MICHAEL A. /. DAVIS - 03 Apr 2023 Form 4 Insider Report for CYANOTECH CORP (CYAN)

Role: Director, 10%+ Owner
Signature: /s/Laura L. Taylor, by Power of Attorney
Issuer symbol: CYAN
Transactions as of: 03 Apr 2023
Net transactions value: $0
Form type: 4
Filing time: 04 Apr 2023, 15:32:45 UTC
Previous filing: 01 Sep 2022
Next filing: 28 Aug 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CYAN	Cyanotech Corporation Common Stock	Award	$0	+8,551	+1.7%	$0.000000	508,370	03 Apr 2023	By self as trustee of the Michael Arlen Davis Revocable Trust	F1
holding	CYAN	Cyanotech Corporation Common Stock						12,119	03 Apr 2023	Direct
holding	CYAN	Cyanotech Corporation Common Stock						31,250	03 Apr 2023	By Spouse
holding	CYAN	Cyanotech Corporation Common Stock						150,000	03 Apr 2023	By self as co-trustee for the Nyracai Davis Irr. Trust and the Nettizanne J. Davis Irr. Trust
holding	CYAN	Cyanotech Corporation Common Stock						424,621	03 Apr 2023	By self as director of Skywords Family Foundation Inc.	F2
holding	CYAN	Cyanotech Corporation Common Stock						58,000	03 Apr 2023	By self as trustee for Nettizanne Johnstone Davis GST Exempt Trust
holding	CYAN	Cyanotech Corporation Common Stock						58,789	03 Apr 2023	By self as trustee for Nyracai Johnstone Davis GST Exempt Trust

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	To reduce the Company's ongoing cash expenses, the Nominating and Corporate Governance Committee of the Board of Directors adopted a resolution allowing each director to elect to receive his or her quarterly director fees in the form of restricted stock in lieu of cash. The Reporting Person elected to receive shares of restricted stock in lieu of cash for the third fiscal quarter.
F2	Skywords is a 501(c)(3) charitable foundation, of which the Reporting Person and his spouse serve as the two directors. The Reporting Person should not be deemed to be a beneficial owner of the shares held by Skywords under Rule 16a-2, however, the shares held by Skywords are included here for purposes of complete disclosure and in light of such shares having been previously disclosed on previous Forms 4 filed by the Reporting Person.

Content

To reduce the Company's ongoing cash expenses, the Nominating and Corporate Governance Committee of the Board of Directors adopted a resolution allowing each director to elect to receive his or her quarterly director fees in the form of restricted stock in lieu of cash. The Reporting Person elected to receive shares of restricted stock in lieu of cash for the third fiscal quarter.

Skywords is a 501(c)(3) charitable foundation, of which the Reporting Person and his spouse serve as the two directors. The Reporting Person should not be deemed to be a beneficial owner of the shares held by Skywords under Rule 16a-2, however, the shares held by Skywords are included here for purposes of complete disclosure and in light of such shares having been previously disclosed on previous Forms 4 filed by the Reporting Person.