UNITED STATES


SECURITIES AND EXCHANGE COMMISSION


Washington, DC 20549

SCHEDULE 14A


(RULE 14a-101)


SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a)


of the Securities Exchange Act of 1934


(Amendment No. )

Filed by the registrant ☒


Filed by a party other than the registrant  ☐

Check the appropriate box:

Check the appropriate box:

☐
​​
Preliminary proxy statement.

☒   Definitive proxy statement.

☐   Definitive additional materials.

☐   Soliciting Material pursuant to §240.14a-11(c) of §240.14a-12.

​

☐ 

​
 ☐

​

​
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☒
​​
Definitive proxy statement.
​
 ☐
​​
Definitive additional materials.
​​
​​
 ☐
​​
Soliciting Material pursuant to §240.14a-11(c) of §240.14a-12.
​​
​​

Kewaunee Scientific Corporation

(Name of Registrant as Specified in Its Charter)

(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)

Payment of Filing Fee (Check the appropriate box):

Kewaunee Scientific Corporation
(Name of Registrant as Specified in Its Charter)
(Name of Person(s) Filing Proxy Statement, if Other Than the Registrant)
Payment of Filing Fee (Check the appropriate box):
☒

​

​
No fee required.

☐

​

​
Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

1) 

​

​

1
​​
Title of each class of securities to which transaction applies:

2) 

​

​

​​
​​
2
​​
Aggregate number of securities to which transaction applies:

3) 

​

​

​​
​​
3
​​
Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):

4) 

​

​

​​
​​
4
​​
Proposed maximum aggregate value of transaction:

5) 

​

​

​​
​​
5
​​
Total fee paid:

​​
​​

☐

​

​
Fee paid previously with preliminary materials.

☐

​

​
Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.

1) 

​

​

1
​​
Amount Previously Paid:

2) 

​

​

​​
​​
2
​​
Form, Schedule or Registration Statement No.:

​​
​​
​​
3
​​
Filing Party:
​​
​​
​​
4
​​
Date Filed:
​​
​​

3) 

Filing Party:

4) 

Date Filed:

KEWAUNEE SCIENTIFIC CORPORATION


2700 West Front Street


Statesville, North Carolina 28677-2927

Thomas D. Hull III
David M. Rausch

President and


Chief Executive Officer

July 20, 2018

15, 2021

TO OUR STOCKHOLDERS:

You are cordially invited to attend the Annual Meeting of Stockholders of Kewaunee Scientific Corporation (the “Company”), which will be held via a live webcast at The Conference Center at UBS Tower, One North Wacker Drive, 2nd Floor, Chicago, Illinois,www.virtualshareholdermeeting.com/KEQU2021, on August 29, 2018,25, 2021, at 10:00 A.M. Central Daylight Time.

At

During the meeting, management will review with you the Company’s past year’s performance and the major developments which occurred during the year. There will be an opportunity for stockholders to ask questions about the Company and its operations. We hope you will be able to join us.

To ensure that your shares are represented atduring the meeting, please vote sign, and return the enclosed proxy cardyour shares as soon as possible. The proxy is revocable and will not affect your right to vote in personat the meeting if you are able to attendparticipate in the virtual meeting. YOUR VOTE IS IMPORTANT!

The Company’s 20182021 Annual Report to Stockholders is enclosed.

accompanies the attached Proxy Statement.

Sincerely yours,

LOGO


KEWAUNEE SCIENTIFIC CORPORATION



NOTICE OF ANNUAL MEETING OF STOCKHOLDERS



to be held on


August 29, 2018

25, 2021

The Annual Meeting of Stockholders of Kewaunee Scientific Corporation will be held virtually via a live webcast at The Conference Center at UBS Tower, One North Wacker Drive, 2nd Floor, Chicago, Illinois,www.virtualshareholdermeeting.com/KEQU2021, on August 29, 2018,25, 2021, at 10:00 A.M. Central Daylight Time,Time. You will be able to attend the meeting online and submit questions during the meeting by visiting the website above. You will also be able to vote your shares electronically at the Annual Meeting. The meeting will be held online only, and will be for the purpose of considering and acting upon the following:

(1)

(1)

To elect twoone Class II directors;

director;

(2)

(2)

To ratify the appointment of the independent registered public accounting firm of Ernst & YoungDixon Hughes Goodman LLP as the Company’s independent auditors for fiscal year 2019;

2022;

(3)

(3)

To hold an advisory vote on executive compensation; and

(4)

(4)

To transact such other business as may properly come before the meeting.

We are pleased to take advantage of the Securities and Exchange Commission rule allowing companies to furnish proxy materials to stockholders over the internet. We believe that this e-proxy process lowers our costs and reduces the environmental impact of our Annual Meeting. On or about July 15, 2021, we began mailing to stockholders a Notice of Internet Availability of Proxy Materials containing instructions on how to access our proxy materials and how to vote online. Certain other stockholders have elected to receive the proxy materials by mail.
Stockholders of record at the close of business on July 5, 20186, 2021 will be entitled to vote at the meeting. A list of stockholders will be available for examination by any stockholder for any purpose germane to the meeting, during normal business hours, at theour principal executive offices of K&L Gates LLP, 70 West Madison Street, Chicago, Illinois, for a period of 10 days prior to the meeting.

meeting and during the meeting at www.virtualshareholdermeeting.com/KEQU2021.

It is important that your shares be represented at the meeting regardless of the size of your holdings. Whether or not you intend to be present atparticipate in the virtual meeting in person, we urge you to vote dateyour shares as soon as possible. Instructions for voting are included in this Proxy Statement and sign the enclosed proxy, and return it in the envelope provided for that purpose, which does not require postage if mailed in the United States.

Notice of Internet Availability of Proxy Materials.
DONALD T. GARDNER III
​​

THOMAS D. HULL III

Secretary

Secretary

​		​

July 20, 2018

YOUR VOTE IS IMPORTANT!
Please vote, date, and sign the enclosed proxy and return it

promptly in the enclosed envelope.

15, 2021

KEWAUNEE SCIENTIFIC CORPORATION


PROXY STATEMENT

The enclosed proxy that accompanies this Proxy Statement is solicited by the Board of Directors of Kewaunee Scientific Corporation (the “Company”) for use at the annual meeting of stockholders of the Company to be held at The Conference Center at UBS Tower, One North Wacker Drive, Second Floor, Chicago, Illinois,virtually on August 29, 2018,25, 2021, at 10:00 A.M. Central Daylight Time, and at any postponements or adjournments thereof. Proxies properly executed and returned in a timely manner will be voted atduring the meeting in accordance with the directions noted thereon. If no direction is indicated, proxies will be voted for the election of the nomineesnominee named herein as directors,a director, for ratification of the appointment of the independent registered public accounting firm, for approval on an advisory basis of executive compensation, and on other matters presented for a vote in accordance with the judgment of the persons acting under the proxies.

The Company’s principal executive offices are located at 2700 West Front Street, Statesville, North Carolina 28677-2927 (telephone704/873-7202).

The proxy, together with

Important Notice of Internet Availability of Proxy Materials for the Stockholder Meeting
to be Held on Wednesday, August 25, 2021
Our Annual Report on Form 10-K for the fiscal year ended April 30, 2021 and this Proxy Statement andare available at: www.proxyvote.com.
Pursuant to rules adopted by the accompanyingSEC, we have elected to provide access to our proxy materials over the internet. Accordingly, we are sending a Notice of Internet Availability of Proxy Materials to the owners of our stock. All stockholders have the ability to access our proxy materials on the website referred to in the Notice of Internet Availability of Proxy Materials or request to receive a printed set of our proxy materials. Instructions on how to access our proxy materials over the internet or to request a printed copy of our proxy materials may be found in the Notice of Internet Availability of Proxy Materials. In addition, stockholders may request to receive proxy materials in printed form on an ongoing basis. We believe this process should expedite your receipt of our proxy materials and reduce the environmental impact of the 2021 Annual MeetingMeeting. We are mailing the Notice of Stockholders, is being mailedInternet Availability of Proxy Materials to our stockholders on or about July 20, 2018.

15, 2021.

Virtual Meeting Admission
Stockholders of record as of July 6, 2021 will be able to participate in the Annual Meeting by visiting our Annual Meeting website at www.virtualshareholdermeeting.com/KEQU2021. To participate in the Annual Meeting, you will need the 16-digit control number included on your proxy card or on the instructions that accompanied your proxy materials. If your voting instruction form does not include a 16-digit control number, you must contact your brokerage firm, bank, or other financial institution (“broker”) for instructions to access the meeting. If you do not have your 16-digit control number, you will still be able to attend the Annual Meeting as a “guest” and listen to the proceedings, but you will not be able to vote, ask questions, or otherwise participate. A replay of the audio webcast of our Annual Meeting will be made available on our website for approximately one year.
The Annual Meeting will begin promptly at 10:00 a.m. Central Daylight Time on Wednesday, August 25, 2021. You may log in 30 minutes before the start of the Annual Meeting. Shareholders are encouraged to log into the webcast 15 minutes prior to the start of the meeting to provide time to register, test their internet or cell phone connectivity, and download the required software, if needed.
The virtual meeting will be fully supported across browsers (Internet Explorer, Firefox, Chrome, Microsoft Edge, and Safari) and devices (desktops, laptops, tablets, and other mobile devices) running the most updated version of applicable software and plugins. We strongly recommend that you ensure you have a strong Wi-Fi or cell phone connection wherever you intend to participate in the virtual Annual Meeting.
1
ITEM 1.


ELECTION OF DIRECTORS

Two

One Class II directors aredirector is to be elected at the meeting. The Board of Directors, at its meeting on April 17, 2018,20, 2021, upon the recommendation of the Nominating and Corporate Governance Committee, selected Mr. Keith M. Gehl and Mr. William A. Shumaker as nomineesthe nominee forre-election as directorsa director at the annual meeting, to serve for a three-year terms. All of the nominees areterm. The nominee is serving as directorsa director as of the date of this Proxy Statement. The two nomineesnominee receiving the greatest number of votes at the annual meeting will be elected directors.director. Unless a stockholder indicates otherwise on the proxy, proxies will be voted for the election of the two nomineesone nominee named below. If due to circumstances not now foreseen, any of the nomineesnominee becomes unavailable for election, the proxies will be voted for such other person or persons as the Board of Directors may select, or the Board will make an appropriate reduction in the number of directors to be elected.

Information on the current nomineesnominee for Class II directorsdirector and the current Class I and III directors is shown below.

Class II directorsdirector nominated forre-election to serve until the annual meeting of stockholders in 2021:

2024:

KEITH M. GEHL, 59,62, was elected a director of the Company in April 2015. Since June 2018 Mr. Gehl has served as Headhead of Business Development and Strategy of Gluck & Company of New York. He previously served as Senior Vice President of Real Estate & Facilities of Family Dollar Stores Inc. from 2003 until his retirement in June 2013. From 1989 to 2003, Mr. Gehl held a number of management positions with Food Lion, Inc. At Food Lion, he served as Director of Internal Audit from 1989 to 1996, Director of Store

1

Operations from 1996 to 1997, Vice-President Real Estate and Construction from 1997 to 2000, and Executive Vice President Real Estate and Business Strategy from 2000 to 2003. Mr. Gehl serves on the Board of Morton Buildings, a construction company headquartered in Morton, Illinois, and previously served on the Board of RONA, Inc., a Canadian home improvement retailer, and is a National Association of Corporate Directors (“NACD”) Board Leadership Fellow. Mr. Gehl holds an accounting degree from Valparaiso University and is a Certified Public Accountant (CPA). We believe Mr. Gehl is well suited to serve on our Board due to his many years of experience as a financial executive.

WILLIAM A. SHUMAKER, 70, served as Chief Executive Officer of the Company from September 2000 until his retirement on June 30, 2013. He also served as President from August 1999 until March 2012. He was elected a director of the Company in February 2000 and Chairman of the Board in February 2010. He served as the Company’s Chief Operating Officer from August 1998 until September 2000 and General Manager of the Laboratory Products Group from February 1998 until August 1998. He joined the Company in December 1993 as Vice President of Sales and Marketing. Mr. Shumaker also served as a member of the North Carolina Economic Development Board until the end of 2014, and he served as Chairman of the Greater Statesville Development Corporation until the end of June 2016. We believe Mr. Shumaker is well suited to serve on our Board due to his experience as our Chief Executive Officer and his 24 years of experience in various leadership roles for the Company. Mr. Shumaker is a member of the NACD.

Class I directors continuing in office to serve until the annual meeting of stockholders in 2020:

DAVID M. RAUSCH, 59, has served as2023:

THOMAS D. HULL III, 45, was elected President and Chief Executive Officer effective July 1, 2013, and served as President and Chief Operating Officer sinceappointed a member of the Board in March 2012.2019. He joined the Company in March 1994November 2015 as Manager of EstimatingChief Financial Officer and was promoted to Southeast Regional Sales Manager in December 1996, then to Director of Sales for Network Storage Systems products in May 2000. In August 2001, he was promoted to Project Sales Manager, and in this position, he also had direct management responsibility for the Estimating Department. Mr. Rausch was elected Director of Contract Management in June 2004 and was elected Vice President of Construction Services in June 2007. In June 2011, heFinance, Corporate Secretary and Treasurer. Prior to joining the Company, Mr. Hull was elected Seniorthe Vice President of Construction ServicesFinance, Accounting and General ManagerInformation Technology of ATI Specialty Materials, a subsidiary of Allegheny Technologies Incorporated, a world leader in the production of nickel-based superalloys, titanium-based alloys, and specialty steels for the aerospace, oil and gas, and medical industries, from August 2011 to October 2015. From January 1998 to July 2011, Mr. Hull held several management positions with Ernst & Young. Mr. Hull is a Certified Public Accountant (inactive status), has a Master of Business Administration degree from the University of Pittsburgh, Joseph M. Katz School of Business, and a Bachelor of Science degree in Accounting from LaRoche College. We believe Mr. Hull is well suited to serve on our Board due to his extensive experience serving public companies while at Ernst & Young, his broad industry experience, his education and his knowledge of the Laminate Furniture Division. Mr. Rausch is a member ofbusiness and markets in which the NACD.

Company competes.

DAVID S. RHIND, 55,58, was elected a director of the Company in April 2008. Mr. Rhind is anattorney-at-law. From June 2012 to March 2015, Mr. Rhind served as Deputy General Counsel for Hudson Global, Inc. (formerly Hudson Highland Group, Inc.) of New York, New York, a leading provider of specialized professional recruitment, recruitment outsourcing, talent management, and related staffing services and solutions. From July 2003 to June 2012, Mr. Rhind was General Counsel, North America, for Hudson. From October 1995 to June 2003, he was Associate General Counsel at Technology Solutions Company of Chicago, a technology consulting and systems integration company. We

2

believe Mr. Rhind is well suited to serve on our Board due to his many years of experience in legal matters, his overall business acumen, and his understanding of the long-term interests of the Company and its stockholders. Mr. Rhind is a member of the NACD.

JOHN D. RUSSELL, 65,68, was elected a director of the Company onin May 31, 2011. Since November 6, 2015, Mr. Russell has served as the President and CEOChief Executive Officer of Morton Buildings, a construction company headquartered in Morton, Illinois, where he is also the Chairman of the Board. From September 2012 to November 2015, Mr. Russell was a Managing Director of ForteONE, a Chicago-based consulting firm focused on growing revenues and profitability of middle market companies. From June 2006 until March 2014, Mr. Russell was a business consultant and a Board Member for Strategic Materials Incorporated, the largest glass recycling business in
2
North America. From September 2007 to May 2010 he was the President and CEOChief Executive Officer of Maysteel LLC, a precision metal fabricator in Menomonee Falls, Wisconsin. From April 2002 to April 2006 he was President and CEOChief Executive Officer of Neoplan USA, a manufacturer of heavy duty transit buses. Prior to April 2002, Mr. Russell held various executive positions with Brunswick Corporation where he was a Corporate Officer, and he was a partner at McKinsey and Company. Mr. Russell earned an MBA from the University of Chicago and is currently a Governance Fellow and Leadership Fellow with the NACD. We believe Mr. Russell is well suited to serve on our Board due to his experience as chief executive officer of three different companies, his other executive management experience, his experience as a director of another company, his business education, and his accreditations with the NACD.

Class III directors continuing in office to serve until the annual meeting of stockholders in 2019:

2022:

MARGARET B. PYLE, 66,69, was elected a director of the Company in February 1995. Ms. Pyle has been Vice Chairman and Chief Legal Counsel of The Pyle Group, a financial services and investment company, since December 2007. She2007, and in April 2020 was appointed Chief Executive Officer. In July 2020, Ms. Pyle was appointed a director of Uniek, Inc,. a home decor company, and in August 2020, was appointed Vice President, Secretary and Treasurer. Ms. Pyle has been engaged in the practice of corporate law in Milwaukee and Madison, Wisconsin since 1978. In addition, Ms. Pyle was the sole Trustee and Chief Executive Officer of the Allis-Chalmers Corporation Product Liability Trust from June 1996 until its termination in March 2012 and in April 2012, was appointedserved as sole Trustee and Chief Executive Officer of the Ranger Industries, Inc. Product Liability Trust.Trust from April 2012 until its termination in April 2020. We believe Ms. Pyle is well suited to serve on our Board due to her many years of experience in a variety of legal matters relevant to the Company, her 2326 years of experience as a director of the Company and her understanding of the long-term interests of the Company and its stockholders. Ms. Pyle is a member of the NACD.

DONALD F. SHAW, 67,70, was elected a director of the Company on June 1, 2013. He previously served as President, Chief Executive Officer, and Chairman of the Board of ISEC, Inc., ahigh-end commercial interior subcontractor, from 2004 until his retirement in March 2013. Mr. Shaw held the position of Executive Vice President of ISEC, Inc. from 1988 to 2004 and served in various sales management positions with ISEC from 1977 to 1988. We believe Mr. Shaw is well suited to serve on our Board due to his

3

wealth of knowledge in the construction industry and his experience as chief executive officer and in other management positions of a highly successful company. Mr. Shaw is a member of the NACD.

Except as otherwise indicated, each director and nominee has had the principal occupation mentioned above for more than five years.

The Company’s certificate of incorporation provides that the Board of Directors shall be divided into three classes, and that the three classes shall be as nearly equal in number as possible.

The Board of Directors has a policy whereby any director reaching age 75 during his/her term is expected to retire at the end of the term.

The Board of Directors recommends a voteFOR the election of the two

foregoing nominees nominee

for election as a Class II directors.

director.

Meetings and Committees of the Board

The business and affairs of the Company are managed under the direction of the Board of Directors. Members of the Board keep informed of the Company’s business and activities through reports and proposals sent to them periodically and in advance of each Board meeting and reports made to them during these meetings by the Chief Executive Officer and other Company officers. The Board is regularly advised of actions taken by the committees of the Board, as well as significant actions taken by management. Members of management are available at Board meetings and other times to answer questions and discuss issues. During the Company’s fiscal year ended April 30, 2018,2021, the Board of Directors held elevenseven meetings.

During fiscal year 2018,2021, the standing committees of the Board of Directors of the Company were the Audit Committee, Compensation Committee, Financial/Planning Committee, and Nominating and Corporate Governance Committee. The functions and membership of the committees are described below.

The Audit Committee consists of Messrs. Gehl (Chairman), Russell, and Shaw. All members of the committee are independent directors. The committee performs the responsibilities and duties described in the Company’s Audit Committee Charter, and is responsible for annually appointing the independent auditor for the Company, approving
3
services to be performed by the independent auditor, reviewing the independent auditor’s reports, and reviewing the Company’s quarterly and annual financial statements before release to the public. In accordance with Audit Committee Charter guidelines, the committee is responsible for reviewing and approving all related party transactions. The Board of Directors has determined that Mr. Gehl is a “financial expert” within the meaning of the current rules of the Securities and Exchange Commission (“SEC”). The committee met sixfive times during the Company’s last fiscal year. The Audit Committee Charter can be found on the Company’s website at http://www.kewaunee.com.

4

The Compensation Committee consists of Messrs. Russell (Chairman), Gehl, Rhind, and Shaw and Ms. Pyle. All members of the committee are independent directors. The committee considers and provides recommendations to the Board of Directors with respect to the compensation (salaries and bonuses) of executive officers of the Company; short- and long-range incentive compensation programs for officers and other key employees of the Company; and equity award grants to key employees. The committee has acted as the plan administrator for the Kewaunee Scientific Corporation 2017 Omnibus Incentive Plan (the “2017 Plan”), as well as prior stock option plans for officers and other key employees. The committee may delegate its responsibilities and authority to one or more subcommittees as the committee may deem appropriate in its sole discretion. The Compensation Committee Charter can be found on the Company’s website at http://www.kewaunee.com. The committee met threeseven times during the Company’s last fiscal year. The committee has engaged a compensation consultant in the past to advise the committee on executive compensation, and did so on a limited basis in 2018.

2020 and in 2021.

The Financial/Planning Committee consists of Messrs. Shaw (Chairman), Rausch,Hull, Russell, and Shumaker and Ms. Pyle. The committee reviews and provides recommendations to the Board of Directors with respect to the Company’s strategic plan, the annual budget for the Company, and the annual budget for capital expenditures. The committee also reviews the investment results of the assets of the Company’s retirement plans. The committee met fiveseven times during the Company’s last fiscal year.

The Nominating and Corporate Governance Committee consists of Ms. Pyle (Chairman), and Messrs. Rhind (Chairman)Gehl and Shumaker and Ms. Pyle.Rhind. The committee performs the responsibilities and duties described in the Company’s Nominating and Corporate Governance Committee Charter, which is available on the Company’s website at http://www.kewaunee.com. The committee is comprised of at least three directors, all of whom meet the criteria for independence required by the NASDAQ Global Market. The committee reviews and recommends to the Board of Directors the appointment of directors to Board committees and the selection of the chairperson of each committee, makes recommendations to the Board of Directors with respect to officers of the Company, assures that anup-to-date management succession plan is in place for the Chief Executive Officer and other executive officers, reviews and makes recommendations to the Board of Directors regarding director compensation and benefits, periodically reviews the skills and qualifications of existing directors with a view toward a well-rounded and effective Board, identifies and screens potential nominees to the Board, and reviews stockholder proposals for inclusion in the Company’s Proxy Statement. In addition, the committee makes recommendations to the Board of Directors concerning nominees for Board membership brought to its attention by officers, directors, and stockholders. Proposals may be addressed by the stockholders of the Company to the committee at the address shown on the cover of this Proxy Statement, attention of the Corporate Secretary. At a minimum, a candidate for the Board must have demonstrated significant accomplishment in his or her field, the capacity and experience to understand the broad business operations of the Company, and the vision to assist the Company in its development and expansion. The Nominating and Corporate Governance Committee does not favor or disfavor any particular nominee on the basis of race, religion, gender, age, or national origin. The Committee met three timesone time during the Company’s last fiscal year.

5

Executive sessions of independent directors are held in connection with each regularly scheduled Board of Directors meeting, the regularly scheduled Audit Committee meeting in Juneprior to the release of the Company’s annual audited financial statements each year, and at other times as necessary. The Board of Directors’ policy is to hold executive sessions without the presence of management, including the Chief Executive Officer and any othernon-independent directors. The Board of Directors has determined that each of Messrs. Gehl, Rhind, Russell, Shaw, Shumaker, and Ms. Pyle are independent within the meaning of the rules of the NASDAQ Global Market.

The Company does not have a formal policy regarding attendance by members of the Board of Directors at the Annual Meeting of Stockholders, although all directors are expected to attend. All members of the Board of Directors attended the Company’s 20172020 Annual Meeting of Stockholders. In the Company’s last fiscal year, each director attended, personally or via teleconference, all meetings of the Board and all meetings held by committees of the Board on which such director served.

4
Board Leadership Structure

The Board determines whether the role of the Chairman and the Chief Executive Officer should be separated or combined based on its judgment as to the structure that best serves the interest of the Company. Currently, the Board believes that the positions of Chairman and Chief Executive Officer should be separate.

Board’s Role in Risk Oversight

The Board oversees risk management processes directly and through its committees. Management is responsible for risk management on aday-to-day basis. The role of the Board and its committees is to oversee the risk management activities of management. The Audit Committee assists the Board in fulfilling its oversight responsibilities with respect to risk management in the areas of financial reporting, internal controls, and compliance with legal and regulatory requirements. The Compensation Committee assists the Board in fulfilling its oversight responsibilities with respect to the management of risk arising from our compensation policies and programs. The Nominating and Corporate Governance Committee assists the Board in fulfilling its oversight responsibilities with respect to the management of risks associated with Board organization, membership and structure, and succession planning for our directors.

Stockholder Communications with the Board of Directors

The Board of Directors recommends that any communications from stockholders be in writing and addressed to the Board in care of the Corporate Secretary, 2700 West Front Street, Statesville, North Carolina 28677-2927. The name of any specific Board member to whom a communication is intended to be addressed should be noted in the communication. The Corporate Secretary will forward such correspondence only to the intended recipient if one is noted; however, the Corporate Secretary, prior to forwarding any correspondence, will review the correspondence, and in his discretion, will not forward certain items if they are deemed frivolous, of inconsequential commercial value, or otherwise inappropriate for Board consideration.

6

Compensation Committee Interlocks and Insider Participation

As noted above, the Compensation Committee consists of Messrs. Russell, Gehl, Rhind, and Shaw and Ms. Pyle. No executive officer of the Company served as a member of the Compensation Committee or as a director of any other entity, one of whose executive officers serves on the Compensation Committee or is a director of the Company.

Director Compensation

In fiscal year 2018,2021, each nonemployeenon-employee director of the Company received an annual retainer of $82,000. Under the Company’s director compensation program, the annual retainer was payable half in cash ($41,000), payable quarterly, and half in fully vested shares of Company common stock ($41,000, with the number of shares based on the fair market value of the stock on the grant date, intended to be May 1 of each year), except that directors who have satisfied the Company’s stock ownership guidelines could elect to receive cash in lieu of stock. In addition, the Chairs of the Nominating and Corporate Governance Committee and Financial/Planning Committee each received an annual cash fee of $5,000; the Chair of the Compensation Committee received an annual cash fee of $7,500; the Chair of the Audit Committee received an annual cash fee of $10,000; and the nonemployeenon-employee Chair of the Board received an annual cash fee of $12,500. Directors were also reimbursed for their expenses for each Board and committee meeting attended. All director equity compensation awards are granted under the 2017 Plan.

5
Director Compensation Table

The following table sets forth fiscal year 20182021 compensation for each nonemployeenon-employee director of the Company who served during fiscal year 2018.2021. During the year, Mr. Rausch wasHull served as an employee director of the Company and received no additional compensation for his services as a director. See the Summary Compensation Table for disclosure related to the compensation received by Mr. Rausch.

Name

  Fees
Earned
or Paid in
Cash
($)		   Stock
Awards
($)(1)		   Option
Awards
($)(2)		   All Other
Compensation
($)(3)		   Total
($)		 

Keith M. Gehl

   51,000    41,493   —      13,339    105,832 

Margaret B. Pyle

   82,000    —      —      51    82,051 

David S. Rhind

   87,000    —      —      19,395    106,395 

John D. Russell

   89,500    —      —      51    89,551 

Donald F. Shaw

   87,000    —      —      13,339    100,339 

William A. Shumaker

   94,500    —      —      —      94,500 

Hull.
Name
​​
Fees
Earned
or Paid in
Cash
($)
​​
Stock
Awards
($)(1)
​​
Total
($)
Keith M. Gehl
​​
51,000
​​
41,002
​​
92,002
Margaret B. Pyle
​​
87,000
​​
—
​​
87,000
David S. Rhind
​​
94,500
​​
—
​​
94,500
John D. Russell
​​
89,500
​​
—
​​
89,500
Donald F. Shaw
​​
87,000
​​
—
​​
87,000

(1)


Under the Company’s director compensation program, directors who have satisfied the Company’s stock ownership guidelines may elect to receive cash in lieu of director fees otherwise payable in fully vested shares of Company common stock.

(2)

As of April 30, 2018, Mr. Gehl held options to purchase 10,000 shares of Company common stock and no other nonemployee directors The amount shown reflects the aggregate grant date fair value of the Company held Company options.

(3)

Representsstock award computed in accordance with Financial Accounting Standards Board Codification Topic 718 (“FASB ASC 718”). See Note 6 to the Consolidated Financial Statements included in the Company’s 2021 Annual Report on Form 10-K for discussion of the assumptions underlying the value of participation in the Company’s health insurance program and life insurance program for Messrs. Gehl, Rhind and Shaw, and the value of participation in the Company’s life insurance program for Mr. Russell and Ms. Pyle. Effective January 1, 2018 nonemployee directors ceased being eligible to participate in the Company’s health and life insurance programs.

stock awards.

7

6

CORPORATE GOVERNANCE

Code of Ethics

We have adopted a code of ethics that applies to our Chief Executive Officer, Chief Financial Officer and key employees with financial reporting responsibilities (“Code of Ethics”). The Code of Ethics is posted on our website at www.kewaunee.com. We have also adopted a substantially similar code of ethics that applies to officers and key employees. Any waiver or amendment to the Code of Ethics will be timely disclosed on our website. We also make these materials available in print to any stockholder upon request. The Board regularly reviews corporate governance developments and modifies the Code of Ethics as warranted.

Compliance and Ethics Hotline

We maintain a compliance and ethics hotline through which employees can report evidence of illegal or unethical behavior, or violations of the Code of Ethics. The compliance and ethics hotline is serviced by an independent company, is available seven days a week, 24 hours a day and can be accessed by individuals through a toll-free number. Employees can report concerns anonymously. We maintain a formal no retaliation policy that prohibits retaliation against, or discipline of, an employee who raises an ethical concern in good faith. This system documents the reporting person’s statement and transmits the information to the appropriate Board or management personnel with oversight of the area identified in the report. Those personnel have the authority to conduct an investigation, research applicable policies, regulations, and statutes, and determine the appropriate action to resolve the reported item.

Director and Executive Officer Stock Ownership Guidelines

Effective March 1, 2017, the Board approved stock ownership guidelines under which nonemployeenon-employee directors of the Company are expected to maintain ownership of a minimum amount of Company common stock equal in value to three times their annual retainer. Once this requirement has been met, the director can elect to receive cash compensation in lieu of compensation that would otherwise be paid in the form of equity.

The Board previously approved, and the Company continues to maintain, stock ownership guidelines under which executive officers of the Company are expected to maintain ownership of a minimum amount of Company common stock equal in value to a percentage of their annual salary (50% in the case of the Chief Executive Officer, 25% with respect to other officers).

8

The Company does not have a policy specifically prohibiting employees or directors from engaging in hedging transactions relating to the Company’s securities.
7

ITEM 2.


RATIFICATION OF APPOINTMENT OF


INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee has selected the independent registered public accounting firm of Ernst & YoungDixon Hughes Goodman LLP (“Dixon Hughes Goodman”) as the Company’s independent auditors for the fiscal year ending April 30, 2018.2022. Although not required by law, our bylaws or otherwise to submit the appointment to a vote by stockholders, the Audit Committee is requesting that the stockholders ratify the appointment of Ernst & Young LLPDixon Hughes Goodman because we value our stockholders’ views on our independent public accounting firm and as a matter of good corporate practice. Assuming that a quorum is present, the selection of Ernst & Young LLPDixon Hughes Goodman will be deemed to have been ratified if more shares are voted in favor of ratification than are voted against ratification.ratification or abstain. The Audit Committee will consider the outcome of this vote but is not bound by our stockholders’ vote.

On June 23, 2016,July 21, 2020, the Company, with approval of the Audit Committee, notified Cherry BekaertErnst & Young LLP (“Cherry Bekaert”Ernst & Young”) that Cherry BekaertErnst & Young was being dismissed as the Company’s independent registered public accounting firm, effective upon completion of Cherry Bekaert’sErnst & Young’s audit of the Company’s financial statements for the fiscal year ended April 30, 2016,2020, and appointed Ernst & Young LLPDixon Hughes Goodman as the Company’s new independent registered public accounting firm. The decision to change the Company’s independent registered public accounting firm was the result of a request for proposal process in which the Audit Committee conducted a comprehensive, competitive process to select the independent registered public accounting firm, and which action was ratified by the Board of Directors.

Cherry Bekaert

Ernst & Young served as the Company’s independent registered public accounting firm auditing the Company’s annual financial statements and reviewing the financial statements included in the Company’s quarterly reports on Form10-Q through the fiscal year ended April 30, 2016.

Cherry Bekaert’s2020.

Ernst & Young’s audit reportreports on the Company’s financial statements for the yearfiscal years ended April 30, 20162020 and 2019 did not contain an adverse opinion or a disclaimer of opinion and waswere not qualified or modified as to uncertainty, audit scope or accounting principles.principles; except that such reports contained a paragraph explaining that the Company changed its method of accounting for leases in 2020 due to the adoption of ASC 842, Leases and that effective August 1, 2018, the Company elected to change its method of accounting for its domestic inventory from the last-in, first-out method, to the first-in, first out method. During the Company’s fiscal years ended April 30, 20172020 and 2016,2019 and through July 27, 2020, the Company did not have any disagreement with Cherry BekaertErnst & Young on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedures, which disagreement, if not resolved to Cherry Bekaert’sErnst & Young’s satisfaction, would have caused Cherry BekaertErnst & Young to make reference to the subject matter of the disagreement in their reports on the Company’s consolidated financial statements. In addition, during the Company’s fiscal years ended April 30, 20172020 and 2016,2019 and through July 27, 2020, there were no “reportable events” as that term is defined in Item 304(a)(1)(v) of RegulationS-K.

During our fiscal years ended April 30, 2020 and 2019 and through July 27, 2020, neither we nor anyone on our behalf consulted with Dixon Hughes Goodman with respect to either (i) the application of accounting principles to a specific transaction, either completed or proposed, or the type of audit opinion that might be rendered on our financial statements, and neither written nor oral advice was provided to us that Dixon Hughes Goodman concluded was an important factor considered by us in reaching a decision as to any accounting, auditing or financial reporting issue; or (ii) any matter that was either the subject of disagreement (as defined in Item 304(a)(1)(iv) of Regulation S-K and the related instructions to Item 304 of Regulation S-K) or a reportable event (as described in Item 304(a)(1)(v) of Regulation S-K).
It is expected that a representative of Ernst & Young LLPDixon Hughes Goodman will be present atparticipate in the virtual Annual Meeting of Stockholders to be held on August 29, 201825, 2021 to answer any appropriate questions, and such representative will have an opportunity to make a statement if he or she desires.

9

The Audit Committee recommends a voteFOR ratification of the


independent registered public accounting firm of Ernst & YoungDixon Hughes Goodman LLP


as the Company’s independent auditors for fiscal year 2019.

2022.

Policy on Audit CommitteePre-Approval of Audit andNon-Audit Services

The Audit Committee’s policy is topre-approve all audit andnon-audit services to be provided by the Company’s independent auditors on acase-by-case basis. In making such determination, the Audit Committee considers whether the provision ofnon-audit services is compatible with maintaining the auditor’s independence. All
8
of the audit andnon-audit services provided by the Company’s independent auditors on behalf of the Company in fiscal years 20182021 and 20172020 werepre-approved in accordance with this policy.

Audit Fees andNon-Audit Fees

The following fees were paid or will be paid to Dixon Hughes Goodman LLP for professional services rendered on behalf of the Company related to the past two fiscal years:
 
​​
2021
​​
2020
Audit of Financial Statements
​​
$349,350
​​
$  —
Audit-Related Services
​​
—
​​
—
Tax Fees
​​
8,400
​​
—
All Other Fees
​​
—
​​
—
Total
​​
$357,750
​​
$—
For 2021, audit services consisted of the audit of the Company’s annual consolidated financial statements and the review of the Company’s quarterly financial statements. Tax services related to assistance with respect to the Employer Retention Credit.
The following fees were paid to Ernst & Young LLP for professional services rendered on behalf of the Company related to the past two fiscal years:

   2018   2017 

Audit of Financial Statements

  $452,000   $247,000 

Audit-Related Services

   74,190    —   

All Other Fees

   48,650    —   
  

 

 

   

 

 

 

Total

  $574,840   $247,000 
  

 

 

   

 

 

 

 
​​
2021
​​
2020
Audit of Financial Statements
​​
$  —
​​
$573,750
Audit-Related Services
​​
—
​​
—
Tax Fees
​​
—
​​
—
All Other Fees
​​
—
​​
—
Total
​​
$—
​​
$573,750
For 2017 and 2018,2020, audit services consisted of the audit of the Company’s annual consolidated financial statements and the review of the Company’s quarterly financial statements. Audit-related services for 2018 consisted of additional procedures required in connection with Ernst & Young LLP’s review of the Company’s report on Form10-Q for the quarter ended January 31, 2018, due to the criminal cyber-attack suffered by the Company in December 2017. All other fees related to providing a consent with respect to the Company’s registration statement on FormS-8.

The following fees were paid or will be paid to Cherry Bekaert for professional services rendered on behalf of the Company related to the past two fiscal years:

   2018   2017 

Audit of Financial Statements

  $—     $—   

Audit-Related Services

   34,250    38,925 

All Other Fees

   3,100    —   
  

 

 

   

 

 

 

Total

  $37,350   $38,925 
  

 

 

   

 

 

 

For 2018, audit-related services consisted of fees for audits of financial statements of employee benefit plans and prior year audit consent related activities. All other fees related to providing a consent with respect to the Company’s registration statement on FormS-8.

For 2017, audit-related services consisted of fees for audits of financial statements of employee benefit plans and audit transition services.

10

Audit Committee Report

The Audit Committee is responsible for overseeing the Company’s financial reporting process and other duties as described in the Audit Committee Charter. In fulfilling its oversight responsibilities, the Committee has reviewed and discussed the Company’s audited financial statements for the fiscal year ended April 30, 20182021 with management and the Company’s registered independent public accounting firm. Management of the Company is responsible for these financial statements and the Company’s financial reporting process, including the Company’s system of internal controls. The independent auditors are responsible for expressing an opinion on the conformity of these financial statements with accounting principles generally accepted in the United States. The Committee has discussed with the independent auditors the matters required to be discussed by Statement on Auditing Standards No. 61 relating to the conductapplicable requirements of the audit.Public Company Accounting Oversight Board and the SEC. The Committee has received the written disclosures and the letter from Ernst & YoungDixon Hughes Goodman LLP required by Independence Standardsthe applicable requirements of the Public Company Accounting Oversight Board Standard No. 1, Independence Discussions with Audit Committees, and has discussed with Ernst & YoungDixon Hughes Goodman LLP their independence.

The Audit Committee also considered whether the provision ofnon-audit services by Ernst & YoungDixon Hughes Goodman LLP, if any, was compatible with maintaining its independence. Based on the Committee’s review of the audited financial statements and the review and discussions described in the preceding paragraph, the Committee recommended to the Board of Directors that the audited financial statements for the fiscal year ended April 30, 20182021 be included in the Company’s Annual Report on Form10-K for the fiscal year ended April 30, 20182021 for filing with the SEC. All members of the committee meet the independence standards established by the NASDAQ Global Market.

Audit Committee Members


Keith M. Gehl, Chairman


John D. Russell


Donald F. Shaw

11

9

ITEM 3.


ADVISORY VOTE ON EXECUTIVE COMPENSATION

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 enables stockholders to vote to approve, on an advisory,non-binding basis, the compensation of our named executive officers as disclosed in this Proxy Statement in accordance with SEC rules.

We are required to submit a proposal to stockholders for a(non-binding) advisory vote to approve the compensation of our named executive officers pursuant to Section 14A of the Securities Exchange Act of 1934, as amended (“Exchange Act”). At their meeting in August 2013, and again at their meeting in August 2019, our stockholders voted to holdin favor of holding the advisory vote on executive compensation on an annual basis. The next stockholder vote on the frequency of holding the advisory vote on executive compensation will be held at our annual meeting in 2025. This proposal, commonly known as a“say-on-pay” “say-on-pay” proposal, gives our stockholders the opportunity to express their views on the compensation of our named executive officers. This vote is not intended to address any specific item of compensation, but rather the overall compensation of our named executive officers and the principles, policies, and practices described in this Proxy Statement. Accordingly, the following resolution is submitted for stockholder vote at the 20182021 Annual Meeting:

“RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed pursuant to the compensation disclosure rules of the SEC, including the Compensation Discussion and Analysis, compensation tables, and any related material disclosed in this Proxy Statement, is hereby APPROVED.”

As this is an advisory vote, the result will not be binding on us, the Board of Directors, or the Compensation Committee, although the Board of Directors and the Compensation Committee will consider the outcome of the vote when evaluating our compensation principles, design, and practices. Proxies submitted without direction pursuant to this solicitation will be voted “FOR” the approval of the compensation of our named executive officers, as disclosed in this Proxy Statement.

We recommend that youa vote “FOR”FOR the approval, on an advisory basis,


of the compensation of our named executive officers,


as disclosed in this Proxy Statement.

12

10

COMPENSATION DISCUSSION AND ANALYSIS

The following sections provide compensation information pursuant to the scaled disclosure rules applicable to “smaller reporting companies” under the rules of the SEC.
Introduction

In June 2017, the Board adopted a new compensation program for the Company’s executive officers. This Compensation Discussion and Analysis describes and explains the compensation awarded in fiscal 2018year 2021 under the new compensation program in effect for fiscal 2018year 2021 and future years.

Background

Over the last several years, intense competition has resulted in changes within the laboratory furniture industry. The Company has performed well during this period, andhad a challenging year, but continues to be an industry leader. The competition in the industry continues to be intense, and the Board and Company management continue to review the Company’s business strategy and operations with the goal of maintaining, and enhancing, the Company’s leadership position in the industry by driving both revenue growth and margin expansion.

A crucial component of executing our strategy is the ability to retain and recruit qualified directors, executives and management. Therefore, the Compensation Committee engaged Pearl Meyer in FYfiscal year 2017 to advise it regarding our executive compensation program. After receiving and reviewing Pearl Meyer’s report, the Compensation Committee recommended to the Board, and the Board adopted, a new executive compensation program.

The new program is designed to:

Reflect modern compensation practices, in order to enhance our ability to attract and retain talented management;

Reward both short-short-term and long-term performance consistent with the Company’s strategy to drive both revenue growth and margin expansion;

Provide that a significant portion of each executive officer’s compensation is at risk, subject to the achievement of specifically identified short-short-term and long-term goals; and

Further align the interests of management with the interests of stockholders.

Executive Officer Compensation

The principal components of the Company’s compensation program for executive officers are discussed below. Executive compensation is overseen by the Compensation Committee of the Board, which is composed solely of independent directors.

Base Salary

The Compensation Committee annually reviews the base salaries of executive officers. Prior to the meeting at which the annual review occurs, the Committee is provided (1) information furnished by the Company’s human resources department on historical data

13

about the base and total compensation for each executive, and marketplace compensation data, including both base and incentive compensation data, for comparable positions at other manufacturing and service companies with generally similar annual sales volume, and (2) individual performance appraisals and recommended base salary adjustments from the Chief Executive Officer for each executive officer, except himself. The human resources department also provides a base salary range based on class for each executive officer, which shows a minimum,mid-point, and maximum salary, and the position of the executive officer’s base salary in this range. The base salary range is established using marketplace comparison data and the individual responsibilities of the executive officer’s position, and is updated each year for inflation. The Company typically targets base salaries at themid-point of the Company’s established range for a position. The Committee further considers, on a subjective basis, the executive officer’s particular qualifications, level of experience, and sustained performance over time. These same factors are also considered in determining an adjustment to the salary of the Chief Executive Officer. Base salaries are traditionally adjusted as of July 1 of each year.

Due to increased responsibilities, Mandar Ranade was the only named executive officer to receive an increase in base salary during fiscal year 2021.

11
Annual Incentive Compensation

All of the Company’s executive officers are eligible to participate in an annual incentive bonus plan, pursuant to which each executive officer is eligible to earn a cash and/or equity bonus for each fiscal year of the Company, based primarily on the attainment of earningsfinancial and non-financial goals established inunder the incentive bonus plan and, to a lesser extent, on the executive officer’s achievement of established personal objectives to the degree determined by the Board upon the recommendation of the Chief Executive Officer and the Compensation Committee. Bonuses under the annual incentive plan representat-risk compensation, subject to the achievement of specified goals.

At the beginning of the fiscal year, the Board approved earningsfinancial and non-financial goals for the Company for the year and, upon recommendation of the Compensation Committee, established specified percentages of each executive officer’s base salary that would be available for bonuses if the Company and/or its operating businesses achieved specified earnings goalsfinancial and the executive officer achieved his or her personalnon-financial goals. The Board generally attempted to establish annual earnings goals at target levels it believed were challenging, but achievable, with earnings above target levels considered to be relatively difficult to achieve. In determining the level of available bonuses for each executive officer, many of the same factors considered in determining an executive officer’s base salary were also considered by the Compensation Committee and the Board.

The components of the financial goals were achievement of certain predetermined EBITDA targets. EBITDA is a non-GAAP financial measure and is calculated as net earnings (loss), less interest expense and interest income, income taxes, depreciation and amortization. The components of the non-financial goals were the achievement of specific initiatives that are strategic in nature and designed to facilitate the long-term growth of the Company. These initiatives include investments in the Company’s front-end technology infrastructure and the re-capitalization of certain aspects of our manufacturing operations.

For fiscal year 2018,2021, specified percentages of salary for determining the specified potential bonus percentages for executive officers other than the Chief Executive Officer were within a range, with a percentage of between 30% and 40% of an executive officer’s base salary if the Company achieved 100% of targeted earnings for the year, increasing incrementally to a maximum of between 45% and 60% of an executive’s base salary as earnings reached 120% of targeted earnings. Bonuses were still possible at levels below 100% of target, with a percentage between 15% and 20% if 70% of targeted earnings were met. The corresponding specified percentages for the Chief Executive

14

Officer were 60% at 100% of target, to a maximum of 90%72% if earningsthe financial goals were reached 120%at 150% of target. Bonuses were still possible at levels below 100% of target. The corresponding specified percentages for Mr. Gardner were 40% at target, withto a maximum of 48% if the financial goals were reached at 150% of target. Bonuses were still possible at levels below 100% of target. The corresponding specified percentages for Mr. Ranade were 30% at target, to a maximum of 36% if the financial goals were reached at 150% of target. Bonuses were still possible at levels below 100% of target. For all named executive officers, bonuses for performance achieved between the foregoing levels would be based on linear interpolation. The non-financial goals for fiscal year 2021 were achieved, and as a result all of our named executive officers earned a cash as well as a non-cash bonus earnedfor fiscal year 2021 under the annual incentive bonus plan. The amounts of 30% if 70% of targeted earnings were met. In the event that threshold earnings (70% of target)cash and non-cash bonuses received by our named executive officers are not met, no bonus is earned byincluded in the Chief Executive Officer or any other executive officer.

Summary Compensation Table under the headings “Nonequity Incentive Plan Compensation” and “Stock Awards,” respectively.

 
​​
Payout Percentages
Program Components
​​
Threshold
​​
Target
​​
Maximum
Financial - 40%
​​
20%
​​
40%
​​
60%
Non-Financial - 60%
​​
5%
​​
60%
​​
60%
Total
​​
25%
​​
100%
​​
120%
Long-Term Incentive Plan

The Board has adopted and Kewaunee stockholders approved, at the 2017 annual meeting, the 2017 Plan. Following adoption of the 2017 Plan, executives are eligible to receive long-term incentive compensation in the form of restricted stock units (“RSUs”). RSUs represent the right to receive, upon vesting of the RSUs, shares of the Company’s common stock. The Company currently expects to awardhas in the past awarded RSUs with time-based and performance-based vesting conditions, and did so for fiscal year 2018.2021. For fiscal year 2018,2021, the time-based RSUs generally represented 30%40% of each award and will vest in equal installments over a three-year period; the performance-based awards represent 70%60% of the award, and will vest based on the achievement of performance targets over a three-year period. Future awards may contain either time-based or performance based conditions, or a combination thereof. We currently intend that awards will be made annually, with a new three-year vesting performance period applicable to each year’s awards. The performance-based RSUs representat-risk compensation, subject to the achievement of specified long-term goals. For fiscal year 2018,2021, the performance targets for performance-based awards related to revenue growthfinancial and gross marginnon-financial improvement over the three-year performance period,period. The number of shares covered by the award is based on a percentage of salary with each component weighted equally.

the percentages for the Chief Executive Officer, Mr. Gardner and Mr. Ranade being 60%, 40% and 30% , respectively, and using our stock price on the grant date.

12
Other Compensation Plans

Executive officers of the Company who met eligibility requirements as of April 30, 2005 participate in the Company’s Pension Plan (the “Pension Plan”). The Pension Plan provides retirement benefits for participating employees. The annual benefit amount is calculated as 40% of the10-year final average annual compensation (salary and bonus) minus 50% of the primary social security benefit, all multiplied by a fraction, the numerator of which is the number of years of credited service up to 30 years, and the denominator of which is 30. Participants in the Pension Plan may elect among several payment alternatives. As of April 30, 2005, the Company “froze” the benefits under the Pension Plan. As a result, no further benefits have been or will be earned under the Pension Plan after that date and no additional participants have been or will be added to the Pension Plan. To the extent ERISA rules restricted the amount otherwise payable under the Pension Plan, the benefit amount in excess of the restrictions will be paid by the Company under the provisions of the Company’snon-qualified Pension Equalization Plan.

The Company also maintains a 401(k) Incentive Savings Plan (the “401(k) Plan”), which covers substantially all salaried and hourly employees, including all of the executive officers. The 401(k) Plan provides benefits to all employees who have attained age 21, completed three months of service, and elect to participate. Under the terms of the 401(k) Plan, the Company makes matching contributions equal to 100% of the employee’s qualifying contribution up to 3% of the employee’s compensation, and makes matching contributions equal to 50% of the employee’s contributions between 3% and 5% of the employee’s

15

compensation, resulting in a maximum employer contribution equal to 4% of the employee’s compensation. Additionally, the Company may make a discretionary contribution for participants employed by the Company on December 31 of each year up to 1% of the participant’s qualifying compensation for that calendar year based on the profitability of the Company.

The Company also maintains anon-qualified 401 Plus Executive Deferred Compensation Plan (the “401 Plus Plan”), which supplements the 401(k) Plan. The 401 Plus Plan was adopted to provide highly compensated employees an alternative retirement plan because income tax laws restrict the amount of contributions executives may otherwise contribute to the 401(k) Plan. The 401 Plus Plan operates similarly to the 401(k) Plan; the Company makes matching credits to the participant’s account in an amount equal to 50% of the compensation deferred by the participant up to 6% of the participant’s compensation. Amounts deferred under the 401 Plus Plan will be distributed to the participant after the participant’s termination of employment with the Company in cash in a lump sum or installments at a time previously elected by the participant. All of the named executive officers eligible to participate in the plan participated in the 401(k) Plan andin fiscal year 2021. In the case of the 401 Plus Plan, all of the named executive officers except Mr. Gardner participated in the 401 Plus Plan in fiscal year 2018.

2021.

Each of the Company’s executive officers is entitled to receive additional compensation in the form of payments, allocations, or accruals under various other group compensation and benefit plans on the same basis as other employees. Benefits under these plans are not directly tied to employee or Company performance.

Chief Executive Officer Compensation

The Compensation Committee considers the Chief Executive Officer’s leadership an important factor in the future success of the Company. The compensation of the Chief Executive Officer has traditionally included base salary, annual incentive compensation, long-term incentive compensation, and benefits under various group plans. In establishing the Chief Executive Officer’s base salary for each fiscal year, the Compensation Committee considers operating results for the prior year and the outlook for the current year, continued development of the management team, operational improvements, compensation of chief executive officers of other companies with comparable sales, a review of his base salary in relation to the range for his position proposed by the human resources department, and the price of the Company’s common stock.

The Chief Executive Officer’s annual incentive compensation and long-term incentive compensation have been determined pursuant to the Company’s incentive plans for executive officers, and will continue to be determined under the incentive plans for executive officers that are part of the Company’s executive compensation program. Mr. RauschHull, who assumed the role of CEO in March 2019, earned a cash and non-cash bonus of $280,079 for fiscal year 20182021 under the annual incentive bonus plan, as actual earnings for the fiscal year were in excess of the target earnings goal.

16

plan.

13

COMPENSATION TABLES

Summary Compensation Table

Name and

Principal Position

 Year  Salary
($)		  Bonus
($)		  Stock
Awards
($)(1)(2)		  Option
Awards
($) (1)		  Nonequity
Incentive
Plan
Compensation
($)		  Nonqualified
Deferred
Compensation
Earnings
($)		  All Other
Compensation
($) (3)		  Total
($)		 

David M. Rausch

  2018   386,000   —     215,773   —     280,079   —     53,286   935,138 

President and Chief Executive Officer

  2017   382,333   —     —     52,100   96,520   —     39,406   570,359 

Thomas D. Hull III

  2018   261,791   —     96,408   —     129,220   —     29,326   516,745 

Vice President, Finance; Chief Financial Officer; Treasurer; and Secretary

  2017   256,250   —     —     31,260   58,962   —     25,217   371,689 

Dana L. Dahlgren

  2018   220,403   —     81,048   —     108,791   —     26,336   436,578 

Vice President, Sales and Marketing

  2017   215,400   —     —     15,630   39,296   —     21,572   291,898 

Name and
Principal Position
​​
Year
​​
Salary
($)
​​
Bonus
($)(1)
​​
Stock
Awards
($)(2)
​​
Nonequity
Incentive Plan
Compensation
($)
​​
All Other
Compensation
($)(3)
​​
Total
($)
Thomas D. Hull III
President and Chief Executive Officer
​​
2021
​​
350,000
​​
 
​​
247,800
​​
88,200
​​
20,743
​​
706,743
​
2020
​​
350,000
​​
45,000
​​
267,968
​​
​​
11,062
​​
674,030
Donald T. Gardner III
Vice President Finance and Chief Financial Officer
​​
2021
​​
250,000
​​
​​
118,000
​​
42,000
​​
12,233
​​
422,233
​
2020
​​
250,000
​​
50,000
​​
124,032
​​
 
​​
88,927
​​
512,959
Mandar Ranade
Vice President of Information Technology
​​
2021
​​
222,500
​​
​​
75,150
​​
28,350
​​
80,829
​​
406,829
​
2020
​​
87,500
​​
83,125
​​
46,952
​​
​​
14,419
​​
231,996

(1)


Represents the cash portion of discretionary awards for 2020. In the case of Mr. Gardner the amount shown also includes a sign-on bonus of $15,000 for 2020. In the case of Mr. Ranade the amount shown also include a sign-on bonus of $70,000 for 2020.

(2)
Reflects (i) the value of the portion of annual incentive plan compensation received in the form of stock ($37,800, $18,000 and $12,150 for Messrs. Hull, Gardner & Ranade, respectively) and (ii) the aggregate grant date fair value of RSUstime-based and option awardsperformance-based RSUs computed in accordance with FASB ASC Topic 718.718, excluding the effect of estimated forfeitures and based on the probable outcome of the performance conditions for the performance-based RSUs. See Note 56 to the Consolidated Financial Statements included in the Company’s 20182021 Annual Report on Form10-K for a discussion of the assumptions underlying the value of RSUs and stock options.RSUs. At the highest level of performance under the awards,performance-based RSUs included in this column, the aggregate grant date value of such RSUs computed in accordance with FASB ASC Topic 718, excluding the RSUseffect of estimated forfeitures, would be $291,290$310,795, $148,002 and $94,052 for Mr. Rausch; $130,143 for Mr. Hull;Messers. Hull, Gardner & Ranade, respectively. See “Annual Incentive Compensation” and $109,394 for Mr. Dahlgren.

(2)

For more information on the performance targets for our stock awards, see “Long-Term Incentive Plan” inon page 12 for a discussion of the Compensation Discussion and Analysis section of this Proxy Statement.

vesting conditions applicable to RSUs.

(3)


The amounts listed for each named executive officer consist of matching andnon-matching contributions made or accrued by the Company on behalf of that executive officer to the Company’s 401(k) Incentive Savings Plan and 401 Plus Executive Deferred Compensation Plan. In the case of Mr. Gardner the amount shown also includes payment of $81,947 of relocation expenses for 2020. In the case of Mr. Ranade it also includes payment of $64,595 and $13,760 of relocation expenses for 2021 and 2020, respectively.

17

14

Outstanding Equity Awards at FiscalYear-End (April 30, 2018)

  Option Awards (1)  Stock Awards 

Name

 Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable
(1)		  Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable
(1)		  Option
Exercise
Price
($)		  Option
Expiration
Date		  Number of
Shares or Units
of Stock That
Have Not
Vested (#)(2)		  Market Value of
Shares or Units
of Stock That
Have Not
Vested ($)		  Equity
Incentive Plan
Awards:
Number of
Unearned
Shares, Units or
Other Rights
That Have Not
Vested (#)(3)		  Equity Incentive
Plan Awards:
Market or Payout
Value of
Unearned Shares,
Units or Other
Rights That Have
Not Vested ($)(3)		 

David M. Rausch

  500   —     8.59   08/24/21   —     —     —     —   
  10,000   —     11.78   08/22/22   —     —     —     —   
  10,000   —     15.85   08/28/23   —     —     —     —   
  7,500   2,500   18.14   08/27/24   —     —     —     —   
  5,000   5,000   16.97   08/26/25   —     —     —     —   
  2,500   7,500   23.62   08/31/26   —     —     —     —   
  —     —     —     —     1,818   63,539   3,181   111,176 

Thomas D. Hull III

  3,000   3,000   16.64   11/02/25   —     —     —     —   
  1,500   4,500   23.62   08/31/26  —     —     —     —   
  —     —     —     —     812   28,379   1,421   49,664 

Dana L. Dahlgren

  —     —     —     —     682   23,836   1,195   41,765 

2021)
 
​​
Option Awards(1)
​​
Stock Awards
Name
​​
Number of
Securities
Underlying
Unexercised
Options (#)
Exercisable(1)
​​
Number of
Securities
Underlying
Unexercised
Options (#)
Unexercisable(1)
​​
Option
Exercise
Price
($)
​​
Option
Expiration
Date
​​
Number of
Shares or
Units of
Stock That
Have Not
Vested (#)(2)
​​
Market
Value of
Shares or
Units
of Stock That
Have Not
Vested ($)
​​
Equity
Incentive Plan
Awards:
Number of
Unearned
Shares, Units or
Other Rights
That Have Not
Vested (#)(3)
​​
Equity Incentive
Plan Awards:
Market or Payout
Value of
Unearned Shares,
Units or Other
Rights That Have
Not Vested ($)(3)
Thomas D. Hull III
​​
6,000
​​
—
​​
16.64
​​
11/2/2025
​​
—
​​
—
​​
—
​​
—
 
​​
6,000
​​
—
​​
23.62
​​
8/31/2026
​​
—
​​
—
​​
—
​​
—
 
​​
 
​​
 
​​
 
​​
 
​​
1,164(4)
​​
14,026
​​
8,150(4)
​​
98,208
 
​​
 
​​
 
​​
 
​​
 
​​
5,957(6)
​​
71,782
​​
13,404(6)
​​
161,518
 
​​
 
​​
 
​​
 
​​
 
​​
 
​​
 
​​
—
​​
—
Donald T. Gardner III
​​
 
​​
 
​​
 
​​
 
​​
554(4)
​​
6,676
​​
3,882(4)
​​
46,778
 
​​
 
​​
 
​​
 
​​
 
​​
2,837(6)
​​
34,186
​​
6,383(6)
​​
76,915
Mandar Ranade
​​
 
​​
 
​​
 
​​
 
​​
325(5)
​​
3,916
​​
2,273(5)
​​
27,390
 
​​
 
​​
 
​​
 
​​
 
​​
1,787(6)
​​
21,533
​​
4,021(6)
​​
48,453

(1)


The options listed in this table vest in four equal annual installments beginning on the first anniversary of the grant date (which is 10 years prior to the expiration date shown for each option).

(2)


Represents unvested time-based RSUs. Time-based RSUs granted on June 21, 2017, which are scheduled towill vest in equal installments on each anniversary of the grant date over a three-year period.

(3)


Represents the unvested performance-based RSUs. Performance-based RSUs granted on June 21, 2017, which are scheduled towill vest based on the achievement of performance goalstargets over a three-year period. See “Long-Term Incentive Plan” on page 12 for a discussion of the vesting conditions applicable to the performance-based RSUs. Amounts shown assume achievement of performance goals at thresholdtarget levels.

18

(4)
RSUs awarded on June 19, 2019
(5)
RSUs awarded on December 2, 2019
(6)
RSUs awarded on June 23, 2020

15

Payments upon Termination or Change in Control

The following table includes information regarding the estimated amount of payments and other benefits each named executive officer would receive if his employment with the Company was terminated on April 30, 2018.

Name and Benefits

  Involuntary Termination
after Change in Control ($) (1)		 

David M. Rausch

  

Base salary

  $772,000 

Annual bonus

   135,893 

401(k)/401 Plus Deferred Compensation Plans (2)

   59,013 

Life insurance benefit (3)

   71,259 

Medical & disability insurance (4)

   14,050 
  

 

 

 

Total

  $1,052,215 
  

 

 

 

Thomas D. Hull III

  

Base salary

  $523,582 

Annual bonus

   77,311 

401(k)/401 Plus Deferred Compensation Plans (2)

   39,058 

Life insurance benefit (3)

   34,707 

Medical & disability insurance (4)

   60,560 
  

 

 

 

Total

  $735,218 
  

 

 

 

Dana L. Dahlgren

  

Base salary

  $440,806 

Annual bonus

   14,792 

401(k)/401 Plus Deferred Compensation Plans (2)

   29,614 

Life insurance benefit (3)

   47,478 

Medical & disability insurance (4)

   30,280 
  

 

 

 

Total

  $562,970 
  

 

 

 

2021.
Name and Benefits
​​
Termination Without
Cause and no Change in
Control ($)(1)
​​
Termination Without
Cause or Good Reason
after Change in Control ($)(2)
Thomas D. Hull III
​​
 
​​
 
Base salary
​​
$350,000
​​
$700,000
Annual bonus
​​
 
​​
420,000
Medical & disability insurance(3)
​​
12,079
​​
  
Total
​​
$362,079
​​
$1,120,000
 
​​
 
​​
 
Donald T. Gardner III
​​
 
​​
 
Base salary
​​
$250,000
​​
$500,000
Annual bonus
​​
 
​​
200,000
Medical & disability insurance(3)
​​
12,235
​​
  
Total
​​
$262,235
​​
$700,000
 
​​
 
​​
 
Mandar Ranade
​​
 
​​
 
Base salary
​​
$222,500
​​
$222,500
Annual Bonus
​​
 
​​
66,750
Medical & disability insurance(3)
​​
11,819
​​
  
Total
​​
$234,319
​​
$289,250

(1)


Amounts listed belowin this column are consistent with the Company’s historical severance practices.

(2)
Amounts listed in this column represent amounts payable to each named executive officer shownof Mr. Hull, Mr. Gardner and Mr. Ranade pursuant to the terms of his respective change of control agreement with the Company. Assumes a termination within one year after a change of control. A termination more than one year after a change of control would resultCompany in reduced severance benefits.

effect at April 30, 2021.

(2)

(3)

Represents the additional Company matching contributions the executive officer would have earned under both the 401 Plus Deferred Compensation Plan and the 401(k) Incentive Savings Plan for the base salary and the annual bonus shown.

(3)

Represents the present value of the death benefit under the executive officer’s applicable life insurance program, pursuant to the terms of the executive officer’s change of control agreement.

(4)

Represents the Company’s share of premiums for medical and disability coverage during the relevant periods.

19

16

AGREEMENTS WITH CERTAIN EXECUTIVES

The Company entered into a Restated and Amended Change of Control Agreement with Mr. Rausch in fiscal year 2015, and Change of Control Employment Agreements (i) with Mr. Hull as of November 2, 2015; (ii) with Mr. Kurt P. Rindoks, Vice President, of EngineeringGlobal Product Development and Product Development,Strategic Alliances, in fiscal year 2000; (iii) with Mr. Dana L. Dahlgren,Ryan S. Noble, Vice President of Sales and Marketing – Americas, and with Ms. Lisa Ryan, Vice President of Construction and Customer Operations, in fiscal year 2005;2019; (iv) with Mr. Michael Rok, Vice President Manufacturing, as of May 2, 2016; and (v) with Ms. Elizabeth D. Phillips, Vice President, of Human Resources, in fiscal year 20102010; (v) with Donald T. Gardner, III, Vice President - Finance, Chief Financial Officer, Treasurer and Secretary in fiscal year 2019; (vi) with Mandar Ranade, Vice President of Information Technology and Engineering, in fiscal year 2020; and (vii) with Douglas Batdorff, Vice President of Manufacturing, in fiscal year 2021 (collectively, the “Agreements”). These Agreements provide for the payment of compensation and benefits in the event of termination of the executive officer’s employment within three years following a Change of Control of the Company, as defined in the Agreements. Each executive officer whose employment is so terminated will receive compensation if the termination of his or her employment was by the Company or its successor without Cause, or by the executive officer for Good Reason, each as described below and defined in the Agreements. Upon such a termination of employment within one year following a Change of Control (two years in the case of Mr. Hull and Mr. Gardner), the Company or its successor will be required to make, in addition to unpaid ordinary compensation and alump-sum cash payment for certain benefits, alump-sum cash payment equal to the executive officer’s annual compensation (including Annual Salary and Annual Bonus, each as defined in the Agreements), with respect to Messrs.Mr. Rindoks, and Dahlgren andMr. Noble, Ms. Ryan, Ms. Phillips, Mr. Ranade, and Mr. Batdorff, and two times the executive officer’s annual compensation with respect to Messrs. Rausch, Hull and Rok.Gardner. Upon a termination of employment occurring after the first anniversary (second anniversary in the case of Messrs. Hull and Gardner), but within three years, of the date of the Change of Control, in addition to unpaid ordinary compensation and alump-sum cash payment for certain benefits, Messrs.Mr. Rindoks, and Dahlgren andMr. Noble, Ms. Ryan, Ms. Phillips, Mr. Ranade and Mr. Batdorff will be entitled to alump-sum payment equal toone-half of their annual compensation and Messrs. Rausch, Hull and RokGardner will be entitled to alump-sum payment equal to their annual compensation. See “Compensation Tables – Payments upon Termination or Change in Control” for other entitlements for the named executive officers under terms of the Agreements.

20

For purposes of the Agreements, subject in each case to certain conditions and qualifications set forth in the Agreements, (A) “Cause” shall mean, (i) the willful and continued failure of the executive officer to perform substantially his or her duties with the Company or one of its affiliates, or (ii) the willful engaging by the executive officer in illegal conduct or gross misconduct which is materially and demonstrably injurious to the Company, and (B) “Good Reason” shall mean, (i) the assignment to the executive officer of any duties inconsistent in any material respect with the executive officer’s position, authority, duties or responsibilities, or any other action by the Company which results in a diminution in such position, authority, duties or responsibilities, (ii) any failure by the Company to comply with any of the compensation provisions of the executive officer’s Agreement, (iii) the Company’s requiring the executive officer to relocate or the Company’s requiring the executive officer without the executive officer’s consent to travel on Company business to a substantially greater extent than required immediately prior to the Change of Control Date, (iv) any purported termination by the Company of the executive officer’s employment otherwise than as expressly permitted by the executive officer’s Agreement, or (v) any failure by the Company to cause any successor to the Company to assume the executive officer’s Agreement.

17

SECURITY OWNERSHIP OF DIRECTORS AND EXECUTIVE OFFICERS

The following table contains information with respect to the “beneficial ownership” (as defined by the SEC) of shares of the Company’s common stock, as of June 21, 2018,22, 2021, by (i) each director and director nominee, (ii) each of the named executive officers and (iii) all directors and executive officers as a group. Except as otherwise indicated by footnote, the shares shown are held directly with sole voting and investment power.

Name

  Shares
beneficially
owned (1)		   Percent
of class		 

Margaret B. Pyle (2)

   58,134    2.1% 

Keith M. Gehl

   12,825    * 

David M. Rausch

   44,918    1.6% 

Thomas D. Hull III

   4,500    * 

David S. Rhind (3)

   133,392    4.9% 

Dana L. Dahlgren

   12,521    * 

John D. Russell

   14,500    * 

Donald F. Shaw

   23,000    * 

William A. Shumaker (4)

   42,016    1.5% 

Directors and executive officers as a group (12 persons)

   383,106    13.6% 

Name
​​
Shares
beneficially
owned(1)
​​
Percent
of class
Margaret B. Pyle(2)
​​
51,305
​​
1.9%
Keith M. Gehl
​​
12,053
​​
*
Thomas D. Hull III
​​
24,178
​​
*
David S. Rhind(3)
​​
133,392
​​
4.8%
John D. Russell
​​
19,000
​​
*
Donald F. Shaw
​​
25,000
​​
*
Donald T. Gardner III
​​
4,781
​​
*
Mandar Ranade
​​
1,485
​​
*
Directors and executive officers as a group (14 persons)
​​
319,009
​​
11.5%

*


Percentage of class is less than 1%.

(1)


Includes shares which may be acquired within 60 days from June 21, 201822, 2021 upon exercise of options by: Mr. Gehl – 10,000; Mr. Rausch – 33,000; Mr. Hull – 4,500;- 12,000; and all officers and directors as a group – 74,600.

- 35,650. Also includes shares which may be acquired within 60 days from June 22, 2021 upon vesting of restricted stock units by: Mr. Hull - 3,281, Mr. Gardner - 1,418, Mr. Ranade - 894, and all officers and directors as a group - 10,907.

(2)


Includes 53,13446,305 shares owned by Ms. Pyle as trustee of a trust and 5,000 shares held by Ms. Pyle’s spouse, as to which shares she disclaims beneficial ownership.

(3)


Includes 106,480 shares which are held in trusts of which Mr. Rhind is aco-trustee and a beneficiary, and 10,912 shares held in trusts of which Mr. Rhind is aco-trustee but not a beneficiary. Mr. Rhind disclaims beneficial ownership of all of the shares held in trusts of which Mr. Rhind is aco-trustee but not a beneficiary. Mr. Rhind shareshas sole voting power and shares investment power with respect to all shares held in the aforementioned trusts.

(4)

Includes 38,187 shares in which Mr. Shumaker shares voting and investment power.

21

18

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS

The following table contains information with respect to the “beneficial ownership” (as defined by the SEC) of shares of the Company’s common stock, as of June 21, 2018,22, 2021, by each person who is known by management of the Company to have been the “beneficial owner” of more than five percent of such stock as of such date. Except as otherwise indicated by footnote, the shares shown are held with sole voting and investment power.

Name

  Shares
beneficially
owned		  Percent
of class		 

Northern Trust Corporation

   326,369(1)   11.9% 

Dimensional Fund Advisors LP

   208,814(2)   7.6% 

Wellington Management Company LLP

   179,492(3)   6.6% 

(1)

Name

​

​
Shares
beneficially
owned
​​
Percent
of class
Northern Trust Corporation
​​
327,864(1)
​​
11.9%
Dimensional Fund Advisors LP
​​
203,385(2)
​​
7.4%
The Article 6 Marital Trust
​​
179,790(3)
​​
6.5%
Minerva Advisors LLC
​​
138,392(4)
​​
5.0%
(1)
The shares owned by Northern Trust Corporation listed in the table are shown as being owned as of December 31, 20172020 according to a Schedule 13G filed with the Securities and Exchange Commission on February 1, 2018.9, 2021, which reported sole voting power over 10,912 shares, shared voting power over 20,259 shares, sole dispositive power over 7,575 shares and shared dispositive power over 319,666 shares. Northern Trust Corporation’s address is 50 South LaSalle Street, Chicago, IL 60603.

(2)


The shares owned by Dimensional Fund Advisors listed in the table are shown as being owned as of December 31, 20172020 according to a Schedule 13G filed with the Securities and Exchange Commission on February 9, 2018.16, 2021. Dimensional Fund Advisors’ address is Palisades West, Building One, 6300 Bee Cave Road, Austin, TX 78746.

(3)


The shares owned by Wellington Management Company LLPThe Article 6 Marital Trust listed in the table are shown as being owned as of December 29, 2017October 22, 2019 according to a Schedule 13D filed with the Securities and Exchange Commission on October 30, 2019. The Article 6 Marital Trust’s address is 4838 Jenkins Avenue, North Charleston, SC 29405.

(4)
The shares owned by Minerva Advisors LLC listed in the table are shown as being owned as of June 3, 2021 according to a Schedule 13G filed with the Securities and Exchange Commission on February 8, 2018. Wellington Management Company LLP’sJune 9, 2021, which reported sole voting and dispositive power over 102,942 shares and shared voting and dispositive power over 35,450 shares. Minerva Advisors’ address is 280 Congress Street, Boston, MA 02201.

50 Monument Road, Suite 201, Bala Cynwyd, PA 19004.

Section 16(a) Beneficial Ownership Reporting Compliance

Section 16(a) of the Exchange Act requires the Company’s executive officers, directors and 10% stockholders to file reports of ownership with the SEC. Such persons also are required to furnish the Company with copies of all Section 16(a) forms they file. Based solely on its review of copies of such forms received by it and inquiries of such persons, the Company believes that all such filing requirements applicable to its executive officers, directors and 10% stockholders were complied with in fiscal year 2018, except that Mr. Shaw was eight days late in filing a Form 4 reporting a purchase of 2,000 shares.

22

19

PROXIES AND VOTING AT THE MEETING

The expense of solicitation of proxies is to be paid by the Company. The Company will also reimburse brokerage houses and other custodians, nominees, and fiduciaries for their reasonable expenses in sending proxies and proxy material to the beneficial owners of the Company’s common stock. To obtain directions to attend the annual meeting, please contact the Secretary of the Company. This Proxy Statement and the 20182021 Annual Report to Stockholders are available athttp://www.edocumentview.com/kequ.

kequ.

At the close of business on July 5, 2018,6, 2021, the record date for determination of stockholders entitled to vote at the annual meeting, there were 2,738,5942,770,503 shares of common stock of the Company outstanding and entitled to vote.

Each share of common stock is entitled to one vote. Any stockholder giving a proxy has the power to revoke it at any time before it is voted, by written notice to the Secretary, by delivery of a later-dated proxy or in personby attending and voting at the meeting.

meeting online.

The holders of a majority of the total shares of common stock issued and outstanding, whether present in person or represented by proxy, will constitute a quorum for the transaction of business at the meeting. The vote of a plurality of the shares represented at the meeting, in person or by proxy, is required to elect the two nomineesnominee for director. Approval of Item 2 (ratification of appointment of independent registered public accounting firm) and approval of Item 3 (advisory vote on executive compensation submitted to the stockholders for their consideration at the meeting) each requires the affirmative vote of the holders of a majority of the shares of common stock represented at the meeting, in person or by proxy, and entitled to vote. However, Item 3 is an advisory vote only. Abstentions, directions to withhold authority and brokernon-votes are counted as shares present in the determination of whether the shares of stock represented at the meeting constitute a quorum. Abstentions directionsare counted in tabulations of votes cast on proposals presented to stockholders other than elections of directors. Directions to withhold authority and brokernon-votes are not counted in tabulations of the votes cast on proposals presented to stockholders. Thus, an abstention direction to withhold authority, or brokernon-vote with respect to a matter other than the election of directors may have the same legal effect as a vote against the matter. With respect to the election of directors, an abstention, directionDirections to withhold authority orand brokernon-vote non-votes will have no effect.effect on any of the matters to be voted on. An automated system administered by the Company’s transfer agent will be used to tabulate votes.

A stockholder entitled to vote for the election of directors can withhold authority to vote for any of the nominees.

STOCKHOLDER PROPOSALS

The deadline for receipt of stockholder proposals for inclusion in the Company’s 20192022 proxy material is March 22, 2019.17, 2022. Any stockholder proposal should be submitted in writing to the Secretary of the Company at its principal executive offices. The stockholder proposal must include the stockholder’s name and address as it appears on the Company’s

23

records and the number of shares of the Company’s common stock beneficially owned by such stockholder. In addition, (i) for proposals other than nominations for the election of directors, such notice must include a description of the business desired to be brought before the meeting, the reasons for presenting such business at the meeting, and any material interest of the stockholder in such business, and (ii) for proposals relating to stockholder nominations for the election of directors, such notice must also include, with respect to each person nominated, the information required by Regulation 14A under the Exchange Act. All other proposals to be presented at the meeting must be delivered to the Secretary of the Company, in writing, by June 5, 2019.

May 31, 2022.

FINANCIAL STATEMENTS

The Company has enclosed itsCompany’s Annual Report to Stockholders for the fiscal year ended April 30, 2018 with this Proxy Statement.2021 is available at www.proxyvote.com. Stockholders are referred to the report for financial and other information about the Company, but such report is not incorporated in this Proxy Statement and is not a part of the proxy soliciting material.

OTHER MATTERS

Management of the Company knows of no other matters which are likely to be brought before the annual meeting. If any such matters are brought before the meeting, the persons named in the enclosed proxy that accompanies this Proxy Statement will vote thereon according to their judgment.

By Order of the Board of Directors

LOGO

THOMAS D. HULL III

Secretary

July 20, 2018

24

KEWAUNEE SCIENTIFIC

CORPORATION

IMPORTANT ANNUAL MEETING INFORMATION  

Electronic Voting Instructions

Available 24 hours a day, 7 days a week!

Instead of mailing your proxy, you may choose one of the voting methods outlined below to vote your proxy.

VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.

Proxies submitted by the Internet or telephone must be received by 1:00 a.m. Central Time on August 29, 2018.

Vote by Internet

•  Go towww.investorvote.com/KEQU

•  Or scan the QR code with your smartphone

•  Follow the steps outlined on the secure website

Vote by telephone

•  Call toll free 1-800-652-VOTE (8683) within the USA, US territories & Canada on a touch tone telephone

Using a black ink pen, mark your votes with an X as shown in

this example. Please do not write outside the designated areas.

☒

•  Follow the instructions provided by the recorded message

LOGO

q  IF YOU HAVE NOT VOTED VIA THE INTERNETOR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.  q

 A Proposals —The Board of Directors recommends a voteFOR all the nominees listed andFOR Proposals 2 and 3.

1.

Election of Class II Directors:

01 - Keith M. Gehl

02 - William A. Shumaker

+
☐

Mark here to vote

FOR all nominees

☐

Mark here to WITHHOLD

vote from all nominees

☐For AllEXCEPT- To withhold authority to vote for any nominee(s), write the name(s) of such nominee(s) below.

  For  Against Abstain     
2. Ratification of the appointment of the independent registered public accounting firm of Ernst & Young LLP as the Company’s independent auditors for fiscal year 2019. ☐  ☐ ☐ 4. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Annual Meeting.   
3. Approval, on an advisory basis, of the compensation of our named executives. ☐  ☐ ☐   

You are urged to date, sign and return promptly this proxy in the envelope provided. It is important for you to be represented at the Annual Meeting. The execution of this proxy will not affect your right to vote in person if you are present at the Annual Meeting and wish to so vote.

 B Non-Voting Items

Change of Address — Please print your new address below.   Comments — Please print your comments below.Meeting Attendance
Mark the box to the right if you plan to attend the Annual Meeting.☐

 C Authorized Signatures —This section must be completed for your vote to be counted. — Date and Sign Below

IMPORTANT: Please sign exactly as your name or names appear hereon. If signing as an attorney, executor, administrator, trustee, guardian, or in some other representative capacity, or as an officer of a corporation, please indicate your capacity or full title. If stock is held jointly, each joint owner should sign.

Date (mm/dd/yyyy) — Please print date below.

   Signature 1 — Please keep signature within the box.   Signature 2 — Please keep signature within the box.
//
⬛  1 U P X       +

02V5SA

Important notice regarding the Internet availability of proxy materials for the Annual Meeting of stockholders.The Proxy Statement and the 2018 Annual Report to Stockholders are available at: http://www.edocumentview.com/KEQU

q  IF YOU HAVE NOT VOTED VIA THE INTERNETOR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.  q

Proxy — KEWAUNEE SCIENTIFIC CORPORATION

2700 WEST FRONT STREET

STATESVILLE, NORTH CAROLINA 28677-2927

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints John D. Russell, Donald F. Shaw, and Margaret B. Pyle, and each of them, as Proxies of the undersigned, with full powerBoard of substitution, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all the shares of common stock of Kewaunee Scientific Corporation held of record by the undersigned on Directors


DONALD T. GARDNER III
Secretary
July 5, 2018 at the Annual Meeting of Stockholders to be held at 10:00 a.m. Central Daylight Time on August 29, 2018 and at any adjournment thereof.

Your vote for two directors may be indicated on the reverse side. Keith M. Gehl and William A. Shumaker have been nominated for election as Class II Directors. Your votes for the ratification of the Company’s independent registered public accounting firm, and for approval, on an advisory basis, of the compensation of our named executives, may also be indicated on the reverse side.

This proxy when properly executed will be voted in the manner directed by the undersigned stockholder.If no direction is made, this proxy will be voted FOR the election of the nominees named in Item 1 on the reverse side, FOR the ratification of the appointment of the independent registered public accounting firm of Ernst & Young LLP as the Company’s independent auditors for fiscal year 2019, FOR approval, on an advisory basis, of the compensation of our named executives, and with discretionary authority upon such other business as may properly come before the meeting.

(Continued and to be marked, dated and signed on the other side)

15, 2021

20

KEWAUNEE SCIENTIFIC

CORPORATION

IMPORTANT ANNUAL MEETING INFORMATION  

Electronic Voting Instructions

Available 24 hours a day, 7 days a week!

Instead of mailing your proxy, you may choose one of the voting methods outlined below to vote your proxy.

VALIDATION DETAILS ARE LOCATED BELOW IN THE TITLE BAR.

Proxies submitted by the Internet or telephone must be received by 1:00 a.m. Central Time on August 29, 2018.

Vote by Internet

•  Go towww.investorvote.com/KEQU

•  Or scan the QR code with your smartphone

•  Follow the steps outlined on the secure website

Vote by telephone

•  Call toll free 1-800-652-VOTE (8683) within the USA, US territories & Canada on a touch tone telephone

Using a black ink pen, mark your votes with an X as shown in

this example. Please do not write outside the designated areas.

☒

•  Follow the instructions provided by the recorded message

LOGO

q  IF YOU HAVE NOT VOTED VIA THE INTERNETOR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.  q

------------------------------------------------------------------------------------------------------------------------------------------------------------

 A Proposals —The Board of Directors recommends a voteFOR all the nominees listed andFOR Proposals 2 and 3.

1.

Election of Class II Directors:

01 - Keith M. Gehl

02 - William A. Shumaker

+
☐

Mark here to vote

FOR all nominees

☐

Mark here to WITHHOLD

vote from all nominees

☐

For AllEXCEPT- To withhold authority to vote for any

nominee(s), write the name(s) of such nominee(s) below.

  For  Against Abstain     
2. Ratification of the appointment of the independent registered public accounting firm of Ernst & Young LLP as the Company’s independent auditors for fiscal year 2019. ☐  ☐ ☐ 4. In their discretion, the Proxies are authorized to vote upon such other business as may properly come before the Annual Meeting.   
3. Approval, on an advisory basis, of the compensation of our named executives. ☐  ☐ ☐   

You are urged to date, sign and return promptly this proxy in the envelope provided. It is important for you to be represented at the Annual Meeting. The execution of this proxy will not affect your right to vote in person if you are present at the Annual Meeting and wish to so vote.

 B Non-Voting Items

Change of Address — Please print your new address below.   Comments — Please print your comments below.Meeting Attendance
Mark the box to the right if you plan to attend the Annual Meeting.☐

 C Authorized Signatures —This section must be completed for your vote to be counted. — Date and Sign Below

IMPORTANT: Please sign exactly as your name or names appear hereon. If signing as an attorney, executor, administrator, trustee, guardian, or in some other representative capacity, or as an officer of a corporation, please indicate your capacity or full title. If stock is held jointly, each joint owner should sign.

Date (mm/dd/yyyy) — Please print date below.

   Signature 1 — Please keep signature within the box.   Signature 2 — Please keep signature within the box.
//
⬛  1 U P X       +

02V5SA


Important notice regarding the Internet availability of proxy materials for the Annual Meeting of stockholders.The Proxy Statement and the 2018 Annual Report to Stockholders are available at: http://www.edocumentview.com/KEQU

q  IF YOU HAVE NOT VOTED VIA THE INTERNETOR TELEPHONE, FOLD ALONG THE PERFORATION, DETACH AND RETURN THE BOTTOM PORTION IN THE ENCLOSED ENVELOPE.  q

-------------------------------------------------------------------------------------------------------------------------------------------------------------------

Proxy — KEWAUNEE SCIENTIFIC CORPORATION

2700 WEST FRONT STREET

STATESVILLE, NORTH CAROLINA 28677-2927

THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS

The undersigned hereby appoints John D. Russell, Donald F. Shaw, and Margaret B. Pyle, and each of them, as Proxies of the undersigned, with full power of substitution, and hereby authorizes them to represent and to vote, as designated on the reverse side hereof, all the shares of common stock of Kewaunee Scientific Corporation held of record by the undersigned on July 5, 2018 at the Annual Meeting of Stockholders to be held at 10:00 a.m. Central Daylight Time on August 29, 2018 and at any adjournment thereof.

Your vote for two directors may be indicated on the reverse side. Keith M. Gehl and William A. Shumaker have been nominated for election as Class II Directors. Your votes for the ratification of the Company’s independent registered public accounting firm, and for approval, on an advisory basis, of the compensation of our named executives, may also be indicated on the reverse side.

This proxy when properly executed will be voted in the manner directed by the undersigned stockholder.If no direction is made, this proxy will be voted FOR the election of the nominees named in Item 1 on the reverse side, FOR the ratification of the appointment of the independent registered public accounting firm of Ernst & Young LLP as the Company’s independent auditors for fiscal year 2019, FOR approval, on an advisory basis, of the compensation of our named executives, and with discretionary authority upon such other business as may properly come before the meeting.

(Continued and to be marked, dated and signed on the other side)