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GYRO > SEC Filings for GYRO > Form 8-K on 18-Mar-2014All Recent SEC Filings

Show all filings for GYRODYNE CO OF AMERICA INC



Termination of a Material Definitive Agreement, Financial Statements a

Item 1.02 Termination of a Material Definitive Agreement

On March 12, 2014, Gyrodyne Company of America, Inc. (the "Company") and Rothschild Inc. ("Rothschild") executed an amendment to the engagement letter dated as of August 8, 2012 (the "Engagement Letter") between Rothschild and the Company, pursuant to which the engagement of Rothschild was terminated and the Company agreed to pay Rothschild $970,967.14 in full satisfaction of any and all amounts due or alleged to be due under the Engagement Letter by reason of the special dividends paid by the Company to its shareholders on December 30, 2013 and January 31, 2014, respectively, any other corporate transaction publicly announced prior to March 12, 2014 or any amount that might have otherwise become due by reason of the Company's obligation to pay Rothschild a success fee in connection with certain transactions that may be consummated during a specified period following a termination of the engagement. The Company had previously paid Rothschild a total of $629,032.26 pursuant to the Engagement Letter. Rothschild had been serving as the Company's financial advisor in connection with the Company's strategic process.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

No. Exhibit

10.1 Amendment to Engagement Letter with Rothschild Inc.

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