SMITH-MIDLAND CORPORATION (OTCMKTS:SMID) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersITEM 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
On December 5, 2017, the Board of Directors of Smith-Midland Corporation (the “Company”) elected Ashley B. Smith as the new Chief Executive Officer of the Company, effective September 23, 2018. Ashley B. Smith will continue to serve as President of the Company. It is anticipated that Rodney I. Smith will remain Chief Executive Officer of the Company until September 23, 2018, after which he will continue as Chairman of the Board of Directors of the Company and continue to engage in research and development activities on behalf of the Company.
Ashley B. Smith, age 55, brings operations, sales and marketing and general management experience, including previous roles with the Company with responsibility for leadership direction and oversight of the several companies in the family of Smith-Midland Companies. Mr. Smith has served as President of the Company since 2014 and as a member of the Board of Directors of the Company since 1994. He was Vice President of the Company from 1990 to 2014. Mr. Smith holds a Bachelor of Science degree in Business Administration from Bridgewater College. Ashley B. Smith is the son of Rodney I. Smith.
At the present time, the Company has not entered into any employment agreement or special bonus or stock compensation arrangements with Ashley B. Smith, although it likely will do so prior to September 2018. The Company’s Board of Directors did not appoint Ashley B. Smith to any arrangement or understanding between Mr. Smith and the Company or any other person or entity. In addition, there are no transactions between Mr. Smith and the Company that are required to be disclosed to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
Appointment of Chief Financial Officer
On December 5, 2017, the Company’s Board of Directors elected Adam J. Krick as the new Chief Financial Officer of the Company, effective January 1, 2018. Mr. Krick will succeed William A. Kenter, who is retiring as Chief Financial Officer effective as of January 1, 2018. Mr. Kenter will continue in a part-time capacity with the Company.
Mr. Krick, age 32, a Certified Public Accountant, has served as Accounting Manager of the Company since 2014. Previously, Mr. Krick held the position of Manager at Marshall Consulting Group, LLC, a Certified Public Accounting firm, from 2012 to 2014. Prior to that, Mr. Krick was a Senior Accountant at Updegrove, Combs, & McDaniel, PLC, a Certified Public Accounting firm, from 2010 to 2012. Earlier in his career, Mr. Krick started with Thorpe & Associates, PLC, a Certified Public Accounting firm, from 2004 to 2010. He holds a Bachelor of Business Administration degree in Accounting from James Madison University.
At the present time, the Company has not entered into any employment agreement or special bonus or stock compensation arrangements with Adam J. Krick. The Company’s Board of Directors did not appoint Mr. Krick to any arrangement or understanding between Mr. Krick and the Company or any other person or entity. In addition, there are no transactions between Mr. Krick and the Company that are required to be disclosed to Item 404(a) of Regulation S-K under the Securities Exchange Act of 1934, as amended.
About SMITH-MIDLAND CORPORATION (OTCMKTS:SMID)
Smith-Midland Corporation invents, develops, manufactures, markets, leases, licenses, sells and installs a range of precast concrete products for use in the construction, highway, utilities and farming industries, through its subsidiaries. The Company’s precast and barrier rental customers are primarily general contractors and federal, state, and local transportation authorities located in the Mid-Atlantic, Northeastern, Midwestern and Southeastern regions of the United States. It offers products, including Easi-Set SlenderWall Lightweight Construction Panels, Easi-Set Sierra Wall, Easi-Set Precast Building and Easi-Span Expandable Precast Building, Easi-Set Utility Vault, SoftSound Soundwall Panels, Beach Prisms Erosion Control Modules and H2Out Secondary Drainage System. Its precast subsidiaries also produce farm products, such as cattleguards and water and feed troughs, as well as custom order precast concrete products with various architectural surfaces.
