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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 18, 2021, Renewable Energy Group, Inc. (the “Company”) terminated Brad Albin, its Senior Vice President, Manufacturing & Engineering, without cause (as defined in his employment agreement previously filed with the Securities and Exchange Commission (the “SEC”)), effective June 1, 2021 (the “Effective Date”). In connection with his termination, Mr. Albin will be entitled to certain payments pursuant to his employment agreement for a termination without cause, including severance and a prorated annual bonus, and will remain subject to certain obligations as set forth in the employment agreement, including non-competition and non-solicitation obligations. Additionally, the Company has agreed that the vesting of 14,907 unvested Restricted Stock Units (“RSUs”) granted to Mr. Albin will accelerate and vest upon the Effective Date.
As set forth in his employment agreement, Mr. Albin entered into a customary separation agreement (the “Separation Agreement”) providing for releases and other matters as set forth in the employment agreement. The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the Separation Agreement, a copy of which will be filed with the SEC on the Company’s next Quarterly Report on Form 10-Q and is incorporated herein by reference.
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.
Dated: May 19, 2021
|RENEWABLE ENERGY GROUP, INC.|
|Cynthia J. Warner|
|Chief Executive Officer|