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    Harbor Custom Development Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits

    12/1/23 3:11:34 PM ET
    $HCDI
    Homebuilding
    Consumer Discretionary
    Get the next $HCDI alert in real time by email
    false 0001784567 0001784567 2023-11-30 2023-11-30 0001784567 us-gaap:CommonStockMember 2023-11-30 2023-11-30 0001784567 HCDI:Sec8SeriesCumulativeConvertiblePreferredStockMember 2023-11-30 2023-11-30 0001784567 HCDI:WarrantsMember 2023-11-30 2023-11-30 0001784567 HCDI:WarrantsoneMember 2023-11-30 2023-11-30 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

     

     

     

    UNITED STATES

    SECURITIES AND EXCHANGE COMMISSION

    Washington, DC 20549

     

    FORM 8-K

     

    CURRENT REPORT

     

    Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     

    Date of Report (Date of earliest event reported): November 30, 2023

     

    Harbor Custom Development, Inc.

    (Exact name of registrant as specified in its charter)

     

    Washington   001-39266   46-4827436

    (State or other jurisdiction

    of incorporation)

     

    (Commission

    File Number)

     

    (IRS Employer

    Identification No.)

     

    1201 Pacific Avenue, Suite 1200

    Tacoma, WA 98402

     

    (Address of principal executive offices) (Zip Code)

     

    Registrant’s telephone number, including area code (253) 649-0636

     

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

     

    ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
       
    ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
       
    ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
       
    ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

     

    Securities registered pursuant to Section 12(b) of the Act:

     

      Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which Registered
      Common Stock   HCDI   The Nasdaq Stock Market LLC
      8% Series A Cumulative Convertible Preferred Stock   HCDIP   The Nasdaq Stock Market LLC
      Warrants   HCDIW   The Nasdaq Stock Market LLC
      Warrants   HCDIZ   The Nasdaq Stock Market LLC

     

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

     

    Emerging growth company ☒

     

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

     

     

     

     

     

     

    Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

     

    On November 30, 2023, the Board of Directors of Harbor Custom Development, Inc. (the “Company”), adopted an Executive Compensation Clawback Policy (the “Clawback Policy”) in order to comply with Section 10D of the Securities Exchange Act of 1934 (the “Exchange Act”); Rule 10D-1 of the Exchange Act; and Listing Rule 5608 of The Nasdaq Stock Market, LLC. Capitalized terms used and not defined herein have the meanings given to them in the Clawback Policy.

     

    The Clawback Policy provides for the repayment or forfeiture of Erroneously Awarded Compensation following a Restatement of the Company’s financial statements from persons who served as Executive Officers of the Company at any time during the performance period for such Incentive Compensation and who received such compensation during the three fiscal years preceding the date on which the Company is required to prepare a Restatement.

     

    The foregoing description of the Clawback Policy does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Clawback Policy, which is attached as Exhibit 10.1 to this Current Report on Form 8-K, incorporated by reference herein.

     

    Item 9.01 Financial Statements and Exhibits.

     

    (d) Exhibits.

     

    The following exhibits are filed with this Current Report on Form 8-K:

     

    Exhibit No.   Description
    10.1   Executive Compensation Clawback Policy of Harbor Custom Development, Inc.
    104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

     

     

     

     

    SIGNATURES

     

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

     

      Harbor Custom Development, Inc.
       
    Date: December 1, 2023 By: /s/ Jeff Habersetzer
        Jeff Habersetzer
        Interim Chief Executive Officer and Interim President

     

     

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