secwatch.observer — SEC 8-K summary
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Issuer:     CYANOTECH CORP (CYAN)
CIK:        0000768408
Form:       8-K
Filed at:   2025-05-08T23:59:59+00:00
Accession:  0001437749-25-015470
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Cyanotech amends note to allow stock interest payment; renews CEO agreement through 2029
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/768408/000143774925015470/0001437749-25-015470-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/768408/000143774925015470/cyan20250508_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-015470

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer