Form 4: Green Plains Officer Michelle Mapes Reports Stock Transactions

Green Plains Inc.'s Chief Legal and Admin Officer, Michelle Mapes, reported the acquisition and disposition of company common stock related to vested equity awards.

Summary

• Michelle Mapes, Chief Legal and Admin Officer of Green Plains Inc., reported transactions involving the company's common stock.
• On January 7, 2026, Mapes disposed of 34,906 shares of common stock at a price of $9.8 per share, primarily for tax withholding purposes on previously reported restricted stock grants that vested.
• On the same date, Mapes acquired 33,904 shares of common stock at a price of $9.8 per share.
• These acquired shares represent 3,793 shares from the March 2023 PSU grant, 6,343 shares from the March 2024 PSU grant, and 23,768 shares from the March 2025 PSU grant, all net of withholdings.
• All shares from the PSU grants vested at target in accordance with the employment agreement.
• Following these transactions, Michelle Mapes beneficially owns 67,241 shares of Green Plains Inc. common stock directly.

Sentiment

Score: 7

Explanation: The sentiment is moderately positive. While there's a disposition of shares, it's for tax purposes, which is routine. The acquisition of shares from vested PSUs, particularly 'at target,' indicates successful achievement of performance metrics, which is a positive sign for the company's operational and financial health and executive alignment.

Positives

• The vesting of Performance Share Unit (PSU) grants indicates that performance targets were met, aligning executive compensation with company performance.
• The acquisition of 33,904 shares increases the direct beneficial ownership of a key executive, demonstrating continued alignment of interests with shareholders.

Negatives

• The disposition of 34,906 shares for tax withholding purposes reduces the executive's immediate share count, though this is a standard practice for equity compensation.

Future Outlook

This filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Management Comments

• The shares vested at target in accordance with the Employment Agreement, as amended.

Industry Context

Executive stock transactions, particularly those related to the vesting of equity awards and subsequent tax withholdings, are common across all industries. They reflect standard compensation practices designed to align executive interests with shareholder value creation. The specific details of the PSU grants and their vesting at target suggest that Green Plains Inc. met its performance objectives for the relevant periods, which is a positive indicator within the agricultural and renewable fuels sector.

Comparison to Industry Standards

• The structure of executive compensation involving restricted stock and Performance Share Units (PSUs) with vesting tied to performance targets is a widely adopted practice across public companies, including those in the renewable energy and agricultural processing sectors, such as Archer-Daniels-Midland (ADM) or Bunge Limited (BG).
• The disposition of shares for tax withholding upon vesting is a standard, non-discretionary event, comparable to practices observed at companies like Valero Energy Corporation (VLO) or Renewable Energy Group (REGI) for their executives' equity awards.
• The vesting of PSUs at target suggests that Green Plains Inc.'s performance metrics, which typically include financial, operational, or strategic goals, were achieved, aligning with best practices for performance-based compensation seen in peer companies.

Stakeholder Impact

• Shareholders: The vesting of PSUs and subsequent increase in executive ownership can be seen as a positive, indicating management's continued alignment with shareholder interests. The disposition for tax withholding is a minor, routine event.
• Employees: This filing primarily concerns executive compensation and does not directly impact the broader employee base, though successful performance leading to PSU vesting could reflect positively on overall company performance.

Key Dates

Keywords

Green Plains Inc., GPRE, Michelle Mapes, SEC Form 4, Insider Trading, Stock Transaction, Equity Compensation, PSU Vesting, Restricted Stock, Executive Compensation