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 Heron Lake BioEnergy, LLC, ("HLBE") effective May 26, 2021.
Christensen is the CEO of Granite Falls Energy, LLC, which is the majority owner
of HLBE, and also serves as the CEO of HLBE pursuant to a management services
agreement between GFE and HLBE (the "Management Services Agreement"). Under the
Management Services Agreement, GFE and HLBE share executive officers.
Christensen previously executed an Separation Agreement dated February 17, 2021
(the "Separation Agreement"). Pursuant to the Separation Agreement, Christensen
will continue as an employee of HLBE through December 31, 2021, for the purposes
of aiding in the transition of HLBE'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 HLBE'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 GFE's CEO
effective May 26, 2021. Oestmann will also serve as the CEO of HLBE effective
May 26, 2021, pursuant the Management Services Agreement, under which GFE and
HLBE share executive officers.
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 HLBE or GFE.
Oestmann does not have any family relationships with any executive officer or
director of HLBE.
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
(a)None.
(b)None.
(c)None.
(d)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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