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): June 28, 2021
Harbor Custom Development, Inc.
(Exact name of registrant as specified in its charter)
| Washington | | 333-237507 | | 46-4827436 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
11505 Burnham Dr., Suite 301
Gig Harbor, Washington 98332
(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) |
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| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| [ ] | 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 |
| | 8.0% Series A Cumulative Convertible Preferred Stock | | HCDIP | | The Nasdaq Stock Market LLC |
| | Warrants | | HCDIW | | 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 [X]
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 June 28, 2021, the Board of Directors of Harbor Custom Development, Inc. (the “Company”) approved new compensation terms for Jeff Habersetzer, in connection with his previously announced promotion to Chief Operating Officer of the Company. The new terms include an annual base salary increase to $225,000, effective July 1, 2021; and 100,000 stock options with a grant date of July 1, 2021, with the option price at the price of the Company’s common stock at market close on July 1, 2021 with a two-year monthly vesting schedule.
In addition, the Board of Directors of the Company also approved new compensation terms for Lynda Meadows, the Company’s Chief Financial Officer. The new terms include an annual base salary increase to $250,000, effective July 1, 2021; and 100,000 stock options with a grant date of July 1, 2021, with the option price at the price of the Company’s common stock at market close on July 1, 2021 with a two-year monthly vesting schedule.
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: July 2, 2021 | By: | /s/ Jeff Habersetzer |
| | | Jeff Habersetzer Chief Operating Officer, Secretary, and General Counsel |
