---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-082077"
form_type: "8-K"
ticker: "MDRR"
cik: "0001654595"
company_name: "Medalist Diversified, Inc."
filed_at: "2023-07-18T23:59:59+00:00"
generated_at: "2026-06-13T07:05:09.686915+00:00"
event_type: "leadership"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Medalist Diversified REIT internalizes management; founders exit in $1.6M settlement

## Summary
- Termination of external management agreement; $1,602,717 paid to settle all amounts.
- William Elliott and Thomas Messier resign as directors and officers effective immediately.
- Francis Kavanaugh appointed interim CEO and President; Timothy O'Brien named non-executive Chairman.
- Colin Elliott, VP, also resigning; effective date and terms under negotiation.
- Company expects streamlined operations, reduced costs, and increased agility post-internalization.

## SEC filing metadata
- accession: 0001104659-23-082077
- form_type: 8-K
- ticker: MDRR
- cik: 0001654595
- company_name: Medalist Diversified, Inc.
- filed_at: 2023-07-18T23:59:59+00:00
- event_type: leadership
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 1.02, 5.02, 7.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1654595/000110465923082077/0001104659-23-082077-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1654595/000110465923082077/tm2321576d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-082077
- JSON: https://secwatch.observer/filing/0001104659-23-082077.json
- Plain text: https://secwatch.observer/filing/0001104659-23-082077.txt

## Key facts
- Executive change
  Colin M. Elliott resigned as Vice President at Medalist Diversified, Inc..
  - Action: resigned
  - Role: Vice President
  source text: Colin M. Elliott, Vice President of the Company, notified the Company of his intent to resign as an employee of Gunston Consulting, LLC and consequently as Vice President of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/1654595/000110465923082077/0001104659-23-082077-index.htm
- Executive change
  William Elliott resigned as Chairman & Chief Executive Officer at Medalist Diversified, Inc..
  - Action: resigned
  - Role: Chairman & Chief Executive Officer
  source text: each of Messrs. W. Elliott and Messier provided notice of their respective resignations as director, Chairman & Chief Executive Officer and director, Vice Chairman, President & Chief Operating Officer, effectively immediately upon the Internalization.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1654595/000110465923082077/0001104659-23-082077-index.htm
- Executive change
  Thomas Messier resigned as Vice Chairman, President & Chief Operating Officer at Medalist Diversified, Inc..
  - Action: resigned
  - Role: Vice Chairman, President & Chief Operating Officer
  source text: each of Messrs. W. Elliott and Messier provided notice of their respective resignations as director, Chairman & Chief Executive Officer and director, Vice Chairman, President & Chief Operating Officer, effectively immediately upon the Internalization.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1654595/000110465923082077/0001104659-23-082077-index.htm
- Executive change
  Francis P. Kavanaugh was appointed as interim Chief Executive Officer and President at Medalist Diversified, Inc..
  - Action: appointed
  - Role: interim Chief Executive Officer and President
  source text: Effective upon the Internalization, the Board appointed Francis P. Kavanaugh as the Company’s interim Chief Executive Officer and President.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1654595/000110465923082077/0001104659-23-082077-index.htm
- Material Agreements
  Medalist Diversified, Inc. terminated Termination Agreement with Medalist Diversified Holdings, L.P. valued at $1,602,717 (effective 2023-07-18).
  - Action: termination
  - Agreement: settlement
  - Counterparty: Medalist Diversified Holdings, L.P.
  - Value: $1,602,717
  - Effective: 2023-07-18
  source text: On July 18, 2023, the Company and Medalist Diversified Holdings, L.P., a Delaware limited partnership (the “Operating Partnership”), entered into a Termination Agreement (the “Termination Agreement”) with the Manager, William R. Elliott and Thomas E. Messier, which provides for the immediate termination of the Management Agreement.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1654595/000110465923082077/0001104659-23-082077-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.