SEC Form 4 · accession 0001437749-16-031476
CYANOTECH CORP · CYAN
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Brent David Bailey
Other
Period of report
Mar 31, 2016
Accepted (ET)
May 11, 2016 · 6:01 am EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000768408
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common Stock | May 2, 2016 | A | 77,500 | $0.00 | A | 77,500 | D | |
| Common Stock | May 2, 2016 | F | 29,033 | $0.00 | D | 48,467 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock OptionsF4 | $3.04 | Mar 31, 2016 | D | 230,000 | D | — | Jan 12, 2021 | Common Stock | 230,000 | 0 | D |
| Stock OptionsF5 | $3.82 | Mar 31, 2016 | D | 497,916 | D | — | Aug 29, 2021 | Common Stock | 497,916 | 0 | D |
Explanation of responses
- F1Grant of shares made pursuant to the Separation Agreement between the issuer and the reporting person, dated as of March 31, 2016 (the "Separation Agreement"), a copy of which is attached to and made a part of the issuer's Current Report on Form 8-K filed with the Securities and Exchange Commission (SEC) on April 4, 2016; transaction exempt from Section 16(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), pursuant to Rule 16b-3 thereunder.
- F2Shares withheld pursuant to the Separation Agreement to satisfy tax withholding obligations; transaction exempt from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder.
- F3Disposition to the issuer of stock options pursuant to the Separation Agreement; transaction exempt from Section 16(b) of the Exchange Act pursuant to Rule 16b-3 thereunder. As of March 31, 2016, 486,000 of such stock options were vested and 241,916 were unvested.
- F481,000 stock options became exercisable on each of January 1, 2011 and January 1, 2013, and 68,000 stock options became exercisable on January 1, 2014.
- F540,000 stock options became exercisable on January 1, 2014, and 108,000 stock options became exercisable on each of January 1, 2015 and January 1, 2016. 108,000 stock options were scheduled to become exercisable on January 11, 2017 and an additional 133,916 stock options were scheduled to become exercisable on January 11, 2018.