Gyrodyne amends bonus plan; directors waive cash for 91,628 shares

Gyrodyne, LLC

Director participants waive bonus plan benefits for 91,628 shares under new Stock Plan, subject to shareholder approval.
Retired director forfeited benefits of $1,137,108 returned to company rather than reallocated.
Employee bonus rate: 4.12% up to $50,985,000 net proceeds, 6.72% above; extra 1% if property sold by June 30, 2024.
Benefits for employees delayed until shareholders receive liquidating distributions; early payment if bonus pool reaches $500,000.
Price floor hurdle removed; director rate if stock plan not approved is 5.30% of net selling price.

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