Document:

Unassociated Document

Exhibit 10.04

Compensation Arrangement of Mr. Charles Boehlke

Note: The following summary of Mr. Boehlke’s compensation arrangement does not include all previously-reported compensation arrangements or awards granted under previously-disclosed incentive plans.  Disclosures with respect to compensation for Mr. Boehlke for the 2010 fiscal year are included in MSC Industrial Direct Co., Inc.’s definitive proxy statement for the company’s 2011 Annual Meeting of Shareholders, and disclosures with respect to compensation for Mr. Boehlke for the 2011 fiscal year will be included in the company’s definitive proxy statement for the company’s 2012 Annual Meeting of Shareholders.

Mr. Charles Boehlke retired as Executive Vice President and Chief Financial Officer of MSC Industrial Direct Co., Inc. (the “Company”) on April 8, 2011.  Mr. Boehlke remained with the Company as a full-time employee in the position of Senior Advisor until May 30, 2011.  Mr. Boehlke is continuing in the position of Senior Advisor on a part-time basis until November 30, 2011, subject to extension by mutual agreement.  During the period that Mr. Boehlke works part-time, he will work up to 50 hours per month.  Mr. Boehlke’s base compensation continued at $471,846 per annum until May 30, 2011, when his annual base salary was reduced to $52,000 per annum.  Mr. Boehlke will be eligible for a pro rata bonus for fiscal year 2011.Exhibit 10.1

AMENDMENT

TO THE MASTER

LOAN

AGREEMENT

THIS AMENDMENT is entered into as of May 12, 2011, between CoBANK, ACB ("CoBank") and SOUTH DAKOTA SOYBEAN PROCESSORS, LLC, Volga, South Dakota (the "Company").

BACKGROUND

CoBank and the Company are parties to a Master Loan Agreement dated May 3 , 2010 (such agreement, as previously amended, is hereinafter referred to as the "MLA"). CoBank and the Company now desire to amend the ML.A. For that reason, and for valuable consideration (the receipt and sufficiency of which are hereby acknowledged), CoBank and the Company agree as follows:

1.           The form of Compliance Certificate required by Section 8(H)(7) and attached as Exhibit A to the MLA is hereby amended and restated by the form of Compliance Certificate attached as Exhibit A hereto.

2.           Section 10(A) of the MLA is hereby amended and restated to read as follows:

(A) Working Capital. The Company and its consolidated Subsidiaries will have an excess of consolidated current assets over consolidated current liabilities (both as determined in accordance with GAAP consistently applied) of not less than: (1) $8,000,000.00 at the end of each fiscal year of the Company; and (2) $4,750,000.00 at the end of each other period for which financial state menus are required to be furnished pursuant to Section 8(H) hereof up to and including September 30, 2011 and increasing to $6,500,000.00 beginning October 1, 2011 and at the end of each such period thereafter, except that in determining consolidated current assets, any amount available under the Revolving Term Loan Supplement (less the amount that would be considered a current liability under GAAP if fully advanced) hereto may be included.

3.           Except as set forth in this amendment, the MLA, including all amendments thereto, shall continue in full force and effect as written.

IN WITNESS WHEREOF, the parties have caused this amendment to be executed by their duly authorized officers as of the date shown above.

 

	
CoBANK, ACB

	
 

	
SOUTH DAKOTA SOYBEAN

	
 

	
 

	
PROCESSORS, LLC

	
 

	
 

	
 

	
 

	
 

	
By:

	
 /s/ Janet Sharma

	
 

	
By:

	
/s/ Thomas J. Kersting

	
 

	
 

	
 

	
 

	
 

	
Title:

	
 Assistant Corp. Secretary

	
 

	
Title:

	
CEO

 

  

  

  

 

COMPLIANCE CERTIFICATE

South Dakota Soybean Processors, LLC (18462590)

CoBank, ACB

ATTN: CIScrviccs

P.O. Box 5110

Denver, Colorado 80217

or

CoBank, ACB

ATTN: CIScrviccs 5500 South

Quebec Street Greenwood Village,

Colorado 80111

The following is based on the reporting period ending (date):                                                                  _________

Working Capital Calculation

A.      Consolidated Current Assets                                                                                                  $_____________

B.       Minus: Consolidated Current Liabilities                                                                            <$____________>

C.       Add: Unadvanced Term Revolver*                                                                                         $_____________

*Less any amount considered a current liability per GAAP and not included in "B" above"

D.       Working Capital for Covenant Reporting***                                                                      $____________

***Requirement is >$8.0 million for fiscal year end and >$4.75 million for interim monthly statements stepping up to >$6.5 million for interim monthly statements beginning October 31, 2011

I have reviewed the above calculations and the certified consolidated interim financial statement(s) dated as of_______________ and, based upon this review, hereby certify that to the best of my knowledge the above calculations are accurate and complete for the period reflected.

	
 

	
South Dakota Soybean Processors, LLC

Volga, South Dakota

	
 

	
 

	
 

	
By:

	
 

	
 

	
Name:

	
 

	
 

	
Title:

	
 

	
 

	
Date:Exhibit 10.2

REVOLVING TERM LOAN SUPPLEMENT

THIS SUPPLEMENT to the Master Loan Agreement dated May 3, 2010 (the "MLA"), is entered into as of May 12, 2011 between CoBANK, ACB ("CoBank") and SOUTH DAKOTA SOYBEAN PROCESSORS, LLC, Volga, South Dakota (the "Company"), and amends and restates the Supplement dated August 12, 2010 and numbered R1B051T05G.

SECTION I. The Revolving Term Loan Commitment. On the terms and conditions set forth in the MLA and this Supplement, CoBank agrees to make loans to the Company from the date hereof, up to and including March 20, 2017, in an aggregate principal amount not to exceed, at any one time outstanding, $16,800,000.00 less the amounts scheduled to be repaid during the period set forth below in Section 5 (the "Commitment"). Within the limits of the Commitment, the Company may borrow, repay, and rcborrow.

The Company may, in its sole discretion, elect to permanently reduce the amount of the Commitment by giving CoBank ten (10) days prior written notice. Said election shall be made only if the Company is not in default at the time of the election and will remain in compliance with all financial covenants after such reduction. Any such reduction shall be treated as an early, voluntary reduction of the Commitment amount and shall not delay or reduce the amount of any scheduled Commitment reduction under Section 5 hereof (which reductions shall continue in semi-annual increments of $1,300,000.00 on the dates determined in accordance with Section 5), but rather shall result in an earlier expiration of the Commitment and final maturity of the loans.

SECTION 2. Purpose. The purpose of the Commitment is to finance capital expenditures and to provide working capital to the Company.

SECTION 3. Term. Intentionally Omitted.

SECTION 4. Interest. The Company agrees to pay interest on the unpaid balance of the loan(s) in accordance with one or more of the following interest rate options, as selected by the Company:

(A) One-Month LIBOR Index Rate. At a rate (rounded upward to the nearest 1/100th and adjusted for reserves required on "Eurocurrency Liabilities" [as hereinafter defined] for banks subject to "FRB Regulation D" [as hereinafter defined] or required by any other federal law or regulation) per annum equal at all times to 4.25% above the rate quoted by the British Bankers Association (the "BBA") at 11:00 a.m. London time for the offering of one (l)-month U.S. dollars deposits, as published by Bloomberg or another major information vendor listed on BBA's official website on the first "U.S. Banking Day" (as hereinafter defined) in each week, with such rate to change weekly on such day. The rate shall be reset automatically, without the necessity of notice being provided to the Company or any other party, on the first "U.S. Banking Day" of each succeeding week, and each change in the rate shall be applicable to all balances subject to this option. Information about the then-current rate shall be made available upon telephonic request. For purposes hereof: (1) "U.S. Banking Day" shall mean a day on which CoBank is open for business and banks are open for business in New York, New York; (2) "Eurocurrency Liabilities" shall have the meaning as set forth in "FRB Regulation D"; and (3) "FRB Regulation D" shall mean Regulation D as promulgated by the Board of Governors of the Federal Reserve System, 12 CFR Part 204, as amended.

(B) Quoted Rate. At a fixed rate per annum to be quoted by CoBank in its sole discretion in each instance. Under this option, rates may be fixed on such balances and for such periods, as may be agreeable to CoBank in its sole discretion in each instance, provided that: (1) the minimum fixed period shall be 30 days; (2) amounts may be fixed in increments of $100,000.00 or multiples thereof; and (3) the maximum number of fixes in place at any one time shall be five.

 

  

  

  

 

Revolving Term Loan Supplement RIB051T05H

SOUTH DAKOTA SOYBEAN PROCESSORS, LLC

Volga, South Dakota

The Company shall select the applicable rate option at the time it requests a loan hereunder and may, subject to the limitations set forth above, elect to convert balances bearing interest at the variable rate option to one of the fixed rate options. Upon the expiration of any fixed rate period, interest shall automatically accrue at the variable rate option unless the amount fixed is repaid or fixed for an additional period in accordance with the terms hereof. Notwithstanding the foregoing, rates may not be fixed for periods expiring after the maturity date of the loans and rates may not be fixed in such a manner as to cause the Company to have to break any fixed rate balance in order to pay any installment of principal. All elections provided for herein shall be made telephonically or in writing and must be received by 12:00 Noon Company's local time. Interest shall be calculated on the actual number of days each loan is outstanding on the basis of a year consisting of 360 days and shall be payable monthly in arrears by the 20th day of the following month or on such other day in such month as CoBank shall require in a written notice to the Company.

SECTION 5. Promissory Note. The Company promises to repay on the date of each reduction in the Commitment, the outstanding principal, if any, that is in excess of the available balance. The available balance shall be decreased by $1,300,000.00 on the 20th clay of each September and March beginning September 20, 2011, and continuing through and including September 20, 2016, followed by a final reduction at the expiration of the Commitment on March 20, 2017, at which time any outstanding balance shall be due and payable in full. If any installment due date is not a day on which CoBank is open for business, then such payment shall be made on the next day on which CoBank is open for business. In addition to the above, the Company promises to pay interest on the unpaid principal balance hereof at the times and in accordance with the provisions set forth in Section 4 hereof. This note replaces and supersedes, but does not constitute payment of the indebtedness evidenced by, the promissory note set forth in the Supplement being amended and restated hereby.

SECTION 6. Security. The Company's obligations hereunder and, to the extent related hereto, the MLA, including without limitation any future advances under any existing mortgage or deed of trust, shall be secured as provided in the Security Section of the MLA.

SECTION 7. Commitment Fee. In consideration of the Commitment, the Company agrees to pay to CoBank a commitment fee on the average daily unused portion of the Commitment at the rate of 0.50% per annum (calculated on a 360-day basis), payable monthly in arrears by the 20th day following each month. Such fee shall be payable for each month (or portion thereof) occurring during the original or any extended term of the Commitment.

IN WITNESS WHEREOF, the parties have caused this Supplement to be executed by their duly authorized officers as of the date shown above.

 

	
CoBANK, ACB

	
 

	
SOUTH DAKOTA SOYBEAN

	
 

	
 

	
 

	
PROCESSORS, LLC

	
 

	
 

	
 

	  	
 

	
By:

	
 /s/ Janet Sharma

	
 

	
By:

	
 /s/ Thomas J. Kersting

	
 

	
 

	
 

	  	
 

	
Title:

	
 Assistant Corp. Secretary

	
 

	
Title:

	
 CEO

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