Harborside Inc. Announces Stock Option Grants

Rhea-AI Summary

On June 14, 2021, Harborside Inc. announced the grant of 684,985 stock options to employees at an exercise price of $2.21 per subordinate voting share. These options are valid for five years and subject to vesting conditions in accordance with the company's equity incentive plan established on June 30, 2020. This move aims to enhance employee engagement and align their interests with shareholders. Harborside, a leading cannabis retailer in California, holds multiple licenses for retail and cultivation.

Positive

• Granting 684,985 stock options may improve employee motivation and retention.
• Stock options are priced attractively at $2.21, potentially offering upside for employees.

Negative

• None.

OAKLAND, Calif., June 14, 2021 /PRNewswire/ - Harborside Inc. ("Harborside" or the "Company") (CSE: HBOR) (OTCQX: HBORF) a California-focused, vertically integrated cannabis enterprise, today announced today that it has granted options (each, an "Option") to purchase an aggregate of 684,985 subordinate voting shares of the Company ("SVS") to certain employees of the Company. Each Option is exercisable into one SVS in the capital of the Company at an exercise price of $2.21 per SVS. The Options will expire five years from the date of grant and are subject to vesting conditions. All Options were granted in accordance with Harborside's equity incentive plan adopted by the board of directors of the Company on June 30, 2020 and approved by shareholders on November 24, 2020 (the "Plan"). A copy of the Plan is available under the Company's SEDAR profile at www.sedar.com.

For the latest news, activities, and media coverage, please visit the Harborside corporate website at www.investharborside.com or connect with us on LinkedIn,

About Harborside:
Harborside Inc. is one of the oldest and most respected cannabis retailers in California, operating three of the major dispensaries in the San Francisco Bay Area, a dispensary in the Palm Springs area outfitted with Southern California's only cannabis drive-thru window, a dispensary in Oregon and a cultivation/production facility in Salinas, California. Harborside has played an instrumental role in making cannabis safe and accessible to a broad and diverse community of California consumers. In 2006, Harborside was awarded one of the first six medical cannabis licenses granted in the United States and today holds cannabis licenses for retail, distribution, cultivation, nursery and manufacturing. Harborside is currently a publicly listed company on the Canadian Securities Exchange ("CSE") trading under the ticker symbol "HBOR". Additional information regarding Harborside is available under Harborside's SEDAR profile at www.sedar.com.

The CSE has neither approved nor disapproved the contents of this news release. Neither the CSE nor its Market Regulator (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.

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SOURCE Harborside Inc.

FAQ

What stock options did Harborside Inc. grant on June 14, 2021?

Harborside Inc. granted 684,985 stock options to employees, exercisable at $2.21 per share.

What is the exercise price for Harborside's stock options?

The exercise price for the stock options granted by Harborside is $2.21 per subordinate voting share.

How long are the stock options granted by Harborside valid?

The stock options granted by Harborside are valid for five years from the date of grant.

What conditions apply to the stock options issued by Harborside?

The stock options are subject to vesting conditions as per Harborside's equity incentive plan.

Where can I find more information about Harborside Inc.'s equity incentive plan?

More information about Harborside Inc.'s equity incentive plan can be found on their SEDAR profile.