Item 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
On or about February 17, 2021, Granite Falls Energy, LLC (the "Company")
executed a separation agreement (the "Agreement") with its CEO and General
Manager Steve Christensen, providing that Christensen's services to the Company
are expected terminate on or before December 31, 2021. Christensen has been
employed by the Company since 2012 and intends to retire at or before the end
2021. Pursuant to the Agreement, Christensen's services to the Company will
terminate at the earlier of December 31, 2021, or the hiring of a new General
Manager and the completion of a transition period. Christensen will be paid in
full pursuant to the terms of his employment agreement through December 31,
2021, even if his services terminate earlier due to the hiring of his
replacement. In any event, Christensen's services to the Company are expected to
terminate no later than December 31, 2021. This description of the Agreement is
qualified in its entirety by reference to the actual Agreement, a copy of which
is attached hereto as an exhibit and incorporated herein by reference.
ITEM 9.01 - Financial Statements and Exhibits
(a)None.
(b)None.
(c)None.
(d)Exhibits.
Exhibit No. Description
10.1 Separation Agreement dated February 17, 2021
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