Gyrodyne Company of America, Inc. Director Compensation Policy Effective January 1, 2010
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Summary
Gyrodyne Company of America, Inc. has set a new compensation policy for its board of directors, effective January 1, 2010. Each director will receive an annual fee of $30,000, paid monthly, covering all board and committee meetings. The Chairman of the Board will receive an additional $24,000 per year. Directors will also be reimbursed for travel and other business-related expenses. This policy outlines the compensation structure and reimbursement terms for board members.
EX-10.16 2 ex10-16.htm COMPENSATION OF DIRECTORS ex10-16.htm
Exhibit 10.16
Compensation of Directors
Effective January 1, 2010, the board of directors of Gyrodyne Company of America, Inc. approved a change in the structure of directors compensation to a flat annual fee payable monthly. Beginning January 1, 2010, each director is entitled to an annual director fee of $30,000 per year which includes attendance at board meetings and committee meetings. As before, the Chairman of the Board is also entitled to receive a Chairman’s fee of $24,000 per year. Directors will continue to be reimbursed for travel and other expenses related to Company business.
