Harborside Inc. Announces Stock Option Grants

Rhea-AI Summary

Harborside has granted options to directors and officers for 2,235,000 subordinate voting shares (SVS) at an exercise price based on recent closing prices. The options, part of the equity incentive plan adopted on June 30, 2020, will expire in five years and are subject to vesting conditions. This move reflects the company's approach to incentivize key personnel amidst its operations as a respected cannabis retailer in California.

Positive

• Granting of options to directors and officers can align their interests with shareholders.
• The options are part of a structured equity incentive plan designed to enhance performance.

Negative

• The stock has been suspended from trading, indicating potential financial or regulatory issues.

OAKLAND, CA and TORONTO, Sept. 1, 2020 /PRNewswire/ - Harborside Inc. ("Harborside" or the "Company") (CSE: HBOR), today announced that it has granted options (each, an "Option") to purchase an aggregate of 2,235,000 subordinate voting shares of the Company ("SVS") to certain directors and officers of the Company. Each Option is exercisable into one SVS in the capital of the Company at an exercise price per SVS equal to the greater of: (i) the closing price of the SVS on June 8, 2020 (the last trading date immediately prior to suspension of trading of the SVS); (ii) the closing price of the SVS on September 2, 2020; and (iii) the closing price of the SVS on September 3, 2020. 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 (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 http://www.investharborside.com or connect with us on LinkedIn, Facebook, and Twitter.

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. Co-founded by Steve DeAngelo and dress wedding 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 is the significance of Harborside's stock option grants?

The stock option grants are designed to incentivize directors and officers, aligning their interests with those of shareholders.

When will the stock options granted by Harborside expire?

The stock options will expire five years from the date of grant.

What is the exercise price for the stock options granted by Harborside?

The exercise price for the options is equal to the greater of the closing prices on June 8, 2020, September 2, 2020, or September 3, 2020.

What does the suspension of Harborside's stock trading indicate?

The suspension of trading may suggest underlying financial or regulatory challenges that the company needs to address.

Under what plan did Harborside grant stock options?

The options were granted in accordance with Harborside's equity incentive plan adopted on June 30, 2020.