Gyrodyne, LLC announced that it has appointed Jan Loeb to the Company?s Board of Directors, effective immediately. Mr. Loeb was appointed to the Board pursuant to a cooperation agreement between the Company and Leap Tide Capital Management LLC (collectively with its affiliates, Leap Tide). The Company also announced that Philip Palmedo, who has served as a director since July 1996, has stepped down from the Board, effective immediately.

As part of the Agreement, the Company has agreed to include Mr. Loeb in the Company?s slate of director nominees for election at the 2023 Annual Meeting of Shareholders (the ?Annual Meeting?) for a three-year term. Additionally, Leap Tide has agreed to customary standstill provisions. Mr. Loeb has more than 40 years of money management and investment banking experience.

He has been the Managing Member of Leap Tide since 2007. From 2005 to 2007, he served as the President of Leap Tide?s predecessor, Leap Tide Capital Management Inc., which was formerly known as AmTrust Capital Management Inc. He served as a Portfolio Manager of Chesapeake Partners from February 2004 to January 2005. From January 2002 to December 2004, he served as Managing Director at Jefferies & Company Inc. From 1994 to 2001, he served as Managing Director at Dresdner Kleinwort Wasserstein Inc. (formerly Wasserstein Perella & Co.

Inc.). He served as a Lead Director of American Pacific Corporation from July 8, 2013 to February 27, 2014, and also served as its Director from January 1997 to February 27, 2014. He served as an Independent Director of Pernix Therapeutics Holdings Inc. (formerly, Golf Trust of America Inc.) from 2006 to August 31, 2011.

He served as a Director of TAT Technologies Ltd. from August 2009 to December 21, 2016. He served as a Director of Keweenaw Land Association Ltd. from December 2016 until May 2019. He has served as President, Executive Chairman and board member of Novelstem International Corp.

since July 2018.