CADIZ INC — Director's Dealing 2007

Apr 17, 2007

SEC Form 3/A — Form 3/A

Issuer: CADIZ INC (CDIZ)
CIK: 0000727273
Period of Report: 2007-01-19

Reporting Person: Grant Geoffrey T (Director, 10% Owner)

Holdings (Non-Derivative)

Security	Shares	Ownership
Class A Common Stock ("Common Stock")	1134478	Indirect

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Common Stock convertible from Term Loan Agreement	$		Convertible Debt ()		Indirect

Footnotes

F1: Mr. Grant, the Chief Investment Officer, conducts the investment activities of, Peloton Partners (together with Mr. Grant,
the "Reporting Persons"), the investment manager of Peloton Partners LP and Peloton Multi-Strategy Master Fund, Ltd. (the
"Investment Entities"). The Reporting Persons hold the reported securities indirectly through the Investment Entities.
Neither Peloton Partners nor Mr. Grant directly own any shares of Common Stock. Peloton Partners and Mr. Grant disclaims
any beneficial ownership of the shares of Common Stock included in this report to the extent such beneficial ownership
exceeds such person's pecuniary interest.

F2: The convertible term loan ("Term Loan") which is comprised of two tranches ("Tranche A Term Loan" and "Tranche B Term Loan")
provide Peloton Partners the right to purchase common stock. The conversion of the Term Loan can occur at Peloton Partner's
election.

F3: The final maturity date is June 30, 2011.

F4: The conversion price in Item 4, above, is dependent upon the respective Tranche (Tranche A Term Loan and Tranche B Term
Loan). The exercise price for Tranche A is $18.15 while the original aggregate amount of the Tranche A Term Commitment is
USD$10,000,000. The exercise price for Tranche B is $23.10 while the original aggregate amount of the Tranche B Term
Commitment is USD$26,375,000.