Gyrodyne Announces Agreement with Star Equity Fund

Will Implement Incentive Compensation Enhancements to Better Align with Shareholders; Star Equity Withdraws Nominations and Shareholder Proposal

ST. JAMES, N.Y., Sept. 6, 2023 /PRNewswire/ -- Gyrodyne, LLC (Nasdaq: GYRO), an owner and manager of a diversified portfolio of real estate properties ("Gyrodyne"), today announced that it has entered into an agreement (the "Agreement") with Star Equity Fund, LP ("Star Equity Fund"), under which Star Equity Fund has withdrawn both its slate of nominees for election at the 2023 annual shareholders meeting and its proposal regarding certain compensation matters, and Gyrodyne will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.

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