CYANOTECH CORP (CYAN): debt financing — Cyanotech amends note to allow stock interest payment; renews CEO agreement through 2029

CYANOTECH CORP

Fourth Amendment to Promissory Note with Skywords Family Foundation (Chairman Michael Davis) lets company pay FY2026 interest in common stock at $1.00/share.
CEO Matthew K. Custer's employment renewed for four years from June 16, 2025 to June 16, 2029.
CEO base salary $225k, with $25k in RSUs; increases to $250k after two consecutive break-even quarters.
CEO granted 150,000 stock options (exercise price = closing price on grant date), vesting over three years.
CEO also eligible for $25k signing bonus if company cash position strengthens, at Compensation Committee discretion.

item 1.01 item 2.03 item 5.02 item 9.01

Key facts

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.7

CYANOTECH CORP amended loan with Skywords Family Foundation, Inc..

Instrument: loan
Counterparty: Skywords Family Foundation, Inc.
Event: amendment

Exact text from the filing

On May 2, 2025, Cyanotech Corporation (the “Company”) entered into a Fourth Amendment (the “Amendment”) to the Amended and Restated Promissory Note with Skywords Family Foundation, Inc. (“Skywords”), dated as of April 12, 2021 and amended on December 14, 2022, August 13, 2023, and August 9, 2024 (the “Note”). The Amendment amends Section 4 to the Note to allow the Company to elect, in its sole discretion, to pay the interest accrued during the fiscal year ended March 31, 2026 in the form of its common stock at a per share value of $1.00 per share. All other terms of the Note remain the same.

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Source: SEC EDGAR

accession 0001437749-25-015470

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