Company: SDSYA
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001163609-25-000013
Chunk: 10

Company: SOUTH DAKOTA SOYBEAN PROCESSORS LLC
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 10
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: finance/audit committee, governance committee, and nomination committee. The board does not have a standing compensation committee because of the Company’s small size and management team and structure which the board believes reduces the need for such committee; instead, the governance committee and the remaining members of the board participate in the consideration of executive officer and board compensation. The composition and function of the committees of the board are set forth below.

Finance/Audit Committee. The finance/audit committee acts under an audit committee charter, which is available on the Company’s website at www.sdsbp.com under “Investors,” “Finance and Audit Committee Charter.” The charter is used by the audit committee to guide its activities. The current members of the audit committee are Craig Weber who serves as the chairman of the committee, Lewis Bainbridge, Mark Brown, Spencer Enninga, Brandon Hope, Alex Johnson, Robert Nelsen, Michael Reiner, and Doyle Renaas. Because our board members are generally farmers, as is common for producer-based agricultural entities, we do not have a financial expert serving on our finance/audit committee. Although our finance/audit committee is exempt from the independence listing standards because our capital units are not publicly traded or listed on a national securities exchange or an automated inter-dealer quotation system of a national securities association or to issuers of such securities, we believe that, apart from Messrs. Hope and Weber, all of the members of the finance/audit committee are independent within the meaning of NASDAQ Rule 5605(a) and (c). Messrs. Hope and Weber are not independent because each received payment from the Company for the sale and delivery of soybeans to the Company within any of the three preceding years. The finance/audit committee held ten meetings during the fiscal year ended December 31, 2024.

Governance Committee. The governance committee assists the board in the supervision of the chief executive officer, chief operating officer, chief financial officer, VP of processing, and VP of engineering and innovation, including the review of their performance and compensation package, and assists the Company with analyzing legal issues and responsibilities and providing guidance on future long- and short-term planning. The committee also serves the functions of a compensation committee. The current members of the governance committee are Craig Weber, who serves as chairman of the committee, Spencer Enninga, Brandon Hope, and Michael Reiner. The governance committee held two meetings during the fiscal year ended December 31, 2024.

Nomination Committee. The nomination committee acts under a nomination committee charter