Granite Falls Energy, LLC (Form: 8-K, Received: 02/22/2021 06:01:32)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 17, 2021


GRANITE FALLS ENERGY, LLC
(Exact name of small business issuer as specified in its charter)

Minnesota	000-51277		41-1997390
(State or other jurisdiction of incorporation or organization)	(Commission File Number)		(I.R.S. Employer Identification No.)

15045 Highway 23 SE, Granite Falls, MN		56241-0216
(Address of principal executive offices)		(Zip Code)

(320) 564-3100
(Issuer's telephone number)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class:	Trading Symbol	Name of each exchange on which registered:
None	NA	NA

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


◻	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
◻	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
◻	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
◻	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

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

On or about February 17, 2021, Granite Falls Energy, LLC (the “Company”) executed a separation agreement (the “Agreement”) with its CEO and General Manager Steve Christensen, providing that Christensen’s services to the Company are expected terminate on or before December 31, 2021. Christensen has been employed by the Company since 2012 and intends to retire at or before the end 2021. Pursuant to the Agreement, Christensen’s services to the Company 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 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 the Company are expected to terminate no later than December 31, 2021. 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.

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	GRANITE FALLS ENERGY, LLC

Date: February 19, 2021	/s/ Stacie Schuler
	Stacie Schuler, Chief Financial Officer

Exhibit 10.1

SEPARATION AGREEMENT

WHEREAS, Granite Falls Energy, LLC (hereafter “Granite Falls”) and Steve Christensen (hereafter “Christensen”) entered into that certain Employment Agreement dated October 31, 2014 whereby Granite Falls, as employer, retained the services of Christensen, as employee; and

WHEREAS, Christensen intends to retire effective December 31, 2021; and

WHEREAS, Granite Falls needs to search for and hire a new General Manager to replace Christensen; and

WHEREAS, for ease of transition, Granite Falls and Christensen desire to enter into this Separation Agreement.

NOW, THEREFORE, Granite Falls and Christensen agree and contract as follows:

1)The Employment Agreement between Granite Falls and Christensen dated October 31, 2014 is deemed incorporated herein.

2)The above recitals are deemed incorporated herein.

3)If Granite Falls hires a new General Manager prior to December 31, 2021, Christensen shall help transition the newly hired General Manager and Christensen’s services as an employee of Granite Falls shall thereafter terminate.

4)In the event of a new General Manager taking over prior to December 31, 2021, Christensen shall still be paid in full pursuant to the terms of said Employment Agreement and other existing benefits through and including December 31, 2021 even if his services terminate earlier because of the start date of the newly retained General Manager.

5)In any event, the employment of Christensen by Granite Falls shall terminate by mutual agreement effective close of business December 31, 2021.

6)It is intended that the terms of this Separation Agreement shall amend and supercede any contrary or conflicting terms in said Employment Agreement, but that otherwise all terms and conditions of said Employment Agreement shall remain in full force and effect through December 31, 2021.


Dated: February 17, 2021

EMPLOYER:			EMPLOYEE:
GRANITE FALLS ENERGY, LLC

By:	/s/ Paul Enstad			/s/ Steve Christensen
	Its:	Chairman			Steve Christensen