Gyrodyne enters agreement with Star Equity Fund

Gyrodyne (GYRO) announced that it has entered into an agreement with Star Equity Fund, LP, under which Star Equity Fund has withdrawn its slate of nominees for election at the 2025 annual shareholders meeting, and Gyrodyne will reduce the size of its board from five to four directors, freeze director compensation and limit the aggregate fee paid to the Chairman to $65,000. In connection with the reduction in board size, Richard Smith will be the sole nominee standing for election at the 2025 annual shareholders meeting. Star Equity has also agreed to certain customary standstill provisions.