Michael A. /. Davis - Apr 3, 2023 Form 4 Insider Report for CYANOTECH CORP (CYAN)

Role: Director, 10%+ Owner
Signature: /s/Laura L. Taylor, by Power of Attorney
Stock symbol: CYAN
Transactions as of: Apr 3, 2023
Transactions value $: $0
Form type: 4
Date filed: 4/4/2023, 03:32 PM
Previous filing: Sep 1, 2022
Next filing: Aug 28, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	CYAN	Cyanotech Corporation Common Stock	Award	$0	+8.55K	+1.71%	$0.00	508K	Apr 3, 2023	By self as trustee of the Michael Arlen Davis Revocable Trust	F1
holding	CYAN	Cyanotech Corporation Common Stock						12.1K	Apr 3, 2023	Direct
holding	CYAN	Cyanotech Corporation Common Stock						31.3K	Apr 3, 2023	By Spouse
holding	CYAN	Cyanotech Corporation Common Stock						150K	Apr 3, 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						425K	Apr 3, 2023	By self as director of Skywords Family Foundation Inc.	F2
holding	CYAN	Cyanotech Corporation Common Stock						58K	Apr 3, 2023	By self as trustee for Nettizanne Johnstone Davis GST Exempt Trust
holding	CYAN	Cyanotech Corporation Common Stock						58.8K	Apr 3, 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.