Gyrodyne announces agreement with Star Equity Fund

Gyrodyne announced that it has entered into an agreement with Star Equity Fund, LP, under which Star Equity Fund has withdrawn both its slate of nominees for election at the 2023 annual shareholders meeting and its proposal regarding certain compensation matters, and Gyrodyne will freeze director fees and transition directors from its cash bonus plan to a new stock plan if approved by the shareholders. Under the terms of the agreement, Gyrodyne agreed to submit for shareholder approval at its 2023 annual shareholders meeting a new stock incentive plan for directors who currently participate in Gyrodyne’s cash retention bonus plan. If shareholders approve the proposed stock plan, current director participants in the bonus plan will exchange their benefits for an equivalent value of shares under the new stock plan, with the shares vesting over a three-year period.