Lance Brown - Jul 21, 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
Jul 21, 2023
Transactions value $
$0
Form type
4
Date filed
7/24/2023, 05:12 PM
Previous filing
Jun 15, 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 Jul 21, 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 Stock Options 0 Jul 21, 2023 Common Stock, no par value 0 Direct F1
holding HCDI Restricted Stock Units 0 Jul 21, 2023 Common Stock, no par value 0 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

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

Explanation of Responses:

Id Content
F1 On June 13, 2023, Mr. Brown was granted 65,000 Incentive Stock Options pursuant to the Company's 2018 Equity Incentive Plan, and subject to a vesting schedule. As of the date of Mr. Brown's resignation, none of the options vested and therefore all 65,000 options were forfeited.
F2 On November 8, 2021 and May 26, 2022, Mr. Brown was granted 5,000 and 1,750 shares of common stock, respectively, pursuant to the 2020 Restricted Stock Plan. The vesting of such common stock was contingent on Mr. Brown's continued employment through each applicable vesting date. Following his resignation on July 21, 2023, the remaining 3,667 unvested shares were forfeited.

Remarks:

Effective July 21, 2023, Mr. Brown resigned as Chief Financial Officer. 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.