Check the appropriate box:
Friday, June 17, 2022
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By order of the board of governors,
Thursday, June 16, 2022.
| | | | By order of the board of governors, | | | | |
| | | | /s/ Paul Enstad PAUL ENSTAD, Chairman | | |
PAUL ENSTAD,
Chairman
Granite Falls, Minnesota
February 28, 2019
Granite Falls Energy, LLC
15045 Highway 23 S.E.
Granite Falls, MN 56241-0216
2019
Friday, June 17, 2022
May 23, 2022.
| Questions and Answers: This section provides answers to frequently asked questions regarding the purpose of the 2022 annual meeting and meeting procedures. • Proxy Proposals: This section provides information and detailed explanation of the proposals to be voted on at the 2022 annual meeting. There is one proposal being presented for your consideration at the 2022 annual meeting: elect three governors from the four nominees listed below to serve on the Company’s board of governors. The three elected governors will serve until the 2025 annual meeting of members and until their successors are elected; and • Required Information: This section provides information that is required by law to be included in the Company’s proxy statement, which has not been included in Sections I and II. |
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SECTION I - QUESTIONS AND ANSWERS ABOUT THE
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Q:Who can attend the 20192022 annual meeting?
| Proxy card. The enclosed proxy card is a means by which a member may authorize the voting of his, her, or its membership units at the 2022 annual meeting. The membership units represented by each properly executed proxy card will be voted at the 2022 annual meeting in accordance with the member’s directions. The Company urges you to specify your choices by marking the appropriate boxes on your enclosed proxy card. After you have marked your choices, please sign and date the enclosed proxy card and return it: |
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None of the governor nominees serve as a director of any other company having a class of securities registered under Section 12 of the Exchange Act, or subject to Section 15(d) of the Exchange Act, nor do any of the governor nominees serve as a director of an investment company registered under the Investment Company Act of 1940, as amended.
Name | | | Age | | | Year First Became a Governor (if applicable) | | | Term Expires (if applicable) | | |||||||||
Dean Buesing | | | | | 69 | | | | | | 2009 | | | | | | 2022 | | |
Sherry Jean Larson | | | | | 47 | | | | | | 2016 | | | | | | 2022 | | |
Robin Spaude | | | | | 72 | | | | | | 2019 | | | | | | 2022 | | |
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Name |
| Age |
| Year First Became a Governor (if applicable) |
| Term Expires (if applicable) |
Leslie Bergquist |
| 59 |
| 2013 |
| 2019 |
Dean Buesing |
| 66 |
| 2009 |
| 2019 |
Sherry Jean Larson |
| 43 |
| 2016 |
| 2019 |
Robin Spaude |
| 69 |
| N/A |
| N/A |
Each of Messrs. BergquistBuesing and BuesingSpaude and Ms. Larson are incumbent governors.
Dean Buesing - Secretary of the Board and Incumbent Nominee.Mr. Buesing has beenserved as a governor of the Company since 2009. Mr. Buesing has decades of experience in the agricultural industry,and his brother have been farming near Granite Falls since 1973, raising corn and servingsoybeans. Since 1980, he has served as the president of Buesing Farms, Inc. since 1980, as theHe is also president of Buesing-Buesing, LLC, since 2006 and aswhich is a partnerfarming operation formed in 2006. In 2007, Buesing Ag Partnership since 2007. He also served aswas formed, in which he is a directorpartner with his brother and planning committee membernephew. Mr. Buesing was a director of Minnesota Corn Processors, LLC, an ethanol production facility located near Marshall, Minnesota from 1998 until its acquisition2002 when it was bought by Archer Daniels Midland in 2002.Midland. While a director of Minnesota Corn Processors, LLC, Mr. Buesinghe also served on the long rangelong-range planning and development committee. From 2007 to 2011, Mr. Buesing wasserved as a director and secretary of SW Energy, LLC, a development stage ethanol production facility located near McCook, Nebraska. From 1992 to 2000, he was also a director and treasurer of Yellow Medicine Soybean Growers. He is also currently a member of the Minnesota Soybean and Corn Growers Associations. Mr. Buesing also servespreviously served as a onegovernor of our appointed governors to the board of governors of HLBE.HLBE Mr. Buesing was selected asis a nominee based on his business experience in bothmember of the agriculture and ethanol industries and prior involvement with the biofuels industry. Company’s executive board.
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Christianson, Ms. Larson served as the interim part-time chief financial officer for a private ethanol production facility pursuant to a financial and consulting services agreement between Christianson and the ethanol production facility. Prior to her employment with Christianson & Associates, Ms. Larson was employed as a senior accountant at Schlenner Wenner & Co. in St. Cloud, Minnesota from November 1997 to July 2001. She graduated from the University of Evansville with a bachelor ofbachelor’s degree in accounting degree and from St. Cloud State University with a mastersmaster’s degree in business administration. Ms. Larson was selected as a nominee based on her business experience, knowledge of the ethanol industry, education and financial acumen.
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AND CERTAIN BENEFICIAL OWNERS
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Title of Class |
| Name and Address of Beneficial Owner (1) |
| Position with the Company |
| Amount and Nature of Beneficial Ownership (2) |
| Percent of Class (3) | ||
Governors and Executive Officers |
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Membership Units |
| Leslie Bergquist |
| Governor & Incumbent Nominee |
| 15 | units |
| — | %* |
Membership Units |
| Dean Buesing (4) |
| Governor, Secretary & Incumbent Nominee |
| 635 | units |
| 2.07 | % |
Membership Units |
| Steve Christensen |
| Chief Executive Officer & General Manager |
| — | units |
| — | % |
Membership Units |
| Paul Enstad (5) |
| Governor & Chairman |
| 125 | units |
| — | %* |
Membership Units |
| Marten Goulet (6) |
| Governor |
| 50 | units |
| — | %* |
Membership Units |
| Sherry Jean Larson |
| Governor & Incumbent Nominee |
| 5 | units |
| — | %* |
Membership Units |
| Stacie Schuler |
| Chief Financial Officer |
| 5 | units |
| — | %* |
Membership Units |
| Martin Seifert |
| Alternate Governor |
| 2 | units |
| — | %* |
Membership Units |
| Rodney Wilkison |
| Governor & Vice Chairman |
| 82 | units |
| — | %* |
Membership Units |
| Kenton Johnson |
| Governor |
| 10 | units |
| — | %* |
Membership Units |
| Bruce LaVigne (7) |
| Governor |
| 500 | units |
| 1.63 | % |
Membership Units |
| Michael Lund |
| Governor |
| 10 | units |
| — | %* |
Membership Units |
| Robin Spaude (8) |
| Nominee |
| 55 | units |
| — | % |
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| All Governors, Officers and Nominees as a Group: |
| 1,494 | units |
| 4.88 | % | ||
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Other Members Owning or Holding 5% or More of Our Outstanding Units: |
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Membership Units |
| Glacial Lakes Energy, LLC 301 20th Avenue SE Watertown, SD 57201 |
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| 5,004 | units |
| 16.35 | % |
Membership Units |
| Fagen, Inc. 501 W. Highway 212 P.O. Box 159 Granite Falls, MN 56241 |
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| 4,071 | units |
| 13.30 | % |
| Title of Class | | | Name and Address of Beneficial Owner (1) | | | Position with the Company | | | Amount and Nature of Beneficial Ownership (2) | | | Percent of Class (3) | | ||||||
| Governors and Executive Officers | | ||||||||||||||||||
| Membership Units | | | Leslie Bergquist | | | Governor | | | | | 15 units | | | | | | —%* | | |
| Membership Units | | | Dean Buesing (4) | | | Governor, Secretary & Incumbent Nominee | | | | | 635 units | | | | | | 2.07% | | |
| Membership Units | | | Jeffrey Oestmann | | | Chief Executive Officer & General Manager | | | | | — units | | | | | | —% | | |
| Membership Units | | | Paul Enstad (5) | | | Governor & Chairman | | | | | 118 units | | | | | | —%* | | |
| Membership Units | | | David Forkrud(6) | | | Governor | | | | | 10 units | | | | | | —%* | | |
| Membership Units | | | Sherry Jean Larson | | | Governor & Incumbent Nominee | | | | | 5 units | | | | | | —%* | | |
| Membership Units | | | Stacie Schuler(7) | | | Chief Financial Officer | | | | | 5 units | | | | | | —%* | | |
| Membership Units | | | Martin Seifert | | | Alternate Governor | | | | | 2 units | | | | | | —%* | | |
| Membership Units | | | Rodney Wilkison (8) | | | Governor & Vice Chairman | | | | | 100 units | | | | | | —%* | | |
| Membership Units | | | Kenton Johnson | | | Governor | | | | | 10 units | | | | | | —%* | | |
| Membership Units | | | Bruce LaVigne (9) | | | Governor | | | | | 500 units | | | | | | 1.63% | | |
| Membership Units | | | Robin Spaude (10) | | | Governor & Incumbent Nominee | | | | | 95 units | | | | | | —%* | | |
| | | | All Governors, Officers and Nominees as a Group: | | | | | 1,495 units | | | | | | 4.88% | | | |||
| Other Members Owning or Holding 5% or More of Our Outstanding Units: | | | | | | | | | | | | | | ||||||
| Membership Units | | | Glacial Lakes Energy, LLC 301 20th Avenue SE Watertown, SD 57201 | | | | | | | | 5,004 units | | | | | | 16.35% | | |
| Membership Units | | | Fagen Holdings, Inc.(11) 501 W. Highway 212 P.O. Box 159 Granite Falls, MN 56241 | | | | | | | | 4,071 units | | | | | | 13.30% | | |
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children, in
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BOARD OF GOVERNORS’ AND COMPANY GOVERNANCE
OurCompany.
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Name Age Year First Became a Governor Term Expires Paul Enstad 59 2000 2021 Marten Goulet 39 2012 2021 Rodney Wilkison 64 2006 2021 Leslie Bergquist 59 2013 2019 Dean Buesing 66 2009 2019 Sherry Jean Larson 43 2016 2019 Kenton Johnson 30 2013 2020 Bruce LaVigne 68 2014 2020 Michael Lund 52 2014 2020 Martin Seifert 45 2011 * Biographical Information for Governors Continuing in Office20192022 annual meeting and the incumbent governor nominees whose terms expire at the 20192022 annual meeting. The address for all governors is 15045 Highway 23 S.E., Granite Falls, Minnesota, 56241-021656241-0216. Name Age
Became a Governor Term Expires Paul Enstad 62 2000 2024 David Forkrud 70 2021 2024 Rodney Wilkison 67 2006 2024 Dean Buesing 69 2009 2022 Sherry Jean Larson 47 2016 2022 Robin Spaude 72 2019 2022 Kenton Johnson 33 2013 2023 Bruce LaVigne 71 2014 2023 Leslie Bergquist 62 2013 2023 Martin Seifert 49 2011 * . *Pursuant to our Currentcurrent Operating and Member Control Agreement, Mr. Seifert was appointed to serve as an alternate governor by majority vote of our elected governors.Except for Messrs. Enstad, Goulet, Wilkison, Bergquist, Buesing, Johnson and LaVigne, none Each of Messrs. Enstad, Goulet, Wilkison, Bergquist, and Buesing serves as the Company’s appointed governors to the board of governors of HLBE, our majority-owned subsidiary and a publicly reporting company. Each of Messrs. Johnson and LaVigne serves as the Company’s alternate appointed governors to the board of governors of HLBE.whosewhose terms continue after the 20192022 annual meeting,, including the business experience and the experiences, qualifications, attributes or skills, our Board believes qualifies these individuals to serve as governors. Biographical information for the nominee incumbent governors whose terms expire at the 20192022 annual meeting may be found above at “SECTION II - PROPOSALS TO BE VOTED UPON,Election of Governors - Information Regarding Nominees.”and Chairman of the Board.Board of Governors. Mr. Enstad has served on the Boardboard of governors of the Company since its inception in 2000. Mr. Enstad has been farming corn and soybeans near Granite Falls, Minnesota since 1978. He served on the board of directors of Farmers Cooperative Elevator Company, a member of the Company, from 1996 to 2011. Mr. Enstad also servespreviously served as one of the Company’s appointed governors to the board of governors of HLBE, representing GFE’s interest in that company, as well as the chairman of HLBE. Fromthe HLBE board. Mr. Enstad also served as an appointed director of Agrinatural from September 2013 throughuntil March 2018, Mr. Enstad served as one of HLBE’s four appointed managers to the board of managers of Agrinatural Gas, LLC, a majority owned subsidiary of HLBE (“Agrinatural”), representing HLBE’s investment interest in Agrinatural. The board believes
perspective.
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Marten Goulet - Governor. Mr. GouletEcho, Minnesota, selling grain handling equipment. He was first elected as a governor in 2012. Since June 2012, Mr. Goulet has been the chief financial officer of Wagner Construction, an underground utility and site development contractor based in International Falls, Minnesota with operations in Arizona, Arkansas, Colorado, Michigan, Minnesota, Montana, South Dakota, North Dakota, and Canada. Prior to joining Wagner Construction, Mr. Goulet spent eight years with Wells FargoCounty Commissioner in the Twin Cities managing banking relationshipsfall of 2016 for Redwood County. Mr. Forkrud was and providing financial services to companies in the construction, manufacturing, wholesaling, and service-related industries with annual revenuesis a promoter of $20 million to $1 billion. Mr. Goulet is the President of Voyageur Capital Group, a $50,000,000 private equity fund, and found and board member of Highland Pellets, which owns and operates a wood pellet plant in Arkansas with annual production capacity of 600,000 metric tons. Mr. Goulet received his bachelors of arts in finance from Bemidji State University and his M.B.A. in accounting from the University of St. Thomas in St. Paul, Minnesota. He also serves as a one of our appointed governors to the board of governors of HLBE, as well as a member of the audit committee of HLBE. Mr. Goulet has served as a member of the Company’s Audit Committee since his election as a governor in 2012. Mr. Goulet provides value to our Board through his prior experience with the Company along with his business experiences, his education and financial acumen, and his ability to serve as an audit committee financial expert.ethanol.
Michael Lund - Governor. Mr. Lund was first elected as a governor in 2014. Mr. Lund is the owner of Stony Run Farms, a 3,400 acre corn and soybean farm near Montevideo, Minnesota since 2002 and the owner of West Central Seeds, Inc., a sales agency for Pioneer Hi-Bred since 1999. From 1990 to 1999, Mr. Lund worked as an agronomist for Golden Harvest Seed Company. He has also served as director and secretary, and is currently president of Leenthrop Farmers Mutual Insurance Company since 2005. Additionally, he has served as the president of the board of Luther Haven Nursing Home since November 2017. Mr. Lund earned his bachelor of science degree in agronomy and agricultural economics at the University of Minnesota, St. Paul and his masters degree in corn and soybean production at the University of Wisconsin, Madison. Mr. Lund’s leadership and agricultural experience outside our Company make him an essentiala valuable member of the BoardBoard..
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local and state government and also provides an independent, long-term view of the further development of Company’s site and business.
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fill any vacancy or newly created governorship. The nominating committee consists of Messrs. PaulMr. Enstad, RodneyMr. Forkrud Mr. Wilkison, Kenton Johnson, and Marten Goulet.
Lee Uldbjerg.
2021.
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Audit Committee Report
2021.
Leslie
Marten Goulet
| Category | | | Fiscal Year | | | Fees | |
| | Audit Fees(1) | | | | | | 2021 | | | | | | $ | $268,562 | | | |
| | | | | | | | 2020 | | | | | | $ | 167,440 | | | |
| | Tax Fees(2) | | | | | | 2021 | | | | | | $ | 25,740 | | | |
| | | | | | | | 2020 | | | | | | $ | 28,620 | | | |
| | All Other Fees(3) | | | | | | 2021 | | | | | | $ | 14,560 | | | |
| | | | | | | | 2020 | | | | | | $ | 17,240 | | | |
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| Fees | |
Audit Fees(1) |
| 2018 |
| $ | 129,000 |
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| 2017 |
| $ | 137,000 |
Tax Fees(2) |
| 2018 |
| $ | 21,700 |
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| 2017 |
| $ | 19,000 |
All Other Fees(3) |
| 2018 |
| $ | 37,000 |
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| 2017 |
| $ | 27,000 |
2020.
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Messrs. Paul
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| Establish criteria and qualifications for membership to the Board; |
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January 23, 2023.
2021.
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For additional information on the responsibilities and activities of the executive board, including the process for determining executive compensation, see the sections of this proxy statement entitled “Governor Compensation” and “Compensation Of Executive Officers.”
quarter (with no additional per-meeting compensation). Additionally, we also pay $300 for committee or other additional meetings (excluding audit committee meetings) of greater than four hours in length; $150 for attending committee or other additional meetings (excluding audit committee meetings) less than four hours in length.
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Governor | Fees Earned or Paid in Cash ($) (1) | Additional Compensation ($) (2) | Total Compensation ($) | |||||
Paul Enstad | $ | 20,375 |
| $ | 22,133 | (3) | $ | 42,508 |
Rodney Wilkison | $ | 19,250 |
| $ | 20,217 | (4) | $ | 39,467 |
Dean Buesing | $ | 21,187 |
| $ | 15,290 | (5) | $ | 36,477 |
Marten Goulet | $ | 19,125 |
| $ | 41,857 | (6) | $ | 60,982 |
Leslie Bergquist | $ | 19,125 |
| $ | 20,225 | (7) | $ | 39,350 |
Sherry Jean Larson | $ | 17,125 |
| $ | 937 |
| $ | 18,062 |
Kenton Johnson | $ | 14,000 |
| $ | 13,750 | (8) | $ | 27,750 |
Bruce LaVigne | $ | 12,625 |
| $ | 14,205 | (9) | $ | 26,830 |
Michael Lund | $ | 14,250 |
| $ | 428 |
| $ | 14,678 |
Marty Seifert | $ | 15,125 |
| $ | 635 | (10) | $ | 15,760 |
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| | Governor | | | | Fees Earned or Paid in Cash ($) (1) | | | | Additional Compensation ($) (2) | | | | Total Compensation ($) | | | |||||||||
| | Paul Enstad | | | | | $ | 23,500 | | | | | | $ | 18,327 (3) | | | | | | $ | 41,827 | | | |
| | Rodney Wilkison | | | | | $ | 20,425 | | | | | | $ | 18,370(4) | | | | | | $ | 38,795 | | | |
| | Dean Buesing | | | | | $ | 22,375 | | | | | | $ | 13,378(5) | | | | | | $ | 35,753 | | | |
| | Marten Goulet(6) | | | | | $ | 7,425 | | | | | | $ | 14,550(7) | | | | | | $ | 21,975 | | | |
| | Robin Spaude | | | | | $ | 16,450 | | | | | | $ | 13,288(8) | | | | | | $ | 29,738 | | | |
| | Sherry Jean Larson | | | | | $ | 17,688 | | | | | | $ | 894 | | | | | | $ | 18,582 | | | |
| | Kenton Johnson | | | | | $ | 16,788 | | | | | | $ | 12,334(9) | | | | | | $ | 29,602 | | | |
| | Bruce LaVigne | | | | | $ | 8,963 | | | | | | $ | 1,717 | | | | | | $ | 10,680 | | | |
| | Martin Seifert | | | | | $ | 15,100 | | | | | | $ | 12,543(10) | | | | | | $ | 27,643 | | | |
| | David Forkrud | | | | | $ | 10,713 | | | | | | $ | 375 | | | | | | $ | 11,088 | | | |
| | Leslie Bergquist | | | | | $ | 17,913 | | | | | | $ | 9,342(11) | | | | | | $ | 27,255 | | | |
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| 58 | | | Chief Executive Officer and General Manager | | | Since | |
Stacie Schuler | |
| 49 | | | Chief Financial Officer | | | Since July 2005 | |
Eric Baukol | |
| 39 | | | Risk Manager | | | Since June 2010 | |
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| 37 | | | Plant Manager | | | Since March | |
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Eric Baukol - Risk Manager. Mr. Baukol joined the Company in June 2010 as risk manager. Prior to joining the Company, Mr. Baukol was employed as a market analyst for Country Hedging, Inc. (now CHS Hedging), a farm marketer for Cargill, and as a location manager for Canby Farmers Grain. Mr. Baukol holds a B.S. degree in agricultural education from the University of Wisconsin-River Falls and a master’s degree in business administration from Southwest Minnesota State University. Pursuant to the Company’s Management Services Agreement with HLBE, Mr. Baukol also serves as the risk manager of that company,HLBE, GFE’s wholly owned subsidiary, a position he has held since July 31, 2013. Mr. Baukol also serves as a member of the Board of Managers of Agrinatural. It is anticipated that Mr. Baukol will serve as Risk Manager until the earlier of his resignation, death, disqualification or removal by the Board.
officers.”
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Compensation Philosophy and Objectives
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Bonus
Bonus Plan.
Following the end of For our 20182021 fiscal year, our board approvedMr. Christensen was awarded a bonus of $8,441 payable$57,800 pursuant the CEO Bonus Plan.
2021.
(the “CFO Employment Agreement”).
Potential Payments upon Termination or Change in Control
If our chief executive officer would have been dismissed without cause on October 31, 2018, and assuming that there was no reduction for salary earned in other employment, the Company estimates that it would have provided salary and health care benefits over
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executive officer. Assuming that our chief executive officer would have been dismissed dueCEO and general manager Steve Christensen, who retired as CEO effective May 26, 2021, upon the hiring of Mr. Oestmann. Pursuant to a changethe separation agreement, Mr. Christensen was paid in control event on October 31, 2018,full according to the Company estimates that it would have paid a lump sum in the amountterms of $231,000.
If our chief financial officer would have been dismissed without cause on October 31, 2018, and assuming that there was no reduction for salary earned in other employment, the Company estimates that it would have provided salary and health care benefits over a twelve-month period of $159,000 pursuant to ourhis employment agreement with our chief executive officer. Assuming that our chief financial officer would have been dismissed due to a change in control event on Octoberthrough December 31, 2018, the Company estimates that it would have paid a lump sum in the amount of $159,000.2021.
Perquisites and Other Personal Benefits
We have traditionally provided named executive officers with perquisites and other personal benefits that the executive board believes are reasonable and consistent with our overall compensation program and are provided to all employees. Except for a Company-owned vehicle provided to Mr. Christensen, our chief executive officer, we do not provide any material executive perquisites. The executive board believes that the use of a Company-owned vehicle, including all costs incurred in the use of the vehicle, are consistent with market practices and necessary for him to effectively serve as the chief executive officer of the Company.
| | Name and Principal Position | | | | Year | | | | Salary | | | | Discretionary Bonus(1)(2) | | | | Non-equity Incentive Plan Compensation (3)(4)(5) | | | | All Other Compensation(6)(7)(8) | | | | Total | | |
| | Jeffrey Oestmann, CEO | | | | 2021 | | | | $ 115,552 | | | | $ 22,575 | | | | $ 78,736 | | | | $6,506 | | | | $ 223,368 | | |
| | Steve Christensen, CEO | | | | 2021 | | | | $ 268,594 | | | | $ — | | | | $ 57,800 | | | | $38,531 | | | | $ 364,925 | | |
| | | | | | 2020 | | | | $ 262,602 | | | | $ 30,000 | | | | — | | | | $48,598 | | | | $ 341,200 | | |
| | | | | | 2019 | | | | $ 277,216 | | | | $ — | | | | — | | | | $48,785 | | | | $ 326,001 | | |
| | Stacie Schuler, CFO | | | | 2021 | | | | $ 216,500 | | | | $ — | | | | $ 40,049 | | | | $8,152 | | | | $ 264,701 | | |
| | | | | | 2020 | | | | $ 219,158 | | | | $ — | | | | $19,439 | | | | $9,353 | | | | $ 247,950 | | |
| | | | | | 2019 | | | | $ 174,046 | | | | $ — | | | | $9,400 | | | | $16,333 | | | | $ 199,779 | | |
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Name and Principal Position | Year | Salary | Bonus | Non-equity Incentive Plan Compensation(1)(2) | All Other Compensation(3)(4) | Total | ||||
Steve Christensen, CEO | 2018 | $ | 230,676 | $ | — | 8,441 | $ | 46,121 | $ | 285,238 |
| 2017 | $ | 208,627 | $ | — | 65,875 | $ | 56,471 | $ | 330,973 |
| 2016 | $ | 210,531 | $ | — | — | $ | 41,995 | $ | 252,526 |
Stacie Schuler, CFO | 2018 | $ | 159,387 | $ | — | 28,998 | $ | 17,630 | $ | 206,015 |
| 2017 | $ | 144,324 | $ | — | 28,045 | $ | 19,021 | $ | 191,390 |
| 2016 | $ | 140,696 | $ | — | 23,760 | $ | 15,890 | $ | 180,346 |
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(4)
CEO Pay Ratio
As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information about the relationship of the median of the annual total compensation of our employees and the annual total compensation of Steve Christensen, our Chief Executive Officer.
For 2018, our last completed fiscal year:
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Based on this information, the ratio of the annual total compensation of our CEO to the median of the annual total compensation of all other employees was 3.66 to 1.
To identify the median of the annual total compensation of all our employees, as well as to determine the annual total compensation of our median employee and our CEO, we took the following steps:
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TheGranite Falls Energy, LLC MEMBER NAME 2022 annual meeting — Friday, June 17, 2022 NUMBER OF UNITS For Unit Holders as of April 1, 2022 TELEPHONE NUMBER Proxy Solicited on Behalf of the Board of Governors Vote by Mail or Facsimile: 1) Read the Proxy Statement 2) Check the appropriate boxes on the proxy card 3) Sign and date the proxy card 4) Return the proxy card in the envelope provided or via fax to (320) 235-5962 or mail to Christianson PLLP, Attention: Christina Boike at 302 SW 5th St, Willmar, MN 56201. It must be received by Christianson PLLP no later than 5:00 p.m. on Thursday, June 16, 2022.PROPOSAL 2: Election Of Three Governors. You may vote for three (3) nominees by marking the “FOR” boxes. For Withhold / Abstain Dean Buesing ☐ PLEASE INDICATE YOUR SELECTION BY FIRMLY PLACING AN “X” IN THE APPROPRIATE BOX WITH BLUE OR BLACK INK Sherry Jean Larson ☐ ☐ Robin Spaude ☐ ☐ In their discretion, the proxies are authorized to vote upon such other matters as may properly come before the meeting or any adjournment thereof. ☐ GRANT AUTHORITY ☐ WITHHOLD AUTHORITYThe undersigned hereby appoints Marten GouletPaul Enstad and RodneyRod Wilkison and each of them, with full power of substitution, and hereby authorizes them to represent the undersigned and to vote all of the units of GRANITE FALLS ENERGY, LLC held of record by the undersigned on February 15, 2019,April 1, 2022, at the annual meeting of members to be held on Thursday, March 21, 2019,Friday, June 17, 2022, commencing at 9:00 a.m. at Prairie’s Edge Casino Resort, 5616 Prairie’s Edge Lane, Granite Falls, Minnesota, and any postponements or adjournments thereof.
When properly executed, this proxy will be voted in the manner directed by the undersigned member(s). If no direction is given, the proxy will be voted FOR the incumbent nominees Leslie Bergquist, Dean Buesing, and Sherry Jean Larson, and Robin Spaude with respect to Proposal 1 and, at the discretion of the proxy holder, upon such other matters as may properly come before the meeting or any adjournment thereof. Proxies marked abstain are counted only for purposes of determining whether a quorum is present at the meeting. The proxies cannot vote your units unless you sign and return this card. For your proxy card to be valid, it must be received by Christianson PLLP by 5:00 p.m. on Tuesday, March 19, 2019,Thursday, June 16, 2022, or by submitting the proxy card in person when registering at the 20192022 annual meeting. You may revoke your proxy by: (1) Votingvoting in person at the 20192022 annual meeting; or (2) Givinggiving written notice of revocation, which is received by Christianson PLLP by 5:00 p.m. on Tuesday, March 19, 2019.Thursday, June 16, 2022. Please sign exactly as name(s) appear(s) on your membership unit certificate(s). SIGNATURE BLOCK FOR INDIVIDUALSOR JOINT OWNERS* SIGNATURE BLOCK FOR ENTITIES**(Corporation, Partnership, Trust, IRA) Signature (1): Entity Name: Print Name: Date: Signature: Signature (2): Signor Name: Print Name: Title: Date: Date: *If membership units are held jointly, each owner should sign this proxy. **If signing as an executor, administrator, trustee, custodian, guardian, officer, director, manager, partner etc., you should so indicate.
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