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Pedelta, Inc. Statement of Direct Labor, Fringe Benefits and General Overhead For the Year Ended December 31, 2019 NOTE 4 - LABOR RELATED COSTS (continued) Highly Compensated Em looyees f Officers: The Company performed an analysis of executive compensation in accordance with Chapter 7 of the AASHTO Audit Guide. The analysis included an examination of the activities performed by Company executives, and the forms of compensation paid to executives. The reasonableness was determined by examining executive compensation using the National Compensation Matrix (NCM) as well as the requirements of the Bipartisan Budget Act of 2013. Based on that NCM the total executive compensation was considered reasonable and did not exceed the applicable Benchmark Compensation Amount (BCA). NOTE 5 - SUMMARY OF OVERHEAD RATE The following summarized the allowable home office overhead rates incurred by the Company for the year ended December 31, 2019. Description Home Office Fringe Benefit Rate 7.86% General Overhead Rate 65.74% Combined Rate 73.60% NOTE 6 - DIRECT EXPENSE RATE The Company's direct expense rate was based on the direct cost accumulated in the job cost records and recorded as the following in the general ledger: Direct Expenses Home Office Subconsultant Costs $ 279,805 Travel 1,820 Supplies 789 Total Direct Expense 282,414 Less Unallowable Subcontract Cost (279,805) Total Allowable Direct Expense $ 2,609 Direct Labor $ 54,499 Direct Expense Rate 4.79% No costs in excess of the travel expenses allowed in Florida Statue 112.061 and the $150 per night lodging limit per Chapter 2016-62, Laws of Florida was included in direct expense. NOTE 7 - MANAGEMENT'S EVALUATION OF SUBSEQUENT EVENTS The Company has evaluated subsequent events through August 4, 2020, the date upon which the Statement of Direct Labor, Fringe Benefits and General Overhead was available for issuance, and found no adjustments or additional disclosure were needed. -6- 293-