---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-025423"
form_type: "8-K"
ticker: "GYRO"
cik: "0001589061"
company_name: "Gyrodyne, LLC"
filed_at: "2023-09-08T23:59:59+00:00"
generated_at: "2026-06-10T22:11:05.437377+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-025423
- form_type: 8-K
- ticker: GYRO
- cik: 0001589061
- company_name: Gyrodyne, LLC
- filed_at: 2023-09-08T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1589061/000143774923025423/0001437749-23-025423-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1589061/000143774923025423/gyrllc20230907_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-025423
- JSON: https://secwatch.observer/filing/0001437749-23-025423.json
- Plain text: https://secwatch.observer/filing/0001437749-23-025423.txt

## Key facts
- Material Agreements
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1589061/000143774923025423/0001437749-23-025423-index.htm

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