This is a routine executive transition with no immediate earnings impact. Monitor the completion of Northern Pipeline LLC project financing, which affects Speer's milestone-based RSU vesting, and the stock price performance relative to Hernandez's PSU hurdles ($6, $8, $10, $12) for future dilution signals. The new CFO's capital markets background may signal a shift toward fundraising or M&A, but no concrete plans were disclosed.
Price Chart
Executive Summary
Cadiz Inc. announced a planned CFO succession: Jacinto J. Hernandez will become CFO effective September 1, 2026, replacing Stanley E. Speer, who is retiring after 17 years. Hernandez receives a $400,000 base salary, a 100% target bonus, and large inducement equity grants (800,000 RSUs and 800,000 PSUs with stock price hurdles). Speer will receive severance benefits including accelerated vesting of 68,700 RSUs, a 100,000-share RSU grant in lieu of bonus, and up to 18 months of COBRA reimbursement. This is a routine leadership transition with no financial results disclosed.
Key Facts
- Stanley Speer retiring as CFO, effective September 1, 2026, will serve as advisor through December 31, 2026 at $10,000/month.
- Jacinto Hernandez appointed as CFO effective September 1, 2026; will also serve as principal financial officer, principal accounting officer, and Secretary.
- Hernandez's base salary: $400,000 per year; target annual bonus: 100% of base salary.
- Hernandez receives 800,000 RSUs (200,000 vested immediately, 600,000 vesting quarterly over 3 years) and 800,000 PSUs (vesting in tranches at $6, $8, $10, $12 stock price hurdles within 5 years).
- Speer's severance: accelerated vesting of 68,700 service-based RSUs; forfeiture of 150,000 milestone-based RSUs; continued eligibility for 85,000 milestone-based RSUs tied to Northern Pipeline financing; new grant of 100,000 fully vested RSUs; COBRA reimbursement up to 18 months.
- Controller Teffiny Bagnara promoted to Vice President.
Financial Impact
No financial results or guidance reported. Inducement equity grants represent potential dilution of up to 1.6 million shares, but no cash impact.
Risk Factors
- Potential dilution from Hernandez's equity grants (1.6 million shares) if all PSUs vest.
- Transition risk during CFO handover period (September-December 2026).
- Northern Pipeline financing milestone may not close within the advisory period, leading to forfeiture of 85,000 shares.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-081581 |
| Document: ea029931001ex10-2.htm | 0001213900-26-081581 |
| Document: ea0299310-8k_cadiz.htm | 0001213900-26-081581 |
| Document: ea029931001ex99-1.htm | 0001213900-26-081581 |
| Document: 0001213900-26-081581-index-headers.html | 0001213900-26-081581 |
| Document: 0001213900-26-081581-index.html | 0001213900-26-081581 |
| Document: 0001213900-26-081581.txt | 0001213900-26-081581 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 27, 2026 9w ago | 8-K | $3.08 $3.77 | ▲ +22.40% | ▲ +19.10% | $3.82 (+24.03%) |
Jul 15, 2026 11w ago | 8-K | $3.64 $3.47 | ▼ −4.54% | ▼ −6.88% | $3.82 (+5.09%) |
Jun 11, 2026 16w ago | Institutional Cluster | $4.02 $3.99 | ▼ −0.75% | ▼ −2.64% | $3.82 (−4.98%) |
Feb 28, 2026 30w ago | Institutional Cluster | $5.45 $4.87 | ▼ −10.64% | ▼ −2.70% | $3.82 (−29.91%) |
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