SEPARATION AGREEMENT
Exhibit 10.1
WHEREAS, Granite Falls Energy, LLC (hereafter “Granite Falls”) and Xxxxx Xxxxxxxxxxx (hereafter “Xxxxxxxxxxx”) entered into that certain Employment Agreement dated October 31, 2014 whereby Granite Falls, as employer, retained the services of Xxxxxxxxxxx, as employee; and
WHEREAS, Xxxxxxxxxxx intends to retire effective December 31, 2021; and
WHEREAS, Granite Falls needs to search for and hire a new General Manager to replace Xxxxxxxxxxx; and
WHEREAS, for ease of transition, Granite Falls and Xxxxxxxxxxx desire to enter into this Separation Agreement.
NOW, THEREFORE, Granite Falls and Xxxxxxxxxxx agree and contract as follows:
1)The Employment Agreement between Granite Falls and Xxxxxxxxxxx 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, Xxxxxxxxxxx shall help transition the newly hired General Manager and Xxxxxxxxxxx’x 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, Xxxxxxxxxxx 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 Xxxxxxxxxxx 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 | | | ||
| | | | /s/ Xxxxx Xxxxxxxxxxx |
| | | | Xxxxx Xxxxxxxxxxx |
| | | | |
By: | /s/ Xxxx Xxxxxx | | | |
| Its: | Chairman | | |
2