SEC Form 4 · accession 0001191901-17-000001
CADIZ INC · CDZI
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Timothy J Shaheen
Officer — CFO · Director
Period of report
May 10, 2016
Accepted (ET)
Jan 6, 2017 · 6:15 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000727273
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | May 10, 2016 | G | 5,000 | $0.00 | D | 147,500 | D | |
| Common Stock | Aug 10, 2016 | G | 2,000 | $0.00 | D | 145,500 | D | |
| Common StockF1 | Jan 5, 2017 | S | 32,000 | $12.70 | D | 113,500 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Employee Stock Option (right to buy)F2 | $11.50 | holding | — | — | — | Jan 14, 2012 | Jan 14, 2020 | Common Stock | 100,000 | 100,000 | D |
| Restricted Stock UnitsF2,F3,F4 | — | holding | — | — | — | — | — | Common Stock | 100,000 | 100,000 | D |
Explanation of responses
- F1Pursuant to a sales plan established in accordance with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended (the "Plan"), and in accordance with that certain Lockup Agreement, dated December 1, 2016, delivered by Mr. Shaheen to B. Riley & Co. LLC, 32,000 shares of the Company's common stock (the "Shares") were sold for the account of Mr. Shaheen for the purpose of meeting Mr. Shaheen's tax obligations arising from certain equity awards granted by the Company to Mr. Shaheen. The Shares represent the full amount authorized for sale under the Plan.
- F2Previously recorded.
- F3Each restricted stock unit ("RSU") represents a contingent right to receive one share of Cadiz Inc. common stock.
- F4The 100,000 RSUs will vest once construction financing necessary for the implementation of the Cadiz Valley Water Conservation, Recovery and Storage Project, as defined in the approved Final Environmental Impact Report, is secured. These RSUs were granted on July 1, 2014, and will expire on June 10, 2017, if the milestone has not been achieved by such date.