On July 15, 2019, the Board of Directors of Cadiz Inc. 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 (12%) ownership threshold required by the previously reported Cooperation Agreement, by and between WAM and the Company, dated as of May 1, 2018 (the "Cooperation Agreement"). As a result of WAM failing to own at least 12% of the Company's issued and outsanding common stock, WAM has lost its right under the Cooperation Agreement to designate two (2) independent directors to the Board. In connection with WAM's forfeiture of this right, John A. Bohn notified the Company on July 15, 2019 of his resignation from the Board, effective immediately.