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