Village Farms CEO Exercises Expiring Stock Options And Sells 100,000 Shares

Michael A. DeGiglio,CEO and a director of Village Farms International, Inc. VFF, on February 1, 2022 exercised certain expiring stock options and disposed of 100,000 company's common shares through the facilities of the Nasdaq. This was pursuant to his existing 10b-5-1 Trading Plan, at an average price of $5.30 per share, for an aggregate disposition price of$530,100. 

DeGiglio paid the $100,000 exercise price to Village Farms together with all applicable US withholding taxes. The 100,000 stock options exercised were originally issued to him in March 2012 at an exercise price of US $1.00 and were set to expire on the 10^th anniversary of issuance. Following the disposition, the number of common shares beneficially owned by DeGiglio was unchanged at 9.35 million common shares.

Prior to the disposition, DeGiglio held beneficial ownership of approximately 11.1% of the issued and outstanding common shares, including vested stock options. Following the disposition, DeGiglio beneficially owned approximately 10.9% of the issued and outstanding common shares (including vested stock options that are currently exercisable for 366,667 common shares).

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. He has no immediate plans to dispose or acquire any additional common shares.

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