| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(c) Schmitt Industries, Inc. (“Registrant” or the “Company”) has appointed Regina Walker as Chief Financial Officer of the Company, effective as of October 21, 2019.
A copy of the press release that includes the announcement of the above is furnished as Exhibit 99.1 to this report.
Ms. Walker, age 46, has over 20 years of experience, including 10 years with PwC, LLP accounting firm with extensive hands-on experience in diverse industries, including industrial manufacturing, construction, retail and consumer products and entertainment in Fortune 500 publicly traded and mid-cap privately held companies. Prior to joining Schmitt, Ms. Walker was employed by TEC Equipment, Inc, a privately held $900M revenue company, as the Controller from December 2013 through May 2016 and then as the Chief Financial Officer from June 2016 through July 2019, and she was instrumental in leading growth and transformation including acquisitions and strategy. Ms. Walker received a Bachelor of Commerce from University of Alberta and Post-Baccalaureate Accounting Certificate from Portland State University.
During the last two years, there have been no transactions or proposed transactions by the Company in which Ms. Walker has had or is to have a direct or indirect material interest, and there are no family relationships between Ms. Walker and any of the Company’s other executive officers or directors.
(d) On October 21, 2019, the Registrant entered into an executive employment agreement with Ms. Walker.
Pursuant to the terms of the agreement, Ms. Walker is entitled to receive (i) an annualized salary of $180,000, (ii) a signing bonus of 15,625 fully vested shares of restricted common stock, (iii) a retention bonus of $30,000 to be paid on the first anniversary of her employment, and (iv) upon achieving certain performance-based objectives determined by the CEO and Compensation Committee, an RSU bonus up to an amount equivalent to $30,000 and other discretionary bonuses as determined by the CEO and Compensation Committee and approved by the Board of Directors.
The foregoing description of the employment agreement does not purport to be complete and is qualified in its entirety by reference to the executive employment agreement attached hereto as Exhibit 10.1 and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
