Cadiz CEO Kennedy gets new employment agreement with expanded equity incentives

CADIZ INC

Base salary $400,000; annual cash bonus target 100% of base based on performance goals.
450,000 unvested PSUs cancelled; replaced with 700,000 time-vesting RSUs (quarterly through 2026).
600,000 milestone RSUs tied to CEQA, FLPMA permits, and water purchase agreements (5-year horizon).
300,000 PSUs vest at $15/share stock price hurdle; subject to 2019 Plan amendment and stockholder approval.
Equity grants condition on amendment of 2019 Plan to increase authorized shares.

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