secwatch.observer — SEC 8-K summary
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Issuer:     Gyrodyne, LLC (GYRO)
CIK:        0001589061
Form:       8-K
Filed at:   2023-09-11T23:59:59+00:00
Accession:  0001437749-23-025610
Event type: other_material
Sentiment:  neutral
Materiality: 0.60
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1589061/000143774923025610/0001437749-23-025610-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1589061/000143774923025610/gyrllc20230910_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-025610

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer