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
© Edgar Online, source Glimpses