On February 14, 2020, the Board of Directors of Cadiz Inc. (Company) received notice from Water Asset Management, LLC (WAM) that its aggregate beneficial ownership of the company's common stock, par value $0.01 per share, fell below the 5% ownership threshold required by the previously reported Cooperation Agreement, by and between WAM and the Company, dated as of May 1, 2018. As a result of WAM failing to own at least 5% of the Company's issued and outstanding common stock, WAM has lost its right under the Cooperation Agreement to designate any independent directors to the Board. In connection with WAM's forfeiture of this right, Jeffrey J. Brown notified the Company on February 19, 2020 of his resignation from the Board, effective immediately.