Lance Brown - May 26, 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 26, 2023
Transactions value $
-$816
Form type
4
Date filed
5/31/2023, 05:23 PM
Previous filing
May 10, 2023
Next filing
Jun 15, 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 +583 +19.59% 3.56K May 26, 2023 Direct F1
transaction HCDI Common Stock, no par value Tax liability -$816 -206 -5.79% $3.96 3.35K May 26, 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 -583 -13.72% 3.67K May 26, 2023 Common Stock, no par value 583 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 May 26, 2022.
F3 On November 8, 2021, Mr. Brown was granted 5,000 shares of common stock pursuant to the 2020 Restricted Stock Plan, 1/3 of which vested on November 8, 2022, and the remaining vest in eight equal installments 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 1/3 of the shares of common stock vest 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.