[Form 4] Star Equity Holdings, Inc. Series A Cumulative Perpetual Preferred Stock Insider Trading Activity

Rhea-AI Filing Summary

Jeffrey E. Eberwein, Executive Chairman, director and 10% owner of Star Equity Holdings, Inc. (STRRP), was granted 860 Restricted Stock Units (RSUs) on 08/18/2025 under the Company’s 2018 Incentive Plan. Each RSU represents the right to receive one share of the company’s 10% Series A Cumulative Perpetual Preferred Stock with a liquidation preference price of $10.00 per share. The RSUs vest on the first anniversary of the grant date, and the award calculation used the stated liquidation preference. The Form 4 reports the award and the reporting person’s relationship to the issuer.

Positive

• Alignment of interests: RSUs tie the Executive Chairman’s compensation to the company’s preferred share value, supporting retention.
• No immediate cash outlay: The award is equity-based, preserving cash for operations while compensating leadership.

Negative

• Potential dilution: Settlement of 860 RSUs into Series A preferred shares will increase outstanding preferred shares upon vesting.
• Short vesting horizon: Vesting at one year offers limited long-term performance linkage compared with multi-year schedules.

Insights

Corporate Governance Expert

TL;DR: Typical executive equity award using preferred stock to align long-term interests, vesting over one year.

The grant of 860 RSUs tied to Series A preferred shares is a standard instrument to retain senior leadership and align incentives with shareholder value tied to preferred liquidation preference. The award was calculated using the stated $10.00 liquidation preference, indicating a fixed valuation metric for the grant. Vesting on the one-year anniversary creates a short-term retention condition rather than multi-year performance vesting. This is routine for insiders but provides limited long-term performance linkage.

Securities Analyst

TL;DR: Non-cash equity grant of preferred-linked RSUs; modest size likely immaterial to capitalization but will convert on vesting.

The award is non-cash and denominated in RSUs convertible into Series A preferred shares, which may affect the company’s preferred share count upon settlement. Using the $10.00 liquidation preference to determine grant size clarifies valuation for the award but does not disclose total outstanding preferred or common capital impact. The filing is a routine Section 16 disclosure of insider compensation and beneficial ownership change.

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

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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).

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^*

Eberwein Jeffrey E.

(Last) (First) (Middle)

C/O STAR EQUITY HOLDINGS, INC.

53 FOREST AVENUE, SUITE 101

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

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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

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
Restricted Stock Unit	(1)(2)	08/18/2025		A		860		(3)	(3)	10% Series A Cumulative Perpetual Preferred Stock	860	(1)	860	D

Explanation of Responses:

1. Award of Restricted Stock Units made in accordance with the Company's 2018 Incentive Plan, as amended. The number of Restricted Stock Units granted was determined using the liquidation preference price of STRRP of $10.00.

2. Each Restricted Stock Unit represents the right to receive, at settlement, one share of 10% Series A Cumulative Perpetual Preferred Stock.

3. The Restricted Stock Units granted on August 18, 2025 (the "Grant Date") are scheduled to vest upon the first anniversary of the Grant Date.

Remarks:

	/s/ Jeffrey E. Eberwein	08/18/2025
	** 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).
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FAQ

What was reported on the Form 4 for STRRP?

The Form 4 reports a grant of 860 Restricted Stock Units to Jeffrey E. Eberwein on 08/18/2025 under the 2018 Incentive Plan.

What do the 860 RSUs represent for STRRP?

Each RSU represents the right to receive one share of 10% Series A Cumulative Perpetual Preferred Stock upon settlement.

What valuation was used to determine the RSU award?

The number of RSUs granted was determined using the $10.00 liquidation preference price for the Series A preferred stock.

When do the RSUs vest?

The RSUs granted on 08/18/2025 are scheduled to vest on the first anniversary of the grant date.

What is Jeffrey E. Eberwein’s role at Star Equity Holdings?

The Form 4 identifies him as Executive Chairman, a Director, and a 10% owner.