This is not legal advice and is for educational purposes.
From the FAA
What's an Agricultural Operation?
Under Part 137, the following aircraft operations are considered agricultural by nature:
- Dispensing any economic poison as defined in Section 137.3
- Dispensing any other substance intended for plant nourishment, soil treatment, propagation of plant life, or pest control.
- Engaging in dispensing activities directly affecting agriculture, horticulture, or forest preservation.
Algae is plant life and algicide is an economic poison.
This is in my opinion definitely a 137 operation. Fortunately a T10 is under 107 not 44807. Much is less restricted.