Followers | 241 |
Posts | 12150 |
Boards Moderated | 3 |
Alias Born | 04/05/2009 |
Wednesday, April 19, 2017 5:41:43 PM
Gyrodyne, LLC and Frederick C. Braun III, our President and Chief Executive Officer, entered into a separation agreement dated April 6, 2017, pursuant to which Mr. Braun will be separating from the Company on mutually agreeable terms effective April 30, 2017. The decision to separate was a mutual one between the Company and Mr. Braun and made following discussions between the Company’s Board of Directors and management regarding the need for cost reductions.
Under the Agreement, the Company will pay Mr. Braun an aggregate separation amount of $285,000, which is the equivalent, in the aggregate, of 33.28 weeks of severance at his current rate of pay plus the amount of the bonus set forth in paragraph 3(b) of the employment agreement between Mr. Braun and Gyrodyne Company of America, Inc. dated May 15, 2013. The Separation Payment represents an amount that was already substantially expected to be paid to Mr. Braun upon the liquidation and dissolution of the Company and, accordingly, $275,000 of the Separation Payment was included in the estimated liquidation and operating costs net of receipts line item in the Company’s Consolidated Statement of Net Assets reported on a liquidation basis, which was included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and filed with the Securities and Exchange Commission on March 31, 2017. The Separation Payment is conditioned upon Mr. Braun signing a supplemental release by May 22, 2017 but not before April 30, 2017, and is payable in a single lump sum within three business days following the effective date of the supplemental release.
The Agreement was subject to a revocation period pursuant to which Mr. Braun had seven days following the date he signed the Agreement to change his mind. Such period expired on April 14, 2017 without revocation.
As a result of the mutual agreement between the Company and Mr. Braun that Mr. Braun will separate from the Company as its Chief Executive Officer and President effective April 30, 2017, the Board of Directors of the Company appointed Gary Fitlin, currently the Company’s Chief Financial Officer, as President and Chief Executive Officer, effective May 1, 2017.
https://www.sec.gov/Archives/edgar/data/1589061/000143774917006799/gyrllc20170419_8k.htm
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
Recent GYRO News
- Form DEF 14A - Other definitive proxy statements • Edgar (US Regulatory) • 09/09/2024 05:07:31 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/09/2024 05:02:37 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 05/10/2024 02:31:24 PM
- GYRODYNE ANNOUNCES CLOSING OF SUCCESSFUL, OVERSUBSCRIBED RIGHTS OFFERING • GlobeNewswire Inc. • 03/08/2024 10:07:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/09/2024 06:59:32 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 02/06/2024 02:55:19 PM
- GYRODYNE ANNOUNCES COMMENCEMENT OF RIGHTS OFFERING • GlobeNewswire Inc. • 02/06/2024 02:25:00 PM
- Form 424B3 - Prospectus [Rule 424(b)(3)] • Edgar (US Regulatory) • 02/06/2024 11:01:08 AM
- Form S-1/A - General form for registration of securities under the Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 02/01/2024 10:14:29 PM
- Form S-1/A - General form for registration of securities under the Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 01/26/2024 05:20:17 PM
- Form S-1/A - General form for registration of securities under the Securities Act of 1933: [Amend] • Edgar (US Regulatory) • 01/23/2024 02:48:21 AM
- Form FWP - Filing under Securities Act Rules 163/433 of free writing prospectuses • Edgar (US Regulatory) • 01/22/2024 04:14:55 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/22/2024 04:14:07 PM
- GYRODYNE ANNOUNCES RECORD DATE FOR PROPOSED RIGHTS OFFERING • GlobeNewswire Inc. • 01/22/2024 04:13:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 01/03/2024 10:14:27 PM
- Form S-1 - General form for registration of securities under the Securities Act of 1933 • Edgar (US Regulatory) • 12/29/2023 06:21:53 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 11/28/2023 02:54:22 PM
- Form D - Notice of Exempt Offering of Securities • Edgar (US Regulatory) • 11/21/2023 10:09:41 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/16/2023 08:09:26 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/12/2023 06:03:08 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM