Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): March 4, 2009

SCHMITT INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

 

Oregon   000-23996   93-1151989

(State or other jurisdiction

of incorporation or organization)

  (Commission
File Number)
  (I.R.S. Employer
Identification Number)

 

2765 N.W. Nicolai Street
Portland, Oregon
  97210-1818
(Address of principal executive offices)   (Zip Code)

Registrant’s telephone number, including area code: (503) 227-7908

Not Applicable

Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 

 


Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers; Compensatory Arrangements of Certain Officers.

Management of Schmitt Industries, Inc. announced that it will implement a temporary pay reduction program for its executive management, beginning March 1, 2009. Each of our executive officers’ salaries will be reduced by approximately 19%. We anticipate this pay cut will remain in effect until the company improves its operating performance.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    SCHMITT INDUSTRIES, INC.
March 4, 2009     By:   /s/ Wayne A. Case
        Name: Wayne A. Case
        Title: Chairman, President and CEO