Gyrodyne, LLC Director Compensation Agreement
This agreement outlines the compensation structure for members of the board of directors of Gyrodyne, LLC. Each director receives an annual fee of $42,000, paid monthly, which covers attendance at all board and committee meetings. The Chairman receives an additional $78,000 per year, totaling $120,000 annually. Directors are also reimbursed for travel and other business-related expenses. The agreement ensures clear terms for director compensation and reimbursement.
Exhibit 10.4
Compensation of Directors
Compensation of members of the board of directors of Gyrodyne, LLC is structured as a flat annual fee payable monthly. The annual director fee payable to each director is $42,000 per year (which includes attendance at board meetings and committee meetings). In addition, the Chairman also receives a fee equal to $78,000 per year for total compensation of $120,000 per year. Directors are entitled to be reimbursed for travel and other expenses related to company business.
