SMITH-MIDLAND CORPORATION (OTCMKTS:SMID) Files An 8-K Other EventsITEM 8.01
Effective June 12, 2017, Rodney I. Smith, CEO and Chairman of the Board of Smith-Midland Corporation (the “Company”), adopted a stock trading plan (the “10b5-1 Plan”). The 10b5-1 Plan was adopted to the guidelines specified by Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and the Company’s insider trading policies.
Rule 10b5-1 allows corporate officers and other Company employees to adopt written trading plans when they are not in possession of material, non-public information. Mr. Smith is establishing this Rule 10b5-1 Plan to dispose of a portion of his holdings of the common stock of Smith-Midland Corporation in connection with Mr. Smiths’ overall estate planning process. Mr. Smith will begin selling his stock to this sales plan as soon as is practical
At the same time, Mr. Smith will also be contributing a significant portion of his Smith-Midland Corporation common stock to a private foundation which will in turn donate the stock, or its liquidated value, to various charities. Mr. Smith currently owns 775,398 shares of Smith-Midland common stock, of which, 42,000 shares are restricted stock which are non-vested.
Transactions completed under Mr. Smith’s 10b5-1 Plan or by transfers to the foundation, will be reported as shares are either sold or transferred to the foundation on Form 4’s which will be filed with the Securities and Exchange Commissions, as required.
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.