ITEM 5.02. DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS;
APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS
Item 5.02(b) Resignation of Steve Christensen as Chief Executive Officer
On or about May 20, 2021, Steve Christensen resigned as chief executive officer
("CEO") of Granite Falls Energy, LLC, ("GFE") effective May 26, 2021.
Christensen and GFE previously executed an Separation Agreement dated February
17, 2021 (the "Separation Agreement"). Pursuant to the Separation Agreement,
Christensen will continue as an employee of GFE through December 31, 2021, for
the purposes of aiding in the transition of GFE's new CEO. This description of
the Separation Agreement is qualified in its entirety by reference to the actual
Separation Agreement, a copy of which is available in GFE's Form 8-K filing
dated February 17, 2021.
Item 5.02(c) Appointment of Jeffrey Oestmann as Chief Executive Officer
On or about May 20, 2021, GFE appointed Jeffrey Oestmann, to serve as CEO
effective May 26, 2021.
Oestmann executed a letter of employment dated May 20, 2021 (the "Agreement").
Pursuant to the Agreement, Oestmann's tenure as CEO will begin May 26, 2021, and
he will earn a base salary of $278,180. Oestmann will be entitled to certain
benefits including a signing bonus, performance bonuses, expense reimbursement,
moving allowance, paid time off, 401K, health and dental benefits, long-term
disability, and life insurance, as set forth in the Agreement. Oestmann's
employment is at-will. The Agreement includes a covenant not to compete. 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.
Oestmann is 57 years old and has worked in the agriculture and bio-fuel sectors
for approximately 27 years. From 2013 to 2017, Oestmann served as President and
CEO of East Kansas Agri-Energy, LLC, which operates an ethanol plant in Garnett,
Kansas. From 2017 to 2019, Oestmann worked for Syngenta, an agricultural science
and technology company, as Head of Accounts and subsequently as Head of Bio-Fuel
Operations. Neither East Kansas Agri-Energy, LLC, nor Syngenta is an affiliate,
subsidiary, or parent of GFE.
Oestmann does not have any family relationships with any executive officer or
director of the GFE.
Oestmann is not a party to any transaction required to be disclosed pursuant to
Item 404(a) of Regulation S-K.
ITEM 9.01 - Financial Statements and Exhibits
Exhibit No. Description
10.1 Letter of Employment between Jeffrey Oestmann and Granite Falls
Energy, LLC, dated May 20, 2021
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