Charles Davidson, a director of Schmitt Industries, recently acquired 5,000 shares of the company. The buys took place at $0.00 per share (and therefore, likely the result of option or restricted share grants), on September 27, 2019. Davidson now owns 6,000 shares of the company. Davidson operates out of Portland, OR. Some additional info was provided as follows:
Each restricted stock unit ("RSU") represents a contingent right to receive one share of the Company's common stock.
One tranche of 5,000 RSUs vest if the 15-day trading average closing price of the Company's common stock is greater than or equal to the target price of $2.70 and seven tranches of 3,000 RSUs vest if the 15-day trading average closing prices of the Company's common stock is greater than or equ
al to the target price of $2.90, $3.10, $3.30, $3.50, $3.70, $3.90 and $4.10.
RSUs vested on December 24, 2018, pursuant to the terms of the Strategic Advisory Committee charter.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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Other recent filings from the company include the following:
Tender offer statement by Issuer - June 11, 2020
Other Events - June 11, 2020
Written communication relating to an issuer or third party - June 3, 2020