Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
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.
| 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.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Stanley Speer | $1,239,033 | $481,531 | — | +757,502 |
| Susan Kennedy | 1,057,625 | 2,280,114 | — | −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.
No insider equity transactions reported since the proxy statement.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Susan Kennedy | RSU | — | — | — | 125,000 | — | — |
| Cathryn Rivera | RSU | — | — | — | 10,000 | — | — |
| Stanley Speer | RSU | — | — | — | 141,600 | — | — |
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.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Susan Kennedy | PSU | 200,000 | — | $1,122,000 |
| Susan Kennedy | PSU | 540,000 | — | 3,029,400 |
| Stanley Speer | PSU | 260,000 | — | 1,458,600 |
| Cathryn Rivera | PSU | 137,500 | — | 771,375 |
| Stanley Speer | PSU | 91,600 | — | 531,876 |
| Cathryn Rivera | PSU | 68,800 | — | 385,968 |
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 |
| 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 | 98.26% | 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.
| 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. Voting standard not stated in the filing.
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.
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Kenneth T. LombardIndependent | $75,000 | $25,000 | — | — | — | $100,000 |
| Richard PolancoIndependent | 75,000 | 25,000 | — | — | — | 100,000 |
| Maria EchavesteIndependent | 75,000 | 25,000 | — | — | — | 100,000 |
| Stephen E. CourterIndependent | 75,000 | 25,000 | — | — | — | 100,000 |
| Winston H. HickoxIndependent · Lead Independent Director | 75,000 | 25,000 | — | — | — | 100,000 |
| Susan P. KennedyEmployee director · Board Chair | — | — | — | — | — | 0 |
| Annual cash retainer | $75,000 |
|---|---|
| Annual equity retainer | $25,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | — |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $375,000 |
| Equity awards (grant-date value) | $125,000 |
| All other compensation | $0 |
| Total cost of the board | $500,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Of the companies Cadiz 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.
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 | Maui Land & Pineapple | 2025 | Race Randle | 551,250 | 826,876 | 0 | — | 1,378,306 |
| 7 | Limoneira Company | 2025 | Harold Edwards | 719,250 | 499,997 | 0 | 0 | 1,277,951 |
| 8 | Cadiz | 2025 | Susan Kennedy | 400,000 | 645,625 | 0 | 0 | 1,057,625 |
| 9 | Pure Cycle Corp. | 2025 | Mark Harding | 525,000 | 114,300 | 0 | 0 | 965,016 |
| — | Alico, Inc. | — | — | — | — | — | — | not in coverage universe |
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.
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Cadiz | not disclosed | RSU 100 | not disclosed | Coda Advisors |
| Alico, Inc. | not disclosed | PSU 100 | 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 | Pay Governance, LLC |
| Pure Cycle Corp. | not disclosed | not disclosed | not disclosed | not disclosed |
| Stratus Properties | not disclosed | not disclosed | not disclosed | FTI Consulting, Inc. |
| Tejon Ranch Co. | 62% | RSU 50 · PSU 50 | No | Semler Brossy Consulting Group, LLC |
| The St. Joe Company | 150% | 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.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Stanley Speer | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Summary Compensation Table” · page 35. As printed: 1,239,033. Filing ↗ |
| 2 | Section 01, Susan Kennedy | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Summary Compensation Table” · page 35. As printed: 1,057,625. Filing ↗ |
| 3 | Section 01, Cathryn Rivera | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Summary Compensation Table” · page 35. As printed: 471,671. Filing ↗ |
| 4 | Section 03, Susan Kennedy RSU | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 350979–350986 |
| 5 | Section 03, Cathryn Rivera RSU | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 351066–351072 |
| 6 | Section 03, Stanley Speer RSU | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 349009–349016 |
| 7 | Section 08, Kenneth T. Lombard | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 475444–475451 |
| 8 | Section 08, Richard Polanco | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 477932–477939 |
| 9 | Section 08, Maria Echaveste | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 470988–471146 |
| 10 | Section 08, Stephen E. Courter | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 467316–467474 |
| 11 | Section 08, Winston H. Hickox | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Director Compensation”. As printed: 100,000. Filing ↗machine: span 472844–473002 |
| 12 | Section 08, Susan P. Kennedy | DEF 14A | 2026-04-30 | 0001437749-26-014053 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 13 | Section 06, 2026 vote | Form 8-K | 2026-06-23 | 0001437749-26-021420 | Item 5.07 · say-on-pay result. As reported: 98.17% (votes for as printed: 51,626,262). Filing ↗ |
| 14 | Section 06, 2025 vote | Form 8-K | 2025-06-13 | 0001437749-25-020303 | Item 5.07 · say-on-pay result. As reported: 90.31% (votes for as printed: 44,879,252). Filing ↗ |
| 15 | Section 06, 2024 vote | Form 8-K | 2024-06-14 | 0001437749-24-020284 | Item 5.07 · say-on-pay result. As reported: 95.97% (votes for as printed: 40,270,161). Filing ↗ |
| 16 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 17 | Section 09b board cost (computed) | Computed | — | computed | Cash 375,000 + equity 125,000 + all other 0 = 500,000, summed across the director compensation table rows.machine: formula: Σ = 500,000 |
| 18 | Five Point Holdings, Section 10b CEO total | DEF 14A | 2026-04-24 | 0001574197-26-000016 | CEO total compensation as printed in Five Point Holdings's own proxy. As printed: 8,247,397. Filing ↗machine: t25 · r2 · c25 · span 505848–505857 |
| 19 | Forestar Group, Inc., Section 10b CEO total | DEF 14A | 2025-12-16 | 0001628280-25-057287 | CEO total compensation as printed in Forestar Group, Inc.'s own proxy. As printed: 4,188,576. Filing ↗machine: r6 · c48 · span 544185–544194 |
| 20 | Tejon Ranch Co., Section 10b CEO total | DEF 14A | 2026-04-03 | 0001628280-26-023519 | CEO total compensation as printed in Tejon Ranch Co.'s own proxy. As printed: 2,355,829. Filing ↗machine: t40 · r3 · c14 · span 701495–701504 |
| 21 | The St. Joe Company, Section 10b CEO total | DEF 14A | 2026-03-31 | 0001140361-26-012328 | CEO total compensation as printed in The St. Joe Company's own proxy. As printed: 1,857,798. Filing ↗machine: r2 · c18 · span 439625–439634 |
| 22 | Stratus Properties, Section 10b CEO total | DEF 14A | 2025-04-08 | 0001193125-25-075061 | CEO total compensation as printed in Stratus Properties's own proxy. As printed: 1,751,376. Filing ↗machine: r2 · c29 · span 574394–574404 |
| 23 | Maui Land & Pineapple, Section 10b CEO total | DEF 14A | 2026-04-09 | 0001437749-26-011910 | CEO total compensation as printed in Maui Land & Pineapple's own proxy. As printed: 1,378,306. Filing ↗machine: t67 · r1 · c29 · span 307864–307873 |
| 24 | Limoneira Company, Section 10b CEO total | DEF 14A | 2026-02-18 | 0001174947-26-000188 | CEO total compensation as printed in Limoneira Company's own proxy. As printed: 1,277,951. Filing ↗machine: r1 · c6 · span 771090–771099 |
| 25 | Cadiz (subject), Section 10b CEO total | DEF 14A | 2026-04-30 | 0001437749-26-014053 | CEO total compensation as printed in Cadiz's own proxy. As printed: 1,057,625. Filing ↗ |
| 26 | Pure Cycle Corp., Section 10b CEO total | DEF 14A | 2025-12-04 | 0001104659-25-118311 | CEO total compensation as printed in Pure Cycle Corp.'s own proxy. As printed: 965,016. Filing ↗machine: span 328887–328894 |
| 27 | Section 10a, Five Point Holdings reciprocity | DEF 14A | — | 0001574197-26-000016 | Five Point Holdings's most recent proxy was read; its disclosed peer group does not include Cadiz. Filing ↗ |
| 28 | Section 10a, Limoneira Company reciprocity | DEF 14A | — | 0001174947-26-000188 | Limoneira Company names Cadiz in its own disclosed peer group (read from its most recent proxy). Filing ↗ |
| 29 | Section 10a, Tejon Ranch Co. reciprocity | DEF 14A | — | 0001628280-26-023519 | Tejon Ranch Co.'s most recent proxy was read; its disclosed peer group does not include Cadiz. Filing ↗ |
| 30 | Section 10a, Forestar Group, Inc. reciprocity | DEF 14A | — | 0001628280-25-057287 | Forestar Group, Inc.'s most recent proxy was read; its disclosed peer group does not include Cadiz. Filing ↗ |
| 31 | Section 10a, Stratus Properties reciprocity | DEF 14A | — | 0001193125-25-075061 | Stratus Properties's most recent proxy was read; its disclosed peer group does not include Cadiz. Filing ↗ |