Star Equity director converts 535 RSUs to preferred

Q: What insider transaction did STRR director Todd Michael Fruhbeis report on this Form 4?

Fruhbeis reported the settlement of 535 Restricted Stock Units into 535 shares of Star Equity’s 10.0% Series A Cumulative Perpetual Preferred Stock on August 18, 2026. This reflects an RSU vesting and conversion, not an open-market purchase or sale.

Q: How many STRR Series A Preferred shares does Todd Michael Fruhbeis own after this transaction?

After the RSU settlement, Fruhbeis directly holds 5,946 shares of Star Equity’s 10.0% Series A Cumulative Perpetual Preferred Stock. The RSUs converted into 535 new preferred shares, and the Form 4 discloses this as his post-transaction direct ownership position.

Q: What happened to the 535 Restricted Stock Units reported by STRR on this Form 4?

The 535 Restricted Stock Units were fully settled and converted into 535 shares of Series A Preferred Stock on their scheduled vesting date. As a result, the RSU derivative position is reported as 0 following the transaction, showing completion of this grant’s vesting.

Q: Are the STRR transactions on this Form 4 open-market buys or sells?

No. The filing describes an exercise or conversion of Restricted Stock Units into Series A Preferred Stock, not open-market purchases or sales. The reporting shows derivative settlement and resulting preferred share ownership, rather than trading on a securities exchange.

Q: How were Todd Michael Fruhbeis’s STRR RSUs originally granted and exchanged?

On August 18, 2025, Fruhbeis received RSUs from Star Operating Companies, Inc. (SOC), each tied to SOC Series A Preferred Stock. Under an Agreement and Plan of Merger, those SOC RSUs were exchanged for 535 Star Equity Restricted Stock Units, which later vested and settled.

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Rhea-AI Filing Summary

Star Equity Holdings, Inc. (STRR) reported that director Todd Michael Fruhbeis settled previously granted Restricted Stock Units into shares of its 10.0% Series A Cumulative Perpetual Preferred Stock. On August 18, 2026, 535 Restricted Stock Units were exercised and converted into 535 shares of Series A Preferred Stock, eliminating this RSU position. Following the settlement, Fruhbeis directly holds 5,946 shares of Series A Preferred Stock. The RSUs originated from Star Operating Companies, Inc. awards that were exchanged into Star Equity RSUs in connection with a prior merger, and 100% of these units vested on August 18, 2026.

Insider Trade Summary

535 shares exercised/converted

Exercise 2 txns

Insider Fruhbeis Todd Michael

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Stock Unit ^{F1, F2, F3}	535	--	--
Exercise	Series A Preferred Stock ^{F1, F2}	535	--	--

Holdings After Transaction: Restricted Stock Unit — 0 contracts (Direct); Series A Preferred Stock — 5,946 shares (Direct)

Footnotes (3)

F1. Each Restricted Stock Unit represents the right to receive, at settlement, one share of the Issuer's 10.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the "Series A Preferred Stock").
F2. This transaction represents the settlement of Restricted Stock Units in shares of Series A Preferred Stock on their scheduled vesting date.
F3. On August 18, 2025, the Reporting Person was granted Restricted Stock Units by Star Operating Companies, Inc. ("SOC"), each of which represented the right to receive, at settlement, one share of SOC Series A Preferred Stock ("SOC RSUs"). Pursuant to the Agreement and Plan of Merger, dated as of May 21, 2025, by and among SOC, the Issuer and HSON Merger Sub, Inc., a wholly owned subsidiary of the Issuer, the Reporting Person's SOC RSUs were exchanged for 535 Restricted Stock Units. As to this grant, one hundred percent (100%) of the Restricted Stock Units vested on August 18, 2026.

Key Figures

RSUs settled: 535 shares Preferred shares acquired via conversion: 535 shares Post-transaction Series A Preferred holdings: 5,946 shares +2 more

5 metrics

RSUs settled 535 shares Restricted Stock Units converted into Series A Preferred Stock on August 18, 2026

Preferred shares acquired via conversion 535 shares Series A Preferred Stock received upon RSU settlement

Post-transaction Series A Preferred holdings 5,946 shares Direct ownership of 10.0% Series A Cumulative Perpetual Preferred Stock after transactions

Series A dividend rate 10.0% Dividend rate of the Series A Cumulative Perpetual Preferred Stock referenced in the RSUs

Vesting percentage for this RSU grant 100% Portion of the exchanged RSUs that vested on August 18, 2026

Key Terms

Restricted Stock Unit, 10.0% Series A Cumulative Perpetual Preferred Stock, Agreement and Plan of Merger

3 terms

Restricted Stock Unit financial

"Each Restricted Stock Unit represents the right to receive, at settlement, one share"

A restricted stock unit is a promise from a company to give an employee shares of stock after certain conditions are met, like staying with the company for a set amount of time. It’s like earning a bonus that turns into company stock once you’ve proven your commitment, making it a way to motivate and reward employees.

10.0% Series A Cumulative Perpetual Preferred Stock financial

"one share of the Issuer's 10.0% Series A Cumulative Perpetual Preferred Stock"

Agreement and Plan of Merger financial

"Pursuant to the Agreement and Plan of Merger, dated as of May 21, 2025"

An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.

FAQ

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What insider transaction did STRR director Todd Michael Fruhbeis report on this Form 4?

Fruhbeis reported the settlement of 535 Restricted Stock Units into 535 shares of Star Equity’s 10.0% Series A Cumulative Perpetual Preferred Stock on August 18, 2026. This reflects an RSU vesting and conversion, not an open-market purchase or sale.

How many STRR Series A Preferred shares does Todd Michael Fruhbeis own after this transaction?

After the RSU settlement, Fruhbeis directly holds 5,946 shares of Star Equity’s 10.0% Series A Cumulative Perpetual Preferred Stock. The RSUs converted into 535 new preferred shares, and the Form 4 discloses this as his post-transaction direct ownership position.

What happened to the 535 Restricted Stock Units reported by STRR on this Form 4?

The 535 Restricted Stock Units were fully settled and converted into 535 shares of Series A Preferred Stock on their scheduled vesting date. As a result, the RSU derivative position is reported as 0 following the transaction, showing completion of this grant’s vesting.

Are the STRR transactions on this Form 4 open-market buys or sells?

No. The filing describes an exercise or conversion of Restricted Stock Units into Series A Preferred Stock, not open-market purchases or sales. The reporting shows derivative settlement and resulting preferred share ownership, rather than trading on a securities exchange.

How were Todd Michael Fruhbeis’s STRR RSUs originally granted and exchanged?

On August 18, 2025, Fruhbeis received RSUs from Star Operating Companies, Inc. (SOC), each tied to SOC Series A Preferred Stock. Under an Agreement and Plan of Merger, those SOC RSUs were exchanged for 535 Star Equity Restricted Stock Units, which later vested and settled.

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Available on EDGAR 08/19/2026 - 06:08 PM Accepted by SEC EDGAR 08/19/2026 - 06:07 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Fruhbeis Todd Michael

(Last)

(First)

(Middle)

C/O STAR EQUITY HOLDINGS, INC.

53 FOREST AVENUE, SUITE 101

(Street)

OLD GREENWICH

CONNECTICUT

06870

(City)

(State)

(Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Star Equity Holdings, Inc. [ STRR ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Series A Preferred Stock	08/18/2026		M		535	A	⁽¹⁾⁽²⁾	5,946	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Restricted Stock Unit	⁽¹⁾⁽²⁾	08/18/2026		M			535	⁽³⁾	⁽³⁾	Series A Preferred Stock	535	⁽¹⁾	0	D

Explanation of Responses:

1. Each Restricted Stock Unit represents the right to receive, at settlement, one share of the Issuer's 10.0% Series A Cumulative Perpetual Preferred Stock, par value $0.001 per share (the "Series A Preferred Stock").

2. This transaction represents the settlement of Restricted Stock Units in shares of Series A Preferred Stock on their scheduled vesting date.

3. On August 18, 2025, the Reporting Person was granted Restricted Stock Units by Star Operating Companies, Inc. ("SOC"), each of which represented the right to receive, at settlement, one share of SOC Series A Preferred Stock ("SOC RSUs"). Pursuant to the Agreement and Plan of Merger, dated as of May 21, 2025, by and among SOC, the Issuer and HSON Merger Sub, Inc., a wholly owned subsidiary of the Issuer, the Reporting Person's SOC RSUs were exchanged for 535 Restricted Stock Units. As to this grant, one hundred percent (100%) of the Restricted Stock Units vested on August 18, 2026.

Remarks:

	/s/ Hannah Bible, as Attorney-in-Fact for Todd Fruhbeis	08/19/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR