SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02
(c) On April 7, 2017, the Board of Directors (the “Board”) of Schmitt Industries, Inc. (the “Registrant”) restored the salaries of the senior management of the Registrant, which includes David M. Hudson, Ann M. Ferguson and David W. Case. As previously reported, the Board decided to reduce the salaries of all members of its senior management by twenty-five percent (25%) effective January 1, 2016. Effective April 1, 2017, the annual base salary for David M. Hudson will be increased to $212,500; the annual base salary for Ann M. Ferguson will be increased to $175,000; and the annual base salary for David W. Case will be increased to $170,000.
In addition, a restoration salary for the four-month period from December 1, 2016 through March 31, 2017, which equals $3,058 per month for Mr. Hudson, $3,646 per month for Ms. Ferguson, and $3,542 per month for Mr. Case, shall be accrued on the Registrant’s books and the Registrant shall pay the amounts if and when the Board of Directors determines that the Registrant is financially able to do so. The Registrant shall also reimburse Mr. Hudson $19,500 for travel and moving expenses incurred in connection with his relocation to Portland from New York City.
Effective January 5, 2017, the Registrant shall pay to Michael J. Ellsworth, Chairman of the Board, a monthly fee in the amount of $2,500, in addition to other compensation he may receive as a director of the Registrant, for his services as Chairman of the Board. The amount payable to Mr. Ellsworth for the period from January 5, 2017 to March 31, 2017, shall be accrued on the Registrant’s books and the Registrant shall pay the amounts if and when the Board of Directors determines that the Registrant is financially able to do so. From April 1, 2017 going forward, the Registrant shall pay the monthly fee to Mr. Ellsworth on a current basis.
About SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT)
Schmitt Industries, Inc. designs, manufactures and sells test and measurement products for two main business segments: the Balancer segment and the Measurement segment. The Company operates through two segments: the design and assembly of dynamic balancing systems and components for the machine tool industry (Balancer), and the design and assembly of laser-based test and measurement systems (Measurement). For the Balancer segment, it designs, manufactures and sells computer-controlled vibration detection, balancing and process control systems for the machine tool industry. Under the Measurement segment, the Company through its subsidiary, Schmitt Measurement Systems, Inc., designs, manufactures and sells laser and white light sensors, laser-based micro roughness measurement products, laser-based surface analysis and measurement products, and ultrasonic measurement products. The Company provides sales and service for Europe and Asia through its subsidiary, Schmitt Europe Limited. SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) Recent Trading Information
SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) closed its last trading session down -0.02 at 1.68 with 18,114 shares trading hands.