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

Rhea-AI Filing Summary

Star Equity Holdings director Todd Michael Fruhbeis received a grant of 535 Restricted Stock Units on 08/18/2025. Each RSU converts into one share of the company27s 10% Series A Cumulative Perpetual Preferred Stock, with the RSUs measured using a liquidation preference price of $10.00 per preferred share. The RSUs are scheduled to vest on the first anniversary of the grant date. Following the reported transaction, the filing shows beneficial ownership of 535 shares of the Series A preferred stock.

Insights

Financial Analyst

TL;DR: Routine equity-based compensation to a director; modest in absolute terms and designed to align long-term incentives.

The filing reports a grant of 535 restricted stock units to a director, each convertible into one share of 10% Series A cumulative perpetual preferred stock, valued using a $10 liquidation preference. The award vests one year after the grant date, indicating retention-focused compensation rather than immediate liquidity. The size (535 units) appears limited in absolute terms relative to company capitalization (no total share count provided), so immediate market-impact or dilution is unlikely based on the form alone.

Corporate Governance Expert

TL;DR: Standard insider grant consistent with incentive plan terms; vesting and form are disclosed transparently.

The transaction references the company27s 2018 Incentive Plan and specifies settlement in Series A preferred shares, with vesting on the first anniversary. Disclosure includes reporting person, relationship (director), grant mechanics, and valuation basis ($10 liquidation preference). The form is procedurally complete for a Section 16 filing: transaction date, class, amount, and vesting schedule are stated. No additional governance actions or amendments are disclosed here.

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 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)
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		535		(3)	(3)	10% Series A Cumulative Perpetual Preferred Stock	535	(1)	535	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/ Hannah Bible, as Attorney-in-Fact	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).
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 did STRRP insider Todd Michael Fruhbeis receive on 08/18/2025?

He was granted 535 Restricted Stock Units, each representing the right to one share of the company27s 10% Series A Cumulative Perpetual Preferred Stock.

When do the RSUs granted to the director vest?

The RSUs are scheduled to vest on the first anniversary of the grant date (i.e., vesting on 08/18/2026).

What valuation was used to determine the number of RSUs?

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

How many Series A preferred shares does the reporting person beneficially own after the transaction?

The filing reports beneficial ownership of 535 shares of the 10% Series A Cumulative Perpetual Preferred Stock following the transaction.

Under what plan were the Restricted Stock Units awarded?

The RSUs were awarded in accordance with the company27s 2018 Incentive Plan, as amended.