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): April 25, 2008
South Dakota Soybean Processors, LLC
(Exact name of Registrant as specified in its charter)
South Dakota |
| 000-50253 |
| 46-042968 |
(State or other jurisdiction of |
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| (I.R.S. Employer Identification |
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100 Caspian Ave. PO Box 500 |
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Volga, South Dakota |
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offices) |
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Registrant’s telephone number, including area code: (605) 647-9240
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:
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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Section 5 – Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On April 25, 2008, the registrant (“we,” “us,” “or “our”) entered into a new employment agreement with its Chief Executive Officer, Rodney Christianson. Retroactively effective to February 1, 2008, his base salary in 2008 will be $300,000, increasing to $325,000 in 2009, and $350,000 in 2010 and 2011. The agreement will terminate on January 31, 2012. He also will be entitled to a bonus of 1/2 of 1% of our net income if net income is between $2 million and $5 million, 1% of our net income if net income is between $5 million and $7.5 million, and 1% of our net income if net income is in excess of $7.5 million plus an additional 1% of the amount of the excess of net income over $7.5 million. He will be entitled to paid holidays, receipt and participation in insurance benefits and retirement plans that are provided to our other employees, reimbursement of reasonable travel, entertainment and other expenses, the use of a vehicle for company business, and a severance payment in the event that he is terminated for any reason other than which is enumerated in his employment agreement. We plan to file this agreement as an exhibit in our next periodic report.
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, | |
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Dated: April 29, 2008 | By: | /s/ Rodney Christianson |
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| Rodney Christianson, Chief Executive |
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| Officer |
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