ex_457558.htm


 


Exhibit 10.1


 


 


FIRST AMENDMENT TO

AMENDED AND RESTATED PROMISSORY NOTE


 


This FIRST AMENDMENT (this “Amendment”) to the Amended and Restated Promissory Note (the “Note”), by and between Skywords Family Foundation Inc. (“Lender”), and Cyanotech Corporation, a Nevada Corporation (“Borrower”), dated as of April 12, 2021, is entered into as of December 14, 2022. Except as otherwise provided herein, all capitalized terms not specifically defined herein will have the same meanings ascribed to them in the Note.


 


RECITALS


 


WHEREAS, Lender and Borrower are parties to the Note, pursuant to which Borrower is entitled to request certain Revolving Loans from Lender up to the Maximum Revolving Amount, subject to the terms and conditions of the Note; and


 


WHEREAS, Lender and Borrower desire to amend the Note to: (i) increase the Maximum Revolving Amount from $500,000 to $1,000,000; and (ii) extend the Maturity Date from April 12, 2024 to April 12, 2025.


 


NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrower and Lender agree as follows:


 


AGREEMENT


 


1.    Amendments to the Note. The Note is hereby amended as follows:


 


(a)    The term “Maximum Revolving Amount” as used in the Note is hereby defined to be One Million Dollars ($1,000,000), and all uses of the term “Maximum Revolving Amount” in the Note shall be deemed to be references to One Million Dollars ($1,000,000) rather than Five Hundred Thousand Dollars ($500,000).


 


(b)    The second sentence of Section 4 shall be amended and restated in its entirety as follows: “The aggregate outstanding principal of each of the Loans and accrued but unpaid interest shall be due and payable on April 12, 2025 (the “Maturity Date”).” All references to the term “Maturity Date” in the Note shall be deemed to be references to April 12, 2025 rather than April 12, 2024.


 


2.    Effect of Amendment. Except as otherwise explicitly provided in this Amendment, the Note will remain unchanged and in full force and effect. The term “Note” as used in the Agreement shall for all purposes refer to the Note as amended by this Amendment.


 


3.    Complete Agreement. The Note, as amended by this Amendment, represents the complete agreement and understanding among the parties with respect to, and supersede and preempt any prior understandings, agreements or representations by or among the parties, written or oral, which may have related to, the subject matter hereof in any way.


 


4.    Counterparts. This Amendment may be executed in separate counterparts (including by means of facsimile or by electronic transmission in portable document format (pdf) or comparable electronic transmission), each of which is deemed to be an original and all of which taken together constitute one and the same document.


 


5.    Governing Law. All issues and questions concerning the construction, validity, enforcement and interpretation of this Amendment and the exhibits and schedules hereto shall be governed by, and construed in accordance with, the laws of the State of California and as set forth in Section 17 of the Note, as if an original part thereof.


 





 










 








 


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IN WITNESS WHEREOF, Borrower and Lender have executed this Amendment effective as of the date first above written.


 


	 	BORROWER:
	 	 
	 	
			Cyanotech Corporation


			a Nevada Corporation

			
	 	 
	 	 
	 	By:/s/Matthew Custer__________

			Name: Matthew Custer

			Title: President and CEO
	 	 
	 	 
	 	 
	 	LENDER:
	 	 
	 	Skywords Family Foundation, Inc.
	 	 
	 	 
	 	 
	 	By: 	/s/Michael Davis__________
	 	 	Name: Michael Davis
	 	 	Title: President