DEF 14A of FutureFuel Corp., Aug 12, 2026

DEF 14A of FutureFuel Corp.

Filed Aug 12, 2026 · FY20250001437749-26-027325

Open on EDGAR

  1. PROPOSAL ONE – ELECTION OF DIRECTORS

    PROPOSAL ONE – ELECTION OF DIRECTORS Our board has nominated two persons for election to our board at the Annual Meeting: Paul A. Novelly, II and Richard P. Rowe. Paul A. Novelly, II has served on our board since July 2022. He serves as the Chief Executive Officer of Apex Holding Co. and its subsidiary Apex Oil Company, Inc., a privately held company based in St. Louis, Missouri, which together with its affiliates is engaged in trading, storage, marketing, and transportation of petroleum products, including the operation of liquid terminal facilities in the Midwest and Eastern United States. He has been a registered broker at Stifel, Nicolaus & Co., Inc. since 2005. Mr. Novelly, II is also the sole manager of SAGM Holdings, LLC, which is the manager of St. Albans Global Management, LLC, a family investment company. He is also the owner and president of St. Albans Construction Company, which serves the needs of the luxury custom home buyers. He also serves as a director of Apex Oil Company Charitable Foundation, since 2020, and World Point Terminals, Inc., since 2022. Our board believes that Mr. Novelly’s experience, knowledge, skills, and expertise, including experience acquired in management of various companies, and his knowledge of the Company and its business along with his extensive experience as a broker with national securities firms in evaluating public companies and their financial reports, add significant value to our board and the Company. Richard P. Rowe has served on our board since August 2024. Mr. Rowe has served as President of RPR Global Solutions, LLC, an advisory firm that provides advisory services to companies in the specialty chemicals and materials industries, since February 2022. After serving in various leadership positions for over 20 years at Arkema, S.A., a multi-national manufacturer of specialty materials and chemicals, Mr. Rowe served as President and Chief Executive Officer of Arkema Inc., a North American subsidiary of Arkema S.A., from July 2015 through November 2021, and served on the boards of various subsidiaries of Arkema S.A., such as Arkema Mexico Arkema Canada, and Bostik Inc., and Arkema joint ventures such as Arkema-Yoshitomi (Japan), Nitta-Findley (Japan), and Seki-Arkema (Korea). Mr. Rowe chaired the Global Fluorochemical Producers Forum and served on the American Chemistry Council Board as well as its Responsible Care and Sustainability committees for more than six years. Mr. Rowe serves as Vice President of Pediatric Pharmaceuticals and also as Vice President of Club Longboat Beach & Tennis. Our board believes that Mr. Rowe's extensive managerial and leadership experience in the chemical industry adds significant value to our board and the Company. Under our certificate of incorporation, our directors are divided into three classes, serving staggered three-year terms. Mr. Novelly and Mr. Rowe are standing for re-election as Class B members of our board for three-year terms expiring in 2029, subject to their earlier resignation, removal or death. Paul M. Manheim is a Class B member of our board whose term expires in 2026. Mr. Manheim will retire from his role as a member of our board effective as of the Annual Meeting and will not stand for re-election at the Annual Meeting. Our board has approved a reduction in the size of the board to eight directors effective as of the Annual Meeting. The persons named as attorneys-in-fact in the shareholder proxy card electronically available at www.investorvote.com/FF will vote for the election of the nominees listed above as directors, unless authority to so vote is withheld. Although our board expects that the nominees will be available for election, in the event a vacancy in the slate of nominees occurs, shares of our common stock represented by proxies will be voted for the election of substitute nominees selected by the persons named as attorneys-in-fact in the accompanying shareholder proxy card. The names of the nominees for election and the other continuing members of our board, and certain other information with respect to such persons, are set forth below.

  2. Nominees for Election as Class B Directors for Three-Year Terms Expiring in 2029

    Nominees for Election as Class B Directors for Three-Year Terms Expiring in 2029

  3. Nominees for Election as Class B Directors for Three-Year Terms Expiring in 2029

    | Name, Age, and Positions with the Company | Director of the Company Since | | Paul A. Novelly, II, 58; Director | 2022 | | Richard P. Rowe, 65; Director | 2024 |

  4. Continuing Directors

    Continuing Directors

  5. Continuing Directors

    | Name, Age, and Positions with the Company | Class | Term Expiring | Director of the Company Since | | Donald C. Bedell, 84; Mr. Bedell has been a member of our board since February 26, 2008. | A | 2028 | 2008 | | Ronald J. Kruszewski, 67; Mr. Kuszewski has been a member of our board since July 8, 2022. | A | 2028 | 2022 | | Roeland Polet, 63; Mr. Polet is our Chief Executive Officer and has been a member of our board and Chairman of our board since December 4, 2025. | A | 2028 | 2025 | | Dale E. Cole, 77; Mr. Cole has been a member of our board since August 27, 2015. | C | 2027 | 2015 | | G. Bruce Greer, 65; Mr. Greer has been member of our board since March 12, 2024. | C | 2027 | 2024 | | Pamela R. Butcher, 68; Ms. Butcher has been member of our board since April 3, 2025. | C | 2027 | 2025 |

  6. Continuing Directors

    OUR BOARD RECOMMENDS THAT SHAREHOLDERS VOTE FOR EACH OF THE NOMINEES FOR ELECTION AS DIRECTOR.

  7. Directors and Executive Officers

    Directors and Executive Officers

  8. Compensation of Directors and Executive Officers

    Compensation of Directors and Executive Officers (Dollars in thousands, except per share amounts)

  9. Compensation Discussion and Analysis

    Compensation Discussion and Analysis The objectives of our compensation program are to provide a competitive compensation package that rewards sustained financial and operating performance that creates long-term value for our shareholders. Our compensation programs are intended to meet the goals of attracting and retaining qualified personnel; motivating these individuals to achieve short-term and long-term corporate goals without undue risk-taking and to promote equity among executive officer positions, while considering external competitiveness and differences in job responsibilities. The elements of our compensation program include base salary, bonuses, certain equity awards to our CEO, certain other compensation to our Chief Executive Officer in the form of a jet card, and certain retirement, insurance, and other benefits generally available to all employees. In addition, in 2017, our board adopted the Incentive Plan which was approved by our shareholders at our 2017 annual meeting. The Incentive Plan provides equity-based compensation to our executive officers and our directors. Our Compensation Committee, and the Company generally, makes decisions with respect to each compensation element paid or payable to our personnel on an individual-by-individual basis and does not necessarily take into account decisions made with respect to other elements of compensation that may be paid to such individual. The overall goal of our compensation program, however, is to achieve the goals described above. Further, we have certain prohibitions on our employees, officers, and directors with respect to hedging and pledging Company securities as described above under the “Hedging and Pledging” heading. Cash Salaries and Bonuses The Company and Mr. Polet have entered into an employment agreement dated August 16, 2024 (the “Employment Agreement”). The Employment Agreement provides for, among other things, an annual base salary of $500 and a target annual bonus equal to 50% his annual base salary, subject to performance conditions established from time to time by the Compensation Committee. No other executive officer is party to an employment agreement with the Company. Bonuses for Mr. Polet, Mrs. Sparks Mr. Gaither, and other members of lead management of FutureFuel Chemical Company were determined in January 2026 based on the final Company performance for 2025. Those bonuses were approved by the Compensation Committee of our Board based on Company financial results and personal performance goals established in January 2025. For 2025, we established a bonus pool for the other employees of our subsidiary, FutureFuel Chemical Company. The total bonus target amount was determined by the Compensation Committee in consultation with the CEO. Eligible FutureFuel Chemical Company employees hired prior to January 1, 2025 received bonuses of approximately 40 hours of pay at their normal hourly rate. Employees hired in 2025 received a prorated or reduced amount based on their months of service. Such bonus distributions were designed to be sufficient compensation for the services rendered, competitive with market rates for similar services, and sufficient to motivate these individuals to aid in our achievement of short-term and long-term corporate goals. Incentive Plan Our board of directors adopted the Incentive Plan, which was approved by our shareholders at our 2017 annual shareholder meeting. The purpose of the Incentive Plan is to:

  10. Compensation Discussion and Analysis

    | ● | Encourage ownership in us by key personnel whose long-term employment with or engagement by us or our subsidiaries (including FutureFuel Chemical Company) is considered essential to our continued progress and, thereby, encourage recipients to act in our shareholders’ interests and share in our success; | | ● | Encourage such persons to remain in our employ or in the employ of our subsidiaries; and | | ● | Provide incentives to persons who are not our employees to promote our success. |

  11. Compensation Discussion and Analysis

    The Incentive Plan authorizes us to issue stock options (including incentive stock options and non-qualified stock options), stock awards, and stock appreciation rights. As of December 31, 2025, we have issued or awarded 94,000 options to purchase shares of our common stock, 760,079 restricted stock units (“RSUs”) and 101,514 shares of restricted stock, in each case under the Incentive Plan. The Employment Agreement for Mr. Polet provided for the issuance of the 750,000 RSUs to him, vesting in five equal installments on each anniversary of the award date and subject to the other terms and conditions of the Incentive Plan and an award agreement entered into by the Company and Mr. Polet. See Note 17 to our consolidated financial statements in the 2025 Annual Report for a detailed discussion of 2025 stock-based compensation awards. Historically, the Company has not regularly issued equity awards under the Incentive Plan and therefore has not had a determined schedule for award issuance. However, the Compensation Committee did not take material nonpublic information into account when determining the timing and terms of equity awards in 2025, and the Company does not time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. Eligible participants in the Incentive Plan include (i) members of our board of directors and our executive officers; (ii) regular, active employees of us or of any of our subsidiaries; and (iii) persons engaged by us or by any of our subsidiaries to render services to us or our subsidiaries as an advisor or consultant. Awards under the Incentive Plan are limited to shares of our common stock, which may be shares reacquired by us, including shares purchased in the open market, or authorized but unissued shares. Awards are limited to 10% of the issued and outstanding shares of our common stock in the aggregate, or 4,310,167 shares, as of the date of the adoption of the Incentive Plan. Taking into account the prior grants of stock options and stock awards under the Incentive Plan, 4,386,351 shares are available to be issued under the Incentive Plan as of December 31, 2025. The Incentive Plan is administered by: (i) our board, (ii) a committee of our board appointed for that purpose; or (iii) if no such committee is appointed, our board’s Compensation Committee (in any case, the “Administrator”). The Administrator may appoint agents to assist it in administering the Incentive Plan. The Administrator may delegate to one or more individuals the day-to-day administration of the Incentive Plan and any of the functions assigned to the Administrator in the Incentive Plan. Such delegation may be revoked at any time. All decisions, determinations, and interpretations by the Administrator regarding the Incentive Plan and the terms and conditions of any award granted thereunder will be final and binding on all participants. The Incentive Plan became effective upon its approval by our shareholders and will continue in effect for a term of ten years thereafter unless amended and extended by us or unless earlier terminated. The individuals and number of persons who may be selected to participate in the plan in the future is at the discretion of the Administrator and, therefore, are not determinable at this time. Likewise, the number of stock options, stock awards and stock appreciation rights that will be granted to eligible participants pursuant to the plan are not determinable at this time. The Administrator may grant a stock option or provide for the grant of a stock option either from time to time in the discretion of the Administrator or automatically upon the occurrence of events specified by the Administrator, including the achievement of performance goals or the satisfaction of an event or condition within the control of the participant or within the control of others. Each option agreement must contain provisions regarding (i) the number of shares of common stock that may be issued upon exercise of the option; (ii) the type of option; (iii) the exercise price of the shares and the means of payment for the shares; (iv) the term of the option; (v) such terms and conditions on the vesting or exercisability of the option as may be determined from time to time by the Administrator; (vi) restrictions on the transfer of the option and forfeiture provisions; and (vii) such further terms and conditions not inconsistent with the plan as may be determined from time to time by the Administrator. Unless otherwise specifically determined by the Administrator or otherwise set forth in the Incentive Plan, the vesting of an option will occur only while the participant is employed or rendering services to us or one of our subsidiaries, and all vesting will cease upon a participant’s termination of employment for any reason. The Administrator may grant annual performance vested options. Performance will be tied to annual cash flow targets (our consolidated income plus depreciation plus amortization) in amounts to be determined. Annual performance vested options will vest 25% for each year that the annual cash flow target is achieved (with provisions for subsequent year catch-ups). Neither our management nor our Compensation Committee, however, has through the year ended December 31, 2025 made any awards that were contingent upon the achievement of specified performance goals or that were otherwise performance-vested. Rather, through 2025, all grants were made in the discretion of our Compensation Committee based upon their authority under the Incentive Plan. The Administrator may grant cumulative performance vested options. Performance will be tied to cumulative cash flow in amounts to be determined for periods to be determined. The Administrator may issue other options based upon the following performance criteria either individually, alternatively, or in any combination, applied to either us as a whole or to a business unit, subsidiary, or business segment, either individually, alternatively, or in any combination, and measured either annually or cumulatively over a period of years, on an absolute basis or relative to a pre-established target, to previous years’ results or to a designated comparison group, in each case as specified by the Administrator: (i) cash flow; (ii) earnings (including gross margin, earnings before interest and taxes, earnings before taxes, and net earnings) ; (iii) earnings per share; (iv) growth in earnings or earnings per share; (v) stock price; (vi) return on equity or average shareholders’ equity; (vii) total shareholder return; (viii) return on capital; (ix) return on assets or net assets; (x) return on investment; (xi) revenue; (xii) income or net income; (xiii) operating income or net operating income; (xiv) operating profit or net operating profit; (xv) operating margin; (xvi) return on operating revenue; (xvii) market share; (xviii) overhead or other expense reduction; (xix) growth in shareholder value relative to the moving average of the S&P 500 Index or a peer group index; (xx) strategic plan development and implementation; and (xxi) any other similar criteria. Such options will vest and expire (including on a pro rata basis) on such terms as may be determined by the Administrator from time to time consistent with the terms of the Incentive Plan.

  12. Compensation Discussion and Analysis

    The Administrator may award shares of our common stock to participants. The grant, issuance, retention, or vesting of each stock award may be subject to such performance criteria and level of achievement versus these criteria as the Administrator determines, which criteria may be based on financial performance, personal performance evaluations, or completion of service by the participant. Unless otherwise provided for by the Administrator, upon the participant’s termination of employment other than due to death or retirement, the unvested portions of the stock award and the shares of our common stock subject thereto will generally be forfeited. Unless otherwise provided for by the Administrator, if a participant’s termination of employment is due to death or retirement, all outstanding stock awards will continue to vest provided certain conditions to be determined are met. Unless otherwise provided for by the Administrator, if a participant’s termination of employment is due to his death, a portion of each outstanding stock award granted to such participant will immediately vest and all forfeiture provisions and repurchase rights will lapse as to a prorated number of shares of common stock determined by dividing the number of whole months since the grant date by the number of whole months between the grant date and the date that the stock award would have fully vested. The Administrator may grant stock appreciation rights either alone or in conjunction with other awards. The Administrator will determine the number of shares of common stock to be subject to each award of stock appreciation rights. The award of stock appreciation rights will not be exercisable for at least six months after the date of grant except as the Administrator may otherwise determine in the event of death, disability, retirement, or voluntary termination of employment of the participant. Except as otherwise provided by the Administrator, the award of stock appreciation rights will not be exercisable unless the person exercising the award of stock appreciation rights has been at all times during the period beginning with the date of the grant thereof and ending on the date of such exercise, employed by or otherwise performing services for us or one of our subsidiaries. In the event there is a change in control of the Company, as determined by our board, our board may, in its discretion: (i) provide for the assumption or substitution of, or adjustment to, each outstanding award; (ii) accelerate the vesting of awards and terminate any restrictions on cash awards or stock awards; and (iii) provide for the cancellation of awards for a cash payment to the participant.

  13. Federal Income Tax Consequences of the Incentive Plan

    Federal Income Tax Consequences of the Incentive Plan Upon the exercise of a non-qualified stock option, a participant in the Incentive Plan will realize income in the year of exercise equal to the difference between the exercise price and the value of the shares acquired, and we may deduct an amount equal to the income recognized by the participant, subject to the limits under applicable laws. We will not receive a tax deduction at the time of a grant or exercise of an incentive stock option, and no income is recognized by a participant when an incentive stock option is granted or exercised. When an incentive stock option is exercised, the difference between fair market value at the date of exercise and the exercise price will be an item of adjustment for purposes of calculating the participant’s alternative minimum tax for the year of exercise. If the shares of our common stock acquired upon exercise of an incentive stock option are disposed of after the later of two years from the date of option grant or one year after the transfer of the shares to the participant (the “holding period”), any gain or loss upon disposition of the shares will be treated for federal income tax purposes as long-term capital gain or loss, as the case may be. A disposition includes a sale, exchange, gift or other transfer of legal title. In general, a participant’s basis in the shares of our common stock received upon exercise of an incentive option will be the exercise price paid by him or her for the shares. If the option shares are disposed before the expiration of the holding period, all or part of any gain will be characterized as ordinary income depending upon the relative amount of the sale price of the shares as compared with the exercise price of the shares. The amount of ordinary income realized by an employee in a sale or exchange for which a loss would be recognized is limited to the excess of the amount realized on the sale or exchange over the stock’s adjusted basis. Upon issuance of a restricted stock award, a participant in the Incentive Plan will not recognize income in the year of grant but will, absent a Section 83(b) election, receive taxable income in the year which the shares' restrictions lapse equal to the market value of the stock on the lapse date. We will receive a corresponding tax deduction when the participant recognizes taxable income. Ordinary income received on account of a disposition of shares within the holding period will be taxable as additional compensation, and we may treat that income as a deductible expense for federal income tax purposes. Retirement Benefits We adopted a 401(k) plan for FutureFuel Chemical Company which is generally available to all of its employees. Say-on-Pay At our 2023 annual meeting of shareholders held on September 19, 2023, we submitted a proposal to our shareholders regarding the 2022 compensation awarded to our executive officers (commonly known as a “say-on-pay” vote). Our shareholders approved the proposal. We hold our say-on-pay votes every three years. Our next say-on-pay vote and advisory vote on the frequency of say-on-pay votes (commonly known as “say-when-on-pay” vote) will be held at the 2029 annual meeting of shareholders. The Compensation Committee considers the results of our say-on-pay vote as one factor in evaluating our executive compensation practices. Life Insurance and Other Employee Benefits Our executive officers generally participate in employee welfare plans (life insurance, medical insurance, disability insurance, vacation pay, and the like) maintained by FutureFuel Chemical Company for all of its employees. Beginning in 2026, Mr. Polet is permitted to use a Company-owned jet card that provides for his use of certain chartered flights. In the event Mr. Polet’s use of the jet card subjects him to additional personal income tax, the Company has agreed to gross up Mr. Polet’s compensation to account for such additional tax. The Compensation Committee Our Compensation Committee currently consists of Dale E. Cole (Chair), Pamela R. Butcher, Donald C. Bedell and Paul M. Manheim. Upon his retirement effective as of the Annual Meeting, Mr. Manheim will cease to be a member of the Compensation Committee. Each of these individuals is an “independent director” under the rules of the NYSE, a “Non-Employee Director” within the meaning of Section 16 of the Exchange Act, and an “outside director” within the meaning of §162(m) of the Internal Revenue Code of 1986, as amended. Recommendations from Management Our chairman and chief executive officer make recommendations to the Compensation Committee regarding salaries and bonuses for executive officers, as well as awards under the Incentive Plan. The Compensation Committee takes these recommendations into consideration in approving all such salaries, bonuses, and awards.

  14. Summary Compensation Table

    Summary Compensation Table Our executive officers were paid the following compensation for the three-year period ended December 31, 2025.

  15. Summary Compensation Table

    | | | | | Stock | Option | All Other | | | Person | Year | Salary | Bonus | Awards (f) | Awards | Compensation (g) | Total | | Roeland Polet (a), (b) | 2025 | $499 | $- | $- | $- | $32 | $531 | | Chief Executive Officer | 2024 | 143 | 41 | 4,911 | | 9 | 5,104 | | Rose M. Sparks (a), (c) | 2025 | 351 | 16 | 17 | - | 2 | 386 | | Chief Financial Officer, principal financial officer, and treasurer, | 2024 | 317 | 52 | - | - | 61 | 430 | | FutureFuel Corp. and FutureFuel Chemical Company | 2023 | 280 | 152 | - | - | 128 | 560 | | Charles Lyon (a), (d) | 2025 | 90 | - | - | - | 362 | 452 | | Chief Commercial Officer FutureFuel Corp. | 2024 | 283 | 52 | - | - | 51 | 386 | | | 2023 | 271 | 149 | - | - | 45 | 465 | | Kyle Gaither (a), (e) | 2025 | 258 | 21 | 17 | - | 2 | 298 | | Chief Operations Officer | 2024 | 258 | 52 | - | - | 29 | 339 | | FutureFuel Corp. | 2023 | 248 | 145 | - | - | 24 | 417 |

  16. Summary Compensation Table

    | (a) Executive officers of FutureFuel Chemical Company for the years indicated. |

  17. Summary Compensation Table

    | (b) Mr. Polet was appointed Chief Executive Officer effective September 3, 2024. Mr. Polet was issued 750,000 RSUs that vest annually on the anniversary date. These RSUs and related dividends had an intrinsic value of $4,519 and $392, respectively. |

  18. Summary Compensation Table

    | (c) For Mrs. Sparks, all other compensation includes director fees of $35 and $105 in 2024 and 2023, respectively. Mrs. Sparks resigned from the board of directors in July 2024. |

  19. Summary Compensation Table

    | (d) Mr. Lyon and the Company agreed to terminate his employment effective as of March 31, 2025. |

  20. Summary Compensation Table

    | (e) Mr. Gaither was appointed Chief Operations Officer effective February 9, 2023. |

  21. Summary Compensation Table

    | (g) Represents the grant date valuation of the awards under Accounting Standards Codification Topic 718, Stock Compensation. Assumptions used for determining the value of awards reported here are set forth in Note 17 to our 2025 consolidated financial statements included in the 2025 Annual Report. | | (h) Includes contributions (including accrued contributions) to vested and unvested defined contribution plans, apartment benefits for Mr. Polet and Mr. Lyon, jet card benefit for Mr. Polet, automobile benefits for Mr. Lyon, HSA matching contributions, and the dollar value of any insurance premiums paid by, or on behalf of, us during or for the covered fiscal year with respect to life and disability insurance for the benefit of the named person. The above amounts do not include travel expenses reimbursed pursuant to Company policy. For 2025, the value of all other compensation not a perquisite or personal benefit in excess of $10 was for 401(k) match and the 2024 401(k) true-up for $0 to Mr. Polet, $11 to Mrs. Sparks, $12 to Mr. Lyon, and $9 to Mr. Gaither. |

  22. Grants of Plan-Based Awards

    Grants of Plan-Based Awards In 2024, the Company issued 750,000 RSUs to Roeland Polet, the Company’s Chief Executive Officer in connection with his Employment Agreement. The RSUs vest in five equal installments on each anniversary of the award date, September 3, 2024. The total expense of the award was valued at $4,911 at the grant date inclusive of dividends. The RSUs were estimated at $4,519 and will be recognized as compensation expense over the vesting period. The compensation expense recorded in 2025 and 2024 was $1,092 and $392, respectively. The equivalent dividends earned on the RSUs are forfeitable and recorded as a reduction in retained earnings and an increase in additional paid in capital. In 2025, the Company issued 5,012 shares of restricted stock to each of Ms. Sparks and Mr. Gaither. The awards vest 33% each year over a three-year period.

  23. Outstanding Equity Awards at Fiscal Year-End

    Outstanding Equity Awards at Fiscal Year-End

  24. Outstanding Equity Awards at Fiscal Year-End

    | | Option Awards | | | | | Stock Awards | | | Name | Number of Securities Underlying Unexercised Options (#) Exerciseable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Equity Incentive Plan Awards: Number of Options (#) | Option Exercise Price ($) | Option Expiration Date | Equity Incentive Plan Awards; Number of unearned RSUs That Have Not Vested | Equity Incentive Plan Awards: Market Value of Number of Unearned RSUs That Have Not Vested $ | | Roeland Polet (a) | N/A | N/A | N/A | N/A | N/A | 649,240 | $2,071 | | Rose M. Sparks | N/A | N/A | N/A | N/A | N/A | 5,012 | $16 | | Kyle Gaither | N/A | N/A | N/A | N/A | N/A | 5,012 | $16 |

  25. Outstanding Equity Awards at Fiscal Year-End

    (a) In 2024, the Company issued 750,000 RSUs to Roeland Polet, the Company’s Chief Executive Officer in connection with his Employment Agreement. The RSUs vest in five equal installments on each anniversary of the award date, September 3, 2024. The market value is based on the closing market price of the Company’s stock on December 31, 2025.

  26. Option Exercises and Stock Vested

    Option Exercises and Stock Vested No previously issued options were exercised by our executive officers in 2025. No previously issued stock awards vested in 2025.

  27. Potential Payments upon Termination or Change in Control

    Potential Payments upon Termination or Change in Control Pursuant to the Employment Agreement, upon a termination of Mr. Polet’s employment without “cause” or by the executive for “good reason,” he is entitled to receive, among other things, a payment equal to: (i) 12 months’ base salary and (ii) his target annual bonus, paid in equal installments over the 12-month period following termination and execution of a release of claims. Based on Mr. Polet’s base salary and target annual bonus payment in effect as of December 31, 2025, such payment would be equal to $750,000 if Mr. Polet had been terminated as of such date. Mr. Polet is not entitled to any payment upon a change in control unless he is terminated under the circumstances described above. Upon termination of his employment or a change in control, Mr. Polet is not entitled to the acceleration of any equity award that he has received to date.

  28. Compensation of Directors

    Compensation of Directors For the first quarter of 2025, our non-employee director compensation program consisted of the following: directors received an annual fee of $95, prorated if their service was for less than the full year. Committee heads received an additional $60 (chairman of the board), $30 (audit committee chairman), $20 (compensation committee chairman) or $15 (other committee chairmen), on an annual basis, again prorated if serving as committee chairman for less than the full year. The Compensation Committee also approved the payment to our non-employee directors of $7.5 for each board meeting and $7.5 for each committee meeting, whether attended in person or telephonically. Effective April 1, 2025, the Compensation Committee and the board modified our non-employee director compensation program to provide for an annual fee of $47.5, prorated if their service was for less than the full year. Committee heads received an additional $30 (chairman of the board), $15 (audit committee chairman), $10 (compensation committee chairman), or $7.5 (other committee chairmen), on an annual basis, again prorated if serving as committee chairman for less than the full year. The Compensation Committee also approved the payment to our non-employee directors of $2.5 for each committee meeting, whether attended in person or telephonically. Each non-employee director receives an annual grant of 5,000 shares of the Company’s common stock pursuant and subject to the terms and conditions of the Incentive Plan, with the grant on the date of the Company’s annual meeting of stockholders. Upon the appointment of a new director to the board, such director receives a grant of options to purchase up to 10,000 shares of the Company’s Common Stock pursuant and subject to the terms and conditions of the Incentive Plan. Mr. Polet, as our Chief Executive Officer, does not receive compensation for his service as chairman of the board or as a member of the board. The following is the compensation our directors earned for 2025.

  29. Summary Compensation of Directors Table

    Summary Compensation of Directors Table

  30. Summary Compensation of Directors Table

    | | | | | | Change in | | | | | | | | | Pension Value | | | | | | | | | and Non-Qualified | | | | | Fees Earned | | | Non-Equity | Deferred | | | | | or Paid in | Stock | Option | Incentive Plan | Compensation | All Other | | | | Cash | Awards | Awards | Compensation | Earnings | Compensation | Total | | Director | ($) | ($) | ($) | ($) | ($) | ($) | ($) | | Donald C. Bedell (d) | 128.5 | 16.3 | 0 | 0 | 0 | 0 | 144.8 | | Paul M. Manheim (d)(e) | 135.6 | 16.3 | 0 | 0 | 0 | 0 | 151.9 | | Dale E. Cole (d) | 124.4 | 16.3 | 0 | 0 | 0 | 0 | 140.7 | | Terrance C.Z. Egger (a)(d) | 105.7 | 0 | 0 | 0 | 0 | 0 | 105.7 | | Paul A. Novelly, II (b) (d) | 66.9 | 16.3 | 0 | 0 | 0 | 0 | 83.2 | | Ron J. Kruszewski (d) | 66.9 | 16.3 | 0 | 0 | 0 | 0 | 83.2 | | G Bruce Greer (d) | 89.4 | 16.3 | 0 | 0 | 0 | 0 | 105.7 | | Richard P. Rowe (d) | 89.4 | 16.3 | 0 | 0 | 0 | 0 | 105.7 | | Pamela R. Butcher (c) (d) | 46.6 | 16.3 | 9.5 | 0 | 0 | 0 | 72.4 |

  31. Summary Compensation of Directors Table

    | (a) Mr. Egger retired from the Board of Directors effective as of November 11, 2025. |

  32. Summary Compensation of Directors Table

    | (b) Director fees were designated to be paid to a charitable organization by Paul A. Novelly, II in the amount of $66.9. | | (c) Ms. Butcher was appointed to the Board of Directors on April 3, 2025. | | (d) In November 2025, we granted annual stock awards of 5,000 restricted shares to each member of the Board of Directors pursuant to the Incentive Plan. The restricted shares vest in four equal installments beginning March 31, 2026 and ending on November 18, 2026. | | (e) Mr. Manheim is not standing for re-election at the Annual Meeting. The board has approved a reduction in the size of the Board of Directors to be effective as of the Annual Meeting. |

  33. Summary Compensation of Directors Table

    In December 2025, the Compensation Committee reviewed the compensation structure and recommended to the board, which the board approved, a modification to the structure to provide for an annual $20 to be paid to any Lead Independent Director then serving and to provide for an annual grant of options to purchase up to 10,000 shares of the Company’s Common Stock pursuant and subject to the terms and conditions of the Incentive Plan, to be issued as of the close of business two business days following the filing of the Company’s Annual Report on Form 10-K. The Company did not otherwise modify the compensation structure effective for 2026. However, in June 2026, the Compensation Committee reviewed the compensation structure and recommended to the board, which the board approved, a restructuring of the director compensation structure effective for 2027 to provide for an annual cash retainer fee of $95 per director (provided that director may elect to receive all or a portion of such cash retainer as equity) and an annual grant of shares of the Company’s common stock with an aggregate fair market value (as defined in the Incentive Plan) of $95 per director. The restructuring eliminated all per-meeting fees. The following table sets forth information concerning unexercised options, stock awards that have not vested, and equity incentive plan awards as of December 31, 2025 with respect to our directors.

  34. Summary Compensation of Directors Table

    | | Option Awards | | | | | Stock Awards | | | | | | | | | | | | | Equity | Equity | | | | | | | | | | Incentive | Incentive | | | | | | | | | | Plan | Plan Awards: | | | | | Equity | | | | Market | Awards: | Market or | | | | | Incentive | | | Number | Value of | Number of | Payout Value | | | | | Plan Awards: | | | of Shares | Shares | Unearned | of Unearned | | | Number of | Number | Number of | | | or Units | or Units | Shares, Units | Shares, Units | | | Securities | of Securities | Securities | | | of Stock | of Stock | or Other | or Other | | | Underlying | Underlying | Unexercised | Option | | That | That | Rights That | Rights That | | | Unexercised | Unexercised | Unearned | Exercise | Option | Have Not | Have Not | Have Not | Have Not | | | Options (#) | Options (#) | Options | Price | Expiration | Vested | Vested | Vested | Vested | | Name | Exercisable | Unexercisable | (#) | ($) | Date | (#) | ($) | (#) | ($) | | Paul A. Novelly, II (a) (b) | 10,000 | 0 | 0 | 7.18 | 8/1/2027 | 0 | 0 | 5,000 | 16.3 | | Ron Kruszewski (a) (b) | 10,000 | 0 | 0 | 7.18 | 8/1/2027 | 0 | 0 | 5,000 | 16.3 | | G Bruce Greer (a) (b) | 10,000 | 0 | 0 | 7.55 | 3/18/2029 | 0 | 0 | 5,000 | 16.3 | | Richard P. Rowe (a) (b) | 10,000 | 0 | 0 | 5.73 | 8/13/2029 | 0 | 0 | 5,000 | 16.3 | | Pamela R. Butcher(a) (b) | 10,000 | 0 | 0 | 3.96 | 4/3/2030 | 0 | 0 | 5,000 | 16.3 | | Paul M. Manheim (b)(c) | | | | | | | | 5,000 | 16.3 | | Dale E. Cole (b) | | | | | | | | 5,000 | 16.3 | | Donald C. Bedell (b) | | | | | | | | 5,000 | 16.3 |

  35. Summary Compensation of Directors Table

    | (a) In April 2025, August 2024, March 2024 and August 2022, we granted a total of 10,000, 10,000, 10,000 and 20,000, respectively, stock options to our new board members. The options awarded have an exercise price equal to the mean between the highest and lowest quoted sales prices for the Company’s common stock as of the grant date as reported by the New York Stock Exchange. The options awarded vested immediately and expire on April 3, 2030, August 13, 2029, March 18, 2029 and August 1, 2027, respectively. See Note 17 to our 2025 consolidated financial statements in the 2025 Annual Report for a discussion of the Company’s plan-based awards. |

  36. Summary Compensation of Directors Table

    | (b) In November 2025, we granted annual stock awards of 5,000 restricted shares to each member of the Board of Directors pursuant to the Incentive Plan. The restricted shares vest in four equal installments beginning March 31, 2026 and ending on November 18, 2026. | | (c) Mr. Manheim is not standing for re-election at the Annual Meeting. The board has approved a reduction in the size of the Board of Directors to be effective as of the Annual Meeting. |

  37. Pay Ratio Disclosure

    Pay Ratio Disclosure This section provides the annual ratio of the median employee’s annual total compensation to the total annual compensation of the principal executive officer (‟PEO”). The Company’s PEO is Mr. Roeland Polet. The purpose of this disclosure is to provide a measure of the equitability of pay within the organization. The Company believes its compensation philosophy and process yield an equitable result. Median of the total annual compensation of all employees other than our PEO: $73,299. PEO total annual compensation: $531,000 Ratio of PEO to Median Employee Compensation : 7.2:1 In determining the median employee, a listing was prepared of all full and part-time employees as of December 31, 2025, Employees’ actual gross wages and salaries were used for the full year of 2025. The median amount was selected from the list. For simplicity, the value of the Company’s 401(k) plan and medical benefits provided was excluded. As of December 31, 2025, the Company employed 489 persons of which approximately 327 were in an operations role.

  38. Pay Versus Performance

    Pay Versus Performance Under Item 402(v) of Regulation S-K, we must disclose pay-versus performance information for the most recently completed three fiscal years. The following table sets forth the required pay-versus performance disclosures in the form of the “total compensation” as reported in the Company’s “Summary Compensation Table” for the PEO (current and former) and as an average for the other named executive officers.

  39. Pay Versus Performance

    | Year | Summary | | Compensation Actually Paid to PEO (a)(b) | | Average | Average | Value of Initial Fixed | | | | | | | | | | Compensation | Compensation | | Peer | | | | | | | | | Table | Actually | | Group | | | | | | | | | Total for | Paid to | Total | Total | | | | | | | | | Non-PEO | Non-PEO | Shareholder | Shareholder | Net | Adjusted | | | Tom McKinlay | Roeland Polet | Tom McKinlay | Roeland Polet | NEOs (c) | NEOs (c)(d) | Return (1) | Return (2) | Income | EBITDA (3) | | 2025 | - | $531,000 | - | $(921,000) | $378,667 | $378,000 | $53.23 | $81.14 | $(49,397,000) | $(38,317,000) | | 2024 | $429,000 | $5,104,000 | $429,000 | $5,104,000 | $385,000 | $385,000 | $341.62 | $110.94 | $15,503,000 | $17,594,000 | | 2023 | $699,000 | - | $699,000 | - | $436,000 | $436,000 | $87.11 | $147.44 | $37,382,000 | $34,983,000 |

  40. Pay Versus Performance

    | (a) Mr. McKinlay retired from the chief executive officer position in May 2024 and was given a separation payment of his expected bonus for 2024 (other compensation) as well as half his annual salary to provide certain consulting services to the Company. He will receive another payment of half his salary in 2025. He had been appointed as chief executive officer on July 31, 2022. In 2023, the Compensation Committee approved an adjustment to Mr. McKinlay's base salary to $400,000 per annum and that resulted in a lump sum payment in February 2023 of $56,000 (based on a deemed retroactive adjustment to August 2022). This lump sum payment was included in Mr. McKinlay’s compensation for 2023 as reported in our Annual Report for the year ended December 31, 2023, as amended. |

  41. Pay Versus Performance

    | (b) Mr. Polet was appointed Chief Executive Officer effective September 3, 2024 upon Mr. McKinlay’s retirement. Mr. Polet was issued 750,000 RSUs that vest annually on the anniversary date. These RSUs and related dividends had an intrinsic value of $4,519,000 and $392,000, respectively. |

  42. Pay Versus Performance

    | (c) Non-PEO NEOs in each of the years presented included Rose M. Sparks, Charles Lyon and Kyle Gaither. |

  43. Pay Versus Performance

    | (d) No stock awards or stock options were granted to our PEOs or Non-PEO NEOs in 2023. In 2024, the Company issued 750,000 RSUs to Roeland Polet, the Company’s Chief Executive Officer, in connection with his Employment Agreement. The RSUs vest in five equal installments on each anniversary of the award date, September 3, 2024. No stock awards or stock options were granted to our Non-PEO NEOs in 2024. In 2025, the Company issued 5,012 shares of restricted stock to each of Rose M. Sparks and Kyle Gaither, which vest in three equal installments beginning April 2, 2026 and ending on the second anniversary of such date. |

  44. Pay Versus Performance

    | (1) Total stockholder return as calculated based on a fixed investment of one hundred dollars measured from the market close on December 31, 2023 (the last trading day of 2023) through and including the end of the fiscal year for each year reported in the table. |

  45. Pay Versus Performance

    | (2) Our peer group used for the total stockholder return calculation is Archer-Daniels-Midland Co., Arkema SA, Albemarle Corp., Alto Ingredients Inc., Aemetis Inc., Bunge Global SA, Cabot Corp., Chemours Co., Celanese Corp., Darling Ingredients Inc., Dow Inc., Eastman Chemical Co., Gevo Inc., Green Plains Inc., Hudson Technologies Inc., Huntsman Corp., Kronos Worldwide Inc., Lanxess Ag, Lyondellbasell Industries NV, Olin Corp., Rex American Resources Corp., Stepan Co., Solvay SA and Westlake Corp. |

  46. Pay Versus Performance

    | (3) Our Company-selected measure, which is the measure we believe represents the most important financial performance measure not otherwise presented in the table above that we use to link compensation actually paid to our named executive officers for 2025 to our Company’s performance, is Adjusted EBITDA (a non-GAAP financial measure). For a reconciliation of Adjusted EBITDA to net income (the relevant GAAP measure), please see the Company’s 2025 Annual Report; provided, that for purposes of the above table, the Company restated previously reported Adjusted EBITDA per interpretive guidance to exclude unrealized (non-cash) gains and losses on derivative instruments. |

  47. Relationship Between Compensation Actually Paid and Performance Measures

    Relationship Between Compensation Actually Paid and Performance Measures The charts below illustrate, for the past three fiscal years, the relationship between compensation actually paid to the PEOs and the average compensation actually paid to NEOs and the financial metrics disclosed in the Pay versus Performance Table.