Company: SDSYA
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001163609-25-000013
Chunk: 20

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 20
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 31, 2024, and assuming that there was no reduction for salary earned in other employment, the Company estimates that it would have provided salary, deferred compensation, and health care benefits over a 60-month period of approximately $1,706,000 and $616,000, pursuant to our employment agreements with the Chief Executive Officer and Chief Financial Officer, respectively. If our Chief Operating Officer, VP of Processing, and VP of Engineering and Innovation would have been dismissed without cause on December 31, 2024, the Company estimates that it would have been responsible for deferred compensation payments of approximately $189,000, $173,000, and $51,250, respectively.

Stock Awards

None

All Other Compensation

Other compensation provided to our executive officers includes such things as defined contribution plans and life insurance premiums. We provide these benefits, as well as medical and dental coverage, to our executive officers to the same extent as such benefits are provided to our other employees. These benefits are intended to make our executive officers more efficient and effective and provide for their health and well-being. The board reviews these other benefits to confirm that they are reasonable and competitive in light of the overall goal of designing the compensation program to attract and retain talent while maximizing the interests of our members.

Defined Contribution Plans - We provide the executive officers and all employees of the Company a tax-qualified 401(k) plan of the Internal Revenue Code. We match 50% of all full-time employees’ contributed earnings, up to a maximum contribution of three percent (3%) of the employee’s wages.

Life Insurance Premiums - We pay premiums for basic term life insurance, and accidental and disability insurance policies for all executive officers and all employees of the Company.

Perquisites - Our Chief Executive Officer and Chief Financial Officer do not receive any perquisites. If any perquisites are received and used for personal reasons, the cost of value is imputed to the executive officers as income and the executive officers are responsible for all applicable taxes.

Accounting and Tax Treatment of Awards

Except for Mr. Kersting, none of our executive officers, managers, or employees receives compensation in excess of $1 million. Public companies may not deduct any portion of compensation that is in excess of $1 million in a taxable year to certain covered employees, including our Executive Officers, under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”). To the extent Section 162(m) of the Code applies to the Company, our Board and