Lance Brown - May 8, 2023 Form 4 Insider Report for Harbor Custom Development, Inc. (HCDI)

Role
Chief Financial Officer
Signature
/s/ Lance Brown
Stock symbol
HCDI
Transactions as of
May 8, 2023
Transactions value $
-$761
Form type
4
Date filed
5/10/2023, 04:43 PM
Previous filing
Feb 13, 2023
Next filing
May 31, 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 +417 +15.4% 3.12K May 8, 2023 Direct F1
transaction HCDI Common Stock, no par value Tax liability -$761 -148 -4.74% $5.14 2.98K May 8, 2023 Direct F2

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 -417 -8.94% 4.25K May 8, 2023 Common Stock, no par value 417 Direct F1, F3, 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 Represents shares of common stock withheld by the Issuer to pay tax withholding obligations of the Reporting Person for the previously granted common stock pursuant to the Issuer's 2020 Restricted Stock Plan on November 8, 2021.
F3 On November 8, 2021, Mr. Brown was granted 5,000 shares of common stock pursuant to the 2020 Restricted Stock Plan, 1,667 of which vested on November 8, 2022, and 417 shares of common stock vests every three months thereafter until November 8, 2024, contingent on Mr. Brown's continued employment through each applicable vesting date. On May 26, 2022, Mr. Brown was granted 1,750 shares of common stock pursuant to the 2020 Restricted Stock Plan, whereby 584 shares of common stock vests on each anniversary until May 26, 2025, contingent on Mr. Brown's continued employment through each applicable vesting date.
F4 Represents the total number of unvested common stock granted to Mr. Brown pursuant to the 2020 Restricted Stock Plan.