Company: KEQU
Filing Date: 2025-07-07
Form Type: DEF 14A
Source: 0001140361-25-025051
Chunk: 18

Company: KEWAUNEE SCIENTIFIC CORP /DE/
Filing Date: 2025-07-07
Form: DEF 14A
Chunk 18
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2023 Plan, and the 2023 Plan became effective at that time. With the effectiveness of the 2023 Plan, no additional equity awards will be granted under the 2017 Plan, although outstanding awards under the 2017 Plan will continue to be administered. 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 has in the past awarded RSUs with time-based and performance-based vesting conditions. For fiscal year 2025, the time-based RSUs generally represented 40% of each award and will vest in equal annual installments over a three-year period; the performance-based awards represent 60% of the award, assuming target level achievement, 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 period applicable to each year’s awards. The number of shares covered by the award, assuming target level achievement, is based on a percentage of salary with the percentages for the Chief Executive Officer, Mr. Gardner and Mr. Batdorff being 150%, 80% and 60%, respectively, and using the average of the high price and low price of our stock price on the grant date to value the awards. The Board of Directors and the Compensation Committee typically grant equity awards during regularly scheduled meetings. The timing of such grants is dependent, among other things, on events such as the regular schedule for grants, mid-year promotions, new-hires and any extraordinary circumstances. The Board of Directors and the Compensation Committee do not take material nonpublic information into account when determining the timing and terms of equity awards. The Company has not timed the disclosure of material non public information for the purpose of affecting the value of executive compensation. 12 Other Compensation Plans 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