Companies Cadiz Inc
Cadiz (CDZI): executive pay, fiscal 2025
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CEO pay, last three years
- $318,396FY2023
- $2,280,114FY2024
- $1,057,625FY2025
CEO total pay was $1,057,625 in fiscal 2025, down from $2,280,114 in fiscal 2024.
FY2025: salary $400,000 · bonus $0 · stock awards $645,625 · option awards $0
Executives and directors
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Stanley Speer | $368,461 | $0 | $847,742 | $0 | $0 | $0 | $22,830 | $1,239,033 |
| Principal Financial Officer and Secretary | ||||||||
| Susan Kennedy | 400,000 | 0 | 645,625 | 0 | 0 | 0 | 12,000 | 1,057,625 |
| President and Chief Executive Officer | ||||||||
| Cathryn Rivera | 275,000 | 0 | 196,671 | 0 | 0 | 0 | 0 | 471,671 |
| Chief Operating Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Stanley Speer | $1,239,033 | $481,531 | $414,352 | ↑ +757,502 |
| Susan Kennedy | 1,057,625 | 2,280,114 | 318,396 | ↓ −1,222,489 |
| Cathryn Rivera | 471,671 | 232,074 | — | ↑ +239,597 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The Company's executive compensation programs seek to maintain a competitive annual salary structure and emphasize long-term, equity-based incentives that are connected to the ultimate implementation of our projects. These programs strive to align the interests of the executive officers and senior management with those of the Company's stockholders by reducing the risk that executives will place too much focus on short-term achievements to the detriment of long-term milestones.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Coda Advisors |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Stanley Speer | RSU | — | — | — | 141,600 | — | — |
| Susan Kennedy | RSU | — | — | — | 125,000 | — | — |
| Cathryn Rivera | RSU | — | — | — | 10,000 | — | — |
Vehicle mix — grant-date fair value by award type
Grant-level vehicle detail not disclosed.
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Cathryn Rivera | PSU | 68,800 | — | $385,968 |
| Stanley Speer | PSU | 91,600 | — | 531,876 |
| Cathryn Rivera | PSU | 137,500 | — | 771,375 |
| Susan Kennedy | PSU | 200,000 | — | 1,122,000 |
| Stanley Speer | PSU | 260,000 | — | 1,458,600 |
| Susan Kennedy | PSU | 540,000 | — | 3,029,400 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Kenneth T. LombardIndependent | $75,000 | $25,000 | — | — | — | $100,000 |
| Maria EchavesteIndependent | 75,000 | 25,000 | — | — | — | 100,000 |
| Barbara A. LloydIndependent | 56,250 | 43,750 | — | — | — | 100,000 |
| Richard PolancoIndependent | 75,000 | 25,000 | — | — | — | 100,000 |
| Maria DreyfusIndependent | — | 100,000 | — | — | — | 100,000 |
| Stephen E. CourterIndependent | 75,000 | 25,000 | — | — | — | 100,000 |
| Winston H. HickoxIndependent · Lead Independent Director | 75,000 | 25,000 | — | — | — | 100,000 |
| David O'HaraIndependent | 0 | 0 | — | — | — | 0 |
| Susan P. KennedyEmployee director · Board Chair | — | — | — | — | — | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $75,000 |
|---|---|
| Annual equity retainer | $25,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $431,250 |
| Equity awards (grant-date value) | $268,750 |
| All other compensation | $0 |
| Total cost of the board | $700,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Cadiz as a peer
Companies that benchmark against CDZI
3 companies name CDZI as a compensation peer
- FUEL TECH, INC.FTEKFY2025
- Limoneira COLMNRFY2025
- RGC RESOURCES INCRGCOFY2025
Each company listed discloses CDZI in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CDZI in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
Of the companies Cadiz Inc names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including Cadiz Inc.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Five Point Holdings | 2025 | Daniel Hedigan | $650,000 | $4,736,511 | $0 | $2,850,000 | $8,247,397 |
| 2 | Forestar Group, Inc. | 2025 | Anthony Oxley | 500,000 | 2,247,640 | 0 | 1,315,677 | 4,188,576 |
| 3 | Tejon Ranch Co. | 2025 | Matthew Walker | 513,393 | 1,441,679 | 0 | 396,463 | 2,355,829 |
| 4 | The St. Joe Company | 2025 | Jorge Gonzalez | 611,673 | 308,143 | 0 | 0 | 1,857,798 |
| 5 | Stratus Properties | 2024 | William Armstrong | 750,000 | 587,923 | 0 | 344,505 | 1,751,376 |
| 6 | Alico, Inc. | 2025 | John Kiernan | 544,529 | 468,180 | 0 | 238,856 | 1,385,168 |
| 7 | Maui Land & Pineapple | 2025 | Race Randle | 551,250 | 826,876 | 0 | — | 1,378,306 |
| 8 | Limoneira Company | 2025 | Harold Edwards | 719,250 | 499,997 | 0 | 0 | 1,277,951 |
| 9 | Cadiz Inc | 2025 | Susan Kennedy | 400,000 | 645,625 | 0 | 0 | 1,057,625 |
| 10 | Pure Cycle Corp. | 2025 | Mark Harding | 525,000 | 114,300 | 0 | 0 | 965,016 |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Cadiz Inc | not disclosed | RSU 100 | not disclosed | Coda Advisors |
| Alico, Inc. | not disclosed | not disclosed | No | Semler Brossy Consulting Group, LLC |
| Five Point Holdings | 143% | PSU 70 · RSU 30 | No | Ferguson Partners Consulting |
| Forestar Group, Inc. | not disclosed | not disclosed | No | Lockton Companies |
| Limoneira Company | not disclosed | PSU 50 · RSU 50 | No | Pearl Meyer |
| Maui Land & Pineapple | not disclosed | RSU 100 | not disclosed | Ferguson Partners Consulting |
| Pure Cycle Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| Stratus Properties | not disclosed | not disclosed | No | FTI Consulting, Inc. |
| Tejon Ranch Co. | 62% | not disclosed | No | Semler Brossy |
| The St. Joe Company | not disclosed | RSU 100 | not disclosed | not disclosed |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-18 | 51,626,262 | 959,823 | 44,045 | 98.17% | Passed |
| 2025 | 2025-06-12 | 44,879,252 | 4,813,993 | 17,932 | 90.31% | Passed |
| 2024 | 2024-06-11 | 40,270,161 | 1,692,554 | 18,471 | 95.97% | Passed |
| 2023 | 2023-06-21 | 45,241,784 | 480,362 | 8,111 | 98.95% | Passed |
| 2022 | 2022-06-12 | 26,523,212 | 469,811 | 18,747 | 98.19% | Passed |
| 2021 | 2021-06-17 | 31,641,645 | 189,464 | 1,626 | 99.4% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-18 | 98.17%a |
| 2025 | 2025-06-12 | 90.31%b |
| 2024 | 2024-06-11 | 95.97%c |
a. Voting standard not stated in the filing.
b. Voting standard not stated in the filing.
c. Approved under the standard stated in the filing — “You may vote "FOR," "AGAINST" or "ABSTAIN." If you ABSTAIN from voting on Proposal 4, the abstention will have the same effect as an "AGAINST" vote.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (36 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Stanley Speer. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table” · page 35. As printed: 1,239,033. View filing ↗
- Section 01, Susan Kennedy. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table” · page 35. As printed: 1,057,625. View filing ↗
- Section 01, Cathryn Rivera. DEF 14A, filed 2026-04-30. Section “Summary Compensation Table” · page 35. As printed: 471,671. View filing ↗
- Section 03, Stanley Speer RSU. DEF 14A, filed 2026-04-30. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Susan Kennedy RSU. DEF 14A, filed 2026-04-30. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 03, Cathryn Rivera RSU. DEF 14A, filed 2026-04-30. Section “Executive Compensation” · grants of plan-based awards table. View filing ↗
- Section 08, Kenneth T. Lombard. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 100,000. View filing ↗
- Section 08, Maria Echaveste. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 100,000. View filing ↗
- Section 08, Barbara A. Lloyd. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 100,000. View filing ↗
- Section 08, Richard Polanco. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 100,000. View filing ↗
- Section 08, Maria Dreyfus. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 100,000. View filing ↗
- Section 08, Stephen E. Courter. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 100,000. View filing ↗
- Section 08, Winston H. Hickox. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 100,000. View filing ↗
- Section 08, David O'Hara. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 08, Susan P. Kennedy. DEF 14A, filed 2026-04-30. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-23. Item 5.07 · say-on-pay result. As reported: 98.17% (votes for as printed: 51,626,262). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-06-13. Item 5.07 · say-on-pay result. As reported: 90.31% (votes for as printed: 44,879,252). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-06-14. Item 5.07 · say-on-pay result. As reported: 95.97% (votes for as printed: 40,270,161). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 09b board cost (computed). Computed. Cash 431,250 + equity 268,750 + all other 0 = 700,000, summed across the director compensation table rows.
- Five Point Holdings, Section 10b CEO total. DEF 14A, filed 2026-04-24. CEO total compensation as printed in Five Point Holdings's own proxy. As printed: 8,247,397. View filing ↗
- Forestar Group, Inc., Section 10b CEO total. DEF 14A, filed 2025-12-16. CEO total compensation as printed in Forestar Group, Inc.'s own proxy. As printed: 4,188,576. View filing ↗
- Tejon Ranch Co., Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in Tejon Ranch Co.'s own proxy. As printed: 2,355,829. View filing ↗
- The St. Joe Company, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in The St. Joe Company's own proxy. As printed: 1,857,798. View filing ↗
- Stratus Properties, Section 10b CEO total. DEF 14A, filed 2025-04-08. CEO total compensation as printed in Stratus Properties's own proxy. As printed: 1,751,376. View filing ↗
- Alico, Inc., Section 10b CEO total. DEF 14A, filed 2026-01-14. CEO total compensation as printed in Alico, Inc.'s own proxy. As printed: 1,385,168. View filing ↗
- Maui Land & Pineapple, Section 10b CEO total. DEF 14A, filed 2026-04-09. CEO total compensation as printed in Maui Land & Pineapple's own proxy. As printed: 1,378,306. View filing ↗
- Limoneira Company, Section 10b CEO total. DEF 14A, filed 2026-02-18. CEO total compensation as printed in Limoneira Company's own proxy. As printed: 1,277,951. View filing ↗
- Cadiz Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-04-30. CEO total compensation as printed in Cadiz Inc's own proxy. As printed: 1,057,625. View filing ↗
- Pure Cycle Corp., Section 10b CEO total. DEF 14A, filed 2025-12-04. CEO total compensation as printed in Pure Cycle Corp.'s own proxy. As printed: 965,016. View filing ↗
- Section 10a, Five Point Holdings reciprocity. DEF 14A. Five Point Holdings's most recent proxy was read; its disclosed peer group does not include Cadiz Inc. View filing ↗
- Section 10a, Limoneira Company reciprocity. DEF 14A. Limoneira Company names Cadiz Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Tejon Ranch Co. reciprocity. DEF 14A. Tejon Ranch Co.'s most recent proxy was read; its disclosed peer group does not include Cadiz Inc. View filing ↗
- Section 10a, Forestar Group, Inc. reciprocity. DEF 14A. Forestar Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Cadiz Inc. View filing ↗
- Section 10a, Stratus Properties reciprocity. DEF 14A. Stratus Properties's most recent proxy was read; its disclosed peer group does not include Cadiz Inc. View filing ↗
- Section 10a, Alico, Inc. reciprocity. DEF 14A. Alico, Inc.'s most recent proxy was read; its disclosed peer group does not include Cadiz Inc. View filing ↗