Harbor Custom Development, Inc. Announces Board Changes
August 31, 2021 at 12:32 pm EDT
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On August 27, 2021, the Board of Directors of Harbor Custom Development, Inc. elected Chris Corr as a new director to fill the vacancy in the Board created by the resignation of Robb Kenyon. The Board has determined that Mr. Corr is an “independent director” under the Nasdaq listing rules. Mr. Corr will receive the same compensation as was approved for the other members of the Board on August 12, 2021, as follows: (i) beginning on September 1, 2021, Mr. Corr shall receive base compensation of $2,500 per month; and (ii) 10,000 shares of common stock pursuant to the Company’s 2020 Restricted Stock Plan which shall vest in equal quarterly installments of 2,500 shares at the end of every quarter, beginning on September 30, 2021. Effective as of August 27, 2021, Richard Schmidtke, a non-independent director, resigned from the Compensation Committee and the Nominating and Corporate Governance Committee. Mr. Schmidtke’s resignation from the respective committees was not due to any disagreement with the Company on any matter relating to its operations, policies, or practices. Mr. Schmidtke remains a director on the Company’s Board. Concurrently, Mr. Corr, an independent director, was elected to the Compensation Committee. The Compensation Committee is now comprised of the following members: Larry Swets (Chair), Wally Walker, and Chris Corr, all of whom are independent directors. In addition, Dennis Wong, an independent director, was elected to the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is now comprised of the following members: Wally Walker (chair), Karen Bryant, and Dennis Wong, all of whom are independent directors.
Harbor Custom Development, Inc. is a real estate development company. The Company is engaged in the land development cycle, including land acquisition, entitlements, development, construction of project infrastructure, single and multi-family vertical construction, marketing, and sales of various residential projects in Washington, California, Texas, and Florida. The Company operates through five segments: Homes, Developed lots, Entitled land, Multi-family, and Fee Build. It also provides services as fee-build revenues to construct the required infrastructure so that houses can be developed on the lots. Its multi-family construction offers comparable finishes to a new construction home, featuring quartz countertops, stainless steel kitchen appliances, an in-unit washer and dryer, and premium flooring. It owns or controls approximately 15 communities in Washington, Texas, California, and Florida, containing approximately 517 units or lots in various stages of development.
HARBOR CUSTOM DEVELOPMENT, INC. 
