SCHMITT INDUSTRIES, INC. (NASDAQ:SMIT) Files An 8-K Submission of Matters to a Vote of Security HoldersItem 5.07
| (a) | Schmitt Industries, Inc. (the “Company”) held its Annual Meeting of Shareholders on October6, 2017 (the “Meeting”). |
| (b) | Three matters, which are more fully described in the Company’s definitive proxy statement filed with the Securities and Exchange Commission, were submitted to a vote of security holders at the Meeting: |
| 1. | To elect one director nominee for the next year; |
| 2. | To approve, on an advisory basis, the compensation paid to the Company’s Named Executive Officers; and |
| 3. | To approve an amendment and restatement of the 2014 Equity Incentive Plan (“2014 Plan”). |
At the Meeting, 1,573,159 shares of common stock were represented in person or proxy, which constituted 52.5percent of the 2,995,910 shares of the Company outstanding and entitled to vote at the Meeting as of August14, 2017, the record date of the Meeting, and a quorum. Each share was entitled to one vote at the Meeting.
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1.Election of Director. The following director was elected at the Meeting by votes cast as follows: |
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| Votes for | VotesAgainstor
Withheld |
Broker Non-votes | |
|
Michael J. Ellsworth |
1,154,866 | 418,293 | — |
|
2. Say-on-Pay. The proposal to approve, on an advisory basis, the compensation paid to the Company’s Named Executive Officers (as defined in the Proxy Statement) passed with the following votes: |
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|
For |
Against | Abstentions | Broker Non-votes |
|
948,111 |
623,983 | 1,065 | — |
|
3.Amendment and Restatement of 2014 Plan. The proposal to approve the amendment and restatement of the 2014 Plan passed with the following votes: |
|||
|
For |
Against | Abstentions | Broker Non-votes |
|
1,048,019 |
525,008 | — |
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.