# EDGAR Filing Document

**Accession Number:** 0000711377
**File Stem:** 0001193125-25-235720
**Filing Date:** 2025-10
**Character Count:** 155775
**Document Hash:** 3b6fa5eeeffd0c3e727db2c708dc9e55
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-235720.hdr.sgml**: 20251009

**ACCESSION NUMBER**: 0001193125-25-235720

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251009

**DATE AS OF CHANGE**: 20251009

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEOGEN CORP
- **CENTRAL INDEX KEY:** 0000711377
- **STANDARD INDUSTRIAL CLASSIFICATION:** IN VITRO & IN VIVO DIAGNOSTIC SUBSTANCES [2835]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 382367843
- **STATE OF INCORPORATION:** MI
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-17988
- **FILM NUMBER:** 251384759

**BUSINESS ADDRESS:**
- **STREET 1:** 620 LESHER PLACE
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48912
- **BUSINESS PHONE:** 5173729200

**MAIL ADDRESS:**
- **STREET 1:** 620 LESHER PLACE
- **CITY:** LANSING
- **STATE:** MI
- **ZIP:** 48912

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 10-Q

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**(Mark One)** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended** **August 31,** 2025**.** 

**or** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to** 

**Commission file number** 0-17988

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![img194660645_0.jpg](img194660645_0.jpg)

Neogen Corporation

**(Exact name of registrant as specified in its charter)** 

------

---

| | |
|:---|:---|
| Michigan | 38-2367843 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(IRS Employer**<br>**Identification Number)** |

---

620 Lesher Place

Lansing**,** Michigan 48912

**(Address of principal executive offices, including zip code)** 

**(**517**)** 372-9200

**(Registrant's telephone number, including area code)** 

**SECURITIES REGISTERED PURSUANT TO SECTION 12(b) OF THE ACT:** 

---

| | | |
|:---|:---|:---|
| **Title of each Class**<br>| &nbsp;&nbsp;&nbsp;**Trading<br>Symbol(s)**<br>| &nbsp;&nbsp;&nbsp;**Name of each exchange**<br>**on which registered**<br>|
| Common Stock, $0.16 par value per share | NEOG | NASDAQ Global Select Market |

---

**N/A** 

**(Former name, former address and former fiscal year, if changed since last report)** 

------

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days. YES ☒ NO ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES ☒ NO ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller Reporting Company | ☐ |
| Emerging growth company | ☐ |  |  |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act): YES ☐ NO ☒

As of August 31, 2025 there were 217,298,626 shares of Common Stock outstanding.

------

**NEOGEN CORPORATION** 

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Page No.** |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>PART I. FINANCIAL INFORMATION</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>PART I. FINANCIAL INFORMATION</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Interim Condensed Consolidated Financial Statements (unaudited)</u>](#item_1) | &nbsp;&nbsp;2 |
|  | [<u>Condensed</u>](#item_1)[<u>Consolidated Balance Sheets – August 31, 2025 and May 31, 2025</u>](#consolidated_balance_sheets_unaudited) | &nbsp;&nbsp;2 |
|  | [<u>Condensed</u>](#item_1)[<u>Consolidated Statements of Operations – three months ended August 31, 2025 and August 31, 2024</u>](#consolidated_statements_of_income) | &nbsp;&nbsp;3 |
|  | [<u>Condensed</u>](#item_1)[<u>Consolidated Statements of Comprehensive (Loss) Income – three months ended August 31, 2025 and August 31, 2024</u>](#consolidated_stmt_comprehensive_income) | &nbsp;&nbsp;4 |
|  | [<u>Condensed</u>](#item_1)[<u>Consolidated Statements of Equity – three months ended August 31, 2025 and August 31, 2024</u>](#equity) | &nbsp;&nbsp;5 |
|  | [<u>Condensed</u>](#item_1)[<u>Consolidated Statements of Cash Flows – Three months ended August 31, 2025 and August 31, 2024</u>](#consolidated_stmt_of_cash_flows) | &nbsp;&nbsp;6 |
|  | [<u>Notes to Interim</u>](#notes_to_interim_consolidated)[<u>Condensed</u>](#item_1)[<u>Consolidated Financial Statements – August 31, 2025</u>](#notes_to_interim_consolidated) | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | [<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>](#item_2_management_discussion) | &nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 3. | [<u>Quantitative and Qualitative Disclosures About Market Risk</u>](#item_3) | &nbsp;&nbsp;22 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 4. | [<u>Controls and Procedures</u>](#item_4) | &nbsp;&nbsp;23 |
| &nbsp;&nbsp;&nbsp;&nbsp;**<u>PART II. OTHER INFORMATION</u>** | &nbsp;&nbsp;&nbsp;&nbsp;**<u>PART II. OTHER INFORMATION</u>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1. | [<u>Legal Proceedings</u>](#part_ii_item_1) | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 1A. | [<u>Risk Factors</u>](#part_ii_item_1a) | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 2. | [<u>Unregistered Sales of Equity Securities and Use of Proceeds</u>](#item2_saleofsecurities) | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 5. | [<u>Other Information</u>](#item5_othinformation) | &nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;&nbsp;Item 6. | [<u>Exhibits</u>](#item_6_exhibits) | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;&nbsp;&nbsp;[**<u>SIGNATURES</u>**](#signatures) | &nbsp;&nbsp;&nbsp;&nbsp;[**<u>SIGNATURES</u>**](#signatures) | &nbsp;&nbsp;26 |
|  | &nbsp;&nbsp;**CEO Certification** |  |
|  | &nbsp;&nbsp;**CFO Certification** |  |
|  | &nbsp;&nbsp;**Section 906 Certification** |  |

---

------

**PART I – FINANCIAL INFORMATION** 

**Item 1. Interim Condensed Consolidated Financial Statements** 

**Neogen Corporation** 

**Condensed Consolidated Balance Sheets**

*(in thousands, except shares)*

---

| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **May 31, 2025** |
| <u>Assets</u> | *(unaudited)* |  |
| Current Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $138883 | $129004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of $5,403 and $5,397 | 138459 | 153384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Raw materials | 66831 | 65692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Work-in-process | 11636 | 11233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finished goods | 131812 | 130417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Inventories | 210279 | 207342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less inventory reserve | (16865) | (16483) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 193414 | 190859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets held for sale |  | 50402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 53304 | 53288 |
| Total Current Assets | 524060 | 576937 |
| Net Property and Equipment | 345893 | 339131 |
| Other Assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right of use assets | 16994 | 17152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | 1065889 | 1064902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortizable intangible assets, net | 1389141 | 1410485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-current assets | 36179 | 35229 |
| Total Other Assets | 2508203 | 2527768 |
| Total Assets | $3378156 | $3443836 |
| <u>Liabilities and Stockholders' Equity</u> |  |  |
| Current Liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current portion of debt | $— | $19301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 76596 | 79605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 20273 | 14134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax payable (note 8) | 9449 | 5599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 3556 | 11078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 5824 | 5558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liabilities held for sale |  | 6556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 30507 | 32180 |
| Total Current Liabilities | 146205 | 174011 |
| Deferred Income Tax Liability | 277253 | 280907 |
| Non-Current Debt (note 7) | 792530 | 874810 |
| Other Non-Current Liabilities | 43519 | 42854 |
| Total Liabilities | 1259507 | 1372582 |
| Commitments and Contingencies (note 9) |  |  |
| Equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred stock, $1.00 par value, 100,000 shares authorized, none issued and outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.16 par value, 315,000,000 shares authorized, 217,298,626 and 217,044,098 shares issued and outstanding | 34768 | 34728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 2607452 | 2601848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (23485) | (28898) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (500086) | (536424) |
| Total Stockholders' Equity | 2118649 | 2071254 |
| Total Liabilities and Stockholders' Equity | $3378156 | $3443836 |

---

------

The accompanying notes are an integral part of these condensed consolidated financial statements.

**Neogen Corporation**

**Condensed Consolidated Statements of Operations (unaudited)** 

*(in thousands, except shares)* 

---

| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| Revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Product revenues | $184138 | $192518 |
| &nbsp;&nbsp;&nbsp;&nbsp;Service revenues | 25051 | 24446 |
| Total Revenues | 209189 | 216964 |
| Cost of Revenues |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of product revenues | 97932 | 97836 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of service revenues | 16287 | 14202 |
| Total Cost of Revenues | 114219 | 112038 |
| Gross Profit | 94970 | 104926 |
| Operating Expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 45048 | 45799 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 60888 | 51671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 5125 | 5199 |
| Total Operating Expenses | 111061 | 102669 |
| Operating (Loss) Income | (16091) | 2257 |
| Other Income (Expense) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 918 | 993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (16442) | (18615) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business | 76390 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (967) | (244) |
| Total Other Income (Expense) | 59899 | (17866) |
| Income (Loss) Before Taxes | 43808 | (15609) |
| Income Tax Expense (Benefit) | 7470 | (3000) |
| Net Income (Loss) | $36338 | $(12609) |
| Net Income (Loss) Per Share |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.17 | $(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.17 | $(0.06) |
| Weighted Average Shares Outstanding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 217217836 | 216695348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 217334926 | 216695348 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**Neogen Corporation**

**Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited)** 

*(in thousands)* 

---

| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| Net income (loss) | $36338 | $(12609) |
| Other comprehensive income (loss) |  |  |
| Foreign currency translation gain | 5817 | 2459 |
| Unrealized loss on derivative instruments <sup>(1)</sup> | (404) | (3859) |
| Other comprehensive income (loss), net of tax: | 5413 | (1400) |
| Total comprehensive income (loss) | $41751 | $(14009) |

---

<sup>(1)</sup> Amounts are net of tax of $(127) and $(926) during the three months ended August 31, 2025 and August 31, 2024 , respectively.

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**Neogen Corporation** 

**Condensed Consolidated Statements of Equity (unaudited)** 

*(in thousands, except shares)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Additional** | **Acc. Other** |  |  |
|  | **Common Stock** | **Common Stock** | **Paid-in** | **Comprehensive** | **Accumulated** |  |
|  | **Shares** | **Amount** | **Capital** | **Loss** | **Deficit** | **Total** |
| **May 31, 2025** | **217044498** | $**34728** | $**2601848** | $**(28898)** | $**(536424)** | $**2071254** |
| Share-based compensation expense |  |  | 4962 |  |  | $4962 |
| Exercise of options and RSUs | 99436 | 15 | (239) |  |  | (224) |
| Issuance of shares under employee stock purchase plan | 154692 | 25 | 881 |  |  | 906 |
| Net income |  |  |  |  | 36338 | 36338 |
| Other comprehensive income |  |  |  | 5413 |  | 5413 |
| **August 31, 2025** | **217298626** | $**34768** | $**2607452** | $**(23485)** | $**(500086)** | $**2118649** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | **Additional** | **Acc. Other** |  |  |
|  | **Common Stock** | **Common Stock** | **Paid-in** | **Comprehensive** | **Retained** |  |
|  | **Shares** | **Amount** | **Capital** | **Loss** | **Earnings** | **Total** |
| **May 31, 2024** | **216614407** | $**34658** | $**2583885** | $**(30021)** | $**555620** | $**3144142** |
| Share-based compensation expense | **—** | **—** | 3982 | **—** | **—** | 3982 |
| Exercise of options and RSUs | 4854 | 1 | 35 |  |  | 36 |
| Issuance of shares under employee stock purchase plan | 78877 | 13 | 1028 |  |  | 1041 |
| Net loss |  |  |  |  | (12609) | (12609) |
| Other comprehensive loss |  |  |  | (1400) |  | (1400) |
| **August 31, 2024** | **216698138** | $**34672** | $**2588930** | $**(31421)** | $**543011** | $**3135192** |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**Neogen Corporation** 

**Condensed Consolidated Statements of Cash Flows (unaudited)** 

*(in thousands)* 

---

| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| Cash Flows provided by (used for) Operating Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $36338 | $(12609) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income (loss) to net cash from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 29055 | 29800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (5830) | (9119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 4962 | 3982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of property and equipment | 699 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 539 | 860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on refinancing and extinguishment of debt | 393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business | (76390) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (382) | (261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 17607 | 4796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (1958) | (9939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1239 | (1733) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 14169 | (15881) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense accrual | (7521) | (7431) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in other non-current assets and non-current liabilities | (2067) | (456) |
| Net Cash provided by (used for) Operating Activities | 10853 | (17914) |
| Cash Flows provided by (used for) Investing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property, equipment and other non-current intangible assets | (24002) | (38433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the maturities of marketable securities |  | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of business, net of cash divested | 121724 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from the sale of property and equipment and other | 3 | 4446 |
| Net Cash provided by (used for) Investing Activities | 97725 | (33662) |
| Cash Flows (used for) provided by Financing Activities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercise of stock options and issuance of employee stock purchase plan shares | 905 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax payments related to share-based awards | (223) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of finance lease | (75) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of outstanding debt | (100000) | (98) |
| Net Cash (used for) provided by Financing Activities | (99393) | 979 |
| Effects of Foreign Exchange Rate on Cash | 694 | 463 |
| Net Increase (Decrease) in Cash and Cash Equivalents | 9879 | (50134) |
| Cash and Cash Equivalents, Beginning of Year | 129004 | 170611 |
| Cash and Cash Equivalents, End of Year | $138883 | $120477 |

---

The accompanying notes are an integral part of these condensed consolidated financial statements.

------

**NEOGEN CORPORATION**

**NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)** 

*(Dollar amounts in thousands except shares)*

**1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION** 

**DESCRIPTION OF BUSINESS** 

Neogen Corporation and subsidiaries ("Neogen," "we," "our" or the "Company") develop, manufacture and market a diverse line of products and services dedicated to food and animal safety. Our Food Safety segment consists primarily of diagnostic test kits and complementary products (e.g., culture media) sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues and general sanitation concerns. The majority of the test kits are disposable, single-use, immunoassay and DNA detection products that rely on proprietary antibodies and RNA and DNA testing methodologies to produce rapid and accurate test results. Our expanding line of food safety products also includes genomics-based diagnostic technology, and advanced software systems that help testers objectively analyze and store, as well as perform analysis on, their results from multiple locations over extended periods.

Neogen's Animal Safety segment is engaged in the development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, parasiticides, diagnostic products, biosecurity products and genomics testing services for the worldwide animal safety market. The majority of these consumable products are marketed through veterinarians, retailers, livestock producers and animal health product distributors. Our line of drug detection products is sold worldwide for the detection of abused and therapeutic drugs in animals and animal products, and has expanded into the workplace and human forensic markets.

**BASIS OF PRESENTATION AND CONSOLIDATION** 

The accompanying unaudited condensed consolidated financial statements include the accounts of Neogen and its wholly owned subsidiaries and have been prepared in accordance with accounting principles generally accepted in the United States of America (generally accepted accounting principles) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.

In our opinion, all adjustments considered necessary for a fair statement of the results of the interim period have been included in the accompanying unaudited condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the fiscal year ended May 31, 2025.

**New Accounting Pronouncements Adopted**

*Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures* 

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which modifies the disclosure and presentation requirements of reportable segments. The amendments in the update require the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within each reported measure of segment profit and loss. The amendments also require disclosure of all other segment items by reportable segment and a description of its composition. Additionally, the amendments require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. We adopted this pronouncement and provided required interim disclosures in Note 5 "Segment Information and Geographic Data" to the condensed consolidated financial statements. We adopted the interim requirements on June 1, 2025.

------

*Income Taxes (Topic 740): Improvements to Income Tax Disclosures*

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which expands disclosures in an entity's income tax rate reconciliation table and disclosures regarding cash taxes paid both in the U.S. and foreign jurisdictions. This guidance becomes effective for our fiscal year 2026 annual reporting. We adopted this guidance on June 1, 2025 and the adoption of this guidance will result in modifications to Neogen's income tax disclosures to adhere to the new requirements, but is not expected to otherwise have a significant impact on our consolidated financial statements.

**New Accounting Pronouncements Not Yet Adopted** 

*Income Statement (Topic 220): Expense Disaggregation Disclosures* 

In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires a public business entity to provide disaggregated disclosures, in the notes to the financial statements, of certain categories of expenses that are included in expense line items on the face of the income statement. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact that the new guidance will have on the presentation of our consolidated financial statements and accompanying notes.

*Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets*

In July 2025, the FASB issued ASU 2025-05, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments provide a practical expedient and, if applicable, an accounting policy election to simplify the measurement of credit losses for certain receivables and contract assets. The amendments are effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted in any interim or annual period in which financial statements have not yet been issued or made available for issuance. We are currently evaluating the impact of this amendment and do not expect that the adoption of this guidance will have a material impact on our consolidated financial statements and accompanying notes.

**2. REVENUE RECOGNITION**

The following table presents disaggregated revenue by major product and service categories during the three months ended August 31, 2025 and August 31, 2024:

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| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| **<u>Food Safety</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Natural Toxins & Allergens | $19962 | $20376 |
| &nbsp;&nbsp;&nbsp;&nbsp;Bacterial & General Sanitation | 41649 | 39899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indicator Testing, Culture Media & Other | 79085 | 81703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biosecurity Products | 5799 | 11779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genomics Services | 5555 | 5588 |
|  | $152050 | $159345 |
| **<u>Animal Safety</u>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Life Sciences | $1859 | $1733 |
| &nbsp;&nbsp;&nbsp;&nbsp;Veterinary Instruments & Disposables | 11908 | 12523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Animal Care & Other | 7578 | 6679 |
| &nbsp;&nbsp;&nbsp;&nbsp;Biosecurity Products | 19229 | 20806 |
| &nbsp;&nbsp;&nbsp;&nbsp;Genomics Services | 16565 | 15878 |
|  | 57139 | 57619 |
| **Total Revenues** | $209189 | $216964 |

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The following table summarizes contract liabilities by period:

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| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| **Beginning balance** | $5558 | $4632 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additions | 3206 | 3078 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts recognized into revenue | (2940) | (2075) |
| **Ending balance** | $5824 | $5635 |

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**3. DIVESTITURE**

In April 2025, we announced that we had entered into a definitive agreement to sell our Cleaners and Disinfectants ("C&D") business to Kersia Group ("Kersia"). The planned divestiture did not meet the criteria for classification as a discontinued operation under ASC 205-20, as the sale does not represent a strategic shift that has or will have a major effect on our operations or financial results.

On July 17, 2025, we completed the sale of the C&D business to Kersia. We received total consideration of $121,724 in cash at closing, net of cash divested, plus additional contingent consideration of up to $3,500 (the "Earnout Payment") based on revenue performance of the divested business during the 12-month period following the closing date. The Earnout Payment is subject to reduction if certain revenue thresholds, as defined in the purchase agreement, are not achieved. During the three months ended August 31, 2025, we recognized a gain on the sale of the business of $76,390, which is included in "Gain on sale of business" within the Consolidated Statements of Operations.

In addition, at closing, we also entered into transition service and transition distribution agreements with Kersia, which require us to provide services to Kersia during the transition period. Related to the transition distribution agreements, for performance obligations for which we act as an agent, we record revenue as the net amount of our gross billings less amounts remitted to Kersia. For performance obligations for which we act as principal, we record the gross amount billed to the customer as revenue. We recorded a liability representing the fair value of the services we expect to provide of $1,691 within other current liabilities related to these agreements, which will be expensed to Other, net over a 12-month period following the closing date.

**4. NET INCOME (LOSS) PER SHARE** 

Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted net income (loss) per share is computed using the treasury stock method by dividing net income (loss) by the weighted average number of shares of common stock outstanding.

The calculation of net income (loss) per share follows:

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| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| Numerator for basic and diluted net income (loss) per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) attributable to Neogen | $36338 | $(12609) |
| Denominator for basic net income (loss) per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares | 217217836 | 216695348 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of dilutive stock options and RSUs | 117090 |  |
| Denominator for diluted net income (loss) per share | 217334926 | 216695348 |
| Net income (loss) per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.17 | $(0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.17 | $(0.06) |

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For the three months ended August 31, 2025, 661,000 shares were excluded from the calculation of diluted net income per share, because the inclusion of such securities in the calculation would have been anti-dilutive. Due to the loss reported for the three months ended August 31, 2024, the stock options and RSUs were anti-dilutive.

**5. SEGMENT INFORMATION AND GEOGRAPHIC DATA**

The Company has two reportable segments: Food Safety and Animal Safety. The results of each segment are regularly reviewed by the chief operating decision maker ("CODM") to assess the performance of the segments and make decisions regarding the allocation of resources to the segments. Our CODM is our Chief Executive Officer. The performance measure that the CODM uses is operating income. Refer to the consolidated statements of operations for the reconciliation of consolidated operating income (loss), which is the total of Company's segment measure of profit or loss, to consolidated income before income taxes.

The following tables reflect segment and corporate information:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three month ended August 31, 2025** | **Three month ended August 31, 2025** | **Three month ended August 31, 2025** | **Three month ended August 31, 2025** |
|  | **Food Safety** | **Animal Safety** | **Corporate and<br>Eliminations** <sup>(1)</sup> | **Total** |
| Total Revenues | $158456 | $58861 | $— | $217317 |
| Intersegment Revenue | (6406) | (1722) |  | (8128) |
| Net Revenue | 152050 | 57139 |  | 209189 |
| Total Cost of Revenues | 76460 | 37759 |  | 114219 |
| Operating Expenses | 68499 | 14908 | 27654 | 111061 |
| Operating Income (Loss) | $7091 | $4472 | $(27654) | $(16091) |
| Depreciation and Amortization | $25901 | $3154 | $— | $29055 |
| Interest Expense | $— | $— | $16442 | $16442 |
| Total Assets | $2947343 | $291929 | $138884 | $3378156 |
| Expenditures for long-lived assets | $23437 | $565 | $— | $24002 |
|  | **Three month ended August 31, 2024** | **Three month ended August 31, 2024** | **Three month ended August 31, 2024** | **Three month ended August 31, 2024** |
|  | **Food Safety** | **Animal Safety** | **Corporate and<br>Eliminations** <sup>(1)</sup> | **Total** |
| Total Revenues | $163575 | $60018 | $— | $223593 |
| Intersegment Revenue | (4230) | (2399) |  | (6629) |
| Net Revenue | 159345 | 57619 |  | 216964 |
| Net Cost of Revenues | 74458 | 37580 |  | 112038 |
| Operating Expenses | 66982 | 17450 | 18237 | 102669 |
| Operating Income (Loss) | $17905 | $2589 | $(18237) | $2257 |
| Depreciation and Amortization | $26202 | $3598 | $— | $29800 |
| Interest Expense | $— | $— | $18615 | $18615 |
| Total Assets | $4056444 | $342077 | $104652 | $4503173 |
| Expenditures for long-lived assets | $36045 | $2388 | $— | $38433 |

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(1)Includes corporate assets, including cash and cash equivalents, current and deferred tax accounts and overhead expenses not allocated to specific business segments, and excludes intersegment transactions.

The following table presents revenue disaggregated by geographic location:

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| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| Domestic | $102074 | $104383 |
| International | 107115 | 112581 |
| Total revenue | $209189 | $216964 |

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**6. RESTRUCTURING** 

We regularly evaluate our business to ensure that we are properly configured and sized based on changing market conditions. Accordingly, we have implemented certain restructuring initiatives, including consolidation of certain facilities throughout the world and rationalization of our operations.

Our restructuring charges consist of severance payments, costs for outplacement services, and post-employment benefits (collectively, "employee separation costs"), other related exit costs and asset impairment charges related to restructuring activities. These amounts are partially recorded within cost of service revenues and partially recorded within general and administrative expense on the consolidated statements of operations. Amounts recorded during the three months ended August 31, 2025 relate primarily to completion of actions initiated in the prior fiscal year.

Restructuring charges by segment were as follows:

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| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| Food Safety | $407 | $132 |
| Animal Safety | 52 |  |
| Corporate | (127) | 238 |
| Total | $332 | $370 |

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Restructuring activity for the three months ended August 31, 2025 was as follows:

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| | | | |
|:---|:---|:---|:---|
|  | **Employee Separation Costs** | **Other Exit Costs** | **Total** |
| Balance as of May 31, 2025 | $756 | $— | $756 |
| Expense | 294 | 38 | 332 |
| Cash Payments | (940) | (15) | (955) |
| Asset impairments and other |  | (23) | (23) |
| Balance as of August 31, 2025 | $110 | $— | $110 |

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**7. LONG-TERM DEBT**

Long-term debt consists of the following:

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| | | |
|:---|:---|:---|
|  | **August 31, 2025** | **May 31, 2025** |
| Term Loan | $405000 | $450000 |
| Senior Notes | 346500 | 350000 |
| Revolver Facility | 48500 | 100000 |
| Finance Lease |  | 2426 |
| Total debt and finance lease | 800000 | 902426 |
| Less: Current portion |  | (19301) |
| Total non-current debt | 800000 | 883125 |
| Less: Unamortized debt issuance costs | (7470) | (8315) |
| Total non-current debt, net | $792530 | $874810 |

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During the three months ended August 31, 2025, we used the net proceeds from the Cleaners & Disinfectants divestiture to repay a portion of our outstanding debt. We repaid $51,500 of principal on the Revolving Facility, made $45,000 of prepayments on the Term Loan, and repurchased $3,500 million of Senior Notes on the open market. The Term Loan prepayments resulted in an extinguishment loss of $393 related to unamortized debt issuance costs, while the Senior Notes repurchase resulted in an extinguishment loss of $41 related to unamortized debt issuance costs.

**8. INCOME TAXES**

Income tax expense was $7,470 during the three months ended August 31, 2025. Income tax benefit was $3,000 during the three months ended August 31, 2024. The net tax expense for the three months ended August 31, 2025 is primarily related to pre-tax income due to gains on the sale of our Cleaners and Disinfectants business. The Organization for Economic Cooperation and Development ("OECD") Pillar Two global minimum tax rules, which generally provide for a minimum effective tax rate of 15%, are intended to apply for tax years beginning in 2024. We continue to closely monitor developments and evaluate the impact these new rules will have on our tax rate, including eligibility to qualify for certain safe harbors. Where no safe harbor is met, we have included in our income tax for the three months ended August 31, 2025, a forecasted amount of "top-up" tax for our foreign subsidiaries as required under the applicable rules of the countries that have adopted the Pillar Two directives. For the three months ended August 31, 2025, no foreign subsidiary is forecasted to incur a material top-up tax under Pillar Two.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law in the United States. OBBBA includes significant provisions, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for depreciation and interest expenses. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. There was not a significant impact to our income tax expense or effective tax rate for the three months ended August 31, 2025.

The total amounts of unrecognized tax benefits that, if recognized, would affect the effective tax rate as of August 31, 2025 and May 31, 2025 were $4,732 and $3,849, respectively. Increases in unrecognized tax benefits are primarily associated with the acquired 3M FSD, including positions for transfer pricing and research and development credits.

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**9. COMMITMENTS AND CONTINGENCIES** 

We are involved in environmental remediation and monitoring activities at our Randolph, Wisconsin manufacturing facility and we accrue for related costs, when such costs are determined to be probable and estimable. We currently utilize a pump and treat remediation strategy, which includes semi-annual monitoring and reporting, consulting, and maintenance of monitoring wells. These annual remediation costs are expensed as incurred and have ranged from approximately $40 to $130 per year over the past five years. We estimated that the remaining liability for these costs are $916 as of both August 31, 2025 and May 31, 2025, measured on an undiscounted basis over an estimated period of 15 years. In fiscal 2019, we performed an updated Corrective Measures Study on the site, per a request from the Wisconsin Department of Natural Resources ("WDNR"), and are currently working with the WDNR regarding potential alternative remediation strategies going forward. We believe that the current pump and treat strategy is appropriate for the site. In fiscal 2022, in collaboration with the WDNR, we initiated an in-situ chemical remediation pilot study, which ran over a two-year period. The results of this study were submitted to the WDNR as part of our standard annual report. If the WDNR were to require a change from the current pump and treat remediation strategy, this change could result in an increase in future costs and, ultimately, an increase in the currently recorded liability, with an offsetting charge to operations in the period recorded. We recorded $100 as a current liability as of August 31, 2025, and the remaining $816 is recorded in other non-current liabilities in the condensed consolidated balance sheets.

*Shareholder Litigation*

On July 18, 2025, Operating Engineers Construction Industry and Miscellaneous Pension Fund filed a putative class action complaint in the United States District Court for the Western District of Michigan against the Company, John Adent, and David Naemura. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 based on allegedly false and misleading public statements and omissions by defendants during the period January 5, 2023 through June 3, 2025 relating to the integration of the 3M business into Neogen. The complaint seeks, among other things, unspecified monetary damages, reasonable costs and expenses and/or other relief as deemed appropriate by the Court. Defendants have not yet responded to the complaint.

On August 27, 2025, the Company, John Adent, Steven J. Quinlan, James C. Borel, William T. Boehm, Ronald D. Green, Ralph A. Rodriguez, James P. Tobin, Darci L. Vetter, and Catherine E. Woteki were named in a putative class action filed in Minnesota's Second Judicial District for Ramsey County. The complaint asserts claims under Sections 11, 12(a)(2), and 15 of the Securities Act of 1933 based on allegedly false and misleading public statements by defendants in the offering materials issued in connection with the 2022 transaction in which Neogen acquired 3M's Food Safety Business. The complaint seeks, among other things, unspecified monetary damages, reasonable costs and expenses, recission, and/or such other equitable or injunctive relief as deemed appropriate by the Court. Defendants have not yet responded to the complaint.

*Stockholder Demands*

On August 13 and August 15, 2025, the Company received two separate stockholder litigation demands requesting that the Board investigate the allegations in the Federal Action and pursue claims on the Company's behalf based on those allegations. On October 4, 2025, the Board established a litigation committee to consider and investigate the demands.

The Company intends to vigorously defend the matters. Given the uncertainty of litigation and the preliminary stage of the cases, we cannot estimate the reasonably possible loss or range of loss that may result from the actions.

Other than the shareholder items noted above, we are subject to certain legal and other proceedings that, in the opinion of management, are not expected to have a material effect on our financial statements.

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**10. DERIVATIVES AND FAIR VALUE**

*Derivatives*

We operate globally and are exposed to market risks arising from fluctuations in foreign currency exchange rates and interest rates. As part of our financial risk management strategy, we use derivative financial instruments to hedge exposure to variability in cash flows associated with these market risks. These instruments are used solely for risk management purposes; We do not engage in derivative transactions for trading or speculative purposes.

*Derivatives Not Designated as Hedging Instruments* 

We have entered into non-designated foreign currency forward contracts to manage foreign currency balance sheet risk associated with intercompany loans and other foreign currency denominated assets and liabilities. These contracts are recorded net at fair value on our consolidated balance sheets, classified as Level 2 in the fair value hierarchy. The notional amount of forward contracts in place was $50,911 and $65,023 as of August 31, 2025 and May 31, 2025, respectively, and consisted of economic hedges of transactions up to October 2025.

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| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivatives Not Designated as Hedging Instruments** | **Balance Sheet Location** | **August 31, 2025** | **May 31, 2025** |
| Foreign currency forward contracts, net | Other current assets (liabilities) | $123 | $(407) |

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The location and amount of gains (losses) from derivatives not designated as hedging instruments in our condensed consolidated statements of operations were as follows:

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| | | | |
|:---|:---|:---|:---|
|  |  | **Three months ended August 31,** | **Three months ended August 31,** |
| **Derivatives Not Designated as Hedging Instruments** | **Location in statements of operations** | **2025** | **2024** |
| Foreign currency forward contracts | Other, net | $133 | $634 |

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*Derivatives Designated as Hedging Instruments* 

In November 2022, we entered into a receive-variable, pay-fixed interest rate swap agreement with a $250,000 notional value, which is designated as a cash flow hedge. In accordance with the agreement, the notional value decreased to $200,000 in November 2024. This agreement fixed a portion of the variable interest due on our term loan facility, with an effective date of December 2, 2022 and a maturity date of June 30, 2027. Under the terms of the agreement, we pay a fixed interest rate of 4.215%, plus an applicable margin ranging between 137.5 to 175 basis points and receive a variable rate of interest based on term SOFR from the counterparty, which is reset according to the duration of the SOFR term. We expect to reclassify a $580 loss of accumulated other comprehensive income into earnings in the next 12 months.

We record the fair value of our interest rate swaps on a recurring basis using Level 2 observable market inputs for similar assets or liabilities in active markets.

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| | | | |
|:---|:---|:---|:---|
| **Fair Value of Derivatives Designated as Hedging Instruments** | **Balance Sheet Location** | **August 31, 2025** | **May 31, 2025** |
| Interest rate swap – current | Other current liabilities | $(764) | $(369) |
| Interest rate swap – non-current | Other non-current liabilities | $(1426) | $(1290) |

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*Fair Value of Financial Instruments* 

Fair value measurements are determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs. We utilize a fair value hierarchy based upon the observability of inputs used in valuation techniques as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

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The carrying amounts of our financial instruments other than cash equivalents and marketable securities, which include accounts receivable and accounts payable, approximate fair value based on either their short maturity or current terms for similar instruments.

**11. ACCUMULATED OTHER COMPREHENSIVE LOSS**

Accumulated other comprehensive loss changes by component, net of related tax, were as follows:

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| | | |
|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** |
| **Accumulated other comprehensive loss, beginning balance** | $(28898) | $(30021) |
| **Foreign currency translation adjustment** |  |  |
| &nbsp;&nbsp;Balance at beginning of period | $(27637) | $(31885) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive gain before reclassifications | 5916 | 2459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss | (99) | - |
| &nbsp;&nbsp;Balance at end of period | $(21820) | $(29426) |
| **Fair value of derivatives change** |  |  |
| &nbsp;&nbsp;Balance at beginning of period | $(1261) | $1864 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive loss before reclassifications | (319) | (3271) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss | (85) | (588) |
| &nbsp;&nbsp;Balance at end of period | $(1665) | $(1995) |
| **Accumulated other comprehensive loss, ending balance** | $(23485) | $(31421) |

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**12. SUBSEQUENT EVENTS**

In September 2025, management approved a plan to reduce approximately 10% of its headcount as part of an organizational restructuring focused on improving operational efficiency and financial performance. The actions were implemented at the end of September, resulting in expected employee separation benefits of approximately $6.75 million - $7.25 million. These benefits are expected to be paid during the three months ended November 30, 2025.

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**PART I – FINANCIAL INFORMATION** 

**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations** 

The information in this Management's Discussion and Analysis of Financial Condition and Results of Operations contains both historical financial information and forward-looking statements. Neogen does not provide forecasts of future financial performance. While management is optimistic about our long-term prospects, historical financial information may not be indicative of future financial results.

**Safe Harbor and Forward-Looking Statements** 

Forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, are made throughout this Quarterly Report on Form 10-Q, including statements relating to management's expectations regarding new product introductions; the adequacy of our sources for certain components, raw materials and finished products; and our ability to utilize certain inventory. For this purpose, any statements contained herein that are not statements of historical fact are deemed to be forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "seeks," "estimates," and similar expressions are intended to identify forward-looking statements. These forward-looking statements are intended to provide our current expectations or forecasts of future events; are based on current estimates, projections, beliefs, and assumptions; and are not guarantees of future performance. Actual events or results may differ materially from those described in the forward-looking statements. There are a number of important factors that could cause Neogen's results to differ materially from those indicated by such forward-looking statements, including many factors beyond our control. Factors that could cause actual results to differ from those contained within forward-looking statements include (without limitation) the continued integration of the 3M food safety business and the realization of the expected benefits from that acquisition; the relationship with and performance of our transition manufacturing partner; our ability to adequately and timely remediate certain identified material weaknesses in our internal control over financial reporting; competition; recruitment and retention of key employees; impact of weather on agriculture and food production; global business disruption caused by the Russia invasion in Ukraine and related sanctions and conflict in the Middle East; identification and integration of acquisitions; research and development risks; intellectual property protection; increasing and developing government regulation; and other risks detailed from time to time in our reports on file at the Securities and Exchange Commission, including this Quarterly Report on Form 10-Q.

In addition, any forward-looking statements represent management's views only as of the date this Quarterly Report on Form 10-Q was first filed with the Securities and Exchange Commission and should not be relied upon as representing management's views as of any subsequent date. Except to the extent legally required to do so, we specifically disclaims any obligation to update forward-looking statements, even if our views change.

**Trends and Uncertainties**

In recent years, input cost inflation, including increases in certain raw materials, negatively impacted operating results. Although the rate of inflation has eased, we continued to face economic headwinds, including softening consumer demand, elevated interest rates, and ongoing geopolitical tensions in certain regions.

Elevated interest rates have led to higher borrowing costs and an increased overall cost of capital. In response to the historically high inflationary environment, we took pricing actions to mitigate the impacts on the business in prior fiscal years. Although the federal funds rate was reduced in recent fiscal years and we have refinanced our Term Loan and revolving line of credit, the overall interest rate we pay on our Credit Facilities remains higher than when the debt was incurred, which increases interest expense on the unhedged portion of our Term Loan.

Beginning in the first half of fiscal year 2024, we implemented a new enterprise resource planning system and exited our transition service agreements with 3M, which led to certain shipment delays and an elevated backlog of open orders, specifically in the Food Safety segment. At the conclusion of fiscal year 2024, order fulfillment issues were largely resolved, however, the impact of lost market share stemming from these fulfillment issues continued in fiscal year 2025. Also in fiscal year 2025, we experienced an elevated amount of inventory write-offs, particularly in the fourth quarter, due, in part, to expiration of certain inventory held at our international locations stemming from supply chain and distribution challenges in fiscal year 2024. Further, in fiscal year 2025, we experienced negative impacts from delays in restarting full production of our sample collection product line, which we relocated from 3M into a Neogen facility. In the second half of fiscal year 2025, production increased to the prior normal levels, but

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with significant production inefficiencies. These production inefficiencies continued in first quarter of fiscal year 2026, with the expectation that they will be reduced continuously throughout the fiscal year.

With a change in administration in fiscal year 2025, there has been an economic policy shift towards increasing tariffs, which in turn has led and could lead to further retaliatory tariffs. These have and may continue to increase our costs on materials imported into the U.S. and also increase costs and negatively impact sales from our international locations, which primarily sell U.S. manufactured products.

Within the Food Safety industry, the end market generally continues to experience a lower level of food production, largely due to the cumulative effect of the significant recent inflation, particularly in food prices. However, there have been signs of sequential improvement from prior quarters related to food production volumes. Within Animal Safety, the end market is at or near cyclical lows. As a result, we are optimistic about potential future revenue growth in the segment, particularly if the distribution channel begins to meaningfully restock inventory.

In fiscal year 2025, restructuring actions in our genomics business led to voluntary revenue attrition, following our strategic shift away from smaller production animals. A portion of our genomics business also serves the companion animal market, which has been experiencing weakness recently, primarily due to the impact of continued inflation, a lower number of pet adoptions, and a higher level of customer in-sourcing.

We continue to evaluate the nature and extent of these issues and their impact our business, including consolidated results of operations, financial condition and liquidity. We expect these issues to continue to impact us in fiscal year 2026.

**Executive Overview** 

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| | | | |
|:---|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |  |
|  | **2025** | **2024** | **Increase/ (Decrease)** |
| Total Revenues | $209189 | $216964 | $(7775) |
| Cost of Revenues | 114219 | 112038 | 2181 |
| Gross Profit | 94970 | 104926 | (9956) |
| Operating Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 45048 | 45799 | (751) |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 60888 | 51671 | 9217 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 5125 | 5199 | (74) |
| Total Operating Expenses | 111061 | 102669 | 8392 |
| Operating (Loss) Income | (16091) | 2257 | (18348) |
| Other Income (Expense) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 918 | 993 | (75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (16442) | (18615) | 2173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of business | 76390 |  | 76390 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other, net | (967) | (244) | (723) |
| Total Other Income (Expense) | 59899 | (17866) | 77765 |
| Income (Loss) Before Taxes | 43808 | (15609) | 59417 |
| Income Tax Expense (Benefit) | 7470 | (3000) | 10470 |
| Net Income (Loss) | $36338 | $(12609) | $48947 |

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**Results of Operations**

**Revenues** 

Revenue decreased $7.8 million during the three months ended August 31, 2025 compared to the three months ended August 31, 2024. The decrease includes a $9.6 million unfavorable impact due to divestitures and discontinued product lines, primarily from the divestiture of our Cleaners & Disinfectants business, offset by a $1.1 million favorable foreign exchange rate impact and $0.7 million of growth in the business. The increase in the business was driven by higher sales of insect control products and genomics services, continued strength in the pathogen detection product line, and sample collection products, as we reduced our backlog. These increases were

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offset by lower sales of Petrifilm, rodent control products, natural toxins test kits, and a decline in sales of veterinary instruments, which have been negatively impacted by tariffs. The lower level of Petrifilm sales compared to the prior year period was due primarily to channel inventory rebalancing related to switching distributors in Asia and the normalization of buying patterns at a large distributor in the U.S.

*Service Revenue*

Service revenue, which consists primarily of genomics services provided to animal production and companion animal markets, was $25.1 million during the three months ended August 31, 2025 and $24.4 million during the three months ended August 31, 2024. The increase was mainly due to higher revenue in genomics services.

*International Revenue*

International sales were $107.1 million during the three months ended August 31, 2025 and $112.6 million during the three months ended August 31, 2024, respectively. The decrease during the three months ended August 31, 2025 was primarily due to the divestiture of our Cleaners & Disinfectants business, partially offset by a $1.1 million favorable foreign exchange rate impact.

**Gross Margin**

Gross margin was 45.4% during the three months ended August 31, 2025 and 48.4% during the three months ended August 31, 2024, respectively. The decrease in margin was primarily due to lower sales volume, higher tariff costs, higher manufacturing costs related to our sample collection product line, inventory write-offs and duplicative costs as we prepare to manufacture Petrifilm products internally.

**Operating Expenses** 

*Sales and Marketing*

Sales and marketing expenses were $45.0 million during the three months ended August 31, 2025 and $45.8 million during the three months ended August 31, 2024, respectively. The decline was primarily due to lower outbound shipping costs and reduced costs associated with the divested Cleaners and Disinfectants business, offset by headcount costs.

*General and Administrative* 

General and administrative expenses were $60.9 million during the three months ended August 31, 2025 and $51.7 million during the three months ended August 31, 2024, respectively. The increase is driven by higher corporate expense associated primarily with transformation initiatives and transaction costs.

General and administrative expenses include amortization expense relating to definite-lived intangible assets of $23.0 million and $23.6 million during the three months ended August 31, 2025 and August 31, 2024, respectively. Estimated amortization expense for fiscal year 2026 through 2030 is expected to be in the range of approximately $89 million to $94 million.

*Research and Development*

Research and development expense was $5.1 million during the three months ended August 31, 2025 and $5.2 million during the three months ended August 31, 2024, respectively. The decrease during the three months ended August 31, 2025 is primarily the result of lower contracted services and employee costs.

**Other Income/Expense**

Other income was $59.9 million during the three months ended August 31, 2025 and other expense was $17.9 million during the three months ended August 31, 2024, respectively. The income in the current period was primarily driven by a $76.4 million gain recognized on the sale of our Cleaners & Disinfectants business, offset by

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$16.4 million of interest expense. The $2.2 million decrease in interest expense compared to the first quarter of the prior fiscal year was due to lower interest costs as a result of our Term Loan refinancing in April 2025.

**Provision for Income Taxes**

Income tax expense was $7.5 million during the three months ended August 31, 2025 compared to income tax benefit of $3.0 million during the three months ended August 31, 2024. The net tax expense for the three months ended August 31, 2025, is primarily related to pre-tax income due to gains on the sale of our Cleaners & Disinfectants business.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted into law in the United States. OBBBA includes significant provisions, including the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework and the restoration of favorable tax treatment for depreciation and interest expenses. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. There was not a significant impact to our income tax expense or effective tax rate for the three months ended August 31, 2025 associated with the OBBBA.

**Segment Results of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** |  |  |
|  | **2025** | **2024** | **Increase / (Decrease)** | **% Change** |
| Food Safety Revenue | $152050 | $159345 | $(7295) | (5)% |
| Animal Safety Revenue | 57139 | 57619 | (480) | (1)% |
| Total Revenues | $209189 | $216964 | $(7775) | (4)% |
| Food Safety Operating Income | $7091 | $17905 | $(10814) | (60)% |
| Animal Safety Operating Income | 4472 | 2589 | 1883 | 73% |
| Segment Operating Income | $11563 | $20494 | $(8931) | (44)% |
| Corporate | (27654) | (18237) | (9417) | 52% |
| Operating Loss (Income) | $(16091) | $2257 | $(18348) | (813)% |

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**Revenues**

Revenue for the Food Safety segment decreased $7.3 million during the three months ended August 31, 2025 compared to the three months ended August 31, 2024. The decrease was primarily due to $5.9 million of discontinued products and the divestiture of our Cleaners & Disinfectants business and a $2.7 million decline in the business, partially offset by $1.3 million favorable currency impact. The decrease in the business was driven by a decline in indicator sales due to channel inventory rebalancing related to switching distributors in Asia and the normalization of buying patterns at a large distributor in the U.S. This was partially offset by continued strength in pathogen detection sales and increased volume from the sample collection product line.

Revenue for the Animal Safety segment decreased $0.5 million during the three months ended August 31, 2025 compared to the three months ended August 31, 2024. The decrease was due to $3.7 million of discontinued products and the divestiture of our Cleaners and Disinfectants business, a $0.1 million negative foreign currency impact, partially offset by $3.3 million growth in the business. The growth in the business was primarily related to stronger sales of our insect control, genomics, and animal care products lines. These increases were offset by decreased sales of veterinary instruments, which have been negatively impacted by tariffs.

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**Operating Income**

Operating income for the Food Safety segment decreased $10.8 million during the three months ended August 31, 2025 compared to the three months ended August 31, 2024. The decline was primarily a result of the divestiture of our Cleaners & Disinfectants business and increased expenses, primarily from production inefficiencies related to sample collection products and duplicative costs related to the start-up of our own Petrifilm manufacturing.

Operating income for the Animal Safety segment increased $1.9 million during the three months ended August 31, 2025 compared to the three months ended August 31, 2024. The improvement was primarily due to favorable product mix and lower costs resulting from the fiscal year 2025 restructuring actions taken in the genomics business.

The increased corporate expense during each comparable period is related to headcount increases, increases in equity-based compensation, one-time transaction and project expenses, and certain corporate development initiatives.

**Financial Condition and Liquidity** 

Our primary sources of liquidity are cash and cash equivalents, cash flows from the operations of our business, and available borrowing capacity under our Revolving Facility. Our principal uses of cash include working capital-related items, capital expenditures, debt service, and strategic investments.

Our future cash generation and borrowing capacity may not be sufficient to meet cash requirements to fund the operating business, repay debt obligations, construct new manufacturing facilities, commercialize products currently under development or execute our future plans to acquire additional businesses, technology and products that fit within our strategic plan. Accordingly, we may be required, or may choose, to issue additional equity securities or enter into other financing arrangements for a portion of our future capital needs. However, we continuously monitor and forecast our liquidity situation in light of industry, customer and economic factors, and take the necessary actions to preserve our liquidity and evaluate other financial alternatives that may be available to us should the need arise. As a result, we believe that our cash flows from operations, cash on hand, and borrowing capacity will enable us to fund the operating business, repay debt obligations, construct new manufacturing facilities, commercialize products currently under development, and execute our strategic plans.

We are subject to certain legal and other proceedings that have not had, and, in the opinion of management, are not expected to have, a material effect on our results of operations or financial position.

As of August 31, 2025, we had cash and cash equivalents of $138.9 million, and borrowings available under our revolving line of credit of $201.5 million.

On July 17, 2025, we completed the divestiture of our Cleaners & Disinfectants business for $121.7 million in cash at closing, plus contingent consideration tied to future performance of the business. Net proceeds from the transaction were used primarily to repay debt in the first quarter of fiscal year 2026. We paid $51.5 million of principal on the 2025 Revolving Facility, $45.0 million of prepayments on the 2025 Term Loan, and purchased $3.5 million of Senior Notes in the open market.

Since we elected to make prepayments in the first quarter of fiscal year 2026, there are no additional required principal payments for the Term Loan for fiscal year 2026. Financial covenants include maintaining specified levels of funded debt to EBITDA, and debt service coverage. As of August 31, 2025, we are in compliance with all financial covenants under the Credit Facilities.

We continue to make investments in our business and operating facilities. Our estimate for capital expenditures in fiscal 2026 is approximately $50 million. This includes approximately $35 million in capital expenditures related to the integration of the acquired 3M FSD products, the most significant portion of which is related to the construction of equipment for our new manufacturing facility in Lansing, Michigan.

In September 2025, we approved a plan to reduce approximately 10% of our headcount as part of an organizational restructuring focused on improving operational efficiency and financial performance. The actions were implemented at the end of September 2025. Employee separation benefits are expected to be paid during the three months ended November 30, 2025.

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*Cash Flows*

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| | | | |
|:---|:---|:---|:---|
|  | **Three months ended August 31,** | **Three months ended August 31,** | **Three months ended August 31,** |
|  | **2025** | **2024** | **Increase / (Decrease)** |
| Net Cash provided by (used for) Operating Activities | $10853 | $(17914) | $28767 |
| Net Cash provided by (used for) Investing Activities | $97725 | $(33662) | $131387 |
| Net Cash (used for) provided by Financing Activities | $(99393) | $979 | $(100372) |

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**Net Cash provided by (used for) Operating Activities**

Net cash provided by operating activities increased $28.8 million during the three months ended August 31, 2025 compared to the three months ended August 31, 2024. The increase is due to improvement in working capital primarily associated with accounts receivable and accounts payable, offset by a decline in operating income.

**Net Cash provided by (used for) Investing Activities** 

Cash provided by investing activities increased $131.4 million during the three months ended August 31, 2025, compared to the three months ended August 31, 2024. The inflow was primarily the result of cash proceeds received from the sale of our Cleaners & Disinfectants business. Additionally, as our new Lansing production facility nears completion, our capital expenditures have decreased compared to the prior year period.

**Net Cash (used for) provided by Financing Activities** 

Cash used for financing activities increased $100.4 million during the three months ended August 31, 2025 compared to the three months ended August 31, 2024 due to debt repayment made with proceeds from the sale of our Cleaners and Disinfectants business.

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**PART I – FINANCIAL INFORMATION** 

**Item 3. Quantitative and Qualitative Disclosures About Market Risk** 

We continuously evaluate our exposure to currency exchange and interest rate risk. There have been no meaningful changes in our exposure to risk associated with fluctuations in foreign currency exchange rates and interest rates related to our variable-rate borrowings under the Credit Facilities from that discussed in our Form 10-K.

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**PART I – FINANCIAL INFORMATION** 

**Item 4. Controls and Procedures** 

**Evaluation of Disclosure Controls and Procedures** 

We maintain disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")) that are designed to ensure that information we are required to disclose in the reports we files or submits under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

As discussed in Item 9A "Controls and Procedures" in our 2025 Annual Report on Form 10-K, we identified material weaknesses related to the control activities and information and communication components established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (the "COSO framework") as of May 31, 2025.

Based on the evaluation of our disclosure controls and procedures as of the end of the period covered by this form 10-Q, our President & Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were not effective as of August 31, 2025 due to the existence of material weaknesses in internal control over financial reporting.

**Material Weaknesses** 

A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our financial statements will not be prevented or detected on a timely basis.

**Ongoing Remediation Efforts** 

Management has evaluated the deficiencies referenced above and has developed and is implementing a remediation plan to address the control deficiencies contributing to the material weaknesses and to enhance the overall internal control environment. These actions are intended to ensure that internal controls are properly designed, effectively implemented, and reliably operated. The remedial actions include, but are not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Enhancing the design, implementation, and execution of existing control activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Developing new internal controls as needed to mitigate risks identified by management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Enhancing internal controls documentation, including the retention of adequate documentary evidence to demonstrate precision in review procedures and the effective operation of management review controls;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Expanding and formalizing entity-level controls and policies to respond to evolving risks, ensure proper communication and information flow, and promote accountability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Developing and deploying document retention protocols aligned with internal control requirements, with implementation initiated in the first quarter of fiscal year 2026;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Providing training and ongoing education to control owners on the principles of the COSO Internal Control – Integrated Framework (2013), and reinforcing a culture of compliance and accountability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Hiring and retaining qualified personnel and external resources to support enhanced control ownership, including the appointment of a dedicated Director of Internal Controls and Internal Controls Manager.

**Changes in Internal Controls over Financial Reporting** 

Other than with respect to the remediation efforts in connection with the material weaknesses described above, there have been no changes in our internal control over financial reporting during the quarter ended August 31, 2025 that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

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**Limitations on Effectiveness of Controls and Procedures**

Our disclosure controls and procedures are designed to provide reasonable assurance of achieving their objectives, as specified above. Management recognizes that any control system, no matter how well designed and operated, is based upon certain judgments and assumptions, and cannot provide absolute assurance that our objectives will be met. Management continues to refine and assess our overall control environment.

**PART II – OTHER INFORMATION** 

**Item 1. Legal Proceedings** 

For a description of our material pending legal proceedings, see Note 9. "Commitments and Contingencies" of the Notes to interim condensed consolidated financial statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q, which is incorporated by reference.

**Item 1A. Risk Factors** 

This Form 10-Q should be read in conjunction with Part I Item 1A "Risk Factors" in our Annual Report on Form 10- K for the year ended May 31, 2025. There have been no material changes in the risk factors described in our Annual Report on Form 10-K for the year ended May 31, 2025.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

On August 15, 2025, we made the following grants of equity to Mikhael Nassif, the CEO of the Company: (1) options to purchase up to 473,352 shares of our common stock (with four-year ratable vesting), as part of his sign-on equity award, (2) 184,162 restricted stock units (with four-year ratable vesting), as part of his sign-on equity award, (3) options to purchase up to 1,065,042 shares of our common stock (with three-year ratable vesting), as part of his fiscal year 2026 long-term incentive award, and (4) 414,365 performance share units (which are earnable over a three-year performance period), as part of his fiscal year 2026 long-term incentive award. These equity awards were granted as inducement grants in connection with his appointment as CEO effective August 11, 2025, as described in the Form 8-K filed by us on July 24, 2025. All options were granted at an exercise price of $5.43, the closing price of our common stock as of the grant date. The PSUs are further described in the Form 8-K filed by us on August 21, 2025. All of these equity awards were made according to the exemption from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.

In October 2018, our Board of Directors authorized a program to purchase, subject to market conditions, up to 6,000,000 shares of our common stock. The program does not have any scheduled expiration date. As of August 31, 2025, a total of 5,900,000 shares of common stock remained available for repurchase under this program. The following is a summary of share repurchase activity during the fiscal quarter ended August 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Shares Purchased** | **Average Price Paid per Share** | **Shares Purchased as Part of Publicly Announced Plans or Programs** | **Maximum Number of Shares That May Yet Be Purchased Under the Plans or Programs** |
| June 2025 |  |  |  | 5900000 |
| July 2025 |  |  |  | 5900000 |
| August 2025 |  |  |  | 5900000 |
| Total |  |  |  | 5900000 |

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**Items 3 and 4 are not applicable or removed or reserved and have been omitted.** 

**Item 5. Other Information** 

During the quarterly period ended August 31, 2025, no director or officer (as defined in SEC Rule 16a-1(f)) of our Company adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement (as defined in Item 408 of Regulation S-K).

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I**tem 6. Exhibits** 

(a) Exhibit Index

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1 | [<u>Form of Performance Share Unit Award Agreement between Neogen Corporation and certain executive officers</u>](neog-ex10_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2 | [<u>Restricted Stock Unit Award Agreement between Neogen Corporation and Mikhael Nassif dated August 15, 2025</u>](neog-ex10_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3 | [<u>Stock Option Award Agreement between Neogen Corporation and Mikhael Nassif dated August 15, 2025</u>](neog-ex10_3.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4 | [<u>Performance Share Unit Award Agreement between Neogen Corporation and Mikhael Nassif dated August 15, 2025</u>](neog-ex10_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5 | [<u>Stock Option Award Agreement between Neogen Corporation and Mikhael Nassif dated August 15, 2025</u>](neog-ex10_5.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6 | [<u>Offer Letter Agreement between Neogen Corporation and Mikhael Nassif dated June 30, 2025 (incorporated by reference to Exhibit 10.1 of the Form 8-K filed by the Company on July 24, 2025)</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/711377/000095017025098159/neog-20250724.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.1 | [<u>Certification of Principal Executive Officer</u>](neog-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.2 | [<u>Certification of Chief Financial Officer</u>](neog-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | [<u>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</u>](neog-ex32.htm) |
| &nbsp;&nbsp;101.INS | Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File as its XBRL tags are<br>embedded within the Inline XBRL document |
| &nbsp;&nbsp;101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| &nbsp;&nbsp;101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| &nbsp;&nbsp;101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| &nbsp;&nbsp;101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| &nbsp;&nbsp;101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| &nbsp;&nbsp;104 | Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

NEOGEN CORPORATION <br> *(Registrant)*

Dated: October 9, 2025

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| |
|:---|
| /s/ Mikhael Nassif |
| Mikhael Nassif |
| President & Chief Executive Officer |
| (Principal Executive Officer) |

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Dated: October 9, 2025

---

| |
|:---|
| /s/ David H. Naemura |
| David H. Naemura |
| Chief Financial & Operating Officer |
| (Chief Financial Officer) |

---

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## Exhibit 10.1

**NEOGEN CORPORATION**

**2023 OMNIBUS INCENTIVE PLAN**

**PERFORMANCE SHARE UNIT AWARD AGREEMENT**

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**Participant Name: [●]** 

**Grant Date: [●]** 

**Target PSUs Granted: [●]**

**Performance Period: June 1, 2025 – May 31, 2028**

THIS AWARD AGREEMENT, dated as of the Grant Date set forth above, is entered into by and between Neogen Corporation, a Michigan corporation (the "Company"), and the Participant set forth above. Capitalized terms have the meaning defined herein or as defined in the Plan, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Incorporation of Plan</u>. This incentive award ("Award") is granted pursuant to and subject to all of the terms and conditions of the Neogen Corporation 2023 Omnibus Incentive Plan (effective October 25, 2023), as may be amended from time to time (the "Plan"), the provisions of which are incorporated in full by reference into this Award Agreement, which means that this Award Agreement is limited by and subject to the express terms of the Plan. A copy of the Plan is on file in the office of the Company. If there is any conflict between the provisions of this Award Agreement and the Plan, the Plan will control.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Target Performance Share Unit Award</u>. The Company hereby grants the Participant an Award of the number of Target Performance Share Units set forth above. Each Performance Share Unit ("PSU") represents the right to receive, upon the satisfaction of the conditions set forth in this Award Agreement and the Plan, including any required tax withholding obligation, one share of common stock, par value $0.16, of the Company ("Shares").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Determination of Actual Performance Share Units</u>. The Performance Period with respect to the Award shall be as set forth above, subject to Section 5 below. Within 90 days after the end of the Performance Period, the Committee will determine the Earnout Percentage applicable to the Award. The "Actual Performance Share Units" earned shall equal (a) the number of Target Performance Share Units awarded, multiplied by (b) the Earnout Percentage for the Performance Period, as determined under this Section 3. The "Earnout Percentage" shall be based on the Company's actual performance over the Performance Period relative to the targets specified by the Committee and set forth in the Appendix to this Award Agreement. Threshold performance shall result in an award of Actual Performance Share Units equal to 50% of the Target Performance Share Units; target performance shall result in an award of Actual Performance Share Units equal to 100% of the Target Performance Share Units; and maximum performance shall result in an award of Actual Performance Share Units equal to 200% of the Target Performance Share Units. Performance between threshold performance and target performance and performance between target performance and maximum performance shall result in an award of Actual Performance Share Units determined based on straight line interpolation between the respective two performance levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Shareholder Return Modifier</u>. The Actual Performance Share Units earned under Section 3 shall be further subject to a modifier based on the Company's Total Shareholder Return ("TSR") compared to the TSR of the peer group (or relative TSR (rTSR)) specified in the Appendix to this Award Agreement (the "Peer Group"). If the Company's rTSR performance percentile rank is greater than or equal to the 75<sup>th</sup> percentile of the Peer Group, the Actual Performance Share Units earned shall be increased by

------

20%. If the Company's rTSR performance percentile rank is less than the 25<sup>th</sup> percentile of the Peer Group, the Actual Performance Share Units earned shall be decreased by 20%. There shall be no modification to the Actual Performance Share Units earned if the Company's rTSR performance percentile rank is at least equal to the 25<sup>th</sup> percentile but less than the 75<sup>th</sup> percentile of the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Change in Control</u>. If a Change in Control occurs, the Performance Period will end (the "Adjusted Performance Period") on the effective date of the Change in Control, and the Committee will determine the Earnout Percentage for the Adjusted Performance Period using prorated targets, based on the percentage of the initial Performance Period that was completed as of the end of the Adjusted Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Termination of Service</u>. Except as otherwise expressly provided in this Award Agreement or in a severance agreement between the Company and the Participant, if the Participant's employment or service with the Company is terminated before the termination of the Performance Period, the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Generally.* If the Participant's employment or service with the Company terminates prior to the end of the Performance Period for any reason other than death, Disability, or Retirement, the Participant's rights to all of the Target Performance Share Units granted under this Award Agreement will be terminated upon such termination of employment, the Participant shall earn no Actual Performance Share Units, and the Shares underlying such PSU shall revert to the Plan and become available for future Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Termination Due to Retirement.* Provided that the Participant provides a minimum of six (6) months' prior notice of their intent to retire, and the Participant's employment is terminated due to Participant's Retirement, as defined in the Plan, the Participant's Actual Performance Share Units shall be calculated according to Sections 3 and 4 above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*Termination Upon Death or Disability*. If the Participant's employment or service is terminated due to the Participant's death or Disability, then to the extent and only to the extent that the Performance Period was scheduled to terminate within one year of the date of the Participant's termination of employment or service due to death or Disability, then the Participant's Actual Performance Share Units shall be calculated according to Sections 3 and 4 above. In all other cases, the Participant's rights to all of the Target Performance Share Units granted under this Award Agreement will be terminated upon such termination of employment, the Participant shall earn no Actual Performance Share Units, and the Shares underlying such PSU shall revert to the Plan and become available for future Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Issuance of Shares</u>. As soon as practicable after the applicable Performance Period terminates, the Company, via the equity compensation management platform used by the Company at the applicable time, will issue Shares to the Participant, based on the Actual Performance Share Units earned, upon satisfaction of any required tax withholding obligation. No fractional Shares will be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Rights of Participant</u>. This Award does not entitle the Participant to any ownership interest in any actual Shares unless and until such Shares are issued to the Participant pursuant to the terms of the Plan and this Award Agreement. Since no property is transferred until the Shares are issued, the Participant acknowledges and agrees that the Participant cannot and will not attempt to make an election under Section 83(b) of the Code to include the fair market value of the PSUs in the Participant's gross income for the taxable year of the grant of the Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Registration</u>. The Company currently has an effective registration statement on file with the Securities and Exchange Commission with respect to the Shares subject to this Award. The Company intends to maintain this registration but has no obligation to do so. If the registration ceases to be effective, the Participant will not be able to transfer or sell Shares issued pursuant to this Award unless exemptions from registration under applicable securities laws are available. The Participant agrees that any resale by him or her of the Shares issued pursuant to this Award will comply in all respects with the requirements of all applicable securities laws, rules, and regulations. The Company will not be obligated to either issue the Shares or permit the resale of any Shares if such issuance or resale would violate any such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>No Right to Continued Service</u>. The adoption and maintenance of the Plan and the grant of the Award to the Participant under this Award Agreement shall not be deemed to constitute a contract of employment between the Company and the Participant.

IN WITNESS WHEREOF, the undersigned has caused this Award Agreement to be executed as of the Grant Date.

NEOGEN CORPORATION

By:

Its:

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**APPENDIX**

1. **Performance Measures.**

![img192722933_0.jpg](img192722933_0.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Revenue (CAGR)</u>:** Revenue is defined as total Neogen sales excluding (1) the impact of foreign currency, (2) the first 12 months of acquisitions, and (3) discontinued product lines. Revenue Compound Annual Growth Rate (CAGR) is defined as the average annual growth rate of Neogen's revenue over the Performance Period, assuming the revenue grows at a steady rate and compounds annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Adjusted EBITDA Margin Expansion</u>:** Adjusted EBITDA, as reported externally by Neogen, is defined as net income before interest, income taxes, depreciation, and amortization expense, adjusted to exclude share-based compensation and certain items approved by the Board, or a Board committee, that impact comparison of the performance of Neogen's business, either period-over-period or with other businesses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA margin expansion is defined as the increase in margin over time. For the target, margin expansion is the increase in the 3<sup>rd</sup> year of the Performance Period over the fiscal year immediately preceding the Performance Period. BPS (basis points) is a unit of measurement to describe percentage changes. 100 bps = 1%, 50 bps = .50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Free Cash Flow Conversion</u>**: Free Cash Flow (FCF) is defined as Net Cash provided by (used in) Operating Activities, as reported in Neogen's Statement of Cash Flows in Forms 10-Q/10-K, less purchases of capital items. FCF Conversion is a liquidity ratio that measures how effectively Neogen transforms its operating profits into FCF over a given period. FCF conversion is defined as FCF as a percentage of adjusted EBITDA (as reported externally). This metric will be calculated based solely on FCF conversion in the 3<sup>rd</sup> year of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Relative Total Shareholder Return (rTSR):</u>** rTSR measures Neogen's Total Shareholder Return (TSR), which includes stock price appreciation and dividends (if applicable), relative to a benchmark group of peer companies. Neogen's TSR will be ranked against the defined Peer Group over the same three-year performance period.

2. **Peer Group.** The Peer Group shall consist of all companies in the S&P 600 Healthcare Equipment and Services. The Committee may decide to adjust, in its sole discretion, the Peer Group at any time during the Performance Period to reflect the occurrence of certain extraordinary events. The Committee will generally make the determination to adjust (or not adjust) the Peer Group in accordance with the following guidelines but reserves the right to make adjustments in addition to, or that conflict with, such guidelines if it determines such adjustments are equitable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Peer Group company becomes bankrupt, the bankrupt company will remain in the Peer Group and will be positioned at one level below the lowest performing non-bankrupt Peer Group company. In the case of multiple bankruptcies, the bankrupt companies will be positioned below the non-bankrupt companies in reverse chronological order by bankruptcy date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.If a Peer Group company is acquired by another company, the acquired company will be removed from the Peer Group for the entire Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If a Peer Group company sells, spins-off, or disposes of a portion of its business, the selling Peer Group company will remain in the Peer Group for the entire Performance Period unless such disposition(s) results in the disposition of more than 50% of the company's total assets during the Performance Period, in which case the Peer Group company shall be removed from the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.If a Peer Group company acquires another company, the acquiring Peer Group company will remain in the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.If the price of a Peer Company's common stock (or its equivalent) is not available on a consistent, reliable basis due to delisting on all major stock exchanges and over-the-counter markets, such delisted Peer Group company will be removed from the Peer Group for the entire Performance Period; provided, however, that if the company becomes bankrupt prior to the end of the Performance Period, it shall be treated as in (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.If the Company's and/or any Peer Group company's stock splits, then the Committee shall adjust such company's performance in a manner that it deems equitable so as not to give an advantage or disadvantage to such Peer Group company by comparison to the other Peer Group companies.

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## Exhibit 10.2

**NEOGEN CORPORATION**

**RESTRICTED STOCK UNIT AWARD AGREEMENT**

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**Executive Name: Mikhael Nassif**

**Grant Date: August 15, 2025**

**RSUs Granted: [●]**<sup>1</sup>

THIS RESTRICTED STOCK UNIT AWARD AGREEMENT (the "Agreement"), dated as of the "Grant Date" set forth above, is entered into by and between Neogen Corporation, a Michigan corporation (the "Company"), and Mikhael Nassif (the "Executive"). Capitalized terms have the meanings set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>RSU Award</u>. The Company hereby grants the Executive an award (the "Award") of the number of restricted stock units ("RSUs") set forth above. Each RSU represents the right to receive, upon vesting and the satisfaction of any required tax withholding obligation, one share of common stock, par value $0.16, of the Company ("Shares").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Period of Restriction</u>. The "Period of Restriction" shall terminate as to 25% of the RSUs on the one (1) year anniversary of the Grant Date, as to 50% of the RSUs on the two (2) year anniversary of the Grant Date, as to 75% of the RSUs on the three (3) year anniversary of the Grant Date, and as to 100% of the RSUs on the four (4) year anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Termination of Service.</u> Except as otherwise expressly provided in this Agreement or in a severance agreement between the Company and the Executive, if the Executive's service with the Company is terminated before the termination of the Period of Restriction of a RSU, the following terms apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Generally.* Except as set forth in subparagraph (ii) below, any RSU as to which the Period of Restriction has not terminated as of the Executive's termination of service shall terminate, and the Executive shall forfeit all rights with respect to such unvested RSUs as of the date of termination of service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Termination upon Death or Disability*. If the Executive's service is terminated due to the Executive's death or Disability, then to the extent and only to the extent that the Period of Restriction as to any installment of RSUs was scheduled to terminate within one year of the date of the Executive's termination of service due to death or Disability, then such Period of Restriction shall terminate as of the date of termination service due to death or Disability. For purposes of this Agreement, "Disability" shall have the meaning assigned to it in the Neogen Corporation 2023 Omnibus Incentive Plan, as may be amended from time to time (the "Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Issuance of Shares</u>. As soon as practicable after the applicable Period of Restriction terminates, the Company, via the equity compensation management platform used by the Company at the applicable time, will issue the Shares to the Executive upon satisfaction of any required tax withholding obligation. No fractional Shares will be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Change in Control</u>. In the event of a Change in Control or immediately prior to a Change in Control of the Company, if the outstanding RSUs awarded pursuant to this Agreement are not assumed

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<sup>1</sup> **Note to Draft:** RSUs awarded should have a current fair market value of $1,000,000.

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by the surviving entity or otherwise equitably converted or substituted in connection with the Change in Control in a manner approved by the Committee or the Company's Board of Directors, the Committee, in its sole discretion, may take such actions as it deems appropriate to provide for the acceleration of the vesting in connection with such Change in Control of any or all of the outstanding RSUs pursuant to this Agreement upon such conditions and to such extent as the Committee shall determine. For purposes of this Agreement, "Change in Control" shall have the meaning assigned to it in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Taxation</u>. The Executive is responsible for payment of all taxes on the Award. To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with the Award, it shall be a condition to the receipt of such payment or the realization of such benefit that the Executive make arrangements satisfactory to the Company for payment of all such taxes required to be withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Transferability</u>. The RSUs granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the termination of the applicable Period of Restriction. All rights with respect to the RSUs granted to the Executive shall be exercisable during his lifetime only by the Executive or his guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Rights of Executive</u>. This Award of RSUs does not entitle the Executive to any rights as a shareholder of the Company. This Award does not entitle the Executive to any ownership interest in any actual Shares unless and until such Shares are issued to the Executive. Since no property is transferred until the Shares are issued, the Executive acknowledges and agrees that the Executive cannot and will not attempt to make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, to include the fair market value of the RSUs in the Executive's gross income for the taxable year of the grant of the Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Discretion of Committee</u>. The Compensation and Talent Management Committee of the Board, or any other committee of the Board to the extent designated by resolution of the Board (the "Committee") shall have the power and authority to administer this Award in its sole discretion, subject to the terms of this Agreement. The Committee shall have the discretion to amend the terms of this Agreement, provided that the consent of the Executive must be obtained with respect to any amendment that would be detrimental to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>No Registration; Restricted Securities</u>. The Company has not registered the Shares subject to this Award pursuant to any federal or state securities law and has no obligation to do so. As a result, all Shares issued to the Executive pursuant to this Award will be "restricted securities" pursuant to SEC Rule 144, and the Executive will not be able to transfer or sell Shares issued pursuant to this Award unless exemptions from registration under applicable securities laws are available. The Executive agrees that any resale by him of the Shares issued pursuant to this Award will comply in all respects with the requirements of all applicable securities laws, rules, and regulations. The Company will not be obligated to either issue the Shares or permit the resale of any Shares if such issuance or resale would violate any such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Requirements of Law</u>. The grant of the Award shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies as may be required. No Shares shall be issued or transferred pursuant to this Agreement unless and until all legal requirements applicable to such issuance or transfer have, in the opinion of counsel to the Company, been complied with. In connection with any such issuance or transfer, the person acquiring the Shares shall, if requested by the Company, give assurances satisfactory to counsel to the Company in respect to such matters as the Company may deem desirable to assure compliance with all applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>No Right to Continued Employment</u>. The grant of the Award to the Executive under this Agreement shall not be deemed to constitute a contract of employment between the Company and the Executive.

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IN WITNESS WHEREOF, the undersigned has caused this Restricted Stock Unit Award Agreement to be executed as of the Grant Date.

NEOGEN CORPORATION

By:

Its:

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## Exhibit 10.3

**NEOGEN CORPORATION**

**STOCK OPTION AWARD AGREEMENT**

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**Executive Name: Mikhael Nassif**

**Grant Date: August 15, 2025**

**Option Granted to Purchase: [●] Shares**<sup>1</sup>

**Option Price: $[●] per Share**<sup>2</sup>

THIS STOCK OPTION AWARD AGREEMENT (the "Agreement"), dated as of the Grant Date set forth above, is entered into by and between Neogen Corporation, a Michigan corporation (the "Company"), and Mikhael Nassif (the "Executive"). Capitalized terms have the meanings set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Award of Option</u>. The Company hereby grants the Executive options ("Options") to purchase the number of shares of common stock, par value $0.16, of the Company ("Shares") set forth above at an "Option Price" per Share as set forth above. The Option will expire on the ten (10) year anniversary of the "Grant Date" set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting and Exercisability</u>. Subject to the terms contained in this Agreement, the Options shall vest and the Executive may exercise the Options in accordance with the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Prior to the one (1) year anniversary of the Grant Date, the Executive may not purchase any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Beginning on the one (1) year anniversary of the Grant Date, the Executive may purchase up to one-third of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Beginning on the two (2) year anniversary of the Grant Date, the Executive may purchase up to two-thirds of the Shares, including Shares previously purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Beginning on the three (3) year anniversary of the Grant Date, the Executive may purchase up to 100% of the Shares, including Shares previously purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Exercise of Option</u>. In order to exercise an Option, the Executive must use the equity compensation management platform, which, if applicable, includes a mechanism for payment to exercise the Options at the Option Price; provided that, subject to applicable law, including any restrictions or limitations deemed necessary by the Company to comply with applicable securities or other laws, the Executive may satisfy such aggregate Option Price by one or more of the following methods: (i) a reduction in Shares issuable upon exercise which have a value at the time of exercise that is equal to the aggregate Option Price, (ii) delivery of irrevocable instructions to a stockbroker to sell immediately some or all of the Shares acquired by exercise of the Option and to promptly deliver to the Company an amount of the sale proceeds sufficient to pay the aggregate Option Price, (iii) delivery of previously owned Shares having a

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<sup>1</sup> **Note to Draft:** Stock options should be awarded with respect to shares that have a current fair market value of $1,000,000.

<sup>2</sup> **Note to Draft:** The Option Price shall be not less than 100% of the Fair Market Value of the Stock on the Grant Date.

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Fair Market Value on the date of exercise equal to the aggregate Option Price, or (iv) any other form that is consistent with, or permitted by, applicable laws, regulations and rules. For purposes of this Agreement, "Fair Market Value" shall have the meaning assigned to it in the Neogen Corporation 2023 Omnibus Incentive Plan, as may be amended from time to time (the "Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Termination of Service</u>. Except as otherwise expressly provided in this Agreement or in a severance agreement between the Company and the Executive, if the Executive's service with the Company is terminated before all Options have been exercised, the following terms apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Termination upon Death or Disability*. If the Executive's service is terminated due to the Executive's death or Disability, the Executive (or the Executive's beneficiary) may exercise the vested portion of the Option for up to one year after the date of the Executive's termination of service, but in no event later than the expiration of this Option. For purposes of this Agreement, "Disability" shall have the meaning assigned to it in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Termination for Cause*. If the Executive's termination of service is terminated for Cause, any outstanding Option (whether vested or unvested) will immediately expire and be forfeited upon such termination. For purposes of this Agreement, "Cause" shall have the meaning assigned to it in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*Other Terminations.* Upon any other termination of service other than for the reasons set forth in subsections (ii) or (iii) above, the Executive may exercise the vested portion of the Option for up to 90 days after the date of the Executive's termination of service, but in no event later than the date of expiration of this Option. Any Option not exercisable at the time of the Executive's termination of service shall terminate and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Change in Control</u>. In the event of a Change in Control or immediately prior to a Change in Control of the Company, if the remaining Options pursuant to this Agreement are not assumed by the surviving entity or otherwise equitably converted or substituted in connection with the Change in Control in a manner approved by the Committee or the Company's Board of Directors, the Committee, in its sole discretion, may take such actions as it deems appropriate to provide for the acceleration of the exercisability and vesting in connection with such Change in Control of any or all of the remaining Options pursuant to this Agreement upon such conditions and to such extent as the Committee shall determine. For purposes of this Agreement, "Change in Control" shall have the meaning assigned to it in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Taxation</u>. The Executive is responsible for payment of all taxes on the award of Options represented by this Agreement. To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with the Options or the Executive's exercise of any Options, it shall be a condition to the receipt of such payment or the realization of such benefit that the Executive make arrangements satisfactory to the Company for payment of all such taxes required to be withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Nontransferability of Options</u>. The Options are nontransferable by the Executive other than by will or the laws of descent and distribution, and, during the lifetime of the Executive, the Option may be exercised only by the Executive or by the Executive's guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Rights of Executive</u>. The Option does not entitle the Executive to any rights as a shareholder of the Company, or to any ownership interest in any actual Shares, unless and until such Shares are issued to the Executive pursuant to the terms of this Agreement.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Discretion of Committee</u>. The Compensation and Talent Management Committee of the Board, or any other committee of the Board to the extent designated by resolution of the Board (the "Committee") shall have the power and authority to administer this Agreement in its sole discretion, subject to the terms of this Agreement. The Committee shall have the discretion to amend the terms of this Agreement, provided that the consent of the Executive must be obtained with respect to any amendment that would be detrimental to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>No Registration; Restricted Securities</u>. The Company has not registered the Shares subject to this Award pursuant to any federal or state securities law and has no obligation to do so. As a result, all Shares issued to the Executive upon exercise of an Option will be "restricted securities" pursuant to SEC Rule 144, and the Executive will not be able to transfer or sell Shares issued pursuant to this Award unless exemptions from registration under applicable securities laws are available. The Executive agrees that any resale by him of the Shares issued upon exercise of an Option will comply in all respects with the requirements of all applicable securities laws, rules, and regulations. The Company will not be obligated to either issue the Shares or permit the resale of any Shares if such issuance or resale would violate any such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Requirements of Law</u>. The grant of the Option shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies as may be required. No Shares shall be issued or transferred upon exercise of the Option unless and until all legal requirements applicable to such issuance or transfer have, in the opinion of counsel to the Company, been complied with. In connection with any such issuance or transfer, the person acquiring the Shares shall, if requested by the Company, give assurances satisfactory to counsel to the Company in respect to such matters as the Company may deem desirable to assure compliance with all applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>No Right to Continued Employment</u>. The grant of the Option to the Executive under this Agreement shall not be deemed to constitute a contract of employment between the Company and the Executive.

IN WITNESS WHEREOF, the undersigned has caused this Stock Option Award Agreement to be executed as of the Grant Date.

NEOGEN CORPORATION

By:

Its:

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## Exhibit 10.4

**NEOGEN CORPORATION**

**PERFORMANCE SHARE UNIT AWARD AGREEMENT**

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**Executive Name: Mikhael Nassif**

**Grant Date: August 15, 2025**

**Target PSUs Granted: [●]**

**Performance Period: June 1, 2025 – May 31, 2028**

THIS PERFORMANCE SHARE UNIT AWARD AGREEMENT (the "Agreement"), dated as of the Grant Date set forth above, is entered into by and between Neogen Corporation, a Michigan corporation (the "Company"), and Mikhael Nassif (the "Executive"). Capitalized terms have the meanings set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Target Performance Share Unit Award</u>. The Company hereby grants the Executive an Award (the "Award") of the number of Target Performance Share Units set forth above. Each Performance Share Unit ("PSU") represents the right to receive, upon the satisfaction of the conditions set forth in this Award Agreement, including any required tax withholding obligation, one share of common stock, par value $0.16, of the Company ("Shares").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Determination of Actual Performance Share Units</u>. The Performance Period with respect to the Award shall be as set forth above, subject to Section 4 below. Within 90 days after the end of the Performance Period, the Compensation and Talent Management Committee of the Board, or any other committee of the Board to the extent designated by resolution of the Board (the "Committee"), will determine the Earnout Percentage applicable to the Award. The "Actual Performance Share Units" earned shall equal (a) the number of Target Performance Share Units awarded, multiplied by (b) the Earnout Percentage for the Performance Period, as determined under this Section 2. The "Earnout Percentage" shall be based on the Company's actual performance over the Performance Period relative to the targets specified by the Committee and set forth in the Appendix to this Award Agreement. Threshold performance shall result in an award of Actual Performance Share Units equal to 50% of the Target Performance Share Units; target performance shall result in an award of Actual Performance Share Units equal to 100% of the Target Performance Share Units; and maximum performance shall result in an award of Actual Performance Share Units equal to 200% of the Target Performance Share Units. Performance between threshold performance and target performance and performance between target performance and maximum performance shall result in an award of Actual Performance Share Units determined based on straight line interpolation between the respective two performance levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Shareholder Return Modifier</u>. The Actual Performance Share Units earned under Section 2 shall be further subject to a modifier based on the Company's Total Shareholder Return ("TSR") compared to the TSR of the peer group (or relative TSR (rTSR)) specified in the Appendix to this Award Agreement (the "Peer Group"). If the Company's rTSR performance percentile rank is greater than or equal to the 75<sup>th</sup> percentile of the Peer Group, the Actual Performance Share Units earned shall be increased by 20%. If the Company's rTSR performance percentile rank is less than the 25<sup>th</sup> percentile of the Peer Group, the Actual Performance Share Units earned shall be decreased by 20%. There shall be no modification to the Actual Performance Share Units earned if the Company's rTSR performance percentile rank is at least equal to the 25<sup>th</sup> percentile but less than the 75<sup>th</sup> percentile of the Peer Group.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Change in Control</u>. If a Change in Control occurs, the Performance Period will end (the "Adjusted Performance Period") on the effective date of the Change in Control, and the Committee will determine the Earnout Percentage for the Adjusted Performance Period using prorated targets, based on the percentage of the initial Performance Period that was completed as of the end of the Adjusted Performance Period. For purposes of this Agreement, "Change in Control" shall have the meaning assigned to it in the Neogen Corporation 2023 Omnibus Incentive Plan, as may be amended from time to time (the "Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Termination of Service</u>. Except as otherwise expressly provided in this Agreement or in a severance agreement between the Company and the Executive, if the Executive's employment or service with the Company is terminated before the termination of the Performance Period, the following rules shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Generally.* If the Executive's employment or service with the Company terminates prior to the end of the Performance Period for any reason other than death or Disability, the Executive's rights to all of the Target Performance Share Units granted under this Agreement will be terminated upon such termination of employment, and the Executive shall earn no Actual Performance Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Termination upon Death or Disability*. If the Executive's employment or service is terminated due to the Executive's death or Disability, then to the extent and only to the extent that the Performance Period was scheduled to terminate within one year of the date of the Executive's termination of employment or service due to death or Disability, then the Executive's Actual Performance Share Units shall be calculated according to Sections 2 and 3 above. In all other cases, the Executive's rights to all of the Target Performance Share Units granted under this Agreement will be terminated upon such termination of employment, and the Executive shall earn no Actual Performance Share Units. For purposes of this Agreement, "Disability" shall have the meaning assigned to it in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Issuance of Shares</u>. As soon as practicable after the applicable Performance Period terminates, the Company, via the equity compensation management platform used by the Company at the applicable time, will issue Shares to the Executive, based on the Actual Performance Share Units earned, upon satisfaction of any required tax withholding obligation. No fractional Shares will be issued.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Taxation</u>. The Executive is responsible for payment of all taxes on the Award. To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with the Award, it shall be a condition to the receipt of such payment or the realization of such benefit that the Executive make arrangements satisfactory to the Company for payment of all such taxes required to be withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Transferability</u>. The PSUs granted hereunder may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated. All rights with respect to the PSUs granted to the Executive shall be exercisable during his lifetime only by such Executive or his guardian or legal representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Rights of Executive</u>. This Award does not entitle the Executive to any rights as a shareholder of the Company. This Award does not entitle the Executive to any ownership interest in any actual Shares unless and until such Shares are issued to the Executive. Since no property is transferred until the Shares are issued, the Executive acknowledges and agrees that the Executive cannot and will not attempt to make an election under Section 83(b) of the Internal Revenue Code of 1986, as amended, to include the fair market value of the PSUs in the Executive's gross income for the taxable year of the grant of the Award.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>Discretion of Committee</u>. The Committee shall have the power and authority to administer this Award in its sole discretion, subject to the terms of this Agreement. The Committee shall have the discretion to amend the terms of this Award, provides that the consent of the Executive must be obtained with respect to any amendment that would be detrimental to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>No Registration; Restricted Securities</u>. The Company has not registered the Shares subject to this Award pursuant to any federal or state securities law and has no obligation to do so. As a result, any and all Shares issued to the Executive upon settlement of this Award will be "restricted securities" pursuant to SEC Rule 144, and the Executive will not be able to transfer or sell Shares issued pursuant to this Agreement unless exemptions from registration under applicable securities laws are available. The Executive agrees that any resale by him of any Shares issued upon settlement of this Award will comply in all respects with the requirements of all applicable securities laws, rules, and regulations. The Company will not be obligated to either issue the Shares or permit the resale of any Shares if such issuance or resale would violate any such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>Requirements of Law</u>. The grant of the Award shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies as may be required. No Shares shall be issued or transferred pursuant to this Agreement unless and until all legal requirements applicable to such issuance or transfer have, in the opinion of counsel to the Company, been complied with. In connection with any such issuance or transfer, the person acquiring the Shares shall, if requested by the Company, give assurances satisfactory to counsel to the Company in respect to such matters as the Company may deem desirable to assure compliance with all applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.<u>No Right to Continued Employment</u>. The grant of the Award to the Executive under this Agreement shall not be deemed to constitute a contract of employment between the Company and the Executive.

IN WITNESS WHEREOF, the undersigned has caused this Performance Share Unit Award Agreement to be executed as of the Grant Date.

NEOGEN CORPORATION

By:

Its:

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**APPENDIX**

1. **Performance Measures.**

![img195493496_0.jpg](img195493496_0.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a. <u>Revenue (CAGR)</u>:** Revenue is defined as total Neogen sales excluding (1) the impact of foreign currency, (2) the first 12 months of acquisitions, and (3) discontinued product lines. Revenue Compound Annual Growth Rate (CAGR) is defined as the average annual growth rate of Neogen's revenue over the Performance Period, assuming the revenue grows at a steady rate and compounds annually.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b. <u>Adjusted EBITDA Margin Expansion</u>:** Adjusted EBITDA, as reported externally by Neogen, is defined as net income before interest, income taxes, depreciation, and amortization expense, adjusted to exclude share-based compensation and certain items approved by the Board, or a Board committee, that impact comparison of the performance of Neogen's business, either period-over-period or with other businesses. Adjusted EBITDA margin is defined as Adjusted EBITDA as a percentage of total revenues. Adjusted EBITDA margin expansion is defined as the increase in margin over time. For the target, margin expansion is the increase in the 3<sup>rd</sup> year of the Performance Period over the fiscal year immediately preceding the Performance Period. BPS (basis points) is a unit of measurement to describe percentage changes. 100 bps = 1%, 50 bps = .50%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c. <u>Free Cash Flow Conversion</u>**: Free Cash Flow (FCF) is defined as Net Cash provided by (used in) Operating Activities, as reported in Neogen's Statement of Cash Flows in Forms 10-Q/10-K, less purchases of capital items. FCF Conversion is a liquidity ratio that measures how effectively Neogen transforms its operating profits into FCF over a given period. FCF conversion is defined as FCF as a percentage of adjusted EBITDA (as reported externally). This metric will be calculated based solely on FCF conversion in the 3<sup>rd</sup> year of the Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d. <u>Relative Total Shareholder Return (rTSR):</u>** rTSR measures Neogen's Total Shareholder Return (TSR), which includes stock price appreciation and dividends (if applicable), relative to a benchmark group of peer companies. Neogen's TSR will be ranked against the defined Peer Group over the same three-year performance period.

2. **Peer Group.** The Peer Group shall consist of all companies in the S&P 600 Healthcare Equipment and Services. The Committee may decide to adjust, in its sole discretion, the Peer Group at any time during the Performance Period to reflect the occurrence of certain extraordinary events. The Committee will generally make the determination to adjust (or not adjust) the Peer Group in accordance with the following guidelines but reserves the right to make adjustments in addition to, or that conflict with, such guidelines if it determines such adjustments are equitable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. If a Peer Group company becomes bankrupt, the bankrupt company will remain in the Peer Group and will be positioned at one level below the lowest performing non-bankrupt Peer Group company. In the case of multiple bankruptcies, the bankrupt companies will be positioned below the non-bankrupt companies in reverse chronological order by bankruptcy date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.If a Peer Group company is acquired by another company, the acquired company will be removed from the Peer Group for the entire Performance Period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.If a Peer Group company sells, spins-off, or disposes of a portion of its business, the selling Peer Group company will remain in the Peer Group for the entire Performance Period unless such disposition(s) results in the disposition of more than 50% of the company's total assets during the Performance Period, in which case the Peer Group company shall be removed from the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.If a Peer Group company acquires another company, the acquiring Peer Group company will remain in the Peer Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e.If the price of a Peer Company's common stock (or its equivalent) is not available on a consistent, reliable basis due to delisting on all major stock exchanges and over-the-counter markets, such delisted Peer Group company will be removed from the Peer Group for the entire Performance Period; provided, however, that if the company becomes bankrupt prior to the end of the Performance Period, it shall be treated as in (a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f.If the Company's and/or any Peer Group company's stock splits, then the Committee shall adjust such company's performance in a manner that it deems equitable so as not to give an advantage or disadvantage to such Peer Group company by comparison to the other Peer Group companies.

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## Exhibit 10.5

**NEOGEN CORPORATION**

**STOCK OPTION AWARD AGREEMENT**

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**Executive Name: Mikhael Nassif**

**Grant Date: August 15, 2025**

**Option Granted to Purchase: [●] Shares**<sup>1</sup>

**Option Price: $[●] per Share**<sup>2</sup>

THIS STOCK OPTION AWARD AGREEMENT (the "Agreement"), dated as of the Grant Date set forth above, is entered into by and between Neogen Corporation, a Michigan corporation (the "Company"), and Mikhael Nassif (the "Executive"). Capitalized terms have the meanings set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Award of Option</u>. The Company hereby grants the Executive options ("Options") to purchase the number of shares of common stock, par value $0.16, of the Company ("Shares") set forth above at an "Option Price" per Share as set forth above. The Option will expire on the ten (10) year anniversary of the "Grant Date" set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Vesting and Exercisability</u>. Subject to the terms contained in this Agreement, the Options shall vest and the Executive may exercise the Options in accordance with the following schedule:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Prior to the one (1) year anniversary of the Grant Date, the Executive may not purchase any Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Beginning on the one (1) year anniversary of the Grant Date, the Executive may purchase up to twenty-five percent (25%) of the Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Beginning on the two (2) year anniversary of the Grant Date, the Executive may purchase up to fifty percent (50%) of the Shares, including Shares previously purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Beginning on the three (3) year anniversary of the Grant Date, the Executive may purchase up to seventy-five percent (75%) of the Shares, including Shares previously purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)Beginning on the four (4) year anniversary of the Grant Date, the Executive may purchase up to 100% of the Shares, including Shares previously purchased.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Exercise of Option</u>. In order to exercise an Option, the Executive must use the equity compensation management platform, which, if applicable, includes a mechanism for payment to exercise the Options at the Option Price; provided that, subject to applicable law, including any restrictions or limitations deemed necessary by the Company to comply with applicable securities or other laws, the Executive may satisfy such aggregate Option Price by one or more of the following methods: (i) a reduction in Shares issuable upon exercise which have a value at the time of exercise that is equal to the aggregate

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<sup>1</sup> **Note to Draft:** Stock options should be awarded with respect to shares that have a current fair market value of $1,000,000.

<sup>2</sup> **Note to Draft:** The Option Price shall be not less than 100% of the Fair Market Value of the Stock on the Grant Date.

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Option Price, (ii) delivery of irrevocable instructions to a stockbroker to sell immediately some or all of the Shares acquired by exercise of the Option and to promptly deliver to the Company an amount of the sale proceeds sufficient to pay the aggregate Option Price, (iii) delivery of previously owned Shares having a Fair Market Value on the date of exercise equal to the aggregate Option Price, or (iv) any other form that is consistent with, or permitted by, applicable laws, regulations and rules. For purposes of this Agreement, "Fair Market Value" shall have the meaning assigned to it in the Neogen Corporation 2023 Omnibus Incentive Plan, as may be amended from time to time (the "Plan").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Termination of Service</u>. Except as otherwise expressly provided in this Agreement or in a severance agreement between the Company and the Executive, if the Executive's service with the Company is terminated before all Options have been exercised, the following terms apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)*Termination upon Death or Disability*. If the Executive's service is terminated due to the Executive's death or Disability, the Executive (or the Executive's beneficiary) may exercise the vested portion of the Option for up to one year after the date of the Executive's termination of service, but in no event later than the expiration of this Option. For purposes of this Agreement, "Disability" shall have the meaning assigned to it in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)*Termination for Cause*. If the Executive's termination of service is terminated for Cause, any outstanding Option (whether vested or unvested) will immediately expire and be forfeited upon such termination. For purposes of this Agreement, "Cause" shall have the meaning assigned to it in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)*Other Terminations.* Upon any other termination of service other than for the reasons set forth in subsections (ii) or (iii) above, the Executive may exercise the vested portion of the Option for up to 90 days after the date of the Executive's termination of service, but in no event later than the date of expiration of this Option. Any Option not exercisable at the time of the Executive's termination of service shall terminate and be forfeited.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Change in Control</u>. In the event of a Change in Control or immediately prior to a Change in Control of the Company, if the remaining Options pursuant to this Agreement are not assumed by the surviving entity or otherwise equitably converted or substituted in connection with the Change in Control in a manner approved by the Committee or the Company's Board of Directors, the Committee, in its sole discretion, may take such actions as it deems appropriate to provide for the acceleration of the exercisability and vesting in connection with such Change in Control of any or all of the remaining Options pursuant to this Agreement upon such conditions and to such extent as the Committee shall determine. For purposes of this Agreement, "Change in Control" shall have the meaning assigned to it in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.<u>Taxation</u>. The Executive is responsible for payment of all taxes on the award of Options represented by this Agreement. To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with the Options or the Executive's exercise of any Options, it shall be a condition to the receipt of such payment or the realization of such benefit that the Executive make arrangements satisfactory to the Company for payment of all such taxes required to be withheld.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.<u>Nontransferability of Options</u>. The Options are nontransferable by the Executive other than by will or the laws of descent and distribution, and, during the lifetime of the Executive, the Option may be exercised only by the Executive or by the Executive's guardian or legal representative.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.<u>Rights of Executive</u>. The Option does not entitle the Executive to any rights as a shareholder of the Company, or to any ownership interest in any actual Shares, unless and until such Shares are issued to the Executive pursuant to the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.<u>Discretion of Committee</u>. The Compensation and Talent Management Committee of the Board, or any other committee of the Board to the extent designated by resolution of the Board (the "Committee") shall have the power and authority to administer this Agreement in its sole discretion, subject to the terms of this Agreement. The Committee shall have the discretion to amend the terms of this Agreement, provided that the consent of the Executive must be obtained with respect to any amendment that would be detrimental to the Executive.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.<u>No Registration; Restricted Securities</u>. The Company has not registered the Shares subject to this Award pursuant to any federal or state securities law and has no obligation to do so. As a result, all Shares issued to the Executive upon exercise of an Option will be "restricted securities" pursuant to SEC Rule 144, and the Executive will not be able to transfer or sell Shares issued pursuant to this Award unless exemptions from registration under applicable securities laws are available. The Executive agrees that any resale by him of the Shares issued upon exercise of an Option will comply in all respects with the requirements of all applicable securities laws, rules, and regulations. The Company will not be obligated to either issue the Shares or permit the resale of any Shares if such issuance or resale would violate any such requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.<u>Requirements of Law</u>. The grant of the Option shall be subject to all applicable laws, rules, and regulations, and to such approvals by any governmental agencies as may be required. No Shares shall be issued or transferred upon exercise of the Option unless and until all legal requirements applicable to such issuance or transfer have, in the opinion of counsel to the Company, been complied with. In connection with any such issuance or transfer, the person acquiring the Shares shall, if requested by the Company, give assurances satisfactory to counsel to the Company in respect to such matters as the Company may deem desirable to assure compliance with all applicable legal requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.<u>No Right to Continued Employment</u>. The grant of the Option to the Executive under this Agreement shall not be deemed to constitute a contract of employment between the Company and the Executive.

IN WITNESS WHEREOF, the undersigned has caused this Stock Option Award Agreement to be executed as of the Grant Date.

NEOGEN CORPORATION

By:

Its:

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## Exhibit 31.1

**EXHIBIT 31.1** 

**13a. – CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER** 

**NEOGEN CORPORATION** 

**CEO CERTIFICATION** 

I, Mikhael Nassif, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended August 31, 2025 of Neogen Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant's auditors and the audit committee of registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: October 9, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Mikhael Nassif |
| &nbsp;&nbsp;&nbsp;&nbsp;Mikhael Nassif |
| &nbsp;&nbsp;&nbsp;&nbsp;President & Chief Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |

---

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## Exhibit 31.2

**EXHIBIT 31.2** 

**13a. – CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER** 

**NEOGEN CORPORATION**

**CFO CERTIFICATION** 

I, David H. Naemura, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the period ended August 31, 2025 of Neogen Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting to the registrant's auditors and the audit committee of registrant's board of directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Dated: October 9, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ David H. Naemura |
| &nbsp;&nbsp;&nbsp;&nbsp;David H. Naemura |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial & Operating Officer |
| (Principal Financial Officer) |

---

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## Ex-32

**EXHIBIT 32** 

**18 U.S.C. SECTION 1350 CERTIFICATION** 

**NEOGEN CORPORATION** 

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with this Quarterly Report on Form 10-Q of Neogen Corporation (the "Company") for the period ended August 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Mikhael Nassif, as President & Chief Executive Officer of the Company and I, David H. Naemura, as Chief Financial Officer, hereby certify pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)This Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)Information contained in this Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

Dated: October 9, 2025

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ Mikhael Nassif |
| &nbsp;&nbsp;&nbsp;&nbsp;Mikhael Nassif |
| &nbsp;&nbsp;&nbsp;&nbsp;President & Chief Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;(Principal Executive Officer) |
| &nbsp;&nbsp;&nbsp;&nbsp;/s/ David H. Naemura |
| &nbsp;&nbsp;&nbsp;&nbsp;David H. Naemura |
| &nbsp;&nbsp;&nbsp;&nbsp;Chief Financial & Operating Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;(Principal Financial Officer) |

---

This certification accompanies the Quarterly Report to which it relates, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of Neogen Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended (whether made before or after the date of the Quarterly Report), irrespective of any general incorporation language contained in such filing.

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