Early Warning Press Release - Michael DeGiglio Exercises Expiring Stock Options and Sells 100,000 Common Shares of Village Farms International, Inc. pursuant to 10b-5-1 Trading Plan

Rhea-AI Summary

Michael A. DeGiglio, CEO of Village Farms International (NASDAQ: VFF), exercised stock options and sold 100,000 common shares on February 1, 2022, for US$530,100 at an average price of US$5.30 each. This sale was part of his 10b-5-1 Trading Plan. After the transaction, DeGiglio still beneficially owns approximately 9,349,529 shares, a reduction from 11.1% to 10.9% ownership of the company's outstanding shares. The sale was executed to cover the cost of exercising the options and to meet tax obligations. DeGiglio has no immediate plans for further share transactions.

Positive

• Executed stock options at a favorable exercise price of $1.00 per share.
• Sale raised $530,100 for tax obligations.

Negative

• Reduced beneficial ownership percentage from 11.1% to 10.9%.

TORONTO, Feb. 3, 2022 /PRNewswire/ - Michael A. DeGiglio , Chief Executive Officer and a director of Village Farms International, Inc. ("Village Farms") (NASDAQ: VFF), on February 1, 2022 exercised certain expiring stock options and disposed of 100,000 common shares of Village Farms ("Common Shares") through the facilities of the Nasdaq pursuant to his existing 10b-5-1 Trading Plan (filed in March 2021), at an average price of US$5.30 (C$6.73) per Common Share, for an aggregate disposition price of US$530,100 (C$673,227) (the "Disposition"). Mr. DeGiglio paid the US$100,000 exercise price to Village Farms together with all applicable US withholding taxes. The 100,000 stock options exercised by Mr. DeGiglio were originally issued to him in March 2012 at an exercise price of US $1.00 (C$1.27) and were set to expire on the 10^th anniversary of issuance. Following the Disposition, the number of Common Shares beneficially owned by Mr. DeGiglio was unchanged at 9,349,529 Common Shares .

Prior to the Disposition, Mr. DeGiglio held beneficial ownership of approximately 11.1% of the issued and outstanding Common Shares, including vested stock options. Following the Disposition, Mr. DeGiglio  beneficially owned approximately 10.9% of the issued and outstanding Common Shares (including vested stock options that are currently exercisable by Mr. DeGiglio for 366,667 Common Shares). Mr. DeGiglio sold the shares to cover the cost of the exercise, pay the taxes due on the exercise and use the balance for payment of US federal income taxes.  

Mr. DeGiglio has no immediate plans to dispose or acquire any additional Common Shares. In the future, Mr. DeGiglio may from time to time dispose or acquire ownership of, or control or direction over, additional Common Shares for investment purposes. 

This press release is being issued pursuant to the requirements of National Instrument 62-103 - The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. An early warning report with additional information in respect of the foregoing matter has been filed and is available on the SEDAR profile of Village Farms at www.sedar.com. To obtain a copy of the early warning report, please visit https://villagefarms.com/investor-relations/information-request-form and provide your name and physical address, or contact Lawrence Chamberlain, Investor Relations, at 416-519-4196.

Village Farms' head office is located at 4700 - 80th Street, Delta, British Columbia, V4K 3N3.

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SOURCE Michael DeGiglio

FAQ

What did Michael DeGiglio do with his stock options on February 1, 2022?

He exercised stock options and sold 100,000 common shares at an average price of US$5.30.

How much did Michael DeGiglio raise from selling shares of Village Farms?

He raised US$530,100 from the sale of 100,000 common shares.

What was the exercise price for the stock options exercised by DeGiglio?

The exercise price was US$1.00 per share.

How much of Village Farms does Michael DeGiglio own after the share sale?

He owns approximately 10.9% of the issued and outstanding common shares.

Was the share sale part of a trading plan?

Yes, it was executed under his 10b-5-1 Trading Plan.