CADIZ INC — Director's Dealing 2024

Mar 6, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2024-03-06

Reporting Person: Heerema International Group Services SA (10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-03-06	Convertible Loan	$5.30	P		Acquired	2027-06-30	Common Stock (3773585)	Indirect
2024-03-06	Warrants to Purchase Common Stock	$5.00	P	1000000	Acquired	2027-06-30	Common Stock (1000000)	Indirect

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	20713965	Indirect
Common Stock	2911335	Indirect

Footnotes

F1: Pursuant to an amendment to Credit Agreement, dated as of March 6, 2024, HHC $ Fund 2012, an affiliate of the Reporting Person, invested a sum of $20 million in the form of a convertible loan, the terms of which are set forth in the Issuer's Form 8-K, filed with the SEC on March 6, 2024. If the convertible loan is held to maturity, an aggregate of 5,119,067 shares of common stock are issuable upon conversion, calculated based on 7% PIK interest through maturity, payable quarterly in arrears, and assuming no event of default.

F2: In connection with the convertible loan, Cadiz issued 1,000,000 warrants to purchase common stock to an affiliate of the Reporting Person.