    <div style="margin-bottom: 6pt;"><br>
    </div>
    <div style="font-family: 'Times New Roman',Times,serif;">Contact:</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Courtney Degener</div>
    <div style="font-family: 'Times New Roman',Times,serif;">Cadiz Inc.</div>
    <div style="font-family: 'Times New Roman',Times,serif;">213-271-1600</div>
    <div style="font-family: 'Times New Roman',Times,serif;">cdegener@cadizinc.com</div>
    <div style="margin-bottom: 6pt;"><br>
    </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>
    <div><br>
    </div>
    <div style="margin-bottom: 8pt;"><br>
    </div>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
