XML 25 R14.htm IDEA: XBRL DOCUMENT v3.5.0.2
Note 11 - Incentive Compensation Plan
 9 Months Ended
Sep. 30, 2016
Notes to Financial Statements  
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
11
.   Incentive Compensation Plan:
 
The Corporation had an Incentive Compensation Plan (the “ICP”), the remaining benefits of which were vested and not contingent on any future performance. Payment of the limited remaining benefit under the ICP was triggered upon the December 30, 2013 non-cash dividend distribution of $20.70 per share which was comprised of the distribution of interests in Gyrodyne Special Distribution LLC. At that time, the Corporation’s board decided that the Corporation should defer the cash payment triggered under the ICP by such dividend, until such time as the Company made cash distributions so as to ensure plan participants were not paid ICP benefits prior to the time the shareholders received cash on the non-cash portion of the dividend (i.e. the GSD shares). Under such deferral and pursuant to the ICP limitation, the cumulative total future payments that were to be made was $233,200. As a result, based on 1,482,680 shares outstanding, for every penny per share dividend declared and paid, an ICP payment of $14,827 was to be paid until such future cumulative ICP payments reached $233,200. On June 15
th
, the Company paid a dividend of $9.25 per share to shareholders of record on June 6, 2016. As a result, the Company made its final payment of $233,200 to the ICP participants.
 
Neither Frederick C. Braun III (the Company’s Chief Executive Officer), who joined the Company in February 2013, nor Gary Fitlin (the Company’s Chief Financial Officer), who joined the Company in 2009, was a participant in the ICP.
 
The final remaining ICP benefits were paid in June, 2016. The allocation to ICP participants are below:
 
INCENTIVE PLAN PARTICPANTS
  
Total
  
Board of Directors
1
   $ 131,758  
Chief Operating Officer
     31,482  
Former Chief Executive Officer
     43,142  
Chief Executive Officer
     -  
Chief Financial Officer
     -  
Other Employees
2
     26,818  
Total
   $ 233,200  
1
$17,490 of the $131,758 was paid to a former Director who resigned in September 2013.
2
Approximately $25,652 of the $26,818 was paid to former employees.