Company: KEQU
Filing Date: 2025-07-02
Form Type: 10-K
Source: 0000055529-25-000026
Chunk: 255

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-02
Form: 10-K
Item: Item 8
Chunk 255
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1,441,000 and $1,018,000 and deferred income tax benefit of $337,000 and $223,000 in fiscal years 2025 and 2024, respectively. The RSUs granted under the 2023 Plan include grants with both a service and performance component vesting over a 3 year period and grants with only service components vesting over a 3 year period. The recognized expense is based upon the vesting period for service criteria and estimated attainment of the performance criteria at the end of the performance period based on the ratio of cumulative days incurred to total days over the performance period. The remaining estimated compensation expense of $1,964,000 will be recorded over the remaining vesting periods.The fair value of each RSU granted to employees was estimated on the date of grant based on the weighted average price of the Company's stock reduced by the present value of the expected dividend stream during the vesting period using the risk-free interest rate. The Company issued new shares of common stock to satisfy RSUs that vested during fiscal year 2025. The following table summarizes the RSU activity and weighted averages.20252024Number of RSUsWeighted Average Grant Date Fair ValueNumber of RSUsWeighted Average Grant Date Fair ValueOutstanding at beginning of year168,791 $15.35 159,640 $11.94 Granted62,326 $37.46 117,747 $15.97 Vested(41,674)$14.32 (103,519)$11.03 Forfeited(2,217)$24.77 (5,077)$10.54 Outstanding at end of year187,226 $22.83 168,791 $15.35 The stockholders approved the 2008 Key Employee Stock Option Plan in fiscal year 2009 which allowed the Company to grant options on an aggregate of 300,000 shares of the Company's common stock and an amendment to the plan in August 2015, authorizing an additional 300,000 shares. Under the plan, options were granted at not less than the fair market value at the date of grant with options exercisable in such installments, for such terms (up to 10 years). This plan was replaced by the 2017 Omnibus Plan with all outstanding options granted under the prior plan to remain subject to the prior plan. The Company did not record any

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 compensation expense related to outstanding stock options in fiscal years