Lance Brown - Jun 13, 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
Jun 13, 2023
Transactions value $
$0
Form type
4
Date filed
6/15/2023, 01:13 PM
Previous filing
May 31, 2023
Next filing
Jul 24, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding HCDI Common Stock, no par value 3.35K Jun 13, 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
transaction HCDI Stock Options Award +65K 65K Jun 13, 2023 Common Stock, no par value 65K Direct F1
holding HCDI Restricted Stock Units 3.67K Jun 13, 2023 Common Stock, no par value 3.67K Direct F2, F3, F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On June 13, 2023, Mr. Brown was granted 65,000 stock options with an exercise price of $3.73. One half of the shares subject to this option shall vest upon the filing of the Company's next Form 10-K with the U.S. Securities and Exchange Commission, with the remainder to vest in equal proportions upon the first and second anniversary of said filing, subject to Mr. Brown continuing to be an employee through such date. These stock options will have an expiration date of June 13, 2033
F2 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.
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.