Gyrodyne Company of America, Inc. Director Compensation Policy Effective January 1, 2010 (as Amended January 1, 2013)
This document outlines the compensation policy for directors of Gyrodyne Company of America, Inc. Starting January 1, 2010, directors received a flat annual fee, with an increase effective January 1, 2013. Directors are paid $42,000 per year, which covers attendance at board and committee meetings, while the Chairman receives an additional $36,000 per year, totaling $78,000. Directors are also reimbursed for travel and business-related expenses. The policy sets clear annual compensation and reimbursement terms for board members.
Exhibit 10.4
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. From January 1, 2010 until January 1, 2013, the annual director fee was set at $30,000, which includes attendance at board meetings and committee meetings, and the additional Chairman’s fee was set at $24,000 per year. Effective January 1, 2013, the board authorized an increase in annual director fees to $42,000 per year (which includes attendance at board meetings and committee meetings), and an increase in the Chairman’s fee to $36,000 per year for a total of $78,000 per year. Directors are entitled to be reimbursed for travel and other expenses related to company business.
