Gyrodyne Announces Agreement with Star Equity Fund

Core Points - Gyrodyne, LLC has entered into an agreement with Star Equity Fund, LP, resulting in the withdrawal of Star Equity's nominees for the 2025 annual shareholders meeting and a reduction of Gyrodyne's board size from five to four directors [1][2] - The agreement includes a freeze on director compensation and limits the Chairman's aggregate fee to $65,000, with Richard Smith being the sole nominee for the upcoming election [1][2] - Gyrodyne aims to enhance governance, transparency, and long-term value creation for shareholders through this agreement [2] Company Overview - Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties, including office, industrial, and service-oriented properties in the New York metropolitan area [5] - The company owns a 63-acre site approximately 50 miles east of New York City, which includes industrial and office buildings, as well as a medical office park in Cortlandt Manor, New York [5] - Gyrodyne's common shares are traded on the NASDAQ under the symbol GYRO [5] Leadership and Governance - Gary Fitlin, President and CEO of Gyrodyne, expressed appreciation for the input from Star Equity and shareholders, emphasizing the company's commitment to maximizing shareholder value [3] - Nader Salour, Chairman of the Nominating Committee, acknowledged Paul Lamb's 28 years of service to Gyrodyne, highlighting his leadership and strategic vision [4]