Business Context and Reporting Period
This Form 8-K filing by Green Plains Inc. is dated September 5, 2017. The report discloses a significant executive leadership transition within the Company and its affiliated entity, Green Plains Partners LP.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Departure: Jerry Peters is retiring as Chief Financial Officer (CFO) of Green Plains Inc. and Green Plains Partners LP, effective September 11, 2017. He will remain a member of the board of directors of Green Plains Holdings LLC.
- Appointment: John Neppl, 51, has been appointed as the new CFO, effective September 11, 2017. Mr. Neppl previously served as CFO of The Gavilon Group, LLC and held senior financial roles at ConAgra Foods, Inc.
Compensation and Management Commentary
The filing details the compensatory arrangement for the new CFO, Mr. Neppl:
- Base Salary: $400,000 per year.
- Stock Award: A one-time stock award valued at $600,000, vesting over three years, to be granted on September 11, 2017.
- Incentive Plans: Eligible to participate in the Company's Short-Term Incentive Plan (STIP) with a target award of 80%, and the Long-Term Incentive Plan (LTIP).
Management confirmed there are no family relationships between Mr. Neppl and current directors or officers, and no undisclosed material transactions involving him.
Investor Verification Checklist
- Verify the effective date of the CFO transition (September 11, 2017).
- Review the employment agreement (Exhibit 10.1) for specific terms regarding the vesting schedule and performance metrics of the STIP and LTIP.
- Confirm Mr. Neppl's prior experience at The Gavilon Group and ConAgra Foods as stated in the filing.
- Note that this filing does not provide updated financial guidance or operational results for the period.