Sterling Griffin - May 26, 2023 Form 4 Insider Report for Harbor Custom Development, Inc. (HCDI)

Role: President/CEO, Director, 10%+ Owner
Signature: /s/ Sterling Griffin
Stock symbol: HCDI
Transactions as of: May 26, 2023
Transactions value $: $0
Form type: 4
Date filed: 5/31/2023, 05:20 PM
Previous filing: Jun 8, 2022
Next filing: Jul 14, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	HCDI	Common Stock, no par value	Options Exercise		+1.67K	+1.23%		137K	May 26, 2023	Direct	F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	HCDI	Restricted Stock Units	Options Exercise		-1.67K	-33.34%		3.33K	May 26, 2023	Common Stock, no par value	1.67K		Direct	F1, F2, F3
holding	HCDI	Stock Options						4.38K	May 26, 2023	Common Stock, no par value	4.38K		Direct	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Each restricted stock unit represents the right to receive, at settlement, one share of common stock. This transaction represents the settlement of restricted stock units in shares of common stock on their scheduled vesting date.
F2	On May 26, 2022, Mr. Griffin was granted 5,000 shares of common stock pursuant to the 2020 Restricted Stock Plan, whereby 1/3 of the shares of common stock vest on each anniversary until May 26, 2025, contingent on Mr. Griffin's continued employment through each applicable vesting date.
F3	Represents the total number of unvested common stock granted to Mr. Griffin pursuant to the 2020 Restricted Stock Plan.
F4	Mr. Griffin was granted 3,378 stock options with an exercise price of $8.88 on December 31, 2018. These stock options are fully vested and have an expiration date of December 31, 2023, subject to Mr. Griffin continuing to be an employee of the Company. Mr. Griffin was granted 1,000 stock options with an exercise price of $92.40 on October 13, 2020. These stock options are fully vested and have an expiration date of October 13, 2030, subject to Mr. Griffin continuing to be an employee of the Company.