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CERES ENVIRONMENTAL SERVICES, INC. <br /> NOTES TO FINANCIAL STATEMENTS <br /> As of and for the Year Ended December 31, 2016 <br /> NOTE 5-Equipment Notes Payable(cont.) <br /> De Lage Landen <br /> Two notes payable requiring monthly payments of$5,213 and <br /> $19,159, including interest at.9%and 1.50%. Secured by related $ 684,435 <br /> equipment and guaranteed by the sole stockholder of the Company. <br /> Notes mature February 2017 and December 2019. <br /> Balboa Capital <br /> Note payable requiring monthly payments of$1,881, including interest <br /> at 5.9%. Secured by related equipment. Note matures September 35,753 <br /> 2019. <br /> Total Equipment Notes Payable $, 7,630,960 <br /> Future maturities of the equipment notes payable are as follows for years ending December 31: <br /> 2017 $ 3,012,873 <br /> 2018 2,713,161 <br /> 2019 1,516,563 <br /> 2020 388.363 <br /> Total $ 7,630,960 <br /> NOTE 6-Retirement Plan <br /> The Company maintains a profit sharing plan, including a 401(k)feature, covering all full-time permanent <br /> employees, age 21 or older,with one year of service. The plan provides for annual profit sharing contributions as <br /> determined by management. Ceres also matches a certain portion of the employee 401(k) deferral. Ceres did <br /> not make any profit sharing contributions to the plan during the year ended December 31, 2016. Total 401(k) <br /> matching contributions made by Ceres to the plan totaled $216,242 during the year ended December 31, 2016. <br /> NOTE 7-Commitments <br /> The Company leases office space and various pieces of equipment under month-to-month and short-term lease <br /> agreements from unrelated and related parties(see Note 3). Rent expense under all month-to-month and short- <br /> term lease agreements, including equipment, amounted to approximately$3,280,000 for the year ended <br /> December 31, 2016. <br /> Page 13 <br /> CONFIDENTIAL & PROPRIETARY <br />