SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01
Following the authorization to buy up to $2 million of the common stock of Schmitt Industries, Inc. (the Company), the Companys Board of Directors approved and entered into a 10b5-1 plan on November 29, 2019 (the Plan). The Plan was adopted under the safe harbor provided by Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934, as amended, in order to assist the Company in implementing its stock repurchase plans.
Item 5.07 Submission of Matters to a Vote of Security Holders.
At the 2019 Annual Meeting of Shareholders held on December 5, 2019, the stockholders of the Company elected each of the Companys directors that had been nominated to serve until the next annual meeting or until their successors are elected and have been qualified. The stockholders also (i) approved the declassification of directors, (ii) approved a non-binding advisory resolution to approve the executive compensation plan, (iii) approved the amendment and restatement of the 2014 Equity Incentive Plan, as amended, (the 2014 Plan) to increase the shares of common stock issuable under the 2014 Plan from 500,000 to 700,000, (iv) approved an advisory vote for a one-year frequency for shareholder compensation approval, and (v) ratified the selection of Moss Adams LLP as the Companys independent registered public accounting firm for fiscal year 2020.
At the Meeting, 3,761,675 shares of common stock, which represented 91.7% percent of the 4,102,031 total shares of common stock outstanding and entitled to vote at the Meeting, were present in person or by proxy which constituted a quorum.
Following the annual meeting, in accordance with the advisory vote of the Companys stockholders, the Companys Board of Directors voted that the stockholder advisory vote on executive compensation should be held every year.
The final votes for each matter were as follows:
Election of Directors.
| 7,331 | 14,975 |