secwatch.observer — SEC 8-K summary
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Issuer:     CADIZ INC (CDZI)
CIK:        0000727273
Form:       8-K
Filed at:   2024-04-19T23:59:59+00:00
Accession:  0001437749-24-012477
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cadiz CEO Kennedy gets new employment agreement with expanded equity incentives
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/727273/000143774924012477/0001437749-24-012477-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/727273/000143774924012477/cdzi20240419_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-012477

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer