Gyrodyne settles with Star Equity; adopts stock plan for directors, freezes fees

Gyrodyne, LLC

Gyrodyne will submit a new stock incentive plan to shareholders; $579,328 in director bonus benefits exchanged for shares.
Director compensation fees frozen; new shares non-transferable until liquidating distribution to all shareholders.
Star Equity withdraws two director nominations and shareholder proposal, agrees to vote with board (with exceptions) until 30 days before 2024 nomination window.
Star Equity also agrees to standstill provisions and mutual non-disparagement clause.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Gyrodyne, LLC entered into Cooperation Agreement with Star Equity Fund, LP valued at directors exchange benefits under Bonus Plan (reduced by $579,328) for equivalent value shares under (effective 2023-09-05).

Action: entry
Counterparty: Star Equity Fund, LP
Value: directors exchange benefits under Bonus Plan (reduced by $579,328) for equivalent value shares under
Effective: 2023-09-05

Exact text from the filing

On September 5, 2023, Gyrodyne, LLC, a New York limited liability company (the “Company”), entered into a letter agreement (the “Cooperation Agreement”) with Star Equity Fund, LP (collectively with its affiliates, “Star Equity”).

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Gyrodyne, LLC filing history →

Source: SEC EDGAR

accession 0001437749-23-025423

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