CADIZ INC — Director's Dealing 2006

Mar 24, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (cdzi)
CIK: 0000727273
Period of Report: 2006-03-20

Reporting Person: BRACKPOOL KEITH (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-03-20	Common Stock	J	12128	—	Disposed	237436	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2005-05-04	Employee Stock Options (right to buy)	$12	A	100000	Acquired	2015-05-04	Common Stock (100000)	Direct

Footnotes

F1: 12,128 shares were transferred pursuant to a divorce decree entered on March 20, 2006. The Reporting Person did not receive notice from the court of the entry of this decree until March 23, 2006. In prior Form 4 filings, the Reporting Person had disclaimed beneficial ownership of these shares.

F2: Includes 50,311 shares allocated to the Reporting Person under the Issuer's 2003 Management Equity Incentive Plan which will vest on December 7, 2006.

F3: Previously reported.

F4: Two-thirds of these options, which were authorized under the Issuer's 2003 Management Equity Incentive Plan, have vested and are exercisable immediately, and one-third will vest on December 7, 2006.