Gyrodyne, LLC

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 7, 2026, Gyrodyne, LLC, a New York limited liability company (the “Company” “we” and “us”), and Peter Pitsiokos, our Chief Operating Officer, executed a Separation Agreement dated August 3, 2026 (the “Separation Agreement”) with respect to the termination of Mr. Pitsiokos’ employment with the Company effective October 2, 2026 (the “Termination Date”). Pursuant to the Separation Agreement, we agreed to pay Mr. Pitsiokos his base salary through the Termination Date, as well as a six-months’ severance payment of $100,000, as required by the terms of Mr. Pitsiokos’ employment agreement for terminations without cause. Also under the Separation Agreement, Mr. Pitsiokos agreed to certain standard confidentiality and non-disparagement obligations and to deliver a general release to the Company (the “Release”) following the Termination Date. The $100,000 severance amount will be paid in a single lump sum within three business days following the later of the effective date of the Separation Agreement and the effective date of the Release. Following the Termination Date, the Company will have one full-time employee remaining to oversee the Company's efforts to seek entitlements, market and sell its remaining properties, and wind up its affairs through the completion of the liquidation. The Company expects the termination of Mr. Pitsiokos' employment will result in approximately $620,000 of savings over the remaining liquidation timeline, which the Company currently expects to be completed by the end of 2028. The description of the Separation Agreement above is not complete and is qualified in its entirety by the full text of the Separation Agreement, which is filed herewith as Exhibit 10.1 and incorporated by reference into this Item 5.02 in its entirety.