[Form 4] Star Equity Holdings, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Todd Michael Fruhbeis, a director of Star Equity Holdings, Inc., reported purchasing 250 shares of the company's common stock on 09/16/2025 at $10.20 per share, increasing his direct beneficial ownership to 9,872 shares. The filing notes he has 7,012 Restricted Stock Units credited under the issuer's 2009 Incentive Stock and Awards Plan; each RSU converts to one share payable on the first anniversary of the grant date. The Form 4 was signed on behalf of Mr. Fruhbeis by an attorney-in-fact and filed with the reported transaction details and the reporting person’s address in Old Greenwich, CT.

Positive

• Director purchase disclosed: 250 shares acquired at $10.20 on 09/16/2025.
• Equity compensation documented: 7,012 Restricted Stock Units credited under the 2009 Incentive Stock and Awards Plan.
• Form filed and signed: Report executed by attorney-in-fact and filed with transaction details and reporting person information.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider purchase by a director; modest size transaction and equity compensation noted, limited immediate financial impact.

The reported acquisition of 250 shares at $10.20 is a straightforward open-market purchase recorded on 09/16/2025, bringing direct ownership to 9,872 shares. The filing also documents 7,012 Restricted Stock Units outstanding for the reporting person, which convert to common shares on the first anniversary of the grant, representing deferred equity compensation rather than immediate dilution. Given the size of the purchase and the nature of RSUs, this Form 4 appears to be a routine disclosure of insider activity with limited standalone materiality for valuation.

Corporate Governance Expert

TL;DR: Disclosure follows Section 16 requirements; filing was executed by attorney-in-fact and identifies director status and RSUs.

The Form 4 correctly identifies Mr. Fruhbeis as a director and discloses both the purchase transaction and existing restricted stock units under the 2009 Incentive Plan. The presence of attorney-in-fact signature indicates delegated signing authority for timely SEC reporting. There are no departures, option exercises, or other governance anomalies disclosed; this is a standard insider transaction report fulfilling Section 16(a) obligations.

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

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

1. Name and Address of Reporting Person^*

Fruhbeis Todd Michael

(Last) (First) (Middle)

C/O STAR EQUITY HOLDINGS, INC.

53 FOREST AVENUE, SUITE 102

(Street)

OLD GREENWICH CT 06870

(City) (State) (Zip)

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)

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2025

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/16/2025		P		250	A	$10.2	9,872(1)	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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Includes 7,012 Restricted Stock Units credited to the Reporting Person's account under the Issuer's 2009 Incentive Stock and Awards Plan, as amended and restated. Each Restricted Stock Unit represents the right to receive, at settlement, one share of Common Stock payable upon the first anniversary of the Grant Date.

Remarks:

	/s/ Hannah Bible, as Attorney-in-Fact for Todd Fruhbeis	09/18/2025
	** 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.

FAQ

What insider transaction did STRRP report on 09/16/2025?

The filing reports that director Todd Michael Fruhbeis purchased 250 shares of common stock at $10.20 per share on 09/16/2025.

How many shares does Todd Fruhbeis beneficially own after the reported transaction?

Following the reported purchase, Mr. Fruhbeis beneficially owns 9,872 shares directly.

Does the Form 4 disclose any restricted stock units for the reporting person?

Yes. The filing states 7,012 Restricted Stock Units are credited to the reporting person under the issuer's 2009 Incentive Stock and Awards Plan; each RSU converts to one share payable on the first anniversary of the grant date.

Who signed the Form 4 filing for the reporting person?

The Form 4 was signed by Hannah Bible, as attorney-in-fact for Todd Fruhbeis, on 09/18/2025.

What is the reporting person’s relationship to the issuer?

The reporting person, Todd Michael Fruhbeis, is identified in the filing as a Director of Star Equity Holdings, Inc.