Cyanotech (CYAN) Form 4 CYANOTECH / Felicia I Ladin ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Ladin Felicia I

(Last) (First) (Middle)

73-4460 QUEEN KAAHUMANU HWY #102

(Street)

KAILUA-KONA HI 96740

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CYANOTECH CORP [ CYAN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
CFO, VP Fin & Admin, Treasurer

3. Date of Earliest Transaction (Month/Day/Year)
04/06/2023

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	04/06/2023		M(1)		34	A	$0	54	D
Common Stock	04/06/2023		F(2)		13	D	$0.94	41	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(3)	04/06/2023		A		100		(4)	(4)	Common Stock	100	$0	5,375	D
Restricted Stock Units	(3)	04/06/2023		M			34	(5)	(5)	Common Stock	34	$0	5,341	D

Explanation of Responses:

1. Represents the conversion upon vesting of restricted stock units into common stock.

2. No stock was sold. On April 6 2023, in connection with the vesting of 34 shares of stock, the Company withheld a total of 13 shares to satisfy a payroll tax liability incident to such vesting.

3. Each restricted stock unit represents the contingent right to receive one (1) share of Cyanotech Common Stock.

4. The restricted stock units vests as to 34 shares on April 6, 2023; 1,747 shares on July 29, 2023; 33 shares on April 6, 2024; 1,747 shares on July 29, 2024; 33 shares on April 6, 2025; 1,747 shares on July 29, 2025; and 34 shares on April 6, 2026, in each case subject to the reporting person's continued service with the Company on the vesting date.

5. The restricted stock units vest as to 1,747 shares on July 29, 2023; 33 shares on April 6, 2024; 1,747 shares on July 29, 2024; 33 shares on April 6, 2025; 1,747 shares on July 29, 2025; and 34 shares on April 6, 2026, in each case subject to the reporting person's continued service with the Company on the vesting date.

	/s/Laura L. Taylor, by Power of Attorney	04/10/2023
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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