Summary of SCHMITT INDUSTRIES INC

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

(b), (c)

On October 5, 2012, Schmitt Industries, Inc. (the "Registrant") appointed current President James A. Fitzhenry as its Chief Executive Officer, effective immediately. Mr. Fitzhenry will continue as President and succeeds outgoing Chief Executive Officer Wayne A. Case. Mr. Case will continue as Chairman of the Registrant's Board of Directors (the "Board").

Mr. Fitzhenry, 57, has served as a Director of the Registrant since April 2009 and as its President since July 2009. Prior to that, Mr Fitzhenry had been the Registrant's Executive Vice President since June 2008. Before joining the Registrant, Mr. Fitzhenry was President of Capital Strategies Group, a consulting firm specializing in federal government business development and government relations, which he founded in 2007. Prior to that time, Mr. Fitzhenry served for 15 years as a senior executive with FLIR Systems, Inc. (Nasdaq: FLIR). Mr. Fitzhenry holds a B.A. degree from the University of Oregon and J.D. and M.B.A. degrees from Willamette University.

Mr. Fitzhenry's compensation will consist of an annual salary of $200,000, and a target cash bonus of $40,000 to be paid at the Board's discretion at or below the target amount, or not at all. Mr. Fitzhenry will continue to be eligible to participate in the Registrant's company-wide health benefit and retirement plans.

On October 5, 2012, the Registrant issued a press release entitled "Schmitt Industries Appoints Fitzhenry as New Chief Executive Officer." A copy of the press release is furnished as Exhibit 99.1 to this report.

(e)

On October 5, 2012, the Registrant increased the annual salaries of the following executive officers to the following amounts, effective October 1, 2012: James A. Fitzhenry, President and Chief Executive Officer, $200,000; Jeffrey T Siegal, Chief Financial Officer and Treasurer, $180,000; and David W. Case, Vice President of Operations, $165,000.