Item 5.02 Departure of Directors or Principal Officers; Election of Directors;
Appointment of Certain Officers; Compensating Arrangements of Certain Officers.
On January 1, 2023, South Dakota Soybean Processors, LLC (the "Company") entered
into a new employment agreement with its Chief Executive Officer, Thomas J.
Kersting.
Mr. Kersting's agreement provides for an annual base salary of $400,000 for each
of the five years ended December 31, 2023, 2024, 2025, 2026 and 2027. If Mr.
Kersting is terminated without cause, he is entitled to receive: (i) his base
salary for the greater of: (A) the remaining term of the agreement or (B) 52
weeks from the date of termination; (ii) any other amounts earned, accrued or
owed to Mr. Kersting under the agreement but not yet paid; and (iii) any other
benefits payable to Mr. Kersting under any benefit plan or program of the
Company. Mr. Kersting is also subject to a non-competition provision under which
he is prohibited from competing with the Company during the term of the
agreement and for a period of two years following his termination for any
reason.
In addition to his base salary, the agreement grants to Mr. Kersting the right
to receive an annual profit sharing bonus equal to 0.7% of the Company's annual
net income in excess of $2 million. He is also entitled to paid vacations and
holidays, receipt and participation in insurance benefits and retirement plans
provided to other Company employees, and reimbursement of reasonable travel and
other related employment expenses.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits. The following exhibits are filed with this report:
10.1 Employment Agreement (Mr. Kersting) signed January 1, 2023.
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