Utilities

Cadiz Executive Compensation (FY25)

Name: Cadiz (CDZI) executive compensation
Creator: Velarion
License: https://intel.velarion.ai/terms

CDZI · Executive and director compensation, fiscal 2022 to 2025

Chief executive, fiscal 2025

◇

Susan Kennedy

Latest say-on-pay support

June 18, 2026

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Data as of November 5, 2026Latest filing (8-K): June 23, 2026

15 filings cited on this page

Method: intel.velarion.ai/methodology

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144 figures on this page: 133 cited to the filing that reported them, 11 calculated from figures it prints. See the citations

What changed from fiscal 2024 to fiscal 2025

The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.

Chief executive total compensation — Susan Kennedy: $2,280,114 → $1,057,625 (53.6% lower)

Frequently asked questions

Answers drawn from the data on this page.

Who is Cadiz's chief executive and what were they paid?

Susan Kennedy was paid $1,057,625 in total compensation as President and Chief Executive Officer for fiscal 2025. Compared with the $2,280,114 reported for fiscal 2024, Kennedy's total was 53.6% lower.

What was Cadiz's say-on-pay result?

For fiscal 2025, shareholders backed the say-on-pay proposal with 98.2% of votes cast for or against in favor at the meeting held June 18, 2026.

Which companies are in Cadiz's peer group?

The disclosed peer group names Alico, Inc., Five Point Holdings, Forestar Group, Inc., Limoneira Company and Maui Land & Pineapple, among others.

Executive compensation

Every element reported for each named executive officer, by fiscal year.

Fiscal 2022

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Scott Slater President and current Principal Executive Officer	◇	—	◇	—	—	—	—	◇
Stanley Speer Current Principal Financial Officer and Secretary	◇	—	◇	—	—	—	◇	◇
Keith Brackpool Former Chair Departed during or after this year	◇	—	◇	—	—	—	◇	◇
Susan Kennedy Chair	◇	—	◇	—	—	—	◇	◇

Fiscal 2023

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Stanley Speer Current Principal Financial Officer and Secretary	◇	—	◇	—	—	—	◇	◇
Scott Slater Former President and Principal Executive Officer Departed during or after this year	◇	—	◇	—	—	—	—	◇
Susan Kennedy Current Chair and Principal Executive Officer	◇	—	◇	—	—	—	◇	— not reconciled

Fiscal 2024

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Susan Kennedy President and Chief Executive Officer	◇	◇	◇	—	—	—	◇	◇
Stanley Speer Principal Financial Officer and Secretary	◇	—	◇	—	—	—	◇	◇
Cathryn Rivera Chief Operating Officer	◇	—	◇	—	—	—	—	◇

Fiscal 2025

Officer	Salary	Bonus	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Stanley Speer Principal Financial Officer and Secretary	◇	—	◇	—	—	—	◇	◇
Susan Kennedy President and Chief Executive Officer	◇	—	◇	—	—	—	◇	◇
Cathryn Rivera Chief Operating Officer	◇	—	◇	—	—	—	—	◇

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.

Fiscal 2025

Officer	Award	Grant date	Threshold units	Target units	Units granted	Maximum units	Exercise price	Grant date fair value
Cathryn Rivera	RSU	—	—	—	◇	—	—	—
Stanley Speer	RSU	—	—	—	◇	—	—	—
Susan Kennedy	RSU	—	—	—	◇	—	—	—

Fiscal 2022 are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.

As disclosed at fiscal 2025 year end

Officer	Award	Unvested units	Market value of unvested units	Exercise price	Expires
Susan Kennedy	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
Stanley Speer	PSU	◇	◇	—	—
	PSU	◇	◇	—	—
Cathryn Rivera	PSU	◇	◇	—	—
	PSU	◇	◇	—	—

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Severance and change in control

The terms as written in the agreements.

Cathryn Rivera

Chief Operating Officer · Employment agreement

Severance multiple	◇
Severance base	◇
Change-in-control multiple	◇
Change-in-control base	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

Susan Kennedy

President and Chief Executive Officer · Employment agreement

Severance multiple	◇
Severance base	◇
Change-in-control multiple	◇
Change-in-control base	◇
Equity acceleration on change in control	◇
Benefits continuation on change in control	◇
Benefits continuation	◇

Director compensation

What each non-employee director was paid.

Fiscal 2025

Director	Fees earned in cash	Stock awards	Option awards	Non-equity incentive	Pension and deferred earnings	All other compensation	Total
Kenneth T. Lombard	◇	◇	—	—	—	—	◇
Maria Echaveste	◇	◇	—	—	—	—	◇
Barbara A. Lloyd	◇	◇	—	—	—	—	◇
Richard Polanco	◇	◇	—	—	—	—	◇
Maria Dreyfus	—	◇	—	—	—	—	◇
Stephen E. Courter	◇	◇	—	—	—	—	◇
Winston H. Hickox Lead independent director	◇	◇	—	—	—	—	◇

David O'Hara and Susan P. Kennedy served on the board in fiscal 2025 and received no compensation for board service. Executive directors are typically paid through their executive roles, shown above.

Earlier years are included in the PDF.

A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.

Board cash retainer	◇
Board equity retainer	◇
Total board retainer	◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Fiscal 2025

Alico, Inc. ALCO
Five Point Holdings FPH
Forestar Group, Inc. FOR
Limoneira Company LMNR
Maui Land & Pineapple MLP
Pure Cycle Corp. PCYO
Stratus Properties STRS
Tejon Ranch Co. TRC
The St. Joe Company JOE

Say-on-pay history

Shareholder support for the compensation program, by year.

Year	Meeting	Support	Votes for	Votes against	Abstentions
2025	June 18, 2026	=	◇	◇	◇
2024	June 12, 2025	=	◇	◇	◇
2023	June 11, 2024	=	◇	◇	◇
2022	June 21, 2023	=	◇	◇	◇
2021	June 12, 2022	=	◇	◇	◇
2020	June 17, 2021	=	◇	◇	◇
2019	June 17, 2020	=	◇	◇	◇
2018	July 10, 2019	=	◇	◇	◇
2017	November 14, 2018	=	◇	◇	◇
2016	June 7, 2017	=	◇	◇	◇
2015	June 9, 2016	=	◇	◇	◇

Ask our research desk — $99, 24h, every figure cited to its filing.

Sample answer — “What is the CEO’s total compensation?”

- Susan Kennedy (President and Chief Executive Officer), FY2025 total compensation $1,057,625 (base salary $400,000) [exec_comp, SEC accession 0001437749-26-014053, filed 2026-04-30]

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What this page does not include

Everything above is a fact Cadiz disclosed, and it is free. Everything below is our analysis of those facts, and it is not.

Peer benchmarking

Where Cadiz sits against its disclosed peers — percentile position by role and by pay element, and the ranking behind it. The disclosed peer group is free; comparisons across it are part of the Velarion platform.

Executive Compensation Report — $500

Written compensation analysis

A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.

Executive Compensation Report — $500

Board and governance analysis

Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.

Board Governance Report — $500

Realizable pay

What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.

Velarion Intelligence

Adviser switching and vote outcomes

Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.

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Cross-company views, cohort screens, and data export across the industries we cover. This page is one company; the platform is all of them.

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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.

144 figures on this page: 133 cited to the filing that reported them, 11 calculated from figures it prints.

133 cited to the filing

11 calculated from the filing

Documents cited

8-K, filed June 23, 2026
0001437749-26-021420
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 30, 2026
0001437749-26-014053
DIRECTOR COMPENSATION · Outstanding Equity Awards at Fiscal Year-End · Summary Compensation Table
Filing, filed April 30, 2026
8-K, filed June 13, 2025
0001437749-25-020303
Item 5.07 Submission of Matters to a Vote of Security Holders
8-K, filed June 14, 2024
0001437749-24-020284
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 26, 2024
0001437749-24-013390
Summary Compensation Table
8-K, filed June 26, 2023
0001437749-23-018521
Item 5.07 Submission of Matters to a Vote of Security Holders
DEF 14A, filed April 28, 2023
0001437749-23-011639
Summary Compensation Table
8-K, filed July 18, 2022
0001437749-22-017212
Item 5.07 Submission of Matters to a Vote of Security Holders.
8-K, filed June 22, 2021
0001437749-21-015400
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
8-K, filed June 22, 2020
0000727273-20-000027
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
8-K, filed July 12, 2019
0000727273-19-000014
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
8-K, filed November 20, 2018
0000727273-18-000034
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
8-K, filed June 8, 2017
0000727273-17-000014
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
8-K, filed June 14, 2016
0000727273-16-000062
ITEM 5.07 SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

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Velarion, “Cadiz executive compensation, FY2022–FY2025.” https://intel.velarion.ai/comp/CDZI (accessed 2026).

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15 filings cited on this page

Method: intel.velarion.ai/methodology

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Published by Velarion Company Intelligence

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Utilities rankings

Chief executive pay — Utilities CEO pay ratio — Utilities Say-on-pay support — Utilities

Peers Cadiz discloses

The companies named in CDZI's own disclosed peer group.

Alico, Inc.Five Point Holdings Forestar Group, Inc.Limoneira Company Maui Land & Pineapple Pure Cycle Corp.Stratus Properties Tejon Ranch Co.The St. Joe Company

Terms on this page

Say-on-Pay Vote CEO Pay Ratio Median Employee Compensation All companies

Free to read and cite. Redistribution or bulk use of the dataset requires a data license. Talk to us about the data license.

Cite this data

APA

Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854

BibTeX

@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}