COURTER STEPHEN E 4

What Happened

Stephen E. Courter, a director of Cadiz, Inc. (CDZI), was granted 6,103 shares on June 30, 2026, at an attributable value of $4.10 per share, for a total value of $25,022. This was an equity award (grant) under the company’s 2019 Equity Incentive Plan—not an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-30; Grant type: A (award/acquisition).
• Price/value: $4.10 per share; total value reported $25,022.
• Vesting: These shares are allocated for services for the 12-month period ended June 30, 2026 and will vest on January 31, 2027 (footnote F1).
• Shares owned after transaction: Not disclosed in the provided filing excerpt.
• Filing: Form 4 filed 2026-07-02, which appears to be timely (Form 4 is generally due within two business days of the transaction).

Context

Board members commonly receive equity awards as compensation for service. Because these shares vest on January 31, 2027, they are not immediately transferable and shouldn’t be interpreted as an immediate market purchase or sale. Equity grants align director compensation with long-term shareholder interests but do not, by themselves, indicate the director’s current trading sentiment.