Renewable Energy Group, Inc. (NASDAQ:REGI) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02.
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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(b) |
Compensatory Arrangements with Randolph L. Howard |
As previously announced, the Board of Directors (the “Board”) of Renewable Energy Group, Inc. (the “Company”) on July 3, 2017 appointed Randolph L. Howard as the Company’s Interim President and Chief Executive Officer. In connection with Mr. Howard’s appointment, the Company and Mr. Howard entered into an Employment Agreement, dated as of August 15, 2017, to which Mr. Howard will be employed at will as the Interim President and Chief Executive Officer of the Company and will report to the Board. At the same time, Mr. Howard shall remain a member of the Board, but shall not serve on any committees of the Board or receive compensation in any form in his separate capacity as a Board member. During his tenure as Interim President and Chief Executive Officer, Mr. Howard’s compensation shall include: (i) an annualized base salary of $600,000, with increases as deemed advisable by the Compensation Committee of the Board; (ii) 50,000 performance-based restricted stock units under the Company’s Amended and Restated 2009 Stock Incentive Plan, which units shall vest based on attainment of the applicable Adjusted EBITDA target for each of 2017 and 2018; (iii)eligibility to participate in the Company’s group health, dental, vision and life insurance plans, retirement, fringe benefit, paid time-off and other benefit plans on the same terms as other senior executives of the Company generally; and (iv) reimbursement for certain expenses, including the cost of housing near the Company’s headquarters and travel between Mr. Howard’s primary residence and the Company’s headquarters.
The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement for Mr. Howard, which is filed as Exhibits 10.1 hereto and incorporated herein by reference.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits
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Exhibit No. |
Description |
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10.1 |
Employment Agreement, dated as of August 15, 2017, between Renewable Energy Group, Inc. and Randolph L. Howard |
Renewable Energy Group, Inc. ExhibitEX-10 2 exhibit101employmentagreem.htm EXHIBIT 10.1 Exhibit Exhibit 10.1EMPLOYMENT AGREEMENTTHIS EMPLOYMENT AGREEMENT (this “Agreement”),…To view the full exhibit click here
About Renewable Energy Group, Inc. (NASDAQ:REGI)
Renewable Energy Group, Inc. is focused on providing cleaner, lower carbon intensity products and services while also providing conventional products and services. The Company is a producer of biomass-based diesel in the United States. Its segments include Biomass-based diesel, Services, Renewable Chemicals and Corporate and other activities. The Biomass-based diesel segment processes waste vegetable oils, animal fats, virgin vegetable oils and other feedstocks and methanol into biomass-based diesel. The Services segment offers services for managing the construction of biomass-based diesel production facilities and managing ongoing operations of third-party plants. The Renewable Chemicals segment includes research and development activities focusing on microbial fermentation to develop and produce renewable chemicals, fuels and other products. The Corporate and Other segment includes trading activities related to petroleum-based heating oil and diesel fuel.