Glenn D. Jensen
About Glenn D. Jensen
Glenn D. Jensen is Vice President, Operations at Cyanotech (CYAN). He has served in senior operations roles since 1993 and first joined the company in 1984; he is 67 and holds a B.S. in Health Science from California State University, Fresno . Company context during his recent tenure: FY2023–FY2025 revenue grew modestly ($23.2M → $24.2M) while EBITDA remained negative; company-level TSR (value of a $100 investment) was $27 (FY2023), $9 (FY2024), and $11 (FY2025), with net losses each year, framing a challenging pay-for-performance backdrop and revenue/EBITDA below.
Company performance (annual):
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Revenue ($) | 23,178,000 * | 23,071,000 * | 24,215,000 * |
| EBITDA ($) | (1,135,000)* | (2,810,000)* | (892,000)* |
*Values retrieved from S&P Global
TSR and profitability (pay-versus-performance disclosure):
| Metric | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|
| Value of $100 Investment (TSR proxy) ($) | 27 | 9 | 11 |
| Net (Loss) Income ($000s) | (3,440) | (5,267) | (3,203) |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Cyanotech | VP, Operations | 1993–2015; 2019–present | Leads microalgae process operations and site operations continuity |
| Cyanotech | VP, Manufacturing & Infrastructure | 2016–2019 | Oversaw manufacturing and infrastructure optimization |
| Cyanotech | Process Manager | 1984–1993 | Early operations/process leadership during scaling |
| Cal‑Alga (external) | Plant Engineer | pre‑1984 | Spirulina production engineering (foundation for later ops leadership) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cal‑Alga | Plant Engineer | pre‑1984 | Spirulina production facility near Fresno, CA |
Fixed Compensation
Jensen was a Named Executive Officer (NEO) in FY2021 and FY2020; he was not an NEO in FY2024–FY2025 (no line-item disclosure in those years). Historical detail:
| Fiscal Year | Salary ($) | Bonus ($) | Stock Awards ($) | Option Awards ($) | Non-Equity Incentive ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2021 | 174,904 | — | 2,914 | — | — | — | 177,818 |
| 2020 | 170,000 | — | 2,673 | — | 7,419 | — | 180,092 |
Compensation oversight and philosophy emphasize market-aligned base pay at the median of surveys, adjusted for role scope and experience .
Performance Compensation
Program design (company-wide for executives):
- Annual incentive plan tied primarily to profitability; bonuses awarded at Board discretion based on CEO recommendations. For FY2025, NEO bonuses were not accrued/paid given performance; historically, when results underperform, bonuses are reduced or not awarded .
- Current design funds the plan as a percentage of profit before taxes; mix is two-thirds cash and one-third RSUs vesting ratably over three years (RSUs granted after the 10‑K filing) .
Jensen actual historical payouts (as disclosed when he was an NEO):
| Fiscal Year | Metric Framework | Payout ($) | Notes |
|---|---|---|---|
| 2021 | Profitability and departmental goals | — | No NEO bonus accrued for FY2021 |
| 2020 | Profitability and departmental goals | 7,419 | Non‑equity incentive plan compensation |
Plan metric examples used by Cyanotech: Net Sales, Gross Margin, and Net Income (before extraordinary items), plus strategic/operational goals aligned to the executive’s remit .
Equity Ownership & Alignment
Beneficial ownership and outstanding equity (historical snapshot when Jensen was an NEO):
- Beneficial ownership (as of July 2, 2021): 65,291 shares; approximately 1.1% of outstanding shares; includes options to purchase 47,000 shares .
- Option detail (as of FY2021 year-end):
- 2,000 options @ $3.82 expiring 8/28/2021 (exercisable)
- 35,000 options @ $3.82 expiring 8/28/2021 (exercisable)
- 10,000 options @ $5.84 expiring 7/18/2022 (exercisable)
| As-of Date | Shares Owned | % Outstanding | Options Exercisable | Options Unexercisable | Notes |
|---|---|---|---|---|---|
| 2021-07-02 | 65,291 | 1.1% | 47,000 | 0 | Per DEF 14A security ownership and awards table |
Alignment mechanisms and restrictions:
- RSU component of annual bonus vests ratably over three years, creating retention and alignment via multi-year vesting .
- Insider trading policy in place; no specific disclosure of stock pledging by Jensen; no executive ownership guidelines disclosed in proxy materials reviewed .
Employment Terms
- Employment status: At‑will; “No other executive officer has an employment agreement,” beyond the CEO’s agreement renewed in 2025 .
- Change-in-control: Under the 2016 Equity Incentive Plan, in a Change in Control and Double Trigger Event, the company may accelerate vesting/exercisability, assume/continue/substitute awards, or cash‑out awards at fair value; plan definitions govern and provide flexibility in treatment .
- Severance: No individual severance terms disclosed for Jensen; the only specific severance described pertains to the CEO .
- Clawback/tax gross-ups: Not disclosed in the reviewed materials.
Investment Implications
- Pay-for-performance alignment: Jensen’s disclosed pay shows a modest base with limited variable pay realized in weak years (no FY2021 bonus, small FY2020 payout), consistent with a program that withholds bonuses when profitability targets are not met . Given multi-year RSU vesting in the incentive mix, any future profitability-driven payouts would create gradual selling pressure but also enhance retention .
- Retention risk: Long company tenure (joined 1984) and deep microalgae operations expertise suggest low voluntary turnover risk; however, at‑will status and absence of personalized severance could be a factor in competitive talent markets .
- Insider selling pressure: Historical options disclosed for Jensen were fully exercisable and near term expiring in 2021–2022, implying past windows for potential sales; current award overhang for him is not disclosed in recent (FY2025) proxy NEO tables, limiting visibility into forward selling pressure .
- Governance considerations: Related‑party financing with the Board Chair (loan and revolver) is a governance flag to monitor, though not tied to Jensen personally; board committees are independent and active . Company TSR and losses underscore execution risk in achieving sustained profitability, which is central to unlocking incentive pay and long‑term equity value .
Note: Jensen was an NEO in FY2021 (and disclosed in FY2020) but not in FY2024–FY2025; recent individual compensation/ownership details are therefore limited to historical disclosures in the proxies reviewed.
Citations: Executive biography and roles ; Compensation program and outcomes ; Ownership and options ; Governance and related party ; CEO employment terms ; Company performance and TSR ; Revenues FY2023–FY2025 *.
*Values retrieved from S&P Global