Carl Odde
About Carl Odde
Carl Odde is Chief Operating Officer of South Dakota Soybean Processors, LLC (SDSBP), serving since October 1, 2023; age 45; B.S. in Agricultural Systems Technology from South Dakota State University . He joined SDSBP in 2003 (Project Manager), became Engineering Manager in 2007 (through 2023), and now manages daily business operations as COO . Executive compensation at SDSBP is tightly linked to company profitability via a profit-sharing formula and long-term deferred compensation; company performance metrics disclosed include Total Member Return (TSR) and Net Income, with TSR roughly flat and Net Income declining from $70.45M (2023) to $20.32M (2024), directly affecting bonus pools .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| South Dakota Soybean Processors, LLC | Project Manager | 2003–2007 | Managed projects supporting plant operations and development . |
| South Dakota Soybean Processors, LLC | Engineering Manager | 2007–2023 | Oversaw daily engineering tasks required to operate crush facilities . |
| South Dakota Soybean Processors, LLC | Chief Operating Officer | Oct 2023–Present | Manages daily business operations across departments . |
External Roles
- No external roles disclosed for Mr. Odde in SDSBP filings .
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 196,000 | 216,250 | 286,000 |
| All Other Compensation ($) | 6,954 | 7,252 | 5,785 |
| Employment Agreement Status | At‑will (no written employment agreement) | At‑will (no written employment agreement) | At‑will (no written employment agreement) |
Notes:
- Initial COO salary set at $250,000 effective Oct 1, 2023 (partial-year salary reflected in 2023 SCT) .
Performance Compensation
Annual Profit-Sharing Bonus (Cash)
- Formula: If Net Income > $2M, pool = (Net Income − $2M) × 4.7% .
- Metric used: Consolidated Net Income (excluding extraordinary items) .
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income ($) | 67,464,101 | 70,449,578 | 20,319,817 |
| Threshold | > $2,000,000 | > $2,000,000 | > $2,000,000 |
| Pool Formula | (NI−$2M)×4.7% | (NI−$2M)×4.7% | (NI−$2M)×4.7% |
| Odde Actual Bonus Paid ($) | 140,065 | 176,650 | 40,194 |
| Vesting (Bonus) | Cash; no vesting disclosed | Cash; no vesting disclosed | Cash; no vesting disclosed |
Deferred Compensation Plan (Long-Term)
- Structure: Target value set annually; awards based on performance versus long-term objectives; held in a Rabbi Trust; investment direction at executive’s discretion .
- Vesting: Ratable over 8 years at 12.5% per year; vested amounts paid at or after separation per award terms .
| Item | 2022 | 2023 | 2024 |
|---|---|---|---|
| Deferred Compensation Award ($) | 49,000 | 75,000 | 65,000 |
| Performance Metrics | Long-term objectives (not itemized) | Long-term objectives (not itemized) | Long-term objectives (not itemized) |
| Vesting Schedule | 12.5% per year (8 years) | 12.5% per year (8 years) | 12.5% per year (8 years) |
Equity and Option Awards
- Stock awards: None for executive officers; no RSUs/PSUs disclosed .
- Options: None disclosed .
Multi-Year Compensation Summary (Total)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary ($) | 196,000 | 216,250 | 286,000 |
| Bonus ($) | 140,065 | 176,650 | 40,194 |
| Deferred Compensation ($) | 49,000 | 75,000 | 65,000 |
| Stock Awards ($) | — | — | — |
| All Other Compensation ($) | 6,954 | 7,252 | 5,785 |
| Total ($) | 392,019 | 475,152 | 396,979 |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial Ownership (Capital Units) | None reported for Carl Odde as of May 1, 2025 . |
| Ownership % of Outstanding Units | Not applicable (no units owned) . |
| Vested vs. Unvested Shares | No equity awards; only deferred compensation exists . |
| Shares Pledged as Collateral | No pledging disclosure; beneficial ownership shows no units for Odde . |
| Insider Trading/Hedging Policy | Company maintains insider trading policy; hedging referenced in policy heading (details not provided) . |
| Stock Ownership Guidelines | Not disclosed . |
Employment Terms
- Status: At-will employment; no written employment agreement for COO .
- Appointment: COO effective October 1, 2023; initial annual salary set at $250,000 (partial year in 2023 SCT) .
- Severance/Termination Economics: If dismissed without cause as of Dec 31, 2024, estimated deferred compensation payments of approximately $189,000 (no salary continuation provisions disclosed for COO) .
- Non-Compete/Non-Solicit: Not disclosed for COO; non-compete provisions exist only in CEO/CFO agreements .
Company Performance Context
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Total Member/Shareholder Return (Value of $100) | 197.80 | 198.02 | 197.80 |
| Net Income ($) | 67,464,101 | 70,449,578 | 20,319,817 |
- Compensation governance: Governance Committee acts as compensation committee and oversees executive pay policy and approvals .
- Say-on-Pay: Advisory vote held triennially; members voted in favor at the 2022 meeting; 2025 vote proposed again .
Investment Implications
- Pay-for-performance linkage is explicit: Odde’s annual bonus is driven by the profit-sharing formula tied to Net Income and fell sharply in 2024 ($40k vs. $177k in 2023) as profitability contracted, indicating compensation sensitivity to operating cycles .
- Retention risk vs. alignment: Strong retention via eight-year vesting of deferred compensation; however, absence of equity awards and zero beneficial ownership weakens direct alignment with unit-holder value and reduces potential insider selling pressure signals .
- Contractual protections: At-will status and limited termination economics (deferred comp payout only) suggest modest company obligations in a change or dismissal scenario; no disclosed change-of-control or severance multiples for COO, limiting governance risk from golden parachutes .
- Monitoring signals: Watch for (i) shifts in deferred comp targets/metrics set annually by the board and CEO , (ii) future DEF 14A disclosures for any introduction of equity awards or ownership guidelines , and (iii) 8-K Item 5.02 updates for compensation changes or role transitions .