Item 5.02. DEPARTURE OF DIRECTORS OR PRINCIPAL OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF PRINCIPAL OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS

Heron Lake BioEnergy, LLC ("Heron Lake") is party to a 2013 Management Services Agreement (the "Management Agreement") with Granite Falls Energy, LLC ("GFE"), pursuant to which GFE provides Heron Lake with the services of a Chief Executive Officer and other managers. Steve Christensen serves as CEO and General Manager of Heron Lake and GFE pursuant to a 2014 employment agreement. Because Christensen intends to retire at or before the end of 2021, GFE executed a separation agreement (the "Separation Agreement") with Christensen on or about February 17, 2021. The Separation Agreement provides that Christensen's services to GFE 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's services to Heron Lake will terminate at the same time his services to GFE terminate, pursuant to the terms of the Management Agreement. 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 Heron Lake and GFE is expected to terminate no later than December 31, 2021. These descriptions of the Separation Agreement and the Management Agreement are qualified in their entirety by reference to the actual agreements, copies of which are attached hereto as exhibits 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
10.2            Management Services Agreement dated July 31, 2013

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