Gyrodyne Announces Agreement with Star Equity Fund
Gyrodyne (Nasdaq: GYRO) announced an agreement with Star Equity Fund dated October 17, 2025 that ends Star Equity’s director nominations for the 2025 annual meeting and reduces the board from five to four directors. The company will freeze director compensation and cap aggregate fees to the Chairman at $65,000. In connection with the board reduction, Richard Smith will be the sole nominee at the 2025 meeting. Star Equity agreed to customary standstill provisions and the full agreement will be filed on Form 8-K. The release thanks departing director Paul Lamb for 28 years of service and frames the deal as part of efforts to strengthen governance while pursuing a sale of properties to maximize shareholder value.
Gyrodyne (Nasdaq: GYRO) ha annunciato un accordo con Star Equity Fund datato 17 ottobre 2025 che termina le nomine dei direttori di Star Equity per l'assemblea annuale 2025 e riduce il consiglio da cinque a quattro membri. L'azienda congelerà la retribuzione dei direttori e limiterà le commissioni aggregate al Chairman a 65.000 dollari. In relazione alla riduzione del consiglio, Richard Smith sarà l'unico candidato all'assemblea del 2025. Star Equity ha accettato clausole standard di standstill e l'intero accordo sarà depositato su Form 8-K. Il comunicato ringrazia l'ormai ex consigliere Paul Lamb per 28 anni di servizio e presenta l'accordo come parte degli sforzi per rafforzare la governance mentre si persegue una vendita delle proprietà per massimizzare il valore per gli azionisti.
Gyrodyne (Nasdaq: GYRO) anunció un acuerdo con Star Equity Fund con fecha 17 de octubre de 2025 que pone fin a las nominaciones de directores de Star Equity para la reunión anual de 2025 y reduce la junta de cinco a cuatro directores. La empresa congelará la compensación de los directores y limitará las comisiones agregadas al Presidente a $65,000. En relación con la reducción de la junta, Richard Smith será el único nominado para la reunión de 2025. Star Equity acordó disposiciones típicas de standstill y el acuerdo completo se presentará en Form 8-K. El comunicado agradece al director saliente Paul Lamb por 28 años de servicio y enmarca el acuerdo como parte de los esfuerzos para fortalecer la gobernanza mientras se persigue una venta de propiedades para maximizar el valor para los accionistas.
Gyrodyne (Nasdaq: GYRO)는 2025년 10월 17일 자로 Star Equity Fund와의 합의를 발표했습니다. 이 합의는 2025년 연례회의를 위한 Star Equity 이사의 지명을 종료하고 이사회 규모를 5명에서 4명으로 축소합니다. 회사는 이사 보수를 동결하고 의장에 대한 총 수수료를 $65,000으로 상한합니다. 이사회 축소와 관련하여 리처드 스미스가 2025년 회의의 유일한 후보가 됩니다. Star Equity는 일반적인 standstill 조항에 동의했으며 전체 합의 내용은 Form 8-K에 제출될 예정입니다. 보도 자료는 28년간 봉사한 퇴임 이사 Paul Lamb에게 감사를 표하고 이 거래를 지배구조를 강화하는 한편 자산 매각을 통해 주주 가치를 극대화하려는 노력의 일부로 제시합니다.
Gyrodyne (Nasdaq : GYRO) a annoncé un accord avec Star Equity Fund daté du 17 octobre 2025 qui met fin aux nominations des administrateurs de Star Equity pour l'assemblée générale 2025 et réduit le conseil de cinq à quatre administrateurs. L'entreprise gèlera la rémunération des administrateurs et plafonnera les frais globaux du Président à 65 000 dollars. Dans le cadre de la réduction du conseil, Richard Smith sera le seul candidat à l'assemblée 2025. Star Equity a accepté des dispositions standards de standstill et le accord complet sera déposé sur le Form 8-K. Le communiqué remercie l'administrateur sortant Paul Lamb pour 28 ans de service et présente l'accord comme faisant partie des efforts visant à renforcer la gouvernance tout en poursuivant une vente des propriétés afin de maximiser la valeur pour les actionnaires.
Gyrodyne (Nasdaq: GYRO) gab eine Vereinbarung mit Star Equity Fund bekannt, datiert auf den 17. Oktober 2025, die die Direktoren-Nominierungen von Star Equity für die Jahresversammlung 2025 beendet und das Vorstandsamt von fünf auf vier Direktoren reduziert. Das Unternehmen wird die Vergütung der Direktoren einfrieren und die Gesamtgebühren des Vorsitzenden auf 65.000 USD begrenzen. Im Zusammenhang mit der Reduzierung des Vorstands wird Richard Smith der einzige Nominee bei der Versammlung 2025 sein. Star Equity stimmte üblichen Standstill-Bestimmungen zu, und der vollständige Vertrag wird in einem Form 8-K eingereicht. Die Pressemitteilung dankt dem ausscheidenden Direktor Paul Lamb für 28 Jahre Dienst und stellt das Geschäft als Teil der Bemühungen dar, die Unternehmensführung zu stärken, während der Verkauf von Immobilien zur Maximierung des Aktionärswerts verfolgt wird.
Gyrodyne (نـــاسـداك: GYRO) أعلنت اتفاقاً مع Star Equity Fund بتاريخ 17 أكتوبر 2025 ينهي ترشيحات مديري Star Equity للاجتماع السنوي لعام 2025 ويقلص المجلس من خمسة إلى أربعة مدراء. ستقوم الشركة بَتجميد تعويضات المدراء وتحد من الرسوم الإجمالية للرئيس إلى 65,000 دولار. فيما يتعلق بانخفاض المجلس، سيكون ريتشارد سميث الترشيح الوحيد في اجتماع 2025. وافقت Star Equity على أحكام قيود تقليدية وسيتم تقديم الاتفاق الكامل في Form 8-K. يثمن البيان مديراً المنتهية ولايته Paul Lamb على 28 عاماً من الخدمة ويعرض الصفقة كجزء من الجهود لتعزيز الحوكمة مع السعي لبيع الممتلكات لزيادة قيمة المساهمين.
Gyrodyne (纳斯达克：GYRO) 宣布与 Star Equity Fund 于 2025年10月17日 签署的协议，结束 Star Equity 在 2025 年年度大会的董事提名，并将董事会人数从 五名减至四名。公司将 冻结董事报酬，并将主席的总酬金上限定为 65,000 美元。与董事会缩减相关，Richard Smith 将成为2025年会议的唯一提名人。Star Equity 同意了 customary standstill 条款，完整协议将提交至 Form 8-K。新闻稿对离任董事 Paul Lamb 的 28 年服务表示感谢，并将此次交易描述为加强治理、同时在追求出售物业以最大化股东价值的努力的一部分。
- Board size reduced from 5 to 4 directors
- Star Equity withdrew nominations and agreed to a standstill
- Chairman aggregate fee capped at $65,000
- Only one nominee (Richard Smith) will stand at the 2025 meeting
- Long-serving director Paul Lamb will not stand for re-election after 28 years
Insights
Agreement with Star Equity yields board reduction, compensation limits, and a withdrawn nomination—outcome neutral pending transaction details.
Gyrodyne agreed to shrink its board from five to four directors and to freeze director pay while capping the Chairman's fees at
The business mechanism is simple: the company secured short‑term shareholder peace by conceding governance concessions and compensation limits in exchange for the withdrawal of proxy challenges. The agreement does not disclose financial terms for the referenced effort to "complete the sale of our properties," so material value outcomes remain unspecified and unverifiable from this content.
Key dependencies and risks include whether the agreement preserves management flexibility to complete asset dispositions and whether the standstill limits future activism; both affect timing and value realization. Watch the filed Form 8‑K for the full Agreement, any timelines or termination provisions, and disclosures about the property sale process; expect relevant updates around the
Agrees to Board Size Reduction and Certain Director Compensation Limitations; Star Equity Withdraws Nominations
ST. JAMES, N.Y., Oct. 17, 2025 (GLOBE NEWSWIRE) -- Gyrodyne, LLC (Nasdaq: GYRO), an owner and manager of a diversified portfolio of real estate properties (“Gyrodyne”), today announced that it has entered into an agreement (the “Agreement”) with Star Equity Fund, LP (“Star Equity Fund”), under which Star Equity Fund has withdrawn its slate of nominees for election at the 2025 annual shareholders meeting, and Gyrodyne will reduce the size of its board from five to four directors, freeze director compensation and limit the aggregate fee paid to the Chairman to
Star Equity has also agreed to certain customary standstill provisions. The full agreement with Star Equity will be filed in a Current Report on Form 8-K with the Securities and Exchange Commission.
The agreement with Star Equity Fund reflects Gyrodyne’s continued commitment to constructive engagement with shareholders as part of its ongoing efforts to strengthen governance, enhance transparency and drive long-term value creation for all shareholders.
Gary Fitlin, Gyrodyne’s President and Chief Executive Officer, stated that “We appreciate the thoughtful input from Star Equity and our broader shareholder base. Their perspectives have strengthened our efforts as we work toward completing the sale of our properties and delivering maximum value to our shareholders.”
Jeff Eberwein, manager of Star Equity Fund, added that “Following the most recent constructive discussions with the company, we are pleased to have worked collaboratively with the Board to enhance governance and further align with shareholders’ interests”.
Nader Salour, Chairman of Gyrodyne’s Nominating Committee, also added: “On behalf of the entire company and Board of Directors, I want to express our deep gratitude to Paul Lamb for his extraordinary 28 years of service to Gyrodyne. His steady leadership and strategic vision have been instrumental in guiding the company through periods of tremendous challenge and transformation. Paul Lamb leaves behind a lasting legacy of integrity and a steadfast commitment to our stakeholders. While he will not be standing for re-election at the upcoming shareholders’ meeting, as a significant shareholder he will continue to be an important voice and valued supporter of the company’s long-term success. We thank him for his many contributions and wish him the very best in the years ahead.”
About Gyrodyne, LLC
Gyrodyne, LLC owns and manages a diversified portfolio of real estate properties comprising office, industrial and service-oriented properties in the New York metropolitan area. The Company owns a 63 acre site approximately 50 miles east of New York City on the north shore of Long Island, which includes industrial and office buildings and undeveloped property, and a medical office park in Cortlandt Manor, New York, both of which are the subject of plans to seek value-enhancing entitlements. The Company’s common shares are traded on the NASDAQ Stock Market under the symbol GYRO. Additional information about the Company may be found on its web site at www.gyrodyne.com.
Forward-Looking Statements
The statements made in this press release that are not historical facts constitute "forward-looking information" within the meaning of the Private Securities Litigation Reform Act of 1995, and Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, both as amended, which can be identified by the use of forward-looking terminology such as "may," "will," "anticipates," "expects," "projects," "estimates," "believes," "seeks," "could," "should," or "continue," the negative thereof, other variations or comparable terminology as well as statements regarding the evaluation of strategic alternatives. Important factors, including certain risks and uncertainties, with respect to such forward-looking statements that could cause actual results to differ materially from those reflected in such forward-looking statements include, but are not limited to, risks and uncertainties generally relating to our efforts to enhance the values of our remaining properties and seek the orderly, strategic sale of such properties as soon as reasonably practicable, risks associated with the Article 78 Proceeding against the Company and any other litigation that may develop in connection with our efforts to enhance the value of and sell our properties, risks relating to our national marketing campaign led by JLL for the sale of our Flowerfield and Cortlandt Manor properties, risks associated with our purchase and sale agreement with B2K (and future purchase and sale agreements for our remaining properties that may be contingent on years-long regulatory contingencies) in light of our financial condition, community activism risk, proxy contests and other actions of activist shareholders, regulatory enforcement risk, risks inherent in the real estate markets of Suffolk and Westchester Counties in New York, the potential residual effects of the COVID-19 pandemic, lingering risks relating to the 2023 banking crisis and closure of two major banks (including one with whom we indirectly had a mortgage loan which the FDIC transferred in December 2023 to a new holder following the banks closure), ongoing inflation risk, ongoing interest rate uncertainty, recession uncertainty and supply chain constraints or disruptions, and other risks detailed from time to time in Gyrodyne’s SEC reports.
Contact:
Gary Fitlin
Chief Executive Officer
Gyrodyne, LLC
Phone: (631) 584-5400
gfitlin@gyrodyne.com
https://www.gyrodyne.com
FAQ
What did Gyrodyne (GYRO) announce on October 17, 2025 about its board?
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Did Star Equity Fund agree to any restrictions in its deal with Gyrodyne (GYRO)?
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How does the agreement affect director pay at Gyrodyne (GYRO)?
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