Sterling Griffin - Jul 12, 2023 Form 4 Insider Report for Harbor Custom Development, Inc. (HCDI)

Role
President/CEO, Director
Signature
/s/ Sterling Griffin
Stock symbol
HCDI
Transactions as of
Jul 12, 2023
Transactions value $
$0
Form type
4
Date filed
7/14/2023, 12:28 PM
Previous filing
May 31, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding HCDI Common Stock, no par value 137K Jul 12, 2023 Direct

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
holding HCDI Restricted Stock Units 0 Jul 12, 2023 Common Stock, no par value 0 Direct F1
holding HCDI Stock Options 4.38K Jul 12, 2023 Common Stock, no par value 4.38K Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Sterling Griffin is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 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. Such vesting was contingent on Mr. Griffin's continued employment through each applicable vesting date. Following his resignation on July 12, 2023, the remaining 3,333 unvested shares were forfeited.
F2 On December 31, 2018 and October 13, 2020, Mr. Griffin was granted 3,379 and 1,000 Incentive Stock Options, respectively, pursuant to the Company's 2018 Equity Incentive Plan, all of which are fully vested as of the date of this report. Pursuant to the terms of the grants, Mr. Griffin has three months following the date of his resignation to exercise his options.

Remarks:

Effective July 12, 2023, Mr. Griffin resigned as President, Chief Executive Officer, and Director. He is voluntarily filing this Form 4 to indicate that he is no longer subject to Section 16 of the Securities Exchange Act of 1934, as amended.