Exhibit 10.2

EXECUTION VERSION

CADIZ INC.

SEPARATION AGREEMENT

This Separation Agreement (this “Agreement”) is made by and between Cadiz Inc., a Delaware corporation (the “Company”), and Stanley E. Speer (“you”). You and the Company are collectively referred to herein as the “Parties.”

BACKGROUND

WHEREAS, you have been employed by the Company as Chief Financial Officer pursuant to that certain Employment Agreement dated May 21, 2020 (the “Employment Agreement”); and

WHEREAS, the Parties agree that your employment with the Company will terminate effective as of the later of (i) September 1, 2026, and (ii) the first day after the Company files its Form 10-Q for the fiscal quarter ended June 30, 2026, with the U.S. Securities and Exchange Commission (such date, the “Separation Date”), and you will continue to serve as Chief Financial Officer of the Company through the Separation Date; and

WHEREAS, you and the Company desire to memorialize the terms of your separation from employment with the Company, including certain severance benefits conditioned upon your execution and non-revocation of a release of claims.

AGREEMENT

NOW, THEREFORE, for good and valuable consideration as set forth herein, the receipt of which is acknowledged hereby, the Parties agree as follows:

(a) Treatment of RSUs. All of your outstanding and unvested service-based restricted stock units (“RSUs”) granted under the Cadiz Inc. 2019 Equity Incentive Plan (the “Plan”), representing 68,700 shares, shall become fully vested and non-forfeitable as of the Separation Date.

(b) Treatment of Milestone-Based RSUs. With respect to your outstanding and unvested milestone-based RSUs (“Milestone-Based RSUs”) granted under the Plan and that remain subject to milestone-based vesting conditions as of the Separation Date (representing 235,000 shares in the aggregate):

(i) 85,000 of such Milestone-Based RSUs, representing the tranche conditioned upon the closing of LLC project financing for the Northern Pipeline, shall remain outstanding following the Separation Date and shall vest if, and only if, such closing occurs during the Advisory Period; and

(ii) notwithstanding the terms of the Plan or any RSU award agreement to the contrary, all remaining unvested Milestone-Based RSUs, representing 150,000 shares, shall be forfeited and cancelled as of the Separation Date.

(c) Equity Award in Lieu of 2026 Bonus. In lieu of your forfeited 2026 annual bonus opportunity, the Company will grant you an RSU under the Plan representing 100,000 shares, which will be fully vested on the date of grant.

(d) COBRA Reimbursement. If you timely and properly elect continuation coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), the Company shall reimburse you for the monthly COBRA premiums you pay for yourself and your eligible dependents for eighteen (18) months following the Separation Date (the “COBRA Reimbursement Period”), provided that such reimbursement obligation shall cease on the earlier of (i) the date you become eligible for substantially equivalent group health insurance coverage through a new employer or otherwise and (ii) the date you cease to be eligible for COBRA coverage. You agree to promptly notify the Company if you become eligible for such coverage during the COBRA Reimbursement Period. Any reimbursement under this Section 3(d) shall be paid on the Company’s first regularly scheduled payroll date following your submission of documentation of the applicable COBRA premium payment, and in no event later than the last day of the calendar year following the calendar year in which you incurred the expense. Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the COBRA reimbursement described in this Section 3(d) cannot be provided as described above without potentially violating applicable law (including Section 2716 of the Public Health Service Act), the Company shall instead provide you with a taxable monthly cash payment equal to the applicable COBRA premium for the remainder of the COBRA Reimbursement Period, less applicable tax withholdings, payable on the last day of each calendar month during the COBRA Reimbursement Period.

(e) Sole Severance Benefits. The payments and benefits described in this Section 3 constitute the sole severance benefits to which you are entitled in connection with your separation from employment. For the avoidance of doubt, no severance or separation pay is due or payable to you under the Employment Agreement or any other agreement or arrangement, and you expressly waive any right to any such payments.

If to you, to the latest address in the Company’s records.

If to the Company:

Cadiz Inc.

550 S. Hope Street, Suite 2850

Los Angeles, California

Attention: Chief Executive Officer

[Signature page to follow]

IN WITNESS WHEREOF, this Separation Agreement was entered into by the Parties as of the dates set forth below.

EXHIBIT A

RELEASE OF CLAIMS

This Release of Claims (this “Release”) is entered into by Stanley E. Speer (“you”) in favor of Cadiz Inc. (the “Company”), in connection with the Separation Agreement between you and the Company dated as of July [●], 2026 (the “Agreement”). Capitalized terms used but not defined herein shall have the meanings set forth in the Agreement.

In consideration of the severance benefits set forth in Section 3 of the Agreement, including the acceleration of vesting of RSUs and Milestone-Based RSUs and COBRA reimbursement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, you agree as follows:

1. Release of Claims. By signing this Release, you, on behalf of yourself, agents, heirs, executors, estate, administrators, beneficiaries, trustees, attorneys-in-fact, successors, and assigns (collectively, the “Releasing Parties”) unconditionally, fully and forever release, relieve, waive, relinquish and discharge, to the full extent allowed by applicable law, the Company, including on behalf of its current and former parents, subsidiaries, predecessors, current affiliates, officers, directors, employees, board members, trustees, agents, attorneys, insurers, successors and assigns (collectively, the “Released Parties”) from all actions, causes of action, suits, debts, dues, liabilities, obligations, costs, expenses, sums of money, controversies, accounts, reckonings, liens, bonds, bills, specialties, covenants, contracts, agreements, promises, variances, trespasses, damages, judgments, extents, executions, claims and demands of any kind whatsoever, at law or in equity, direct or indirect, known or unknown, suspected or unsuspected, discovered or undiscovered, which you or the Releasing Parties had, now have, or may have against the Released Parties arising out of, by reason of, or relating in any way whatsoever to any matter, cause or thing occurring prior to or at the time of the execution of this Release, including, but not limited to: (a) any claims and causes of action arising out of or related to any express or implied employment contract, including the Employment Agreement; (b) all claims and causes of action arising out of or related to the terms and conditions of your employment with the Company, the termination of such employment, and/or any of the events relating directly or indirectly to or surrounding that termination; (c) all claims and causes of action arising under any common law or federal, state, or local law, regulation, or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act, as amended, the Older Workers Benefit Protection Act, the California Fair Employment and Housing Act, the California Labor Code, the California Family Rights Act, the Equal Pay Act, the Fair Labor Standards Act, the Employee Retirement Income Security Act of 1974, as amended, the Civil Rights Act of 1991, the Family and Medical Leave Act of 1993, the Americans with Disabilities Act of 1990, as amended, and any claims under any other federal, state, local or common law whistleblower protection, discrimination, wrongful discharge, anti-harassment, or anti-retaliation statute or ordinance; (d) any tort, contractual, or common law claims; (e) any claims for additional wages, compensation, overtime, severance pay, bonuses, equity compensation (including any claims relating to RSUs, Milestone-Based RSUs, or other equity awards under the Plan), or other benefits or entitlements as an employee of the Company; (f) any claims arising out of or related to any legal restrictions on the Company’s right to terminate employees; and (g) claims for attorneys’ fees or costs.

2. Section 1542 Waiver. You expressly acknowledge and agree that this Release includes a waiver and release of all claims which you have or may have as of the date of this Release that are unknown, unanticipated, or unsuspected. In furtherance of this intent, and as a separately bargained-for element of this Release, you expressly waive and relinquish any and all rights and benefits conferred upon you by the provisions of Section 1542 of the California Civil Code, which reads as follows:

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS THAT THE CREDITOR OR RELEASING PARTY DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE AND THAT, IF KNOWN BY HIM OR HER, WOULD HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR OR RELEASED PARTY.”

You acknowledge that you have been advised by legal counsel and are familiar with Section 1542 of the California Civil Code and any other statutes or rules of similar effect in any other applicable jurisdiction, and you expressly waive and relinquish any rights or benefits available to you under such statutes or rules.

3. Carve-Outs. Notwithstanding the foregoing, you are not waiving any claims or rights: (a) that may arise after the date on which you sign this Release, including the right to enforce the Agreement; (b) that cannot be released as a matter of law, including your rights to workers’ compensation and unemployment insurance; (c) to accrued, vested benefits under any employee benefit, stock, savings, insurance, or pension plan of the Company; or (d) to indemnification as provided by, and in accordance with the terms of, the Company’s certificate of incorporation, bylaws, or any applicable indemnification agreement, nor any existing rights of defense and indemnity or liability insurance coverage. Notwithstanding anything in this Release to the contrary, nothing in this Agreement prevents you from filing any non-legally waivable claim (including a challenge to the validity of this Agreement), filing a charge with, communicating with, participating in or cooperating with any investigation or proceeding conducted by, or providing information to, the Equal Employment Opportunity Commission, the Securities and Exchange Commission, the National Labor Relations Board, the Occupational Safety and Health Administration, the Department of Justice, or any other federal, state, or local government agency or commission (collectively, “Governmental Agencies”); provided, however, that you understand and agree that, to the extent permitted by law, you are waiving any and all rights to recover any monetary or personal relief from any Released Party as a result of any such proceeding or any subsequent legal action. Nothing herein waives your right to receive an award for information provided to a Governmental Agency, including any monetary award or bounty from any governmental or regulatory or law enforcement authority in connection with any protected whistleblower activity. Without limiting the foregoing, nothing herein shall prohibit or restrict you from: (i) initiating communications directly with, cooperating with, providing information or making statements to, causing information to be provided to, or otherwise assisting in an investigation by, any Governmental Agency; (ii) responding truthfully to any inquiry or legal process directed to you by any Governmental Agency; (iii) testifying, participating, or otherwise assisting in any action or proceeding by any Governmental Agency; (iv) disclosing an act of sexual abuse, or facts related to an act of sexual abuse, to any other person; or (v) making any disclosures protected under the whistleblower provisions of any applicable law. Nothing in this Agreement requires you to obtain prior authorization before engaging in any conduct described in this Section 3 or to notify any Released Party that you have engaged in any such conduct.

4. Representations. You hereby represent and warrant that: (a) you have not filed, caused or permitted to be filed any pending judicial or administrative complaint or proceeding against any Released Party, nor have you agreed to do any of the foregoing; (b) you have received all compensation and other amounts to which you are entitled under the Agreement through the date of this Release, except for the severance benefits set forth in Section 3 of the Agreement; and (c) neither you nor any other Releasing Party has assigned, transferred, or otherwise disposed of or conveyed to any third party any right or claim against any Released Party. You acknowledge that you may be entitled to certain payments and benefits under Section 6 of the Employment Agreement in connection with a termination without Cause. In consideration of the benefits provided under this Agreement, you knowingly and voluntarily waive any right to receive such payments and benefits, and agree that the benefits provided under Section 3 of the Agreement are in lieu of any severance, salary continuation, benefits continuation, or other separation benefits otherwise payable under the Employment Agreement.

5. Knowing and Voluntary Release of Claims under the Age Discrimination in Employment Act. You acknowledge that by executing and not revoking this Release, you, on behalf of yourself and the Releasing Parties, irrevocably and unconditionally fully and forever waive, release, and discharge the Released Parties from any and all claims, whether known or unknown, from the beginning of time through the date of your execution of this Release, arising under the Age Discrimination in Employment Act, as amended, and its implementing regulations (“ADEA”). You specifically agree and acknowledge:

(a) you have read this Release in its entirety and understand all of its terms;

(b) by this Release, you have been advised to consult with an attorney before executing this Release, and have had the opportunity to consult with such counsel as you believed was necessary before signing;

(c) you knowingly, freely, and voluntarily assent to all of this Release’s terms and conditions, including, without limitation, the waiver, release, and covenants contained in it;

(d) you are signing this Release in exchange for the severance benefits set forth in Section 3 of the Agreement and other good and valuable consideration in addition to anything of value to which you are otherwise entitled;

(e) you were given at least twenty-one (21) days to consider the terms of this Release and consult with an attorney of your choice, although you may sign it sooner if desired, and changes to this Release, whether material or immaterial, do not restart the running of the 21-day period;

(f) you understand that you have seven (7) days after signing this Release to revoke it by delivering written notice of revocation to the Company before the end of this seven-day period, and that this Release shall not become effective or enforceable, and the severance benefits set forth in Section 3 of the Agreement shall not be provided, until the revocation period has expired without revocation (the “Release Effective Date”);

(g) you are not waiving or releasing rights or claims that may arise after you sign this Release; and

(h) you understand that the waiver and release in this Release is being requested in connection with your separation from employment with the Company under the Agreement.

You further acknowledge that this Release shall become null and void if not executed by you and returned to and received by the Company on the date that is twenty-one (21) days after the Release is presented to you. For the avoidance of doubt, you are prohibited from signing this Release after that date.

6. Governing Law. This Release shall be governed by the laws of the State of California (without regard to its choice-of-law provisions).

IN WITNESS WHEREOF, you have executed this Release as of the date set forth below.