----

| DELAWARE                        | 77-0313235          |
|---------------------------------|---------------------|
| (State or other jurisdiction of | (I.R.S. Employer    |
| incorporation or organization)  | Identification No.) |

| 550 S. Hope Street, Suite 2850           |       |
|------------------------------------------|------------|
| Los Angeles, CA                          | 90071      |
| (Address of principal executive offices) | (Zip Code) |

| Common Stock, par value $0.01 per share | The NASDAQ Global Market                    |
|-----------------------------------------|---------------------------------------------|
| (Title of Each Class)                   | (Name of Each Exchange on Which Registered) |

----

----

|               |                                                                                           |   |
|--------------------|------------------------------------------------------------------------------------------------|--------|
| Part III           |                                                                                           |   |
|               |                                                                                           |   |
| Item 10.           | Directors, Executive Officers and Corporate Governance                                         | 1      |
|               |                                                                                           |   |
| Item 11.           | Executive Compensation                                                                         | 5      |
|               |                                                                                           |   |
| Item 12.           | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 20     |
|               |                                                                                           |   |
| Item 13.           | Certain Relationships and Related Transactions, and Director Independence                      | 24     |
|               |                                                                                           |   |
| Item 14.           | Principal Accounting Fees and Services                                                         | 26     |
|               |                                                                                           |   |
| Part IV            |                                                                                           |   |
|               |                                                                                           |   |
| Item 15.           | Exhibits, Financial Statement Schedules                                                        | 27     |
|               |                                                                                           |   |
| SIGNATURES         | 28                                                                                             |
|               |                                                                                           |   |
| EXHIBIT INDEX | 29                                                                                             |
|               |                                                                                           |   |

|  Name              | Age    | Position with Cadiz                             |
|-------------------------|--------|-------------------------------------------------|
|                    |   |                                            |
| Keith Brackpool         | 60     | Chairman of the Board                           |
|                    |   |                                            |
| Stephen E. Courter      | 63     | Director                                        |
|                    |   |                                            |
|  Geoffrey Grant    | 57     | Director                                        |
|                    |   |                                            |
|  Winston H. Hickox | 75     | Director                                        |
|                    |   |                                            |
| Murray H. Hutchison     | 79     | Director                                        |
|                    |   |                                            |
| Raymond J. Pacini       | 62     | Director                                        |
|                    |   |                                            |
| Richard Nevins          | 70     | Director                                        |
|                    |   |                                            |
| Timothy J. Shaheen      | 58     | Director, Chief Financial Officer and Secretary |
|                    |   |                                            |
| Scott S. Slater         | 60     | Director, President and Chief Executive Officer |

| · | Scott Slater, President and Chief Executive Officer |
|--------|-----------------------------------------------------|

| · | Timothy Shaheen, Chief Financial Officer |
|--------|------------------------------------------|

| · | Keith Brackpool, Chairman of the Board |
|--------|----------------------------------------|

| · | Negotiated over several months a strategic transaction with funds affiliated with Apollo Global Management to initiate financial arrangements for the construction and implementation of the Company's Cadiz Valley Water Conservation, Recovery & Storage Project ("Water Project" or the "Project"). In furtherance of the strategic transaction, funds managed by affiliates of Apollo and the Company executed a series of agreements that replaced and refinanced our senior secured mortgage debt and provided $15M of new senior debt to fund immediate construction related expenditures. Apollo Funds also executed a conditional commitment letter to fund up to $240M in construction finance expenditures for the Water Project, subject to the satisfaction of conditions precedent. The conditional commitment for up to $240M was intended to provide the additional resources necessary to complete the construction of Phase I of the Water Project. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Lead efforts to support the withdrawal and replacement of a controversial 2015 evaluation of the Water Project by the U.S. Bureau of Land Management ("BLM"), which had found that the Water Project's proposed use of a portion of an existing railroad right-of-way for construction of its water conveyance pipeline was outside the right-of-way's scope.  In July the federal appropriations bill was adopted for the first time in eight years without a budget rider annually authored by Senator Dianne Feinstein (D-CA) that sought to require a unique certification of the Water Project by the U.S. Department of the Interior and also blocked BLM from spending any funds on permitting of the Water Project. In October, BLM issued a letter ("BLM Letter") to the Company finding that the Water Project's proposed use of the existing Arizona & California Railroad ("ARZC") Company's right-of-way to construct a pipeline and related railroad improvements "furthers railroad purposes" and concluding that the Project is within the scope of the original right-of-way grant. The BLM Letter also formally rescinded the agency's October 2015 evaluation of the Project's proposed use of the ARZC right-of-way. Following the receipt of the BLM Letter, the Project required no further federal permits or authorizations to construct within the ARZC railroad right-of-way. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Evaluating the performance of the Company's executive officers; |
|--------|-----------------------------------------------------------------|

| · | Reviewing and approving the total compensation and benefits of the Company's executive officers, including cash compensation and long-term incentive compensation; and |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | Reviewing guidelines and standards regarding the Company's compensation practices and philosophy. |
|--------|---------------------------------------------------------------------------------------------------|

| · | SALARY.  Base salaries for the Company's named executives are determined by the Compensation Committee depending on a variety of factors including the scope of their responsibilities, their leadership skills and values, their performance and length of service.  Salaries for our named executive officers are intended to create a minimum level of compensation that is competitive with other companies deemed comparable, depending on the prior experience and position of the executive.  Salaries are typically paid in cash, but could also be paid with restricted stock awards. Decisions regarding salary increases are affected by the named executive's current salary and the amounts paid to their peers within and outside the Company. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | LONG-TERM INCENTIVES.  The primary form of incentive compensation that is offered to the Company's executives consists of long-term incentives in the form of equity awards.  The use of such long-term incentives is intended to focus and align goals of Company executives with those of stockholders and creates a direct interest in the results of operations, long-term performance and achievement of the Company's long-term goals. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | PERFORMANCE BASED CASH AWARDS.  The Compensation Committee believes that it is sometimes important to offer cash incentives to executives for the achievement of specified objectives that yield increased value for stockholders and will utilize performance based cash awards from time to time to provide additional incentives. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · | BENEFITS.  The Compensation Committee also incorporates retirement, insurance, termination and severance benefits in the compensation program for executive officers.  These benefits are offered to retain top executives, maintain their health and wellness and remain competitive in the industry.  The retirement and insurance benefits are consistent with those benefits offered more broadly to the Company's employees. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| · AV Homes, Inc.                              |
|---------------------------------------------------------|
| · Alico, Inc.· Forestar Group, Inc. |
| · Limoneira Company                           |
| · PICO Holdings, Inc.                         |
| · Tejon Ranch Co.· Pure Cycle Corp. |
|                                                    |

|   | THE COMPENSATION COMMITTEE                                    |
|--------|--------------------------------------------------------------------|
|   |                                                               |
|   | Murray H. Hutchison, Chairman                            |
|   | Stephen E. CourterGeoffrey GrantWinston H. HickoxRaymond J. Pacini |

| Name and Principal Position(1)                                 | Year               | Salary($)                   | Bonus($)        | StockAwards(2)($)                                                          | OptionAwards(2)($)                                                                                  | All OtherCompensation(3)($)                                                                | Total($)                           |
|----------------------------------------------------------------|--------------------|-----------------------------|-----------------|----------------------------------------------------------------------------|-----------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------|------------------------------------|
|  Scott SlaterPresident and Principal Executive Officer(4) |  201720162015 |  300,000300,000300,000 |  300,000-- |  ---                                                                  |       -     -     - |  - -  -                                                                          |  600,000 300,000300,000  |
| Timothy J. ShaheenPrincipal Financial Officer and Secretary    | 201720162015       | 350,000200,000200,000       | 300,000200,000- |   851,500    59,934  213,720       |   -   -   -                                                 |    12,336      9,271     8,821 | 1,513,836469,205422,541       |
| Keith BrackpoolChairman                                        | 201720162015  | 275,00035,000 35,000        | 300,000- -      |   851,500    95,895  341,952  |   -  -  -                                                        |   47,260  42,943   39,424                                         | 1,473,760173,838416,376       |

| (1) | The executive officers listed in the Summary Compensation Table above were the Company's only executive officers during the year ended December 31, 2017. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | This column discloses the dollar amount of compensation cost recognized for the respective fiscal year in accordance with FASB ASC Topic 718.  The assumptions used for determining the value of stock awards and options are set forth in the relevant Cadiz Inc. Annual Report to Stockholders in Note 9 to the Consolidated Financial Statements, "Stock-Based Compensation Plans and Warrants".   All Stock Awards listed were approved by Stockholders as part of the 2014 Equity Incentive Plan and became fully vested and were issued in 2017. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (3) | All Other Compensation includes a 401k match that is generally available to all employees.  Messrs. Brackpool and Shaheen each received $10,800 in 401k matching contributions in 2017.  In 2017, Mr. Brackpool's Other Compensation also includes $36,460 of company paid expenses related to a leased automobile.  Mr. Shaheen's Other Compensation for 2017 includes $1,536 in a car allowance.  The value of perquisites for Mr. Slater was less than $10,000, and thus no amount relating to perquisites is included in the Summary Compensation Table. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (4) | Mr. Slater was appointed President of the Company on April 12, 2011, replacing Mr. Brackpool in this position. Effective February 1, 2013, Mr. Slater assumed the additional role of Chief Executive Officer, replacing Mr. Brackpool in this position.  Mr. Brackpool remains as Chairman of the Board of Directors. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|               |    | Option Awards                                          |    | Stock Awards                                             |
|--------------------|--------------|--------------------------------------------------------|--------------|----------------------------------------------------------|
| Name          |    | SecuritiesUnderlyingUnexercisedOptions (#) Exercisable |    | SecuritiesUnderlyingUnexercisedOptions (#) Unexercisable |    | OptionExercise Price ($) |    | OptionExpiration Date |    | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |    | Equity Incentive Plan Awards:  Marked or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) |
|  Scott Slater |    |  100,000(1)                                       |    |   -                                            |    |  12.51 |    |  4/12/21 |    |  - |    |  - |
|               |         |                                                   |         |                                                     |   |   |   |   |   |   |   |   |
| Timothy J. Shaheen |         | 100,000(1)                                             |         | -                                                        |   | 11.50 |   | 1/14/20 |   | - |   | - |
|               |         |                                                   |         |                                                     |   |   |   |   |   |   |   |   |
| Keith Brackpool    |         | 200,000(1)                                             |         | -                                                        |   | 11.50 |   | 1/14/20 |   | - |   | -  |

| (1) | Options granted by the Company under the 2009 Equity Incentive Plan. |
|-----|----------------------------------------------------------------------|

|                     |         | Option Awards                       |         | Stock Awards                                 |
|--------------------------|--------------|-------------------------------------|--------------|----------------------------------------------|
| Name                     |    | Shares Acquiredon Exercise (#) |    | Value Realizedon Exercise ($) |    | Shares Acquiredon Vesting (#) |    | Value Realizedon Vesting ($) |
|  Scott Slater       |    | -                                   |    | -                                            |    | - |    | - |
|  Timothy J. Shaheen |         | -                                   |         | -                                            |   | 100,000(1) |   | 851,500 |
|  Keith Brackpool    |    | -                                   |    | -                                            |    | 100,000(1) |    | 851,500 |

| Name               |   Benefit            |   | Termination without Cause orResignation upon Company Material Breach ($) |    |   | Death orDisability ($) |   |    | Termination Following Changeof Control ($) |   |
|--------------------|--------------------------------|--------|--------------------------------------------------------------------------|---------|--------|------------------------|--------|---------|--------------------------------------------|--------|
|               |                           |   |                                                                     |    |   |                   |   |    |                                       |   |
| Scott Slater       | Salary                         |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|                    | Bonus                     |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|                    | Equity Acceleration       |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|                    | Benefits Continuation(1)       |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|                    | Total Value                    |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|               |                           |   |                                                                     |    |   |                   |   |    |                                       |   |   |   |   |
| Timothy J. Shaheen | Salary                         |   |                                                                     | 175,000 |   |                   |   | 175,000 |                                       |   |   | 350,000 |   |
|               | Bonus                          |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|                    | Equity Acceleration            |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|                    | Benefits Continuation(1)       |   |                                                                     | 23,062  |   |                   |   | -       |                                       |   |   | 46,123 |   |
| ****               | Total Value                    |   |                                                                     | 198,062 |   |                   |   | 175,000 |                                       |   |   | 396,123 |   |
|               |                           |   |                                                                     |    |   |                   |   |    |                                       |   |   |   |   |
| Keith Brackpool    | Salary                         |   |                                                                     | 275,000 |   |                   |   | 550,000 |                                       |   |   | 550,000 |   |
|                    | Bonus                          |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|                    | Equity Acceleration       |   |                                                                     | -       |   |                   |   | -       |                                       |   |   | - |   |
|                    | Benefits Continuation(1)  |   |                                                                     | 68,414  |   |                   |   | -       |                                       |   |   | 136,828 |   |
| ****               | Total Value               |   |                                                                     | 343,414 |   |                   |   | 550,000 |                                       |   |   | 686,828 |   |

| (1) | The benefits continuation amounts include car allowances, 401(k) matching benefits and paid vacation. |
|-----|-------------------------------------------------------------------------------------------------------|

| Name                |   | Fees Earnedor Paid in Cash ($) |   |   | StockAwards ($)(1) |   |   | OptionAwards ($)(2) |   |   | Total ($) |   |
|---------------------|--------|--------------------------------|--------|--------|--------------------|--------|--------|---------------------|--------|--------|-----------|--------|
| Stephen E. Courter  |   |                           | 30,000 |   |               |   | 20,000 |                |   |   | -         |   |   |   | 50,000 |   |
| Geoffrey Grant      |   |                           | -      |   |               |   | 50,000 |                |   |   | -         |   |   |   | 50,000 |   |
| Winston H. Hickox   |   |                           | 7,500  |   |               |   | 42,500 |                |   |   | -         |   |   |   | 50,000 |   |
| Murray H. Hutchison |   |                           | -      |   |               |   | 50,000 |                |   |   | -         |   |   |   | 50,000 |   |
| Richard Nevins      |   |                           | -      |   |               |   | 50,000 |                |   |   | -         |   |   |   | 50,000 |   |
| Raymond J. Pacini   |   |                           | 30,000 |   |               |   | 20,000 |                |   |   | -         |   |   |   | 50,000 |   |

| (1) | This column discloses the dollar amount of compensation cost recognized in 2017 based on the fair value at grant date in accordance with FASB ASC Topic 718.  These awards were valued at the market value of the underlying stock on the date of grant in accordance with FASB ASC Topic 718. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2) | Directors of the Company do not receive stock option awards. |
|-----|--------------------------------------------------------------|

| Mr. Scott Slater (CEO) total annual compensation          |   | $         | 600,000 |   |
|-----------------------------------------------------------|--------|-----------|---------|--------|
|                                                      |   |      |    |   |
| Median Employee total annual compensation                 |   | $         | 142,972 |   |
|                                                      |   |      |    |   |
| Ratio of CEO to Median Employee total annual compensation |   | 4.20:1.00 |    |

|  Name and Address                                                                                                                                                                                                                         | Amount and Nature ofBeneficial Ownership | Percentof Class |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|-----------------|
|                                                                                                                                                                                                                                           |                                     |            |
| LC Capital Master Fund, Ltd.LC Capital Partners LPLC Capital Advisors LLCLC Offshore Fund, Ltd.Lampe, Conway & Co., LLCSteven G. LampeRichard F. Conwayc/o Lampe, Conway & Co., LLC680 Fifth Avenue, 12th FloorNew York, NY 10019-5429 | 6,601,306 (1)                       | 22.81%     |
|                                                                                                                                                                                                                                           |                                     |            |
| Water Asset Management LLCTRF Master Fund (Cayman) LPDisque D. Deane, Jr.Matthew J. DiserioMarc Robert509 Madison AvenueSuite 804New York, NY 10022                                                                             | 2,967,162(2)                             | 12.78%          |
|                                                                                                                                                                                                                                           |                                     |            |
| Nokomis Capital, L.L.C.Brett Hendrickson2305 Cedar Springs Road, Suite 420Dallas, TX 75201                                                                                                                                                | 2,577,164 (3)                            | 9.99%           |

| Odey Asset Management Group Ltd.Odey Asset Management LLPOdey Holdings AGRobin Crispin William Odeyc/o Odey Asset Management Group Ltd.12 Upper Grosvenor St.London, UK W1K2ND |    1,264,363(4) | 5.45% |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------|-------|

| BlackRock Inc.BlackRock Advisors, LLCBlackRock Asset Management Canada Ltd.BlackRock Fund AdvisorsBlackRock Institutional Trust Company, National Association BlackRock Financial Management, Inc.BlackRock Investment Management, LLC55 East 52nd Street New York, NY 10055 | 1,230,015(5)      | 5.3%   |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------|--------|
|                                                                                                                                                                                                                                                                         |              |   |
| Keith Brackpoolc/o 550 S. Hope St., Suite 2850Los Angeles, CA 90071                                                                                                                                                                                                     | 370,000(6)        | 1.58%  |
| Timothy J. Shaheenc/o 550 S. Hope St., Suite 2850Los Angeles, CA 90071                                                                                                                                                                                                  | 194,500(7)        | *      |
| Geoffrey Grantc/o 550 S. Hope St., Suite 2850Los Angeles, CA 90071                                                                                                                                                                                                           | 161,907(8)        | *      |
|                                                                                                                                                                                                                                                                         |              |   |
| Scott S. Slaterc/o 550 S. Hope St., Suite 2850Los Angeles, CA  90071                                                                                                                                                                                               |   109,000(9) | *      |
|                                                                                                                                                                                                                                                                         |              |   |
| Winston H. Hickoxc/o 550 S. Hope St., Suite 2850Los Angeles, CA 90071                                                                                                                                                                                                        | 104,192(10)       | *      |
|                                                                                                                                                                                                                                                                         |              |   |
| Murray Hutchisonc/o 550 S. Hope St., Suite 2850Los Angeles, CA 90071                                                                                                                                                                                                         | 47,119            | *      |
|                                                                                                                                                                                                                                                                         |              |   |
| Raymond J. Pacinic/o 550 S. Hope St., Suite 2850Los Angeles, CA 90071                                                                                                                                                                                                        | 25,103            | *      |
|                                                                                                                                                                                                                                                                         |              |   |
| Stephen Courterc/o 550 S. Hope St., Suite 2850Los Angeles, CA 90071                                                                                                                                                                                                          | 22,375            | *      |
| Richard Nevinsc/o o 550 S. Hope St., Suite 2850Los Angeles, CA 90071                                                                                                                                                                                                         | 7,078             | *      |

| All Directors and officers as a group(nine individuals) | 1,041,274 (6)(7)(8)(9)(10) | 4.41% |
|---------------------------------------------------------|----------------------------|-------|

|  | * | Represents less than one percent of the 23,220,266 outstanding shares of common stock of the Company as of April 23, 2018. |
|--|---|----------------------------------------------------------------------------------------------------------------------------|

| (1.) | Based upon Form 13D/A filed on December 14, 2015 with the SEC by LC Capital Master Fund Ltd. ("Master Fund"), information provided by Master Fund and the Company's corporate records, Master Fund and affiliates beneficially own a total of  6,601,306 shares of the Company's common stock. Includes 759,492 shares of common stock presently outstanding and  5,630,902 shares of common stock issuable upon conversion of $ 38,008,624 in Convertible Notes owned by Master Fund at a conversion rate of $6.75 per share as of April 23, 2018, plus 65,404 shares beneficially owned as a result of common stock issuable upon conversion of interest that will have accrued within 60 days of April 23, 2018. Also includes 145,508 shares held by Steven G. Lampe over which he has sole voting and dispositive power.  Master Fund disclaims beneficial ownership over these securities. These securities, except for the common stock owned solely by Steven G. Lampe, are owned by Master Fund and may also be deemed to be beneficially owned by the named persons below by virtue of the following relationships: (i) LC Capital Partners, LP ("Partners") and LC Offshore Fund, Ltd. ("Offshore Fund") beneficially own 100% of the outstanding shares of Master Fund; (ii) LC Capital Advisors LLC ("Advisors") is the sole general partner of Partners; (iii) Lampe, Conway & Co., LLC ("LC&C") is investment manager to Master Fund, Partners, and Offshore Fund pursuant to certain investment management agreements and shares voting and dispositive power over the securities; and (iv) Steven G. Lampe and Richard F. Conway are the sole managing members of each of Advisors and LC&C and therefore, have indirect voting and dispositive power over securities held by Master Fund. Each of the persons named above, other than Master Fund, specifically disclaims beneficial ownership of these securities except to the extent of his or its pecuniary interest therein, if any. Master Fund and/or its affiliates have designated Mr. Stephen E. Courter and Mr. Richard Nevins, directors of the Company, as their designees on our Board of Directors. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| (2.)   | Based upon Schedule 13D filed on March 26, 2018 with the SEC, information provided by Water Asset Management LLC ("WAM") and the Company's corporate records, WAM and TRF Master Fund (Cayman) LP (together WAM-TRF) beneficially own 2,967,162 shares of the Company's common stock presently outstanding. Does not include 271,338 shares of common stock issuable upon conversion of $ 1,831,533 in Convertible Notes owned by WAM-TRF at a conversion rate of $6.75 per share as of April 23, 2018, plus 3,152 shares of common stock issuable upon conversion of interest that will have accrued within 60 days of April 23, 2018, but which may not currently be issued because WAM-TRF is prohibited from converting Convertible Notes to obtain ownership in excess of 9.99% of the Company's outstanding Common Stock.  Disque D. Deane, Jr., Matthew J. Diserio and Marc Robert are the managing members of WAM and Limited Partners in TRF. WAM serves as investment manager to a number of investment funds and manages investments for certain entities in managed accounts with respect to which it has dispositive authority over the 2,967,162 shares of Common Stock and voting power over the 2,435,244 shares of Common Stock reported herein.                                                                                                        |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| (3.)   | Based upon a Schedule 13G/A filed on February 13, 2018 with the SEC, information provided by Nokomis Capital, L.L.C. ("Nokomis Capital") and the Company's corporate records,  Nokomis Capital owns or controls 2,577,164 shares of common stock issuable upon conversion of $17,395,871 in Convertible Notes at a conversion rate of $6.75 per share as of April 23, 2018.  Does not include 399,899 shares of common stock otherwise issuable to Nokomis Capital upon conversion of $2,699,323 in Convertible Notes held as of April 23, 2018 plus 34,579 shares of common stock issuable upon conversion of interest that will have accrued within 60 days of April 23, 2018 but which may not currently be issued because Nokomis Capital is prohibited from converting Convertible Notes to obtain ownership in excess of 9.99% of the Company's outstanding Common Stock.  Nokomis Capital purchased the Convertible Notes through the accounts of certain private funds and managed accounts (collectively, the "Nokomis Accounts"). Nokomis Capital serves as the investment manager to the Nokomis Accounts and may direct the vote and dispose of the shares held by the Nokomis Accounts.  Mr. Brett Hendrickson is the principal of Nokomis Capital and may direct the vote and disposition of the shares held by the Nokomis Accounts.  |
| (4.)   | Based upon a Form 13G/A filed on February 14, 2018, information provided by Odey Asset Management Group Ltd. ("OAM Ltd") and the Company's corporate records, OAM Ltd and affiliates own 1,264,363 shares of the Company's stock and have shared voting and dispositive power as to the shares.  OAM Ltd is the managing member of Odey Asset Management LLP ("OAM LLP"), Odey Holdings AG ("Odey Holdings") is the sole stockholder of OAM Ltd, and Mr. Crispin Odey is the sole stockholder of Odey Holdings. Shares reported herein for OAM LLP represent shares held for the benefit of investment advisory clients of OAM LLP.  Each of the listed reporting persons disclaims beneficial ownership of the shares reported except to the extent of its or his pecuniary interest therein.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |

| (5)                    | Based upon a Form 13G filed on February 1, 2018, BlackRock, Inc. and affiliates own 1,230,015 shares of the Company's stock.  BlackRock, Inc. and affiliates have sole voting power as to 1,213,183 shares and sole dispositive power as to 1,230,015 shares. |   |
|------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|                   |                                                                                                                                                                                                                                                                    |   |
| (6.)              | Includes 200,000 shares underlying presently exercisable options.                                                                                                                                                                                                       |   |
|                   |                                                                                                                                                                                                                                                                    |   |
|  (7.)   | Includes 100,000 shares underlying presently exercisable options.                                                                                                                                                                                                       |

| (8.)  | Includes 30,500 shares held in five separate trusts, each holding 6,100 shares for the benefit of Mr. Grant's children. The trustee of these trusts is not a member of the Reporting Person's immediate family. Mr. Grant disclaims beneficial ownership of the shares held by these trusts.  |
|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| (9.)  | Includes 100,000 shares underlying presently exercisable options.                                                                                                                                                                                                                             |
| (10.) | Includes 35,000 shares held by Mr. Hickox's spouse.                                                                                                                                                                                                                                                |

| Plan Category                                            |   |   Number of securities to be issued upon exercise of outstanding options, warrants and rights(a) |    |      |    Weighted-average exercise price of outstanding options, warrants and rights(b) |   |   | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(c) |   |
|----------------------------------------------------------|--------|------------------------------------------------------------------------------------------------------------|---------|-----------|--------------------------------------------------------------------------------------------------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|--------|
|  Equity compensation plans approved by stockholders |   |                                                                                                       | 507,500 | (1)  |                                                                                             | $      | 11.66  |                                                                                                                                           |   |   | 69,052 | (2)  |
|                                                     |   |                                                                                                       |    |      |                                                                                             |   |   |                                                                                                                                           |   |   |   |   |
|                                                     |   |                                                                                                       |    |      |                                                                                             |   |   |                                                                                                                                           |   |   |   |   |
| Total                                                    |   |                                                                                                       | 507,500 |      |                                                                                             | $      | 11.66  |                                                                                                                                           |   |   | 69,052 |   |

| (1)    | Represents 507,500 options outstanding under the Company's 2009 Equity Incentive Plan as of December 31, 2017. |
|--------|----------------------------------------------------------------------------------------------------------------|
|   |                                                                                                           |
| (2)    | Represents 69,052 securities issuable under the Company's 2014 Equity Incentive Plan as of December 31, 2017.  |

| 31.3 | Certification of Scott Slater, Chief Executive Officer of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|--------------------------------------------------------------------------------------------------------------------------------|

| 31.4 | Certification of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | CADIZ INC.  |
|--------|-------------|
|   |        |
|   | By:    | /s/ Scott Slater  |
|   |        | Scott Slater,  |
|   |        | Chief Executive Officer  |
|   |        |   |
|   | Date:  | April 27, 2018  |

| Name and Position                                                                          | Date                 |
|--------------------------------------------------------------------------------------------|----------------------|
|                                                                                       |                 |
|  /s/ Keith Brackpool                                                                  | April 27, 2018       |
| Keith Brackpool, Chairman                                                                  |                 |
|                                                                                       |                 |
|  /s/ Scott Slater                                                                     | April 27, 2018       |
| Scott Slater, Chief Executive Officer, President and Director(Principal Executive Officer) |                 |
|                                                                                       |                 |
|  /s/ Timothy J. Shaheen                                                               | April 27, 2018       |
| Timothy J. Shaheen, Chief Financial Officer and Director                                   |                 |
|  (Principal Financial and Accounting Officer)                                         |                 |
|                                                                                       |                 |
|  /s/ Geoffrey Grant                                                                   | April 27, 2018       |
| Geoffrey Grant, Director                                                                   |                 |
|                                                                                       |                 |
|  /s/ Winston H. Hickox                                                                | April 27, 2018       |
| Winston H. Hickox, Director                                                                |                 |
|                                                                                       |                 |
|  /s/ Murray H. Hutchison                                                              | April 27, 2018       |
| Murray H. Hutchison, Director                                                              |                 |
|                                                                                       |                 |
|  /s/ Raymond J. Pacini                                                                | April 27, 2018       |
| Raymond J. Pacini, Director                                                                |                 |
|                                                                                       |                 |
|  /s/ Stephen E. Courter                                                               | April 27, 2018       |
| Stephen E. Courter, Director                                                               |                 |
|  /s/ Richard NevinsRichard Nevins, Director                                           |  April 27, 2018 |

| 31.3 | Certification of Scott Slater, Chief Executive Officer of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|--------------------------------------------------------------------------------------------------------------------------------|

| 31.4 | Certification of Timothy J. Shaheen, Chief Financial Officer and Secretary of Cadiz Inc. pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 |
|------|----------------------------------------------------------------------------------------------------------------------------------------------------|