Gyrodyne, LLC Announces COO Departure and $100K Severance

What Happened
Gyrodyne, LLC (GYRO) filed an 8-K on August 7, 2026 reporting that Chief Operating Officer Peter Pitsiokos and the company executed a Separation Agreement dated August 3, 2026. Mr. Pitsiokos’ employment is set to terminate effective October 2, 2026. Under the agreement the company will pay his base salary through the termination date and a six‑month severance of $100,000.

Key Details

• Separation Agreement executed Aug 3, 2026 and filed as Exhibit 10.1; 8-K filed Aug 7, 2026.
• Termination date: October 2, 2026.
• Severance: $100,000 (six months) to be paid as a single lump sum within three business days after the later of the agreement’s effective date and the employee’s release.
• Post-termination staffing: the company will have one full-time employee to manage entitlements, marketing/sales of remaining properties and wind down liquidation. Gyrodyne expects roughly $620,000 in cost savings over the remaining liquidation timeline and currently expects liquidation to complete by the end of 2028.

Why It Matters
This change reduces Gyrodyne’s staffing costs as the company continues its liquidation and property-sale process. Investors should note the company’s increased reliance on a single full-time employee to execute marketing, entitlement and sale efforts, and the filing’s forward-looking statements highlighting risks tied to funding, property sales, litigation and the extended liquidation timeline through 2028.