Attached files
| file | filename |
|---|---|
| EX-10.2 - EXHIBIT 10.2 - SOUTH DAKOTA SOYBEAN PROCESSORS LLC | empoymentagmt_markx2017321.htm |
| EX-10.1 - EXHIBIT 10.1 - SOUTH DAKOTA SOYBEAN PROCESSORS LLC | employmentagmt_tomx20170321.htm |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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): March 21, 2017
South Dakota Soybean Processors, LLC |
(Exact name of registrant as specified in its charter) |
South Dakota | 000-50253 | 46-0462968 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
100 Caspian Ave. PO Box 500 Volga, South Dakota | 57071 | |
(Address of principal executive offices) | (Zip Code) | |
(605) 627-9240 |
(Registrant's telephone number, including area code) |
(Former name or former address, if changed since last report) |
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:
¨ | 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)) | |
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On March 21, 2017, South Dakota Soybean Processors, LLC (the "Company") entered into new employment agreements with its Chief Executive Officer, Thomas Kersting, and its Chief Financial Officer, Mark Hyde.
Mr. Kersting's agreement provides for a base salary of $365,000 for 2017, $375,000 for 2018, $385,000 for 2019, and is subject to review and adjustment by the Company's board of managers at their sole discretion for each calendar year thereafter. After 2019, the employment agreement provides for a successive 36-month terms until Mr. Kersting reaches the age of 62, at which time it will convert to a fixed three-year term ending on his 65th birthday. If Mr. Kersting is terminated without cause, he is entitled to receive: (i) the base salary for the greater of: (A) the remaining term of this agreement (up to a maximum of 36 months) or (B) 52 weeks from the date of termination, (ii) any other amounts earned, accrued or owed to Mr. Kersting under this 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 during the term of this agreement and for a period of two years following his termination for any reason. All other material items and conditions in Mr. Kersting's previous employment agreement date August 18, 2015 remain the same.
Mr. Hyde's agreement provides for a base salary of $124,000 which may be adjusted by the Chief Executive Officer at his sole discretion. If Mr. Hyde is terminated without cause, he is entitled to receive: (i) the base salary for the lessor of: (A) the number of months equal to the number of years during which Mr. Hyde was employed by the Company as of the date of termination or (B) 24 months, (ii) any other amounts earned, accrued or owed to Mr. Hyde under this agreement but not yet paid; and (iii) any other benefits payable to Mr. Hyde under any benefit plan or program of the Company. Mr. Hyde is also subject to a non-competition provision during the term of this agreement and for a period of one year following his termination for any reason.
In addition to their base salaries, Messrs. Kersting and Hyde are entitled, but are not required to receive, a bonus as determined by the Company's board of managers at their sole discretion. They are also entitled to paid vacations and holidays, receipt and participation in insurance benefits and retirement plans provided to other 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 March 21, 2017.
10.2 Employment Agreement (Mr. Hyde) signed March 21, 2017.
SIGNATURE
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.
SOUTH DAKOTA SOYBEAN PROCESSORS, LLC | ||
Dated: March 24, 2017 | /s/ Thomas Kersting | |
Thomas Kersting, Chief Executive Officer | ||