SEC Info - Zapata Michael R. - ‘4’ for 7/24/20 re: Schmitt Industries Inc.

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Zapata Michael R.

(Last)

(First)

(Middle)

2765 NW NICOLAI STREET

(Street)

PORTLAND

97210

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
SCHMITT INDUSTRIES INC [ SMIT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
Chief Executive Officer

3. Date of Earliest Transaction (Month/Day/Year)
7/24/20

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	7/24/20		M		6,000 ⁽¹⁾	A	$0	59,777	D
Common Stock	7/24/20		F		2,400 ⁽²⁾	D	$4.44	57,377	D
Common Stock	7/29/20		M		6,000 ⁽³⁾	A	$0	63,377	D
Common Stock	7/29/20		F		2,400 ⁽⁴⁾	D	$4.4	60,977	D
Common Stock	10/27/20		A		1,483 ⁽⁵⁾	A	$0	62,460	D
Common Stock	10/27/20		F		593 ⁽⁶⁾	D	$5.06	61,867	D
Common Stock								474,235	I	See footnote ⁽⁷⁾

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
RSUs	⁽⁸⁾	7/24/20		M			6,000	⁽¹⁾	⁽¹⁾	Common Stock	6,000	$0	6,000	D
RSUs	⁽⁸⁾	7/29/20		M			6,000	⁽²⁾	⁽²⁾	Common Stock	6,000	$0	0	D

Explanation of Responses:

(1) One tranche of 6,000 restricted stock units ("RSUs") vested based on the 15-day trading average closing price of the Issuer's common stock being greater than or equal to $3.90.

(2) Transaction represents the withholding of shares, at the value of $4.44 per share, to satisfy the tax withholding obligations following the vesting of 6,000 RSUs on July 24, 2020.

(3) One tranche of 6,000 RSUs vested based on the 15-day trading average closing price of the Issuer's common stock being greater than or equal to $4.10.

(4) Transaction represents the withholding of shares, at the value of $4.40 per share, to satisfy the tax withholding obligations following the vesting of 3,000 RSUs on July 29, 2020.

(5) On the Transaction Date, the Reporting Person was granted the immediately vested shares as compensation for service on the Issuer's board of directors.

(6) Transaction represents the withholding of shares, at the value of $5.06 per share, to satisfy the tax withholding obligations following the grant of 1,483 shares on October 27, 2020

(7) Mr. Zapata, as the Managing Member of Sententia Capital, may be deemed the beneficial owner of the 474,235 shares owned by Sententia Capital.

(8) Each RSU represents a contingent right to receive one share of the Issuer's common stock.

	/s/Michael R Zapata	11/30/20
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

____________ Transaction Codes:
A	Grant, award or other acquisition pursuant to Rule 16b-3(d).
F	Payment of exercise price or tax liability by delivering or withholding securities incident to the receipt, exercise or vesting of a security issued in accordance with Rule 16b-3.
M	Exercise or conversion of derivative security exempted pursuant to Rule 16b-3.

Zapata Michael R. – ‘4’ for 7/24/20 re: Schmitt Industries Inc.

On: Monday, 11/30/20, at 6:25pm ET · For: 7/24/20 · Accession #: 921895-20-3142 · File #: 1-38964

Previous ‘4’: ‘4’ on 6/18/20 for 6/17/20 · Next: ‘4’ on 8/4/21 for 8/2/21 · Latest: ‘4’ on 10/17/22 for 10/12/22

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents

This ‘4’ Document is an XML Data File that may be rendered in various formats:

Zapata Michael R. – ‘4’ for 7/24/20 re: Schmitt Industries Inc.

On: Monday, 11/30/20, at 6:25pm ET · For: 7/24/20 · Accession #: 921895-20-3142 · File #: 1-38964

Previous ‘4’: ‘4’ on 6/18/20 for 6/17/20 · Next: ‘4’ on 8/4/21 for 8/2/21 · Latest: ‘4’ on 10/17/22 for 10/12/22

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34Filing Table of Contents

This ‘4’ Document is an XML Data File that may be rendered in various formats:

Statement of Changes in Beneficial Ownership of Securities by an Insider — Form 4 — SEA’34
Filing Table of Contents