Gyrodyne reaches agreement with Star Equity Fund on board changes

Gyrodyne, LLC (NASDAQ: GYRO) announced it has reached an agreement with Star Equity Fund, LP that includes board size reduction and director compensation limitations.

Under the agreement, Star Equity Fund withdrew its slate of nominees for election at the 2025 annual shareholders meeting. Gyrodyne will reduce its board from five to four directors, freeze director compensation, and limit the aggregate fee paid to the Chairman to $65,000.

Richard Smith will be the sole nominee standing for election at the 2025 annual shareholders meeting in connection with the board size reduction. Star Equity has agreed to customary standstill provisions.

The agreement will be filed in a Current Report on Form 8-K with the Securities and Exchange Commission, according to the press release.

Gary Fitlin, Gyrodyne's President and Chief Executive Officer, stated the company appreciates "the thoughtful input from Star Equity and our broader shareholder base" as it works toward completing property sales and delivering value to shareholders.

Jeff Eberwein, manager of Star Equity Fund, said the fund was "pleased to have worked collaboratively with the Board to enhance governance and further align with shareholders' interests."

The company also announced that Paul Lamb will not stand for re-election at the upcoming shareholders' meeting after 28 years of service to Gyrodyne.

Gyrodyne owns and manages real estate properties in the New York metropolitan area, including a 63-acre site on Long Island and a medical office park in Cortlandt Manor, New York.

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