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GIS » Topics » 5.4 Compensation; Expenses.

This excerpt taken from the GIS 10-Q filed Jan 6, 2005.

        5.4     Compensation; Expenses.

        (a)    Except as otherwise provided in Sections 5.4(b) and 5.5, the Managing Member shall not receive any salary, fee, or draw for services rendered to, or on behalf of, the Company or any of its Subsidiaries or otherwise in its capacity as a manager of the Company or a Member, nor shall the Managing Member be reimbursed for any Expenses incurred by the Managing Member on behalf of the Company or any of its Subsidiaries or otherwise in its capacity as a manager of the Company or a Member.

        (b)    The Managing Member will be paid an annual fee not to exceed $100,000 as compensation for providing administrative and managerial services to the Company. The



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Managing Member may charge the Company, and shall be reimbursed, for all reasonable out-of-pocket operating expenses necessary for running the business of the Company and its Subsidiaries. Such reimbursement shall be treated as operating expenses of the Company and its Subsidiaries and shall not be deemed to constitute distributions to any Member of profit, loss, or capital of the Company or any of its Subsidiaries.

"5.4 Compensation; Expenses." elsewhere:

MGP Ingredients (MGPI)
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