Company: HYEX
Filing Date: 2025-04-01
Form Type: 10-K
Source: 0001096906-25-000370
Chunk: 45

Company: HEALTHY EXTRACTS INC.
Filing Date: 2025-04-01
Form: 10-K
Item: Item 11
Chunk 45
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ITEM 11 - EXECUTIVE COMPENSATION

Narrative Disclosure of Executive Compensation

Pitts Independent Contractor Agreement

On October 1, 2019, we entered into an Independent Contractor Agreement with Kevin “Duke” Pitts. Pursuant to this agreement, Mr. Pitts has agreed to serve as our President and Chief Executive Officer in exchange for $120,000 per year. The agreement had an expiration date of December 31, 2021, but has been extended indefinitely since then.  

Madden Consulting Agreement

Effective June 1, 2022, we entered into a Consulting Agreement with Robert Madden. Pursuant to the agreement, Madden has agreed to serve as our Chief Financial Officer and Secretary in exchange for $42,000 per year. The agreement is effective for one year, and will automatically renew for successive one-year terms. 

Summary Compensation Table 

The following table sets forth information with respect to compensation earned by our President and our Secretary and Chief Financial Officer for the years ended December 31, 2024 and 2023.

Name and
Principal Position
Year
Salary
($)
Bonus
($)
Stock
Awards
($)
Option Awards
($)
Non-Equity Incentive Plan Compensation ($)
Nonqualified Deferred Compensation ($)
All Other
($)

Total
($)

Kevin “Duke” Pitts
2024
120,000
-0-
-0-
-0-
-0-
-0-
-0-
120,000

President
2023
120,000
-0-
-0-
-0-
-0-
-0-
-0-
120,000

Robert Madden (1)
2024
114,000
-0-
-0-
-0-
-0-
-0-
-0-
114,000

Secretary and CFO
2023
62,500
-0-
-0-
-0-
-0-
-0-
-0-
62,500

Director Compensation

For the years ended December 31, 2024 and 2023, none of the members of our Board of Directors received compensation for his service as a director.

On December 26, 2022, we approved the Healthy Extracts Inc. 2022 Equity Incentive Plan and set aside 433,334 shares of our common stock for issuance thereunder. As of December 31, 2024, there are options outstanding to acquire 38,333 shares of common stock at