# EDGAR Filing Document

**Accession Number:** 0000836157
**File Stem:** 0000950170-23-000229
**Filing Date:** 2023-1
**Character Count:** 193397
**Document Hash:** 568f640940731f90da14ae86cb5ae133
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-23-000229.hdr.sgml**: 20230105

**ACCESSION NUMBER**: 0000950170-23-000229

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 74

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230105

**DATE AS OF CHANGE**: 20230105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LINDSAY CORP
- **CENTRAL INDEX KEY:** 0000836157
- **STANDARD INDUSTRIAL CLASSIFICATION:** FARM MACHINERY & EQUIPMENT [3523]
- **IRS NUMBER:** 470554096
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13419
- **FILM NUMBER:** 23511413

**BUSINESS ADDRESS:**
- **STREET 1:** 18135 BURKE STREET
- **STREET 2:** SUITE 100
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68022
- **BUSINESS PHONE:** 4028296800

**MAIL ADDRESS:**
- **STREET 1:** 18135 BURKE STREET
- **STREET 2:** SUITE 100
- **CITY:** OMAHA
- **STATE:** NE
- **ZIP:** 68022

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** LINDSAY MANUFACTURING CO
- **DATE OF NAME CHANGE:** 19920703

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

[**Table of Contents**](#index_form_10q)

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

------

**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** **November 30,** 2022

**OR**

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

**Commission File Number** 1-13419

------

Lindsay Corporation

(Exact name of registrant as specified in its charter)

------

---

| | |
|:---|:---|
| Delaware | 47-0554096 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 18135 Burke Street**,** Suite 100**,** Omaha**,** Nebraska | 68022 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

402**-**829-6800

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

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | |
|:---|:---|
| **Title of each class** | **Name of each exchange on which registered** |
| Common Stock, $1.00 par value<br> LNN | New York Stock Exchange, Inc. |

---

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 such 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, 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 | &nbsp;&nbsp;&nbsp;&nbsp;☒  | Accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☐  |
| Non-accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;☐  | 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 January 2, 2023, 11,006,852 shares of the registrant's common stock were outstanding.

------

[**Table of Contents**](#index_form_10q)

**Lindsay Corporation**

**INDEX FORM 10-Q**

---

| | |
|:---|:---|
|  | Page |
| [Part I – FINANCIAL INFORMATION](#part_i_financial_information) | 3 |
| [ITEM 1 – Financial Statements](#item_1_financial_statements) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Earnings for the three months ended November 30, 2022 and November 30, 2021](#condensed_consolidated_statements_earnin) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Comprehensive Income for the three months ended November 30, 2022 and November 30, 2021](#condensed_consolidated_statements_compre) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Balance Sheets as of November 30, 2022, November 30, 2021, and August 31, 2022](#condensed_consolidated_balance_sheets) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Shareholders' Equity for the three months ended November 30, 2022 and November 30, 2021](#condensed_consolidated_statements_shareh) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Statements of Cash Flows for the three months ended November 30, 2022 and November 30, 2021](#condensed_consolidated_statements_cash_f) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;[Notes to the Condensed Consolidated Financial Statements](#notes_to_condensed_consolidated_financia) | 8 |
| [ITEM 2 – Management's Discussion and Analysis of Financial Condition and Results of Operations](#item_2_managements_discussion_analysis) | 17 |
| [ITEM 3 – Quantitative and Qualitative Disclosures about Market Risk](#item_3_quantitative_qualitative_disclosu) | 23 |
| [ITEM 4 – Controls and Procedures](#item_4_controls_procedures) | 23 |
| [Part II – OTHER INFORMATION](#part_ii_or_information) | 24 |
| [ITEM 1 – Legal Proceedings](#item_1_legal_proceedings) | 24 |
| [ITEM 1A – Risk Factors](#item_1a_risk_factors) | 24 |
| [ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_unregistered_sales_equity_securit) | 24 |
| [ITEM 3 – Defaults Upon Senior Securities](#item_3_defaults_upon_senior_securities) | 24 |
| [ITEM 4 – Mine Safety Disclosures](#item_4_mine_safety_disclosures) | 24 |
| [ITEM 5 – Other Information](#item_5_or_information) | 24 |
| [ITEM 6 – Exhibits](#item_6_exhibits) | 25 |
| [SIGNATURES](#signatures) | 26 |

---

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[**Table of Contents**](#index_form_10q)

**Part I – FINANCIAL INFORMATION**

**ITEM 1 - Financial Statements**

**LINDSAY CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
| **($ and shares in thousands, except per share amounts)** | **November 30,<br>2022** | **November 30,<br>2021** |
| Operating revenues | $176159 | $166152 |
| Cost of operating revenues | 123139 | 128714 |
| Gross profit | 53020 | 37438 |
| Operating expenses: |  |  |
| Selling expense | 9677 | 7990 |
| General and administrative expense | 14437 | 12880 |
| Engineering and research expense | 4308 | 3207 |
| Total operating expenses | 28422 | 24077 |
| Operating income | 24598 | 13361 |
| Other income (expense): |  |  |
| Interest expense | (909) | (1163) |
| Interest income | 373 | 177 |
| Other expense, net | (57) | (2900) |
| Total other income (expense) | (593) | (3886) |
| Earnings before income taxes | 24005 | 9475 |
| Income tax expense | 5788 | 1574 |
| Net earnings | $18217 | $7901 |
| Earnings per share: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $1.66 | $0.72 |
| &nbsp;&nbsp;&nbsp;Diluted | $1.65 | $0.72 |
| Shares used in computing earnings per share: |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 10989 | 10927 |
| &nbsp;&nbsp;&nbsp;Diluted | 11073 | 11026 |
| Cash dividends declared per share | $0.34 | $0.33 |

---

See accompanying notes to condensed consolidated financial statements.

------

[**Table of Contents**](#index_form_10q)

**LINDSAY CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
| **($ in thousands)** | **November 30,<br>2022** | **November 30,<br>2021** |
| Net earnings | $18217 | $7901 |
| Other comprehensive loss: |  |  |
| &nbsp;&nbsp;&nbsp;Defined benefit pension plan adjustment, net of tax | 40 | 49 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustment, net of hedging activities and tax | (2186) | (3350) |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on marketable securities, net of tax | 1 | (57) |
| Total other comprehensive loss, net of tax (benefit) expense of $(469), and $2 respectively | (2145) | (3358) |
| Total comprehensive income | $16072 | $4543 |

---

See accompanying notes to condensed consolidated financial statements.

------

[**Table of Contents**](#index_form_10q)

**LINDSAY CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

---

| | | | |
|:---|:---|:---|:---|
| **($ and shares in thousands, except par values)** | **November 30,<br>2022** | **November 30,<br>2021** | **August 31,<br>2022** |
| ASSETS |  |  |  |
| Current assets: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $99168 | $84719 | $105048 |
| &nbsp;&nbsp;&nbsp;Marketable securities | 11424 | 30195 | 11460 |
| &nbsp;&nbsp;&nbsp;Receivables, net of allowance of $4,774, $3,398, and $4,118,<br> respectively | 157116 | 111959 | 138200 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 188404 | 173115 | 193776 |
| &nbsp;&nbsp;&nbsp;Other current assets, net | 25295 | 26345 | 28617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 481407 | 426333 | 477101 |
| Property, plant, and equipment: |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost | 243006 | 230268 | 240981 |
| &nbsp;&nbsp;&nbsp;Less accumulated depreciation | (149488) | (138629) | (146509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant, and equipment, net | 93518 | 91639 | 94472 |
| Intangibles, net | 17760 | 19827 | 18208 |
| Goodwill | 67295 | 67735 | 67130 |
| Operating lease right-of-use assets | 18477 | 17584 | 19181 |
| Deferred income tax assets | 8117 | 6157 | 9313 |
| Other noncurrent assets | 21722 | 20170 | 25248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $708296 | $649445 | $710653 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |
| Current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $58535 | $58908 | $60036 |
| &nbsp;&nbsp;&nbsp;Current portion of long-term debt | 223 | 219 | 222 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 89827 | 88655 | 100684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 148585 | 147782 | 160942 |
| Pension benefits liabilities | 4812 | 5660 | 4892 |
| Long-term debt | 115297 | 115471 | 115341 |
| Operating lease liabilities | 19161 | 17679 | 19810 |
| Deferred income tax liabilities | 693 | 798 | 1054 |
| Other noncurrent liabilities | 14960 | 20112 | 15256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 303508 | 307502 | 317295 |
| Shareholders' equity: |  |  |  |
| &nbsp;&nbsp;&nbsp;Preferred stock of $1 par value - authorized 2,000 shares; no shares issued and outstanding |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock of $1 par value - authorized 25,000 shares;<br> 19,090, 19,056, and 19,063 shares issued, respectively | 19090 | 19056 | 19063 |
| &nbsp;&nbsp;&nbsp;Capital in excess of stated value | 93079 | 89006 | 94006 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 593475 | 532410 | 579000 |
| &nbsp;&nbsp;&nbsp;Less treasury stock - at cost, 8,083 shares | (277238) | (277238) | (277238) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net | (23618) | (21291) | (21473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 404788 | 341943 | 393358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $708296 | $649445 | $710653 |

---

See accompanying notes to condensed consolidated financial statements.

------

[**Table of Contents**](#index_form_10q)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Lindsay Corporation and Subsidiaries** | **Lindsay Corporation and Subsidiaries** | **Lindsay Corporation and Subsidiaries** | **Lindsay Corporation and Subsidiaries** | **Lindsay Corporation and Subsidiaries** | **Lindsay Corporation and Subsidiaries** | **Lindsay Corporation and Subsidiaries** | **Lindsay Corporation and Subsidiaries** | **Lindsay Corporation and Subsidiaries** |
| **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** | **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** | **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** | **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** | **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** | **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** | **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** | **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** | **CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY** |
| **($ and shares in thousands, except per share amounts)** | **($ and shares in thousands, except per share amounts)** | **($ and shares in thousands, except per share amounts)** | **($ and shares in thousands, except per share amounts)** | **($ and shares in thousands, except per share amounts)** | **($ and shares in thousands, except per share amounts)** | **($ and shares in thousands, except per share amounts)** | **($ and shares in thousands, except per share amounts)** | **($ and shares in thousands, except per share amounts)** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Shares of<br>common<br>stock** | **Shares of<br>treasury<br>stock** | **Common<br>stock** | **Capital in<br>excess of<br>stated<br>value** | **Retained<br>earnings** | **Treasury<br>stock** | **Accumulated<br>other<br>comprehensive<br>loss,<br>net** | **Total<br>shareholders'<br>equity** |
| **Balance at August 31, 2021** | 18991 | 8083 | $18991 | $86495 | $528130 | $(277238) | $(17933) | $338445 |
| Comprehensive income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  |  | 7901 |  |  | 7901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss |  |  |  |  |  |  | (3358) | (3358) |
| Total comprehensive income |  |  |  |  |  |  |  | 4543 |
| Cash dividends ($.33) per share |  |  |  |  | (3621) |  |  | (3621) |
| Issuance of common shares under share compensation plans, net | 65 |  | 65 | 1289 |  |  |  | 1354 |
| Share-based compensation expense |  |  |  | 1222 |  |  |  | 1222 |
| **Balance at November 30, 2021** | 19056 | 8083 | $19056 | $89006 | $532410 | $(277238) | $(21291) | $341943 |
| **Balance at August 31, 2022** | 19063 | 8083 | $19063 | $94006 | $579000 | $(277238) | $(21473) | $393358 |
| Comprehensive income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net earnings |  |  |  |  | 18217 |  |  | 18217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other comprehensive loss |  |  |  |  |  |  | (2145) | (2145) |
| Total comprehensive income |  |  |  |  |  |  |  | 16072 |
| Cash dividends ($.34) per share |  |  |  |  | (3742) |  |  | (3742) |
| Issuance of common shares under share compensation plans, net | 27 |  | 27 | (2400) |  |  |  | (2373) |
| Share-based compensation expense |  |  |  | 1473 |  |  |  | 1473 |
| **Balance at November 30, 2022** | 19090 | 8083 | $19090 | $93079 | $593475 | $(277238) | $(23618) | $404788 |
| See accompanying notes to condensed consolidated financial statements. | See accompanying notes to condensed consolidated financial statements. | See accompanying notes to condensed consolidated financial statements. | See accompanying notes to condensed consolidated financial statements. | See accompanying notes to condensed consolidated financial statements. | See accompanying notes to condensed consolidated financial statements. |  |  |  |

---

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[**Table of Contents**](#index_form_10q)

**LINDSAY CORPORATION AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
| **($ in thousands)** | **November 30, 2022** | **November 30, 2021** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | $18217 | $7901 |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net earnings to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 4871 | 4896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision for uncollectible accounts receivable | 704 | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | 1129 | 1841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 1473 | 1222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign currency transaction (gain) loss | (83) | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 289 | 292 |
| &nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables | (19828) | (17816) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 4803 | (31674) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 3526 | 5965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 123 | 12462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (11898) | (3632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other noncurrent assets and liabilities | 1356 | (7920) |
| &nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 4682 | (24179) |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of property, plant, and equipment | (3798) | (3061) |
| &nbsp;&nbsp;&nbsp;Purchases of marketable securities |  | (14354) |
| &nbsp;&nbsp;&nbsp;Proceeds from maturities of marketable securities |  | 3599 |
| &nbsp;&nbsp;&nbsp;Other investing activities, net | (384) | (342) |
| &nbsp;&nbsp;&nbsp;Net cash used in investing activities | (4182) | (14158) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from exercise of stock options |  | 2442 |
| &nbsp;&nbsp;&nbsp;Common stock withheld for payroll tax obligations | (2471) | (1181) |
| &nbsp;&nbsp;&nbsp;Proceeds from employee stock purchase plan | 98 | 93 |
| &nbsp;&nbsp;&nbsp;Principal payments on long-term debt | (55) | (54) |
| &nbsp;&nbsp;&nbsp;Dividends paid | (3742) | (3621) |
| &nbsp;&nbsp;&nbsp;Net cash used in financing activities | (6170) | (2321) |
| &nbsp;&nbsp;&nbsp;Effect of exchange rate changes on cash and cash equivalents | (210) | (1730) |
| &nbsp;&nbsp;&nbsp;Net change in cash and cash equivalents | (5880) | (42388) |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of period | 105048 | 127107 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $99168 | $84719 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |
| &nbsp;&nbsp;&nbsp;Income taxes paid, net of refunds | $3935 | $341 |
| &nbsp;&nbsp;&nbsp;Interest paid | $47 | $51 |

---

See accompanying notes to condensed consolidated financial statements.

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[**Table of Contents**](#index_form_10q)

**LINDSAY CORPORATION AND SUBSIDIARIES**

**NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

(Unaudited)

**Note 1 – Basis of Presentation**

The condensed consolidated financial statements are presented in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") and do not include all of the disclosures normally required by U.S. generally accepted accounting principles ("U.S. GAAP") as contained in Lindsay Corporation's (the "Company") Annual Report on Form 10-K. Accordingly, these condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's most recent Annual Report on Form 10-K for the fiscal year ended August 31, 2022.

In the opinion of management, the condensed consolidated financial statements of the Company reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the financial position and the results of operations and cash flows for the periods presented. The results for interim periods are not necessarily indicative of trends or results expected by the Company for a full year. The condensed consolidated financial statements were prepared using U.S. GAAP. These principles require us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of revenues and expenses. Actual results could differ from these estimates.

Recent Accounting Guidance Adopted

In December 2019, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2019-12, Simplifying the Accounting for Income Taxes, which simplifies the accounting and related disclosure requirements for income taxes. The Company adopted this standard in the first quarter of its fiscal 2022. The adoption of this ASU did not have a material impact on its condensed consolidated financial statements.

Recent Accounting Guidance Not Yet Adopted

In September 2022, the FASB issued ASU No. 2022-04, Liabilities - Supplier Finance Programs, which requires annual and interim disclosures for entities that finance its purchases with supplier finance programs. These amendments are effective for the Company beginning in its fiscal 2024, except for the amendment on rollforward information, which is effective for the Company beginning in its fiscal 2025. The adoption of this ASU is not expected to have a material impact on its condensed consolidated financial statements.

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[**Table of Contents**](#index_form_10q)

**Note 2 – Revenue Recognition** 

Disaggregation of Revenue

A breakout by segment of revenue recognized over time versus at a point in time for the three months ended November 30, 2022 and 2021 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **($ in thousands)** | **Irrigation** | **Infrastructure** | **Total** |
| Point in time | $145716 | $20230 | $165946 |
| Over time | 6367 | 1454 | 7821 |
| Revenue from the contracts with customers | 152083 | 21684 | 173767 |
| Lease revenue |  | 2392 | 2392 |
| Total operating revenues | $152083 | $24076 | $176159 |
|  | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **November 30, 2021** | **November 30, 2021** | **November 30, 2021** |
| **($ in thousands)** | **Irrigation** | **Infrastructure** | **Total** |
| Point in time | $139400 | $14712 | $154112 |
| Over time | 6509 | 742 | 7251 |
| Revenue from the contracts with customers | 145909 | 15454 | 161363 |
| Lease revenue |  | 4789 | 4789 |
| Total operating revenues | $145909 | $20243 | $166152 |

---

Further disaggregation of revenue is disclosed in the Note 13 – Industry Segment Information.

For contracts with an initial length longer than twelve months, the unsatisfied performance obligations were $1.8 million at November 30, 2022.

Contract Balances

Contract assets arise when recorded revenue for a contract exceeds the amounts billed under the terms of such contract. Contract liabilities arise when billed amounts exceed revenue recorded. Amounts are billable to customers upon various measures of performance, including achievement of certain milestones and completion of specified units of completion of the contract. At November 30, 2022, November 30, 2021, and August 31, 2022, contract assets amounted to $1.1 million, $1.2 million, and $0.9 million, respectively. These amounts are included within other current assets on the condensed consolidated balance sheets.

Contract liabilities include advance payments from customers and billings in excess of delivery of performance obligations. At November 30, 2022, November 30, 2021, and August 31, 2022, contract liabilities amounted to $27.5 million, $41.1 million, and $30.6 million, respectively. Contract liabilities are included within other current liabilities on the condensed consolidated balance sheets. During the Company's three months ended November 30, 2022 and 2021, the Company recognized $17.9 million and $12.7 million of revenue that were included in the liabilities as of August 31, 2022 and 2021, respectively. The revenue recognized was due to applying advance payments received for the performance obligations completed during the quarter.

**Note 3 – Net Earnings per Share**

Basic earnings per share is calculated on the basis of weighted average outstanding common shares. Diluted earnings per share is calculated on the basis of basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, restricted stock unit awards and other dilutive securities.

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[**Table of Contents**](#index_form_10q)

The following table shows the computation of basic and diluted net earnings per share for the three months ended November 30, 2022 and 2021:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
| **($ and shares in thousands, except per share amounts)** | **November 30,<br>2022** | **November 30,<br>2021** |
| Numerator: |  |  |
| &nbsp;&nbsp;&nbsp;Net earnings | $18217 | $7901 |
| Denominator: |  |  |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 10989 | 10927 |
| &nbsp;&nbsp;&nbsp;Diluted effect of stock awards | 84 | 99 |
| &nbsp;&nbsp;&nbsp;Weighted average shares outstanding assuming<br> dilution | 11073 | 11026 |
| Basic net earnings per share | $1.66 | $0.72 |
| Diluted net earnings per share | $1.65 | $0.72 |

---

Certain stock options and restricted stock units were excluded from the computation of diluted net earnings per share because their effect would have been anti-dilutive. Performance stock units are excluded from the calculation of dilutive potential common shares until the threshold performance conditions have been satisfied. The number of securities excluded from the computation of earnings per share because their effect would have been anti-dilutive was not significant for the three months ended November 30, 2022 and 2021.

**Note 4 – Income Taxes**

The Company recorded income tax expense of $5.8 million and $1.6 million for the three months ended November 30, 2022 and 2021, respectively.

It is the Company's policy to report income tax expense for interim periods using an estimated annual effective income tax rate. The estimated annual effective income tax rate was 27.3 percent and 24.2 percent for the three months ended November 30, 2022 and 2021, respectively. The increase in the estimated annual effective income tax rate relates primarily to the change in earnings mix among foreign operations and the finalization of U.S. tax regulations related to foreign tax credits during 2022.

The tax effects of significant or unusual items are not considered in the estimated annual effective income tax rate. The tax effects of such discrete events are recognized in the interim period in which the events occur. The Company recorded discrete items resulting in an income tax benefit of $0.8 million and $0.7 million for the three months ended November 30, 2022 and 2021, respectively, which relate to the vesting of share-based compensation awards.

**Note 5 – Inventories**

Inventories consisted of the following as of November 30, 2022, November 30, 2021, and August 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **($ in thousands)** | **November 30,<br>2022** | **November 30,<br>2021** | **August 31,<br>2022** |
| Raw materials and supplies | $96811 | $78102 | $93469 |
| Work in process | 12326 | 12227 | 12603 |
| Finished goods and purchased parts, net | 103400 | 90676 | 110022 |
| Total inventory value before LIFO adjustment | 212537 | 181005 | 216094 |
| &nbsp;&nbsp;&nbsp;Less adjustment to LIFO value | (24133) | (7890) | (22318) |
| Inventories, net | $188404 | $173115 | $193776 |

---

Of the $188.4 million, $173.1 million, and $193.8 million of net inventories at November 30, 2022, November 30, 2021, and August 31, 2022, $52.9 million, $50.5 million, and $55.5 million, respectively, was valued on the last-in, first-out ("LIFO")

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basis, and $135.5 million, $122.7 million, and $138.3 million, respectively, was valued on the first-in, first-out ("FIFO") or average cost methods.

**Note 6 – Long-Term Debt** 

The following table sets forth the outstanding principal balances of the Company's long-term debt as of the dates shown:

---

| | | | |
|:---|:---|:---|:---|
| **($ in thousands)** | **November 30,<br>2022** | **November 30,<br>2021** | **August 31,<br>2022** |
| Series A Senior Notes | $115000 | $115000 | $115000 |
| Elecsys Series 2006A Bonds | 876 | 1096 | 931 |
| Total debt | 115876 | 116096 | 115931 |
| &nbsp;&nbsp;&nbsp;Less current portion | (223) | (219) | (222) |
| &nbsp;&nbsp;&nbsp;Less unamortized debt issuance costs | (356) | (406) | (368) |
| Total long-term debt | $115297 | $115471 | $115341 |

---

Principal payments on the debt are due as follows:

---

| | |
|:---|:---|
| **Due within** | **$ in thousands** |
| 1 year | $223 |
| 2 years | 227 |
| 3 years | 232 |
| 4 years | 194 |
| 5 years |  |
| Thereafter | 115000 |
|  | $115876 |

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**Note 7 – Fair Value Measurements**

The following table presents the Company's financial assets and liabilities measured at fair value, based upon the level within the fair value hierarchy in which the fair value measurements fall, as of November 30, 2022, November 30, 2021, and August 31, 2022. There were no transfers between any levels for the periods presented.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** | **November 30, 2022** |
| **($ in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash and cash equivalents | $99168 | $— | $— | $99168 |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds |  | 9646 |  | 9646 |
| &nbsp;&nbsp;&nbsp;U.S. treasury securities |  | 1778 |  | 1778 |
| Derivative asset |  | 3455 |  | 3455 |
|  | **November 30, 2021** | **November 30, 2021** | **November 30, 2021** | **November 30, 2021** |
| **($ in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash and cash equivalents | $84719 | $— | $— | $84719 |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds |  | 26503 |  | 26503 |
| &nbsp;&nbsp;&nbsp;U.S. treasury securities |  | 3692 |  | 3692 |
|  | **August 31, 2022** | **August 31, 2022** | **August 31, 2022** | **August 31, 2022** |
| **($ in thousands)** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Cash and cash equivalents | $105048 | $— | $— | $105048 |
| Marketable securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds |  | 9668 |  | 9668 |
| &nbsp;&nbsp;&nbsp;U.S. treasury securities |  | 1792 |  | 1792 |
| Derivative Asset |  | 5505 |  | 5505 |

---

The Company's investment in marketable securities consists of United States treasury bonds and investment grade corporate bonds. The marketable securities are classified as available-for-sale and are carried at fair value with the change in unrealized gains and losses reported as a separate component on the condensed consolidated statements of comprehensive income until realized. The Company determines fair value using data points that are observable, such as quoted prices and interest rates. The amortized cost of the investments approximates fair value. Investment income is recorded within other (expense) income on the condensed consolidated statements of earnings. As of November 30, 2022, approximately 67% of the Company's marketable securities investments mature within one year and 33% mature within one to three years.

The Company enters into derivative instrument agreements to manage risk in connection with changes in foreign currency. The Company only enters into derivative instrument agreements with counterparties who have highly rated credit and does not enter into derivative instrument agreements for trading or speculative purposes. The fair values are based on inputs other than quoted prices that are observable for the asset or liability and are determined by standard calculations and models that use readily observable market parameters. These inputs include foreign currency exchange rates and interest rates. Industry standard data providers are the primary source for forward and spot rate information for both interest rates and foreign currency exchange rates.

On March 28, 2022, the Company entered into a fixed-to-fixed cross currency swap with a notional amount of $50.0 million, or €45.6 million, that is set to mature on March 30, 2027. The Company elected the spot method for designating this contract as a net investment hedge. Changes in the fair value of this contract are reported in accumulated other comprehensive loss on the condensed consolidated balance sheets. The fair value of this contract as of November 30, 2022 is disclosed in the table above and is recorded within other noncurrent assets on the condensed consolidated balance sheets.

There were no required fair value adjustments for assets and liabilities measured at fair value on a non-recurring basis for the three months ended November 30, 2022 or 2021.

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**Note 8 – Commitments and Contingencies**

In the ordinary course of its business operations, the Company enters into arrangements that obligate it to make future payments under contracts such as lease agreements. Additionally, the Company is involved, from time to time, in commercial litigation, employment disputes, administrative proceedings, business disputes and other legal proceedings. The Company has established accruals for certain proceedings based on an assessment of probability of loss. The Company believes that any such currently-pending proceedings are either covered by insurance or would not have a material effect on the business or its consolidated financial statements if decided in a manner that is unfavorable to the Company. Such proceedings are exclusive of environmental remediation matters which are discussed separately below.

Infrastructure Products

The Company is currently defending a number of product liability lawsuits arising out of vehicle collisions with highway barriers incorporating the Company's X-Lite® end terminal. Despite the September 2018 reversal of a sizable judgment against a competitor, the Company expects that the significant attention brought to the infrastructure products industry by the original judgment may lead to additional lawsuits being filed against the Company and others in the industry.

The Company, certain of its subsidiaries, and certain third parties which originally designed the X-Lite end terminal have also been named in a lawsuit filed on June 9, 2020 in the Circuit Court of Cole County, Missouri by Missouri Highways and Transportation Commission ("MHTC"). MHTC alleges, among other things, that the X-Lite end terminal was defectively designed and failed to perform as designed, intended, and advertised, leading to MHTC's removal and replacement of X-Lite end terminals from Missouri's roadways. MHTC alleges strict liability (defective design and failure to warn), negligence, breach of express warranties, breach of implied warranties (merchantability and fitness for a particular purpose), fraud, and public nuisance. MHTC seeks compensatory damages, interest, attorneys' fees, and punitive damages.

The Company believes it has meritorious factual and legal defenses to each of the lawsuits discussed above and is prepared to vigorously defend its interests. Based on the information currently available to the Company, the Company does not believe that a loss is probable in any of these lawsuits; therefore, no accrual has been included in the Company's consolidated financial statements. While it is possible that a loss may be incurred, the Company is unable to estimate a range of potential loss due to the complexity and current status of these lawsuits. However, the Company maintains insurance coverage to mitigate the impact of adverse exposures in these lawsuits and does not expect that these lawsuits will have a material adverse effect on its business or its consolidated financial statements.

In June 2019, the Company was informed by letter that the Department of Justice, Civil Division and U.S. Attorney's Office for the Northern District of New York, with the assistance of the Department of Transportation, Office of Inspector General, are conducting an investigation of the Company relating to the Company's X-Lite end terminal and potential violations of the federal civil False Claims Act. Depending on the outcome of this matter, there could be a material adverse effect on the Company's business or its consolidated financial statements. Given the current posture of the matter, the Company is unable to estimate a range of potential loss, if any, or to express an opinion regarding the ultimate outcome.

Environmental Remediation

In previous years, the Company committed to a plan to remediate environmental contamination of the groundwater at and adjacent to its Lindsay, Nebraska facility (the "site"). The current estimated aggregate accrued cost of $13.6 million is based on consideration of remediation options which the Company believes could be successful in meeting the long-term regulatory requirements of the site. The Company submitted a revised remedial alternatives evaluation report to the U.S. Environmental Protection Agency ("EPA") and the Nebraska Department of Environment and Energy (the "NDEE") in August 2020 to review remediation alternatives and proposed plans for the site. While the proposed remediation plan is preliminary and has not been approved by the EPA or the NDEE, they have recently approved an in situ thermal remediation pilot study to be conducted by the Company at a specific location on the site. The Company commenced implementation of the pilot program in the second half of calendar 2022 and expects to complete the pilot program in calendar 2023. Of the total liability as of November 30, 2022, $11.0 million was calculated on a discounted basis using a discount rate of 1.2%, which represents a risk-free rate. This discounted portion of the liability amounts to $12.4 million on an undiscounted basis.

The Company accrues the anticipated cost of investigation and remediation when the obligation is probable and can be reasonably estimated. While a definitive plan has not been formally approved by the EPA, the Company believes the current accrual is a good faith estimate of the long-term cost of remediation at this site; however, the estimate of costs and their timing could change as a result of a number of factors, including but not limited to (1) EPA input on the proposed remediation plan and any changes which the EPA may subsequently require, (2) effectiveness of the in situ thermal pilot remediation pilot study, (3) refinement of cost estimates and length of time required to complete remediation and post-remediation operations and maintenance, (4) effectiveness of the technology chosen in remediation of the site as well as changes in technology that may be available in the future, and (5) unforeseen circumstances existing at the site. As a result of these factors, the actual amount of costs incurred by the Company in connection with the remediation of contamination of its Lindsay, Nebraska site

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could exceed the amounts accrued for this expense at this time. While any revisions could be material to the operating results of any fiscal quarter or fiscal year, the Company does not expect such additional expenses would have a material adverse effect on its liquidity or financial condition.

The following table summarizes the environmental remediation liability classifications included in the condensed consolidated balance sheets as of November 30, 2022, November 30, 2021, and August 31, 2022:

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| | | | |
|:---|:---|:---|:---|
| **($ in thousands)** | **November 30,<br>2022** | **November 30,<br>2021** | **August 31,<br>2022** |
| Other current liabilities | $3319 | $828 | $4179 |
| Other noncurrent liabilities | 10255 | 15181 | 10967 |
| Total environmental remediation liabilities | $13574 | $16009 | $15146 |

---

**Note 9 – Warranties** 

The following table provides the changes in the Company's product warranties:

---

| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
| **($ in thousands)** | **November 30,<br>2022** | **November 30,<br>2021** |
| Product warranty accrual balance, beginning of period | $14080 | $12736 |
| &nbsp;&nbsp;&nbsp;Liabilities accrued for warranties during the period | 1240 | 2394 |
| &nbsp;&nbsp;&nbsp;Warranty claims paid during the period | (1718) | (2751) |
| Product warranty accrual balance, end of period | $13602 | $12379 |

---

**Note 10 – Share-Based Compensation**

The Company's current share-based compensation plans, approved by the stockholders of the Company, provides for awards of stock options, restricted shares, restricted stock units ("RSUs"), stock appreciation rights, performance shares, and performance stock units ("PSUs") to employees and non-employee directors of the Company. The Company measures and recognizes compensation expense for all share-based payment awards made to employees and directors based on estimated fair values. Share-based compensation expense was $1.6 million and $1.3 million for the three months ended November 30, 2022 and 2021, respectively.

The following table illustrates the type and fair value of share-based compensation awards granted during the three months ended November 30, 2022 and 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **November 30, 2022** | **November 30, 2022** | **November 30, 2021** | **November 30, 2021** |
|  | **Number of<br>units<br>granted** | **Weighted average<br>grant-date fair value<br>per award** | **Number of<br>units<br>granted** | **Weighted average<br>grant-date fair value<br>per award** |
| Stock options | 21743 | $55.53 | 21137 | $41.80 |
| RSUs | 18502 | $152.36 | 20099 | $141.99 |
| PSUs | 14496 | $173.17 | 12122 | $147.74 |

---

The RSUs granted during the three months ended November 30, 2022 and 2021 included 2,112 and 2,248, respectively, that will be settled in cash. The weighted average stock price on the date of grant was $156.16 and $145.93 per award for the three months ended November 30, 2022 and 2021, respectively. Share issuances are presented net of share repurchases

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to cover payroll taxes of $2.5 million and $1.2 million for the three months ended November 30, 2022 and 2021, respectively.

The following table provides the assumptions used in determining the fair value of the stock options awarded during the three months ended November 30, 2022 and 2021, respectively:

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| | | |
|:---|:---|:---|
|  | **Three months ended November 30,** | **Three months ended November 30,** |
|  | **2022** | **2021** |
| Weighted-average dividend yield | 0.9% | 0.9% |
| Weighted-average volatility | 35.7% | 33.8% |
| Risk-free interest rate | 4.4% | 1.2% |
| Weighted-average expected life (years) | 5 | 5 |

---

The PSUs granted during fiscal 2023 include performance goals based on a return on invested capital ("ROIC") and total shareholder return ("TSR") relative to the Company's peers during the performance period. The awards actually earned will range from zero to two hundred percent of the targeted number of PSUs and will be paid in shares of common stock. Shares earned will be distributed upon vesting on the first day of November following the end of the three-year performance period. For the ROIC portion of the award, the Company is accruing compensation expense based on the estimated number of shares expected to be issued utilizing the most current information available to the Company at the date of the consolidated financial statements. For the TSR portion of the award, compensation expense is recorded ratably over the three-year term of the award based on the estimated grant date fair value.

The fair value of the TSR portion of the awards granted during the three months ended November 30, 2022 and 2021 was estimated at the grant date using a Monte Carlo simulation model which included the following assumptions:

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| | | |
|:---|:---|:---|
|  | **Three months ended November 30,** | **Three months ended November 30,** |
|  | **2022** | **2021** |
| Expected term (years) | 3 | 3 |
| Risk-free interest rate | 4.5% | 0.7% |
| Volatility | 38.6% | 39.1% |
| Dividend yield | 0.9% | 0.9% |

---

**Note 11 – Other Current Liabilities**

---

| | | | |
|:---|:---|:---|:---|
| **($ in thousands)** | **November 30,<br>2022** | **November 30,<br>2021** | **August 31,<br>2022** |
| Other current liabilities: |  |  |  |
| &nbsp;&nbsp;&nbsp;Contract liabilities | $26487 | $39747 | $29494 |
| &nbsp;&nbsp;&nbsp;Compensation and benefits | 14958 | 13460 | 23148 |
| &nbsp;&nbsp;&nbsp;Warranties | 13602 | 12379 | 14080 |
| &nbsp;&nbsp;&nbsp;Dealer related liabilities | 9730 | 4180 | 8396 |
| &nbsp;&nbsp;&nbsp;Tax related liabilities | 8360 | 1639 | 7820 |
| &nbsp;&nbsp;&nbsp;Accrued environmental liabilities | 3319 | 828 | 4179 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | 3079 | 3787 | 3159 |
| &nbsp;&nbsp;&nbsp;Deferred revenue - lease | 1629 | 1201 | 1064 |
| &nbsp;&nbsp;&nbsp;Accrued insurance | 1165 | 893 | 1193 |
| &nbsp;&nbsp;&nbsp;Other | 7498 | 10541 | 8151 |
| Total other current liabilities | $89827 | $88655 | $100684 |

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**Note 12 – Share Repurchases**

There were no shares repurchased during the three months ended November 30, 2022 and 2021 under the Company's share repurchase program. The remaining amount available under the repurchase program was $63.7 million as of November 30, 2022.

**Note 13 – Industry Segment Information**

The Company manages its business activities in two reportable segments: irrigation and infrastructure. The Company evaluates the performance of its reportable segments based on segment revenues, gross profit and operating income, with operating income for segment purposes excluding unallocated corporate general and administrative expenses, interest income,

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interest expense, other income and expenses, and income taxes. Operating income for segment purposes includes general and administrative expenses, selling expenses, engineering and research expenses and other overhead charges directly attributable to the segment. There are no inter-segment sales included in the amounts disclosed. The Company had no single customer who represented 10 percent or more of its total revenues during the three months ended November 30, 2022 or 2021.

Irrigation – This reporting segment includes the manufacture and marketing of center pivot, lateral move and hose reel irrigation systems and large diameter steel tubing as well as various innovative technology solutions such as GPS positioning and guidance, variable rate irrigation, remote irrigation management and scheduling technology, irrigation consulting and design and industrial internet of things, or "IIoT", solutions. The irrigation reporting segment consists of one operating segment.

Infrastructure – This reporting segment includes the manufacture and marketing of moveable barriers, specialty barriers, crash cushions and end terminals, and road marking and road safety equipment. The infrastructure reporting segment consists of one operating segment.

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| | | |
|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |
| **($ in thousands)** | **November 30,<br>2022** | **November 30,<br>2021** |
| Operating revenues: |  |  |
| &nbsp;&nbsp;&nbsp;Irrigation: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North America | $83934 | $78976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;International | 68149 | 66933 |
| &nbsp;&nbsp;&nbsp;Irrigation total | 152083 | 145909 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 24076 | 20243 |
| Total operating revenues | $176159 | $166152 |
| Operating income: |  |  |
| &nbsp;&nbsp;&nbsp;Irrigation | $28641 | $17212 |
| &nbsp;&nbsp;&nbsp;Infrastructure | 3372 | 2766 |
| &nbsp;&nbsp;&nbsp;Corporate | (7415) | (6617) |
| Total operating income | 24598 | 13361 |
| Interest and other expense, net | (593) | (3886) |
| Earnings before income taxes | $24005 | $9475 |

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**ITEM 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations**

**Concerning Forward-Looking Statements**

This Quarterly Report on Form 10-Q contains not only historical information, but also 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. Statements that are not historical are forward-looking and reflect information concerning possible or assumed future results of operations and planned financing of the Company. In addition, forward-looking statements may be made orally or in press releases, conferences, reports, on the Company's web site, or otherwise, in the future by or on behalf of the Company. When used by or on behalf of the Company, the words "expect," "anticipate," "estimate," "believe," "intend," "will," "plan," "predict," "project," "outlook," "could," "may," "should" or similar expressions generally identify forward-looking statements. The entire section entitled "Executive Overview and Outlook" should be considered forward-looking statements. For these statements, the Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

Forward-looking statements involve a number of risks and uncertainties, including but not limited to those discussed in the "Risk Factors" section in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2022. Readers should not place undue reliance on any forward-looking statement and should recognize that the statements are predictions of future results or conditions, which may not occur as anticipated. Actual results or conditions could differ materially from those anticipated in the forward-looking statements and from historical results, due to the risks and uncertainties described herein and in the Company's other public filings with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K for the Company's fiscal year ended August 31, 2022, as well as other risks and uncertainties not now anticipated. The risks and uncertainties described herein and in the Company's other public filings are not exclusive and further information concerning the Company and its businesses, including factors that potentially could materially affect the Company's financial results, may emerge from time to time. Except as required by law, the Company assumes no obligation to update forward-looking statements to reflect actual results or changes in factors or assumptions affecting such forward-looking statements.

**COVID-19 Impact**

In March 2020, the World Health Organization declared coronavirus (COVID-19) a global pandemic. COVID-19 has had a limited impact on the Company's manufacturing operations to date. While the Company implemented new procedures to protect the health and well-being of employees and customers, costs associated with these procedures have not been material. In addition, the pandemic has not had a material adverse effect on demand for the Company's irrigation or infrastructure products; however, the COVID-19 pandemic did result in a slowdown of road construction activity and delays in certain project implementations. As pandemic conditions improved and economic activity increased, the Company experienced a number of supply chain challenges including increased lead times and limited availability of certain components, significant raw material inflation, and labor and logistics constraints.

The ongoing effects of the COVID-19 pandemic on the Company's business, results of operations, or cash flows in future periods remain uncertain and will depend on numerous evolving factors that the Company may not be able to accurately predict or effectively respond to, including, without limitation: the duration and scope of any outbreak; the transmissibility and severity of new variants of COVID-19; actions taken by governments, businesses, and individuals in response to any outbreak; the effect on economic activity and actions taken in response; the effect on customers and their demand for the Company's products and services; and the Company's ability to manufacture, sell, and service its products, including without limitation as a result of supply chain challenges, facility closures, social distancing, restrictions on travel, fear or anxiety by the populace, and shelter-in-place orders.

**Accounting Policies**

In preparing the Company's condensed consolidated financial statements in conformity with U.S. GAAP, management must make a variety of decisions which impact the reported amounts and the related disclosures. These decisions include the selection of the appropriate accounting principles to be applied and the assumptions on which to base accounting estimates. In making these decisions, management applies its judgment based on its understanding and analysis of the relevant circumstances and the Company's historical experience.

The Company's accounting policies that are most important to the presentation of its results of operations and financial condition, and which require the greatest use of judgments and estimates by management, are designated as its critical accounting policies. See discussion of the Company's critical accounting policies under Item 7 in the Company's Annual Report on Form 10-K for the Company's fiscal year ended August 31, 2022. Management periodically re-evaluates and

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adjusts its critical accounting policies as circumstances change. There were no significant changes in the Company's critical accounting policies during the three months ended November 30, 2022.

**Recent Accounting Guidance**

See Note 1 – Basis of Presentation and the disclosure therein of recently adopted accounting guidance to the condensed consolidated financial statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q.

**Executive Overview and Outlook**

Operating revenues for the three months ended November 30, 2022 were $176.2 million, an increase of 6 percent compared to $166.2 million for the three months ended November 30, 2021. Irrigation segment revenues increased 4 percent to $152.1 million and infrastructure segment revenues increased 19 percent to $24.1 million. Net earnings for the three months ended November 30, 2022 were $18.2 million, or $1.65 per diluted share, compared to net earnings of $7.9 million, or $0.72 per diluted share, for the three months ended November 30, 2021.

The primary drivers for the Company's irrigation segment are the need for irrigated agricultural crop production, which is tied to population growth and the attendant need for expanded food production, and the need to use water resources efficiently. These drivers are affected by a number of factors, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Agricultural commodity prices** – As of November 2022, U.S. corn prices have increased approximately 15 percent and U.S. soybean prices have increased approximately 18 percent from November 2021. Higher commodity prices are being sustained by constrained supply levels globally coupled with higher demand. The continued conflict between Ukraine and Russia has put additional pressure on the availability of agricultural commodities, further increasing corn, wheat, and soybean prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net farm income** – As of December 2022, the U.S. Department of Agriculture (the "USDA") estimated U.S. 2022 net farm income to be $160.5 billion, an increase of 14 percent from the USDA's estimated U.S. 2021 net farm income of $141.0 billion. A projected increase in cash receipts and other cash farm-related income has more than offset a decrease in government support payments and higher cash expenses. If the estimated 2022 net farm income is realized, such income would be at its highest level since 1973.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Weather conditions –** Demand for irrigation equipment is often positively affected by storm damage and prolonged periods of drought conditions as producers look for ways to reduce the risk of low crop production and crop failures. Conversely, demand for irrigation equipment can be negatively affected during periods of more predictable or excessive natural precipitation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Governmental policies** – A number of governmental laws and regulations can affect the Company's business, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The Agriculture Improvement Act of 2018 (the "Farm Bill") was signed into law in December 2018. The Farm Bill provides a degree of certainty to growers, including funding for the Environmental Quality Incentives Program, which provides financial assistance to farmers to implement conservation practices, and is frequently used to assist in the purchase of center pivot irrigation systems. The current Farm Bill will expire at the end of September 2023.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Changes to U.S. income tax laws enacted in December 2017 increased the benefit of certain tax incentives, such as the Section 179 income tax deduction and Section 168 bonus depreciation, which are intended to encourage equipment purchases by allowing 100 percent of the cost of equipment to be treated as an expense in the year of purchase rather than amortized over its useful life. This benefit is scheduled to be phased out over a five-year period, beginning in 2023 when the allowable deduction drops to 80 percent of the cost of equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Biofuel production continues to be a major demand driver for irrigated corn, sugar cane and soybeans as these crops are used in high volumes to produce ethanol and biodiesel. In December 2022, the U.S. Environmental Protection Agency ("EPA") proposed the Renewable Fuels Standard (RFS) volume requirements for 2023, 2024, and 2025. The proposed volumes for 2023 are comparable to the volume of renewable fuel estimated to be used in 2022, with years 2024 and 2025 increasing 5 percent and 4 percent, respectively.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Many international markets are affected by government policies such as subsidies and other agriculturally related incentives. While these policies can have a significant effect on individual markets, they typically do not have a material effect on the consolidated results of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Currency** – The value of the U.S. dollar fluctuates in relation to the value of currencies in a number of countries to which the Company exports products and in which the Company maintains local operations. The strengthening of the dollar increases the cost in the local currency of the products exported from the U.S. into these countries and, therefore, could negatively affect the Company's international sales and margins. In addition, the U.S. dollar value of sales made in any affected foreign currencies will decline as the value of the dollar rises in relation to these other currencies.

Demand for irrigation equipment in the U.S. has remained robust over the same prior year period due to positive farmer sentiment resulting from strong agricultural commodity prices and a favorable outlook for net farm income. During this period the Company has been able to maintain its pricing while supply chain constraints, such as steel and other raw material costs as well as freight and logistics costs, eased. The Company expects to continue to actively track these circumstances and will monitor its prices as increased costs that are passed through become fully realized.

The most significant opportunities for growth in irrigation sales over the next several years continue to be in international markets where irrigation use is less developed and demand is driven primarily by food security, water scarcity and population growth. While international irrigation markets remain active with opportunities for further development and expansion, regional political and economic factors, including armed conflict, currency conditions and other factors can create a challenging environment. The Company continues to monitor the Ukraine and Russia conflict for both short and long-term implications and has suspended new business activity in Russia and Belarus since February 2022. Sales with Russian and Ukrainian customers historically have represented less than 5% of consolidated revenues. Additionally, international results are heavily dependent upon project sales which tend to fluctuate and can be difficult to forecast accurately.

The infrastructure business continues to be driven by the Company's transportation safety products, the demand for which largely depends on government spending for road construction and improvements. The enactment of the Infrastructure Investment and Jobs Act in November 2021 marked the largest infusion of federal investment into infrastructure projects in more than a decade. This legislation introduced $110 billion in incremental federal funding, planned for roads, bridges, and other transportation projects, which the Company anticipates will translate into higher demand for its transportation safety products.

The backlog of unshipped orders at November 30, 2022 was $129.6 million compared with $154.8 million at November 30, 2021. The Company's backlog can fluctuate from period to period due to the seasonality, cyclicality, timing and execution of contracts. Backlog typically represents long-term projects as well as short lead-time orders, and therefore is generally not a good indication of the next fiscal quarter's revenues.

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**Results of Operations**

**For the Three Months ended November 30, 2022 compared to the Three Months ended November 30, 2021**

The following section presents an analysis of the Company's operating results displayed in the condensed consolidated statements of earnings for the three months ended November 30, 2022 and 2021. It should be read together with the industry segment information in Note 13 to the condensed consolidated financial statements:

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** |  |
| **($ in thousands)** | **November 30,<br>2022** | **November 30,<br>2021** | **Percent <br>Change** |
| Consolidated |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating revenues | $176159 | $166152 | 6% |
| &nbsp;&nbsp;&nbsp;Gross profit | $53020 | $37438 | 42% |
| &nbsp;&nbsp;&nbsp;Gross margin | 30.1% | 22.5% |  |
| &nbsp;&nbsp;&nbsp;Operating expenses (1) | $28422 | $24077 | 18% |
| &nbsp;&nbsp;&nbsp;Operating income | $24598 | $13361 | 84% |
| &nbsp;&nbsp;&nbsp;Operating margin | 14.0% | 8.0% |  |
| &nbsp;&nbsp;&nbsp;Other income (expense), net | $(593) | $(3886) | -85% |
| &nbsp;&nbsp;&nbsp;Income tax expense | $5788 | $1574 | 268% |
| &nbsp;&nbsp;&nbsp;Overall income tax rate | 24.1% | 16.6% |  |
| &nbsp;&nbsp;&nbsp;Net earnings | $18217 | $7901 | 131% |
| Irrigation Segment |  |  |  |
| &nbsp;&nbsp;&nbsp;Segment operating revenues | $152083 | $145909 | 4% |
| &nbsp;&nbsp;&nbsp;Segment operating income | $28641 | $17212 | 66% |
| &nbsp;&nbsp;&nbsp;Segment operating margin | 18.8% | 11.8% |  |
| Infrastructure Segment |  |  |  |
| &nbsp;&nbsp;&nbsp;Segment operating revenues | $24076 | $20243 | 19% |
| &nbsp;&nbsp;&nbsp;Segment operating income | $3372 | $2766 | 22% |
| &nbsp;&nbsp;&nbsp;Segment operating margin | 14.0% | 13.7% |  |

---

<sup>(1)</sup> Includes $7.4 million and $6.6 million of corporate operating expenses for the three months ended November 30, 2022 and 2021, respectively.

**Revenues**

Operating revenues for the three months ended November 30, 2022 increased 6 percent to $176.2 million from $166.2 million for the three months ended November 30, 2021, as irrigation revenues increased $6.2 million and infrastructure revenues increased $3.8 million. The irrigation segment provided 86 percent of the Company's revenue during the three months ended November 30, 2022 as compared to 88 percent for the three months ended November 30, 2021.

North America irrigation revenues for the three months ended November 30, 2022 of $83.9 million increased $5.0 million, or 6 percent, from $79.0 million for the three months ended November 30, 2021. The increase resulted primarily from the impact of higher average selling prices as unit sales volume was comparable to the same prior year period. Demand for irrigation equipment is supported by favorable agricultural commodity prices and farm income, while higher average selling prices result from the pass through of higher raw material costs to customers.

International irrigation revenues for the three months ended November 30, 2022 of $68.1 million increased $1.2 million, or 2 percent, from $66.9 million for the three months ended November 30, 2021. Higher sales in Brazil and other markets more than offset the impact of lower sales in Ukraine and Russia and a large Egypt project in the same prior year period that did not repeat. The current year was also impacted by the unfavorable effects of foreign currency translation of approximately $1.6 million compared to the same prior year period.

Infrastructure segment revenues for the three months ended November 30, 2022 of $24.1 million increased $3.8 million, or 19 percent, from $20.2 million for the three months ended November 30, 2021. The increase resulted from increased sales of Road Zipper Systems, which were partially offset by lower Road Zipper System lease revenue and lower sales of road safety products.

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**Gross Profit**

Gross profit for the three months ended November 30, 2022 of $53.0 million increased 42 percent from $37.4 million for the three months ended November 30, 2021. The increase in gross profit resulted primarily from higher revenues in both segments along with improved gross margin. Gross margin was 30.1 percent of sales for the three months ended November 30, 2022 compared with 22.5 percent of sales for the three months ended November 30, 2021. Increased gross profit and gross margin in Irrigation resulted primarily from improved price realization, lower inflationary impact on input costs and a more favorable margin mix of international revenues compared to the same prior year period. Increased gross profit and gross margin in Infrastructure resulted primarily from higher revenues and lower inflationary impact on input costs compared to the same prior year period. This increase was partially offset by a less favorable margin mix of revenues compared to the same prior year period. Gross profit for Irrigation and Infrastructure in the prior year included additional expense of $5.0 million and $1.0 million, respectively, resulting from the impact of the LIFO method of accounting for inventory while the impact on each segment in the current year was minimal.

**Operating Expenses**

Operating expenses of $28.4 million for the three months ended November 30, 2022 increased $4.3 million, or 18 percent, compared with $24.1 million for the three months ended November 30, 2021. The increase resulted primarily from higher incentive expense attributable to improved business results, and higher sales commissions and increased spending on new product development compared to the same prior year period.

**Other Expense, net**

The Company recorded other expense of $0.6 million for the three months ended November 30, 2022 compared to $3.9 million for the three months ended November 30, 2021. The change resulted primarily from lower foreign currency transaction losses compared to the same prior year period.

**Income Taxes**

The Company recorded income tax expense of $5.8 million and $1.6 million for the three months ended November 30, 2022 and 2021, respectively. The effective income tax rate was 24.1 percent and 16.6 percent for the three months ended November 30, 2022 and 2021, respectively. The higher effective tax rate reflects an increased proportion of earnings in higher rate foreign jurisdictions in the current year period. In addition, the same prior year period benefited from the impact of larger discrete items.

**Liquidity and Capital Resources**

The Company's cash, cash equivalents, and marketable securities totaled $110.6 million at November 30, 2022 compared with $114.9 million at November 30, 2021 and $116.5 million at August 31, 2022. The Company requires cash for financing its receivables and inventories, paying operating expenses and capital expenditures, and for dividends and share repurchases. The Company meets its liquidity needs and finances its capital expenditures from its available cash and funds provided by operations along with borrowings under its credit arrangements described below. The Company's investments in marketable securities are primarily comprised of United States government securities and investment grade corporate securities. The Company believes its current cash resources, investments in marketable securities, projected operating cash flow, and remaining capacity under its continuing bank lines of credit are sufficient to cover all its expected working capital needs, planned capital expenditures and dividends. The Company may require additional borrowings to fund potential acquisitions in the future.

The Company's total cash and cash equivalents held by foreign subsidiaries were approximately $51.3 million, $35.5 million, and $49.0 million as of November 30, 2022, November 30, 2021, and August 31, 2022, respectively. The Company considers earnings in foreign subsidiaries to be indefinitely reinvested and would need to accrue and pay incremental state, local, and foreign taxes if such earnings were repatriated to the United States. The Company does not intend to repatriate the funds and does not expect these funds to have a significant impact on the Company's overall liquidity.

Net working capital was $332.8 million at November 30, 2022, as compared with $278.5 million at November 30, 2021 and $316.2 million at August 31, 2022. Cash provided by operating activities totaled $4.7 million during the three months ended November 30, 2022, compared to cash used in operating activities of $24.2 million during the three months ended November 30, 2021. This change was primarily due to higher net earnings and a reduction in inventories compared to the same prior year period that reflected an increase in inventories.

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Cash flows used in investing activities totaled $4.2 million during the three months ended November 30, 2022 compared to $14.2 million during the three months ended November 30, 2021. The current year does not include any activity related to marketable securities compared to net purchases of $10.8 million in the same prior year period. Purchases of property, plant, and equipment were $3.8 million, compared to $3.1 million in the same prior year period.

Cash flows used in financing activities totaled $6.2 million during the three months ended November 30, 2022 compared to cash flows used in financing activities of $2.3 million during the three months ended November 30, 2021. The Company did not have any proceeds from the exercise of stock options in the current year period compared to $2.4 million in the same prior year period.

Capital Allocation Plan

The Company's capital allocation plan is to continue investing in revenue and earnings growth, combined with a defined process for enhancing returns to stockholders. Under the Company's capital allocation plan, the priorities for uses of cash include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Investment in organic growth including capital expenditures and expansion of international markets,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Dividends to stockholders, along with expectations to increase dividends over time,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Synergistic acquisitions that provide attractive returns to stockholders, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Opportunistic share repurchases taking into account cyclical and seasonal fluctuations.

Capital Expenditures

Capital expenditures for fiscal 2023 are expected to be between $20.0 million and $25.0 million, including equipment replacement, productivity improvements and new product development. The Company's management does maintain flexibility to modify the amount and timing of some of the planned expenditures in response to economic conditions.

Dividends

In the first quarter of fiscal 2023, the Company paid a quarterly cash dividend to stockholders of $0.34 per common share, or $3.7 million, compared to a quarterly cash dividend of $0.33 per common share, or $3.6 million, in the first quarter of fiscal 2022.

Share Repurchases

The Company's Board of Directors authorized a share repurchase program of up to $250.0 million of common stock with no expiration date. Under the program, shares may be repurchased in privately negotiated and/or open market transactions as well as under formalized trading plans in accordance with the guidelines specified under Rule 10b5-1 of the Securities Exchange Act of 1934, as amended. There were no shares repurchased during the three months ended November 30, 2022 or 2021. The remaining amount available under the repurchase program was $63.7 million as of November 30, 2022.

Long-Term Borrowing Facilities

<u>Senior Notes</u>. The Company has outstanding $115.0 million in aggregate principal amount of Senior Notes, Series A (the "Senior Notes"). The entire principal of the Senior Notes is due and payable on February 19, 2030. Interest on the Senior Notes is payable semi-annually at a fixed annual rate of 3.82 percent. Borrowings under the Senior Notes are unsecured. The Company used the proceeds of the sale of the Senior Notes for general corporate purposes, including acquisitions and dividends.

<u>Revolving Credit Facility</u>. The Company has outstanding a $50.0 million unsecured Amended and Restated Revolving Credit Facility (the "Revolving Credit Facility") with Wells Fargo Bank, National Association ("Wells Fargo") expiring August 26, 2026. The Company intends to use borrowings under the Revolving Credit Facility for working capital purposes and to fund acquisitions. At November 30, 2022 and 2021, the Company had no outstanding borrowings under the Revolving Credit Facility. The amount of borrowings available at any time under the Revolving Credit Facility is reduced by the amount of standby letters of credit issued by Wells Fargo then outstanding. At November 30, 2022, the Company had the ability to borrow up to $50.0 million under the Revolving Credit Facility. The Revolving Credit Facility may be increased by up to an additional $50.0 million at any time, subject to additional commitment approval. Borrowings under the Revolving Credit Facility bear interest at a variable rate equal to the Secured Overnight Financing Rate ("SOFR") plus a margin of between 100 and 210 basis points depending on the Company's leverage ratio then in effect (which resulted in a variable rate of 5.17 percent at November 30, 2022), subject to adjustment as set forth in the loan documents for the Revolving Credit Facility.

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Interest is paid on a monthly to quarterly basis depending on loan type. The Company currently pays an annual commitment fee on the unused portion of the Revolving Credit Facility. The fee is between 0.125 percent and 0.2 percent on the unused balance depending on the Company's leverage ratio then in effect (which resulted in a fee of 0.125 percent at November 30, 2022).

Borrowings under the Revolving Credit Facility have equal priority with borrowings under the Company's Senior Notes. Each of the credit arrangements described above include certain covenants relating primarily to the Company's financial condition. These financial covenants include a funded debt to EBITDA leverage ratio and an interest coverage ratio. In the event that the loan documents for the Revolving Credit Facility were to require the Company to comply with any financial covenant that is not already included or is more restrictive than what is already included in the arrangement governing the Senior Notes, then such covenant shall be deemed incorporated by reference for the benefit of holders of the Senior Notes. Upon the occurrence of any event of default of these covenants, including a change in control of the Company, all amounts outstanding thereunder may be declared to be immediately due and payable. At November 30, 2022 and 2021, the Company was in compliance with all financial loan covenants contained in its credit arrangements in place as of each of those dates.

<u>Series 2006A Bonds</u>. Elecsys International LLC, a wholly owned subsidiary of the Company, has outstanding $0.9 million in principal amount of industrial revenue bonds that were issued in 2006 (the "Series 2006A Bonds"). Principal and interest on the Series 2006A Bonds are payable monthly through maturity on September 1, 2026. The interest rate is adjustable every five years based on the yield of the 5-year United States Treasury Notes, plus 0.45 percent (1.72 percent as of November 30, 2022). This rate was adjusted on September 1, 2021 in accordance with the terms of the bonds, and the adjusted rate will be in force through maturity. The obligations under the Series 2006A Bonds are secured by a first priority security interest in certain real estate.

**Contractual Obligations and Commercial Commitments**

There have been no material changes in the Company's contractual obligations and commercial commitments as described in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2022.

**ITEM 3 – Quantitative and Qualitative Disclosures About Market Risk**

There have been no material changes from the Company's quantitative and qualitative disclosures about market risk previously disclosed in the Company's most recent Annual Report on Form 10-K. See discussion of the Company's quantitative and qualitative disclosures about market risk under Part II, Item 7A in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2022.

**ITEM 4 – Controls and Procedures**

**Disclosure Controls and Procedures**

The Company carried out an evaluation under the supervision and the participation of the Company's management, including the Company's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), of the effectiveness of the design and operation of the Company's disclosure controls and procedures pursuant to Exchange Act Rules 13a-15(e) and 15d-15(e). Based upon that evaluation, the CEO and CFO concluded that the Company's disclosure controls and procedures were effective as of November 30, 2022.

**Changes in Internal Control over Financial Reporting** 

The CEO and CFO determined that there has not been any significant change to the Company's internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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**Part II – OTHER INFORMATION**

**ITEM 1 – Legal Proceedings**

See the disclosure in Note 8 – Commitments and Contingencies to the condensed consolidated financial statements set forth in Part I, Item 1 of this Quarterly Report on Form 10-Q, which disclosure is hereby incorporated herein by reference.

**ITEM 1A – Risk Factors**

There have been no material changes from risk factors previously disclosed in the Company's most recent Annual Report on Form 10-K. See the discussions of the Company's risk factors under Part I, Item 1A in the Company's Annual Report on Form 10-K for the fiscal year ended August 31, 2022.

**ITEM 2 – Unregistered Sales of Equity Securities and Use of Proceeds**

None.

**ITEM 3 – Defaults Upon Senior Securities**

None.

**ITEM 4 – Mine Safety Disclosures**

Not applicable.

**ITEM 5 – Other Information**

None.

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**ITEM 6 – Exhibits** 

---

| | |
|:---|:---|
| Exhibit |  |
| No. | Description |
| 3.1 | [<u>Restated Certificate of Incorporation of the Company, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on December 14, 2006.</u>](https://www.sec.gov/Archives/edgar/data/836157/000095013706013672/c10757exv3w1.htm) |
| 3.2 | [<u>Amended and Restated By-Laws of the Company, effective October 17, 2018, incorporated by reference to Exhibit 3.1 of the Company's Current Report on Form 8-K filed on October 19, 2018.</u>](https://www.sec.gov/Archives/edgar/data/836157/000156459018024527/lnn-ex31_7.htm) |
| 4.1 | [<u>Specimen Form of Common Stock Certificate, incorporated by reference to Exhibit 4(a) of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended November 30, 2006.</u>](https://www.sec.gov/Archives/edgar/data/836157/000095013707000164/c11287exv4wxay.htm) |
| 10.1\* | [<u>Lindsay Corporation Management Incentive Plan (MIP) 2023 Plan Year. † \*\*</u>](lnn-ex10_1.htm) |
| 10.2\* | [<u>Lindsay Corporation Policy on Payment of Director Fees and Expenses.</u>](lnn-ex10_2.htm) |
| 10.3\* | [<u>First Amendment to Lindsay Corporation 2015 Long-Term Incentive Plan. †</u>](lnn-ex10_3.htm) |
| 10.4\* | [<u>Lindsay Corporation Directors Nonqualified Deferred Compensation Plan.</u>](lnn-ex10_4.htm) |
| 31.1\* | [<u>Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.</u>](lnn-ex31_1.htm) |
| 31.2\* | [<u>Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.</u>](lnn-ex31_2.htm) |
| 32.1\* | [<u>Certification of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 18 U.S.C. Section 1350.</u>](lnn-ex32_1.htm) |
| 101\* | Interactive Data Files pursuant to Rule 405 of Regulation S-T formatted in Inline Extensible Business Reporting Language ("Inline XBRL"). |
| 104\* | Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101). |

---

† Management contract or compensatory plan or arrangement required to be filed as an exhibit hereto pursuant to Item 6 of Part II of Form 10-Q.

\* Filed herein.

\*\* Certain confidential portions of this Exhibit were omitted by means of redacting a portion of the text. This Exhibit has been filed separately with the Secretary of the Commission with the redacted text pursuant to the Company's application requesting confidential treatment under Rule 24b-2 of the Securities Exchange Act of 1934.

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on this 5th day of January 2023.

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;LINDSAY CORPORATION |
| &nbsp;&nbsp;By: | &nbsp;&nbsp;/s/ BRIAN L. KETCHAM |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;Brian L. Ketcham |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;Senior Vice President and Chief Financial Officer |
|  | &nbsp;&nbsp;(on behalf of the registrant and as principal financial officer) |

---

------

## Exhibit 10.1

**Ex 10.1**

**Certain identified information has been excluded from this exhibit because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.**

**LINDSAY CORPORATION**

**MANAGEMENT INCENTIVE PLAN (MIP)**

**2023**

 **Plan Year**

**____________________________**

Senior Vice President - HR/Date

&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;&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;&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;&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;&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;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer/Date

________________________

Chief Executive Officer/Date

------

**Table of Contents**

---

| | |
|:---|:---|
| 1. Purpose | 1 |
| 2. Definitions | 1 |
| 3. Effective Date | 2 |
| 4. Eligibility for Participation | 2 |
| 5. Enrollment in the Plan | 2&3 |
| 6. Determination of Target Payout Levels | 3&4 |
| 7. Basis of Awards | 4&5 |
| 8. Changes in Employment Status | 6 |
| 9. Administration | 6 |
| 10. Attachments .…….7 | 10. Attachments .…….7 |

---

------

**1. Purpose**

The purpose of the Management Incentive Plan (the "Plan") is to:

 Encourage performance consistent with the Company's business strategy.

 Focus on near-term performance results as well as progress toward the achievement of long-term objectives.<br>

 Strengthen the link between performance and pay by delivering awards based on measurable corporate and individual goals.

**2. Definitions**

The terms used in this Plan have the meanings set forth below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. "Company" shall mean Lindsay Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. "Committee" shall mean the Human Resources and Compensation Committee of the Company's Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. "Financial Performance Component" shall mean the portion of a Participant's Plan award that is based on the Company's and specific Market financial performance as defined in Section 7B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. "Named Executive Officers" shall mean the executives of the Company listed in the Executive Compensation section of the Company's Proxy Statement, other executive officers of the Company for SEC reporting purposes and any other elected officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. "Participant" shall mean a key employee eligible for awards under the terms outlined in Section 4 of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. "Plan" shall mean Lindsay Corporation Management Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. "Strategic Goal Performance Component" shall mean the portion of a Participant's Plan award that is based on a Participant's or the Company's performance relative to certain individual objectives or strategic goals established in accordance with Section 7C.

------

**3. Effective Date**

The Plan shall be effective as of September 1, 2022 and will be in effect for the 2023 bonus year. The 2023 bonus year is defined as September 1, 2022 through August 31, 2023.

**4. Eligibility for Participation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Participation in the Plan is limited to individuals in positions which have significant responsibility for and impact on the Company's corporate performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Only the Named Executive Officers are eligible to be considered for participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Participation in the Plan does not guarantee or entitle any employee to participate in any bonus plan enacted in the future. Participation in the Plan at any target bonus level does not guarantee or entitle any employee to be eligible to participate at any similar target bonus level in any bonus plan which may be enacted in the future.

**5. Enrollment in the Plan**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Initial Enrollment<br>

At the beginning of the Plan year, each Participant must be enrolled in the Plan subject to the approvals and eligibility criteria set forth in Sections 4 and 6. The enrollment process is as follows: <br>

&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. Plan Participants will participate in the Plan at the target percentage set forth opposite his or her name on Exhibit A.

&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. The Company's Chief Executive Officer will review the participant list and projected bonus costs of enrolled employees with the Committee. The Committee provides final approval on the aggregate potential cost of the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. 3

------

Mid-year Enrollment<br>

When hiring or promoting employees during the Plan year who may be eligible for participation in the Plan, the following procedures must be followed:

&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 commencement of the recruiting or promotion process, the hiring manager consults with Human Resources to determine the position's eligibility for participation in the Plan and the recommended target bonus amount.<br>

&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. Offer letters indicating bonus Plan participation and target bonus award opportunities to new hires and/or promoted employees must be reviewed by the CEO or, in the case of a Named Executive Officer, by the Committee. Target bonus recommendations must be approved before communication to a prospective Participant. Generally, employees hired or promoted during the fourth quarter of fiscal 2023 are not eligible to participate in the 2023 Plan.

**6. Determination of Target Payout Levels**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Incentive awards will be calculated as a percentage of the Participant's annual base salary received during the Plan year, provided that annual base salary increases which are made during the first quarter of the Plan year will be treated for purposes of calculating a Participant's bonus as if they had been made at the beginning of the Plan year. The impact of promotions or other adjustments to base pay made after the annual pay adjustment noted above will be prorated for the time in effect. While award amounts will vary based on the range of award opportunity and an assessment of individual performance results, the target award opportunities for each Participant are set forth opposite his or her name on Exhibit A. Actual participation is subject to approval by the CEO and by the Committee. Actual participation is based on an assessment of the individual's position impact on the organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. If a Participant's Plan target award opportunity (Target % of Salary as set forth above) changes due to promotion into a grade level with a higher target bonus, the Participant's bonus will be calculated based on his or her annual salary during the Plan year and a pro-rated bonus award. The pro-rated bonus award will reflect the portion of the Plan year spent in each grade level (e.g., 26 weeks at 40% and 26 weeks at 50%). In evaluating the performance of Participants who change positions during the Plan year, consideration will be given to the length of time and results in each position. Actual award decisions will be made by the CEO or, in the case of a Named Executive Officer, by the Committee. Generally, fourth quarter promotions will not result in an increase in a Participant's target award opportunity. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Examples of various award calculations are included with this Plan document as Attachment

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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.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The Committee will determine the award payments to the Named Executive Officers.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Award payments will be calculated on an annual basis and paid in accordance with the Company's normal payroll cycle. Payments will be made within 75 days following the Plan year. The payment date may be changed at any time and for any reason at the discretion of the CEO, or in the case of a Named Executive Officer, with approval of the Committee, but may not be later than March 15 following the end of the Plan year for which the award is paid.<br>

**7. Basis of Awards**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Measurable performance objectives for each Plan Participant will be established at the beginning of the Plan year (or at mid-year for mid-year hires or newly eligible employees). For the 2023 bonus year, consideration will be given to:<br>

&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. Financial Performance Component: Company and Market financial performance vs. Plan performance objectives in accordance with Section 7B.

&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. Strategic Goal Performance Component: Participant's or Company's performance relative to individual objectives or strategic goals established in accordance with Section 7C.

&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. Financial and Strategic Goal Performance Components will be added to reach a Participant's total bonus. The relative weighting between these Components for each Participant is set forth opposite his or her name on Exhibit A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. At the beginning of the Plan year, the objectives for the Financial Performance Component are identified and approved by the Committee and are set forth on Exhibit B.

&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. Recommended award amounts may range from 0 - 200% of the Financial Performance Component of the Participant's target award, based on performance.

&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. Percentages between the threshold, intermediate, target, and maximum award will be interpolated.

&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. In the event of an acquisition, actual results for the selected financial performance metrics (e.g., revenue, operating margin) will be adjusted by subtracting the Board-approved business case for each acquisition for purposes of award payout calculations, unless the Committee approves a modification to

------

include any such items. Any transaction costs associated with any acquisition considered, pursued or closed shall be added back to profitability.

&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. In the event of a divestiture, actual results for the selected financial performance metrics will be adjusted by including the Board-approved budget (and removing actual performance results) for each divestiture for purposes of award payout calculations, unless the Committee approves a modification to any such items. If a planned divestiture is not included in the budget, its financial performance metrics will not be included in the calculation of the Financial Performance Component if the divestiture is not complete by the end of the fiscal year. Any transaction costs associated with any divestiture considered, pursued or closed shall be added back to profitability.

&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. Award payout calculations shall exclude the positive or negative impact of any adjustments to the accrual for environmental remediation liability or unbudgeted expenses related to the existing contamination at the Lindsay facility as disclosed in the Company's SEC filings.

&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;vi. Award payout calculations may be adjusted for any items of gain, loss or expense (i) from non-cash impairments; (ii) related to loss contingencies identified in the Company's 10-K; (iii) that are unusual in nature or infrequent in occurrence; (iv) related to the disposal of a segment of a business; or (v) related to a change in accounting principle. The Plan also permits adjustments to remove the effects of changes in the tax law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. At the beginning of the Plan year, the objectives for the Strategic Goal Performance Component are identified and approved by the Committee and are set forth on Exhibit B.

&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. Objectives under the Strategic Goal Performance Component may be linked to individual objectives or team-based goals, as appropriate.

&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. Recommended award amounts may range from 0% - 200% of the target amount under the Strategic Goal Performance Component. Recommended award amounts will be based on an assessment of the Participant or Company's performance, as applicable, relative to objectives established under the Strategic Goal Performance Component as set forth on Exhibit B.

&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. The "Payout (as % of Target Individual Performance Component)" represents the payout relative to target award for the Strategic Goal Performance Component of the Plan.

------

**8. Changes in Employment Status**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Participants who cease to be employees of the Company during the Plan year will not be eligible to receive an award. Only active employees on the date that the bonus is paid will be eligible to receive an award. Any exceptions will require the approval of the CEO, or in the case of a Named Executive Officer, the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In the event that a Participant transfers out of an eligible position into an ineligible position within the Company, the employee may be eligible for a prorated bonus award based upon the approval of the CEO, or in the case of a Named Executive Officer, the Committee.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. In all cases awards will be calculated and paid according to the provisions in Sections 6 and 7 of this Plan document.

**9. Administration**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. General authority for Plan administration and responsibility for ongoing Plan administration will rest with the Committee of the Company's Board of Directors. The Committee has sole authority for decisions regarding interpretation of the terms of this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. The Company reserves the right to amend or change the Plan in whole or in part at any time during the Plan year. Amendments to the Plan require the approval of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Participation in the Plan does not constitute a contract of employment nor a contractual agreement of payment. It shall not affect the right of the Company to discharge, transfer, or change the position of a Participant. The Plan shall not be construed to limit or prevent the Company from adopting or changing, from time to time, any rules, standards or procedures affecting the Participant's employment with the Company or any Company affiliate, including those which affect bonus payouts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If any provision of this Plan is found to be illegal, invalid or unenforceable under present or future laws, that provision shall be severed from the Plan. If such a provision is severed, this Plan shall be construed and enforced as if the severed provision had never been part of it and the remaining provisions of this Plan shall remain in full force and effect and shall not be affected by the severed provisions or by its severance from this Plan. In place of any severed provision there shall be added automatically as part of this Plan a provision as similar in terms to the severed provision as may be possible and be legal, valid and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. This is not an ERISA plan. This is a bonus program.

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**ATTACHMENT A**

**Award Calculation Guidelines**

The following examples are to be used as guidelines in calculating bonus awards at the end of the 2023 Plan year. Managers should use their discretion in calculating actual bonus awards and may consider exceptions to the calculations below when necessary. Any such exceptions must be fully documented and are subject to review and approval by the Chief Executive Officer, or in the case of a Named Executive Officer, the Committee.

---

| | | | |
|:---|:---|:---|:---|
| **<u>Full Year Participation</u>** |  | **<u>Mid-Year Promotion</u>** |  |
| Strategic Goal Performance Score: | 100 | Strategic Goal Performance Score: | 100 |
| Financial Performance Score: | 100.00% | Financial Performance Score: | 100.00% |
|  |  | Pre-Promotion Calculation | Pre-Promotion Calculation |
| Strategic Goal Score | 100 | Strategic Goal Score | 100 |
| Total Incentive Plan % | 40% | Total Incentive Plan % | 40% |
| % Strategic to Total Incentive Plan Participation | 20% | % Strategic to Total Incentive Plan Participation | 20% |
| Base Salary | $150000 | Base Salary | $150000 |
| Strategic Goal Performance Payout | $12000 | Strategic Goal Performance Payout | $12000 |
| Financial Score | 100% | Financial Score | 100% |
| Total Incentive Plan % | 40% | Total Incentive Plan % | 40% |
| % Financial to Total Incentive Plan Participation | 80% | % Financial to Total Incentive Plan Participation | 80% |
| Base Salary | $150000 | Base Salary | $150000 |
| Financial Performance Payout | $48000 | Financial Performance Payout | $48000 |
| Incentive Amount | $60000 | Incentive Amount | $60000 |
| Time Period (weeks) | 52 | Time Period (weeks) | 26 |
| Proration Factor | 1 | Proration Factor | 0.5 |
| **Prorated Payout for Time Period** | **$60000** | **Prorated Payout for Time Period** | **$30000** |
| **<u>Partial Year Participation</u>** |  |  |  |
| Strategic Goal Performance Score: | 100 |  |  |
| Financial Performance Score: | 100.00% |  |  |
|  |  | Post Promotion Calculation | Post Promotion Calculation |
| Strategic Goal Score | 100 | Strategic Goal Score | 100 |
| Total Incentive Plan % | 40% | Total Incentive Plan % | 50% |
| % Strategic to Total Incentive Plan Participation | 20% | % Strategic to Total Incentive Plan Participation | 20% |
| Base Salary | $150000 | Base Salary | $200000 |
| Strategic Goal Performance Payout | $12000 | Strategic Goal Performance Payout | $20000 |
| Financial Score | 100% | Financial Score | 100% |
| Total Incentive Plan % | 40% | Total Incentive Plan % | 50% |
| % Financial to Total Incentive Plan Participation | 80% | % Financial to Total Incentive Plan Participation | 80% |
| Base Salary | $150000 | Base Salary | $200000 |
| Financial Performance Payout | $48000 | Financial Performance Payout | $80000 |
| Incentive Amount | $60000 | Incentive Amount | $100000 |
| Time Period (weeks) | 30 | Time Period (weeks) | 26 |
| Proration Factor | 0.57692 | Proration Factor | 0.5 |
| **Prorated Payout for Time Period** | **$34615** | **Prorated Payout for Time Period** | **$50000** |
|  |  | **<u>Total Prorated Incentive Amount</u>** | **<u>$80000</u>** |

---

------

**[\*\*The appendix that includes Financial Performance and Strategic Goal Component Elements and Weighting for Fiscal Year 2023 constitutes confidential information and has been omitted from this filing because it is both (i) not material and (ii) would be competitively harmful if publicly disclosed.\*\*]**

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## Exhibit 10.2

**Ex 10.2**

**LINDSAY CORPORATION**

**<u>POLICY ON PAYMENT OF DIRECTOR FEES AND EXPENSES</u>**

(Adopted at Board of Directors Meeting on January 25, 2000, as amended at Board of Directors Meetings

on December 5, 2003, July 13, 2004, January 29, 2007, May 4, 2007, July 2, 2008, December 1, 2011,

November 29, 2012, September 26, 2013, September 20, 2016, October 17, 2018,

October 18, 2021 and October 18, 2022)

Outside Directors who are not employees of the Company are compensated or have expenses reimbursed as follows, effective September 1, 2021:

- $75,000 Annual Fee as Director: Payment of $18,750 is made by check or electronic payment in December, March, June and September ($75,000 total). On an annual basis and prior to the annual meeting of stockholders, Directors may elect to receive some or all of their annual cash retainer in the form of restricted stock units which shall be granted at the annual meeting of stockholders along with the regular annual grant of restricted stock units.

- $70,000 Annual Fee as Chairman of Board of Directors: Payment of $17,500 is made by check or electronic payment in December, March, June and September ($70,000 total) in addition to the annual fee as a Director, if the Chairman of the Board is an outside Director; provided that the Chairman of the Board may not also receive an additional fee for serving as Chairman of any standing or special committee.

- $20,000 Annual Fee as Chairman of the Audit Committee, $15,000 Annual Fee as Chairman of the Compensation Committee and $15,000 Annual Fee as Chairman of the Corporate Governance and Nominating Committee: Payment of one-quarter of the fee is made by check or electronic payment in December, March, June and September in addition to the annual fee as a Director; provided that the annual fee to serve as the Chairman of any Committee shall not be payable if the Chairman of such Committee is also serving as Chairman of the Board of Directors.

- Lindsay will reimburse outside Directors for actual and reasonable expenses they incur associated with travel for Lindsay meetings or other Lindsay business, including first class commercial airfare (or travel by private plane for distances of less than 1,000 miles if commercial air travel is difficult or inconvenient or more than 1,000 miles if authorized or approved by the Chairman of the Board of Directors or the Chairman of the Audit Committee), car rental, taxi, parking, meals, tips and hotel expenses. Reimbursement for other expenses may be authorized or approved by the Chairman of the Board of Directors or the Chairman of the Audit Committee.

- Directors who are not employees of the Company receive annual grants of restricted stock units with an award value of $100,000 with the grant being made on the date of the annual meeting of stockholders. The number of units awarded will equal $100,000 divided by the closing stock price on the date of grant. These restricted stock units vest on November 1 following the date of grant. Directors will have the opportunity to defer some or all of their restricted stock units pursuant to the Lindsay Corporation Directors Nonqualified Deferred Compensation Plan.

- New directors who are not employees of the Company that join the Board of Directors at a time other than the annual meeting of stockholders receive a one-time grant of restricted stock units with an award value equal to the prorated amount of the last annual grant of restricted stock units based on the amount of time the new director will serve on the Board of Directors until the next annual meeting of stockholders, with the grant being made on the date of their first regular Board meeting as a director. The number of units awarded will equal the prorated amount divided by the closing stock price on the date of grant. These restricted stock

603644.4 6/25/04 - 1 -

------

units vest on the earlier of November 1 following the date of grant or the date of the next annual meeting of stockholders. For the sake of clarity, this prorated grant of restricted stock units will not apply to a new director who joins the Board of Directors at an annual meeting of the stockholders.

603644.4 6/25/04 - 2 -

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## Exhibit 10.3

**Ex 10.3**

**FIRST AMENDMENT TO** 

**LINDSAY CORPORATION**

**2015 LONG-TERM INCENTIVE PLAN**

**WHEREAS,** Lindsay Corporation, a Delaware corporation (the "Company"), previously established the 2015 Long-Term Incentive Plan (the "Plan");

**WHEREAS,** FASB Accounting Standards Update 2016-09 increased the allowable statutory tax withholding threshold to qualify for equity classification from the minimum statutory withholding requirements to the maximum statutory tax rate in the applicable jurisdiction;

**WHEREAS,** the Board has determined it is in the Company's best interest to provide for net share settlement under the Plan subject to the terms and conditions set forth below; and

**WHEREAS,** Section 16.1 of the Plan authorizes the Board to amend the Plan.

**NOW, THEREFORE,** the Plan shall be amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Section 5.4 shall be deleted in its entirety and replaced with the following:

&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;**5.4 Cashless Exercise**. To the extent permitted by applicable law, the Option Price and any applicable statutory maximum withholding taxes may be paid from the proceeds of sale through a bank or broker on the date of exercise of some or all of the Shares to which the exercise relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Section 13 shall be deleted in its entirety and replaced with the following:

&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;**13. Withholding Taxes**. To the extent that the Company is required to withhold federal, state, local or foreign taxes in connection with any payment made or benefit realized by a Participant or other person under this Plan, it shall be a condition to the receipt of such payment or the realization of such benefit that the Participant or such other person make arrangements satisfactory to the Company for payment of all such taxes required to be withheld. At the discretion of the Committee, such arrangements may include relinquishment of a portion of such benefit. The Fair Market Value of any Shares withheld or tendered to satisfy any such tax withholding obligations shall not exceed the amount determined by the applicable maximum statutory tax withholding rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Capitalized terms used in this First Amendment and not otherwise defined herein shall have the meanings assigned to such terms in the Plan. Except as specifically modified herein, all terms and conditions of the Plan shall remain in effect.

------

Executed this 18<sup>th</sup> day of October 2022 by a duly authorized officer of the Company.

**LINDSAY CORPORATION**

By: <u>/s/ Eric R. Arneson</u>

Name: Eric R. Arneson

Title: General Counsel

------

## Exhibit 10.4

**Ex 10.4**

**Lindsay Corporation<br>Directors NONQUALIFIED Deferred Compensation PLAN**

**Effective October 18, 2022**

4874-0766-7252.4

------

**TABLE OF CONTENTS**

Page

ARTICLE I<br>introduction

Section 1.01. The Plan 1

Section 1.02. Applicability 1

ARTICLE II<br>DEFINITIONS

Section 2.01. In General 1

ARTICLE III<br>ELIGIBILITY and participation

Section 3.01. Eligibility Requirements 3

Section 3.02. Continued Participation 3

Section 3.03. Termination of Eligibility 3

Section 3.04. Termination of Participation 4

ARTICLE IV<br>ELECTIVE DEFERRALS

Section 4.01. Elective Deferral Elections 4

Section 4.02. No Election Changes During Plan Year 5

ARTICLE V<br>PARTICIPANT ACCOUNT/ALLOCATION OF CONTRIBUTIONS/vesting

Section 5.01. Participant's Account 5

Section 5.02. Vesting 5

ARTICLE VI<br>INVESTMENTS

Section 6.01. Investments 5

Section 6.02. Voting Rights 5

ARTICLE VII<br>DISTRIBUTIONS

Section 7.01. Election of Time and Form of Distribution 5

Section 7.02. Change of Distribution Election Method 6

Section 7.03. Times for Distribution 6

Section 7.04. Beneficiary Designations 7

Section 7.05. Distributions to Minors or Incompetents 7

Section 7.06. Undistributable Accounts 8

Section 7.07. Additional Distributions 8

4874-0766-7252.4

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ARTICLE VIII<br>UNFORESEEABLE EMERGENCIES

Section 8.01. Unforeseeable Emergencies 8

ARTICLE IX<br>ADMINISTRATION OF THE PLAN

Section 9.01. Plan Administrator 9

Section 9.02. Powers of Plan Administrator 9

Section 9.03. Decisions of Plan Administrator 10

Section 9.04. Administrative Expenses 10

Section 9.05. Eligibility To Participate 10

Section 9.06. Indemnification 10

ARTICLE X<br>CLAIMS PROCEDURES

Section 10.01. Filing a Claim 11

Section 10.02. Review of Initial Claim 11

Section 10.03. Appeal of Denial of Initial Claim 11

Section 10.04. Review of Appeal 11

Section 10.05. Disability Claims 12

Section 10.06. Form of Notice to Claimant 14

Section 10.07. Calculating Time Periods 14

Section 10.08. Discretionary Authority of Plan Administrator 15

Section 10.09. Exhaustion of Claims Procedures 15

ARTICLE XI<br>FUNDING

Section 11.01. Establishment of the Trust 15

Section 11.02. Participants Remain General Creditors 15

ARTICLE XII<br>MODIFICATION OR TERMINATION OF PLAN

Section 12.01. Company's Obligations Limited 15

Section 12.02. Right To Amend or Terminate 16

Section 12.03. Effect of Termination 16

ARTICLE XIII<br>GENERAL PROVISIONS

Section 13.01. Plan Information 16

Section 13.02. Inalienability 16

Section 13.03. Rights and Duties 17

Section 13.04. No Enlargement of Director Rights 17

Section 13.05. Applicable Law 17

Section 13.06. Conformance With Applicable Laws 17

Section 13.07. Binding Effect 17

ii

4874-0766-7252.4

------

Section 13.08. Severability 17

Section 13.09. Captions 17

Section 13.10. Offsets 17

iii

4874-0766-7252.4

------

**TABLE OF CONTENTS**

Page

**LINDSAY CORPORATION**

**DIRECTORS NONQUALIFIED DEFERRED COMPENSATION PLAN**

**ARTICLE I** **<br>introduction**

**Section 1.01.** **The Plan**. Effective October 18, 2022 (the "Effective Date"), Lindsay Corporation (the "Company") hereby adopts Lindsay Corporation Directors Nonqualified Deferred Compensation Plan (the "Plan"). The Plan is established and maintained by the Company primarily to permit Directors of the Company to defer a percentage of their Compensation. This Plan is an unfunded deferred compensation plan intended to qualify for the exemptions provided in, and shall be administered in a manner consistent with, Sections 201, 301 and 401 of ERISA and Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"). This introduction and the following Articles, as may be amended from time to time, comprise the Plan.

**Section 1.02.** **Applicability**. The terms and provisions of the Plan, as hereinafter set forth and as may be amended from time to time, establish the rights and obligations with respect to Participants on and after the Effective Date and to transactions under the Plan on and after such date.

**ARTICLE II** **<br>DEFINITIONS**

**Section 2.01.** **In General**. The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context:

&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;(a)"Active Participant" means, for each Plan Year, a Participant who has enrolled in the Plan for any portion of the Plan Year by authorizing Elective Deferrals in accordance with Section 4.01.

&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;(b)"Beneficiary" means the individual(s) and/or trust(s) entitled to receive benefits under the Plan upon the death of a Participant in accordance with Section 7.05.

&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;(c)"Board of Directors" means the Board of Directors of the Company, as from time to time constituted.

&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;(d)"Change of Control" means a change in ownership occurring as the result of (i) a person, or group, acquiring ownership of stock which, when combined with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power, provided the person or group was not considered as owning more than 50% of the value or voting power prior to the acquisition, (ii) a change in effective control occurring (A) as the result of a person or group, acquiring ownership of stock possessing 30% or more of the total voting power of the stock, or (B) as the result of the replacement

4874-0766-7252.4

------

of a majority of the members of the Board of Directors of the Company during a 12-month period by directors whose appointment or election is not endorsed by a majority of the members of the board prior to the date of the appointment or election, or (iii) a change in the ownership of a substantial portion of the assets of the company occurring as the result of a person, or group, acquiring assets from the company that have a total gross fair market value equal to or more than 40% of the total gross fair market value of all the assets of the company immediately prior to such acquisition. The determination of whether a Change in Control has occurred shall be made in accordance with Code Section 409A and the regulations thereunder.

&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;(e)"Code" means the Internal Revenue Code of 1986, as amended. Reference to a specific Section of the Code shall include such Section, any regulation interpreting such Section and any comparable provision of any future legislation amending, supplementing or superseding such Section.

&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;(f)"Company" means Lindsay Corporation, a Delaware corporation, or any successor corporation.

&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;(g)"Director" means a Director on the Board of the Company.

&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;(h)"Disability" or "Disabled" means a Participant's inability to engage in any substantial gainful activity because of a medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or the Participant's receipt of income replacement benefits for a period of not less than three months under an accident or health plan sponsored by the Company. A Participant shall be deemed to have incurred a Disability if the Participant is determined to be totally disabled by the Social Security Administration.

&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)"Elective Deferrals" means, as to each Participant, the amounts credited to the Participant's Account pursuant to the Participant's deferral election made in accordance with Section 4.01.

&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;(j)"ERISA" means the Employee Retirement Income Security Act of 1974, as amended. Reference to a specific Section of ERISA shall include such Section, any regulation interpreting such Section and any comparable provision of any future legislation amending, supplementing or superseding such Section.

&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;(k)"LTIP" means the Lindsay Corporation 2015 Long-Term Incentive Plan or any successor plan, as may be amended from time to time.

&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;(l)"Participant" means Director who becomes a Participant in the Plan pursuant to Section 3.01 and has not ceased to be a Participant pursuant to Section 3.03 or 3.04.

&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;(m)"Participant's Account" or "Account" means as to any Participant, the separate bookkeeping account maintained in order to reflect his or her interest in the Plan.

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&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;(n)"Plan" means the Lindsay Corporation Directors Nonqualified Deferred Compensation Plan, as set forth in this instrument and as heretofore or hereafter amended from time to time.

&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;(o)"Plan Administrator" means the 401(k) Administrative Committee of the Company or the delegate thereof.

&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;(p)"Plan Year" means the calendar year.

&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;(q)"RSUs" means Restricted Stock Units of Shares as granted to Directors under the LTIP.

&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;(r)"Service" means, as to each Director, each period beginning on his or her first date of service as a Director and ending on his or her next severance date as a Director.

&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;(s)"Shares" means shares of the Common Stock of the Company, $1.00 par value, or any security into which Shares may be converted by reason of a transaction or event.

&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;(t)"Spousal Consent" means the written consent of a Participant's spouse, which:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)acknowledges the effect of the Beneficiary designation made by the Participant; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)is signed by the spouse and witnessed by a notary public.

&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;(u) "Unforeseeable Emergency" means a severe financial hardship of the Participant resulting from an illness or accident of the Participant, the Participant's spouse, Beneficiary or dependent (as defined in Code Section 152, without regard to Section 152(b)(1), (b)(2) and (d)(1)(B)), loss of the Participant's property due to casualty or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. The determination of whether there has been an Unforeseeable Emergency will be made in accordance with Code Section 409A, including regulations and guidance issued thereunder.

**ARTICLE III** **<br>ELIGIBILITY and participation**

**Section 3.01.** **Eligibility Requirements**. Every Director of the Company shall be eligible to participate in the Plan as of the date the Plan Administrator notifies the Director he or she is eligible to participate in the Plan. A Director may become a Participant in the Plan by completing a deferral election in accordance with Section 4.

**Section 3.02.** **Continued Participation**. Subject to Section 3.03, an individual who becomes a Participant in the Plan shall continue to be a Participant and may continue to make written deferrals in accordance with Section 4.01 so long as he or she remains a Director.

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**Section 3.03.** **Termination of Eligibility**. A Participant will become ineligible to continue to participate in the Plan when he or she is no longer a Director. The Plan Administrator may terminate a Director's participation in the Plan prospectively for any reason.

**Section 3.04.** **Termination of Participation**. A Director who has become a Participant shall remain a Participant until his or her entire Account balance is distributed. However, a Director who has become a Participant may or may not be an Active Participant making an Elective Deferral for a particular Plan Year, depending upon whether he or she has elected to make Elective Deferrals for that Plan Year.

**ARTICLE IV** **<br>ELECTIVE DEFERRALS**

**Section 4.01.** **Elective Deferral Elections**. At the time and in the manner prescribed in this Section 4.01, each Director may elect to defer portions of his or her RSUs otherwise granted to him or her for the Plan Year and to have the amounts of such deferrals credited to his or her Elective Deferral Account under the Plan, provided he or she elects to make Elective Deferrals in such manner and within such advance notice period as the Plan Administrator shall specify. The Company may, in its discretion, limit the amount of RSUs that a Participant may defer pursuant to this Section 4.01.

&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;(a)**Deferral Elections**. A Participant, or Director desiring to become a Participant, may elect, in accordance with rules and procedures established by the Plan Administrator, to defer RSUs otherwise granted to him or her for the Plan Year by executing a deferral election form and filing such election with the Plan Administrator on or before the deadlines prescribed in Section 4.01(b) for Initial Elections or Section 4.01(c) for Subsequent Elections. The Participant shall also elect a time and form of payment at the time of deferral election, in accordance with Section 7.01. Each deferral election and related distribution election shall be valid only for the Plan Year to which it relates. A Participant wishing to make an election for any subsequent Plan Year must submit a new deferral election and related distribution election for such Plan Year pursuant to Section 4.01(c).

&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;(b) **Initial Deferral Elections**. Initial deferral elections of RSUs for a Director must be received within 30 days from the date he or she first becomes eligible. If the Director fails to timely submit an initial deferral election within 30 days from the date he or she first becomes eligible, the Director will become a Participant in the Plan as of the first day of the Plan Year following the date he or she files a deferral election. The initial deferral election shall apply only to RSUs granted after such election is received by the Committee. Where an initial deferral election is made after the beginning of the performance period, the election shall apply only to an amount equal to the total amount of the RSUs for the performance period multiplied by the ratio of the number of days remaining in the performance period after the election over the total number of days in the performance period.

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&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;(c)**Elections for Subsequent Plan Years**. A Participant may elect to defer RSUs otherwise granted to him or her for any Plan Year following the Plan Year of the Participant's initial participation in the Plan by executing a deferral election form and filing such election with the Plan Administrator on or before December 31 of the year preceding the Plan Year for which the Director is making the election.

**Section 4.02.** **No Election Changes During Plan Year**. A Participant shall not be permitted to change or revoke his or her election for a Plan Year after the beginning of such Plan Year.

**ARTICLE V** **<br>PARTICIPANT ACCOUNT/ALLOCATION OF CONTRIBUTIONS/vesting**

**Section 5.01.** **Participant's Account**. The Plan Administrator shall establish a bookkeeping Account for each Participant reflecting Elective Deferrals made under the terms of Article IV. A Participant's Account shall reflect his or her share of such deferrals, including his or her allocable share of any gains and losses pursuant to Section 6.01.

**Section 5.02.** **Vesting**. Each Participant shall have a fully 100% vested and nonforfeitable interest in his or her Account at all times. Notwithstanding the foregoing, RSUs shall remain subject to the vesting schedule applicable under the LTIP.

**ARTICLE VI** **<br>INVESTMENTS**

**Section 6.01.** **Investments**. The Shares associated with the RSUs deferred under Article IV of this Plan shall remain invested in Shares after the RSUs vest under the LTIP until they are distributed under Article VII. Participants are entitled to dividend equivalents on the Shares, which shall be held in cash in the Participant's Account, through the date of distribution hereunder.

**Section 6.02.** **Voting Rights**. Participants shall have no voting rights with respect to the Shares associated with the RSUs while they remain deferred hereunder.

**ARTICLE VII** **<br>DISTRIBUTIONS**

**Section 7.01.** **Election of Time and Form of Distribution**. A Participant's Account may first be distributed upon the occurrence of any of the following events in the following forms as elected by the Participant on his or her distribution election form:

&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;(a)**Specified Time**. A Participant is entitled to distribution of his or her Account at a specified time or pursuant to a fixed schedule specified in his or her distribution election form. The Account shall be distributed by the Company issuing or transferring Shares to the Participant at the time(s) elected by the Participant.

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&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;(b)**Separation From Service**. A Participant is entitled to distribution of his or her Account following the termination of his or her term as a Director in either a full distribution or installments, as permitted by the Plan Administrator. In the event the Participant's termination occurs as a result of his or her Disability or death, and the Participant has made an election regarding distribution upon Disability or death, the Participant's distribution will be made according to the Disability or death distribution election, as applicable. The Account shall be distributed by the Company issuing or transferring Shares to the Participant at the time(s) elected by the Participant.

&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;(c)**Change of Control**. A Participant is entitled to distribution of his or her Account upon the occurrence of a Change of Control in either a full distribution or installments, as permitted by the Plan Administrator. The Account shall be distributed by the Company issuing or transferring Shares to the Participant at the time(s) elected by the Participant.

&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;(d)**Disability**. A Participant is entitled to distribution of his or her Account upon the medical determination of a Participant's Disability in either a full distribution or installments, as permitted by the Plan Administrator. The Account shall be distributed by the Company issuing or transferring Shares to the Participant at the time(s) elected by the Participant.

&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;(e)**Death**. Upon the death of a Participant and receipt of proof of death satisfactory to the Plan Administrator, the Participant's Beneficiary is entitled to distribution of the Participant's Account in either a full distribution or installments, as permitted by the Plan Administrator. The Account shall be distributed by the Company issuing or transferring Shares to the Participant at the time(s) elected by the Participant.

If a Participant's distribution election is ineffective for any reason or no distribution election is made, the Participant's Account will be distributed in full on (i) the first day of the calendar year following the Participant's separation from service, or (ii) as soon as reasonably possible following a Change of Control or Disability, as the case may be. For all purposes of the Plan, whether a Participant has a separation from service will be determined in accordance with Code Section 409A and the regulations and guidance thereunder. Notwithstanding the foregoing, a Participant's Account may also become distributable upon an Unforeseeable Emergency pursuant to Section 8.01.

**Section 7.02.** **Change of Distribution Election Method**. A Participant may change the form of distribution elected pursuant to Section 4.01 by giving the Plan Administrator written notice of such change in accordance with the following rules:

&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;(a)Any subsequent distribution election may not take effect until at least 12 months after the date on which the election is submitted to the Plan Administrator; and

&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;(b)With respect to distribution elections at a specified time, or that relate to a Participant's separation from service, other than in cases of Disability or death, such election shall not take effect until at least five years from the date the distribution would have otherwise been made.

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**Section 7.03.** **Times for Distribution**. Subject to Sections 7.01 and 7.02 and the Participant's distribution election, (a) if distributions from a Participant's Account are distributable in the lump-sum form provided under the Participant's distribution election, distributions shall be made on the first day of the calendar year following the distribution event, and (b) if distributions from a Participant's Account are distributable in the form of installments as provided under the Participant's distribution election, the first installment shall be paid on the first day of the calendar year following the distribution event, and the remaining installments shall be paid on each first day of each calendar year thereafter, until all installments have been paid.

**Section 7.04.** **Beneficiary Designations**. A Participant may designate one or more primary Beneficiaries and contingent Beneficiaries on such form as the Plan Administrator shall specify. If a Participant designates anyone other than his or her spouse as a primary Beneficiary, the designation shall be ineffective in the absence of Spousal Consent.

&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;(a)**Spousal Consent Exception**. If a Participant establishes to the satisfaction of the Plan Administrator that Spousal Consent is not obtainable or is not required, because the Participant has no spouse or the spouse cannot be located, the Participant's Beneficiary designation shall be effective without Spousal Consent. Any Spousal Consent required under the Plan shall be valid only with respect to the spouse who signed the Spousal Consent and as to the particular choice made by the Participant in the election requiring Spousal Consent and shall be valid only after received by the Plan Administrator. Without Spousal Consent, a Participant may revoke a prior Beneficiary designation at any time before its effective date. The number of revocations shall not be limited.

&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;(b)**Changes and Failed Designations**. A Participant may, subject to Spousal Consent, designate different Beneficiaries (or revoke a prior designation) at any time by delivering a new designation form (or a signed revocation of a prior designation) to the Plan Administrator.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Any designation shall become effective only upon its receipt by the Plan Administrator but shall cease to be effective when a written revocation of that designation is received by the Plan Administrator.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The last effective designation received by the Plan Administrator shall supersede all prior designations.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)If a Participant dies without having designated a Beneficiary, or if no Beneficiary survives the Participant, the Participant's Account shall be distributed first to his or her surviving spouse or, if the Participant is not survived by his or her spouse, the Account shall be paid to the executor and/or administrator of the Participant's estate.

**Section 7.05.** **Distributions to Minors or Incompetents**. If any individual to whom a benefit is distributable under the Plan is a minor, or if the Plan Administrator determines that any individual to whom a benefit is distributable under the Plan is mentally incompetent to receive such distribution or to give a valid release therefor, distribution shall be made to the guardian,

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administrator or other representative of the estate of the minor or incompetent which has been duly appointed by a court of competent jurisdiction.

**Section 7.06.** **Undistributable Accounts**. Each Participant and (in the event of death) his or her Beneficiary shall keep the Plan Administrator advised of his or her current address. If the Plan Administrator is unable (after making reasonable efforts) to locate the Participant or Beneficiary to whom a Participant's Account is distributable under this Article VII:

&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;(a)the Participant's Account shall be frozen as of the date the Participant or Beneficiary entitled to distribution of the Account is first determined to be missing and no further appreciation, depreciation, earnings, gains or losses shall be credited or debited thereto; and

&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;(b)if the Participant or Beneficiary whose Account was frozen under paragraph (a) above later files a claim for distribution of the Account, and if the Plan Administrator (in its discretion) determines that such claim is valid, then the balance previously frozen shall be restored to the Account.

**Section 7.07.** **Additional Distributions**. As allowed under Section 409A of the Code and its accompanying regulations, the Plan permits a Participant to receive a distribution from his or her Account of any amount deemed to violate Section 409A. Such distribution may not exceed the amount required to be included as income as a result of such failure to comply with Section 409A and its accompanying regulations.

**ARTICLE VIII** **<br>UNFORESEEABLE EMERGENCIES** 

**Section 8.01.** **Unforeseeable Emergencies**. A Participant may apply to the Plan Administrator for a distribution from the Plan on account of an Unforeseeable Emergency. The Plan Administrator (in its sole discretion) shall determine whether an Unforeseeable Emergency exists based on the relevant facts and circumstances of each case. If the Plan Administrator (in its discretion) approves an application for a distribution on account of an Unforeseeable Emergency, the amount withdrawn shall be (a) withdrawn from the subaccounts of the Participant's Account as specified in procedures approved by the Plan Administrator (in its discretion), and (b) distributed to the Participant as soon as reasonably possible after the application approval date, but no later than 60 days following the application approval date. A Participant may make a withdrawal from his or her Elective Deferral Account subject to the following rules:

&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;(a)**Unforeseeable Emergency**. For purposes of applying this Section 8.01, a Participant may make a withdrawal only in the event of an Unforeseeable Emergency.

&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;(b)**Amount Limitation**. The amount available for the Unforeseeable Emergency is limited to the amount reasonably necessary to satisfy the emergency need, as determined by the Plan Administrator (in its discretion), and shall not exceed the balances credited to the Participant's Account, determined as of the date that next preceded the withdrawal date; provided, however, that no income allocated to his or her Account shall be available for withdrawal.

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&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;(c)**Other Sources**. The Participant shall first obtain reimbursement through insurance or otherwise and shall liquidate assets to the extent the liquidation of such assets would not itself cause severe financial hardship.

&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;(d)**Suspension From Further Contributions**. Upon obtaining a distribution due to an Unforeseeable Emergency, a Participant's deferral election will be revoked for the remainder of the Plan Year in which the Participant received such distribution. The Participant may resume deferrals under the Plan as of the first day of the next Plan Year.

**ARTICLE IX** **<br>ADMINISTRATION OF THE PLAN**

**Section 9.01.** **Plan Administrator**. The 401(k) Administrative Committee of the Company is hereby designated as the Plan Administrator of the Plan. The Plan Administrator may designate certain specified duties of Plan administration to an individual or group of individuals who, with respect to such duties, shall have all reasonable powers necessary or appropriate to accomplish them.

**Section 9.02.** **Powers of Plan Administrator**. The Plan Administrator shall have all powers necessary to supervise the administration of the Plan and to control its operation in accordance with its terms, including, but not by way of limitation, the following discretionary powers:

&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;(a)to interpret the provisions of the Plan and to determine any question arising under, or in connection with the administration or operation of, 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;(b)to determine all questions concerning the eligibility of any Director to become or remain a Participant and/or an Active Participant 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;(c)to cause one or more separate Accounts to be maintained for each Participant;

&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;(d)to determine the manner and form of any distribution to be made under 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;(e)to determine the status and rights of Participants and their spouses, Beneficiaries or estates;

&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;(f)to appoint and discharge such trustees, recordkeepers, consultants, counsel (who may be of counsel to the Company) and other agents and advisers, and to obtain such other services, as it may deem necessary or appropriate in carrying out the provisions of 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;(g)to prescribe the manner and notice period in which any Participant, or his or her spouse or other Beneficiary, may make any election or designation provided under the Plan;

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&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;(h)to establish rules for the performance of its powers and duties and for the administration of 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;(i)to establish rules, regulations and procedures under which requests for Plan information from Participants are processed promptly and completely;

&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;(j)to act as agent for the Company in keeping all records and assisting with the preparation, filing and distribution of all necessary reports and disclosures;

&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;(k)to delegate to one or more persons, severally or jointly, the authority to perform for and on behalf of the Plan Administrator one or more of the functions of the Plan Administrator under 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;(l)to exercise the authority to make decisions and to make changes to the Plan, including adopting one or more amendments to the Plan that are not anticipated to have a material financial impact on the Plan or the Company or a material adverse effect on Participants;

&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;(m)to establish, liquidate or consolidate any rabbi trust or secular trust associated with the Plan; and

&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;(n)to make any and all decisions, to take any and all actions, and to execute any and all documents as the Plan Administrator, its delegate or the officers of the Company deem necessary or desirable to implement any resolutions and to contribute to the smooth operation of the Plan.

**Section 9.03.** **Decisions of Plan Administrator**. All decisions of the Plan Administrator, any action taken by the Plan Administrator with respect to the Plan and within the powers granted to it under the Plan, and any interpretation of provision of the Plan by the Plan Administrator shall be conclusive and binding on all persons and shall be given the maximum possible deference allowed by law.

**Section 9.04.** **Administrative Expenses**. The Plan Administrator shall serve without compensation for his or her services as Plan Administrator. All expenses incurred in connection with the administration of the Plan shall be paid by the Company.

**Section 9.05.** **Eligibility To Participate**. The Plan Administrator may be a Director and otherwise eligible under Article III to participate in the Plan. The Plan Administrator shall not act or pass upon any matters pertaining specifically to his or her own Account under the Plan. For such matters, the non-interested members of the Plan Administrator or its delegate shall act as the Plan Administrator.

**Section 9.06.** **Indemnification**. The Company shall indemnify and hold harmless any of its employees, officers or Directors who may be deemed to be a fiduciary of the Plan, the Company and the Plan Administrator from and against any and all losses, claims, damages, expenses and liabilities (including reasonable attorneys' fees and amounts paid in settlement of any claim) arising out of or resulting from the implementation of a duty, act or decision with

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respect to the Plan, so long as such duty, act or decision does not involve bad faith, gross negligence or willful misconduct on the part of any such individual.

**ARTICLE X** **<br>CLAIMS PROCEDURES**

**Section 10.01.** **Filing a Claim**. A claim for benefits not previously elected under a deferral agreement, shall be made in writing by the Participant or, if applicable, the Participant's Beneficiary, executor or administrator, or authorized representative (collectively, the "Claimant") to the Plan Administrator.

**Section 10.02.** **Review of Initial Claim**.

&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;(a)**Initial Period for Review of the Claim**. The Plan Administrator shall review all materials and shall decide whether to approve or deny the claim. If a claim is denied in whole or in part, written notice of denial shall be furnished by the Plan Administrator to the Claimant within a reasonable time after the claim is filed but not later than 90 days after the Plan Administrator receives the claim. The notice shall set forth the specific reason(s) for the denial, reference to the specific Plan provisions on which the denial is based, a description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation of why such material or information is necessary, and a description of the Plan's review procedures, including the applicable time limits of such procedures, including a statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA following a denial on appeal.

&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;(b)**Extension**. If the Plan Administrator determines that special circumstances require an extension of time for processing the claim, it shall give written notice to the Claimant and the extension shall not exceed 90 days. The notice shall be given before the expiration of the 90-day period described in Section 10.02(a) above and shall indicate the special circumstances requiring the extension and the date by which the Plan Administrator expects to render its decision.

**Section 10.03.** **Appeal of Denial of Initial Claim**. The Claimant shall have the reasonable opportunity to appeal an initial claim denial and shall be entitled to a full and fair review of such appeal. The Claimant must request a review within the reasonable period of time prescribed by the Plan Administrator. The time period for such a request shall be at least 60 days. The review shall take into account all comments, documents, records, and other information submitted in writing by the Claimant without regard to whether such information was submitted or considered in the initial benefit determination. The Claimant shall be provided, free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the claim for benefits. Whether a document, record, or other information is relevant to a claim for benefits shall be determined by Department of Labor regulation 29 CFR § 2560.503-1(m)(8).

**Section 10.04.** **Review of Appeal**.

&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;(a)**Initial Period for Review of the Appeal**. The Plan Administrator shall conduct all reviews of denied claims and shall render its decision within a reasonable time,

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but not more than 60 days of the receipt of the appeal by the Plan Administrator. The Claimant shall be notified of the Plan Administrator's decision in a notice, which shall set forth the specific reason(s) for the denial, reference to the specific Plan provisions on which the denial is based, a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records and other information relevant to the Claimant's claim (whether a document, record, or other information is relevant to a claim for benefits shall be determined by Department of Labor regulation 29 CFR § 2560.503-1(m)(8)). Such notice shall also include a statement describing any voluntary appeal procedures offered by the Plan and the Claimant's right to obtain the information about such procedures, and a statement of the Claimant's right to bring an action under Section 502(a) of ERISA.

&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;(b)**Extension**. If the Plan Administrator determines that special circumstances require an extension of time for reviewing the appeal, it shall give written notice to the Claimant and the extension shall not exceed 60 days. The notice shall be given before the expiration of the 60-day period described in Section 10.04(a) above and shall indicate the special circumstances requiring the extension and the date by which the Plan Administrator expects to render its decision.

**Section 10.05.** **Disability Claims**. If a claim for benefit is based on the Participant's Disability, the claim will be processed as specified in Sections 10.01 through 10.04, except that 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;(a)**Independence and Impartiality**. The Plan Administrator shall ensure that all claims and appeals for Disability benefits are adjudicated in a manner designed to ensure the independence and impartiality of the persons involved in making the decision.

&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;(b)**Notice of Decision**. The Plan Administrator will notify the Claimant of his or her decision within 45 days of receipt of the initial claim. The 45-day period may be extended for an additional 30 days if the extension is necessary due to matters beyond the Plan Administrator's control and the Plan Administrator notifies the Claimant prior to the expiration of the initial 45-day period of the circumstances requiring the extension and the date by which the Plan Administrator expects to render a decision. The 30-day extension period can be extended for a second period of 30 days due to matters beyond the Plan Administrator's control, provided the Plan Administrator again notifies the Claimant prior to the expiration of the first extension period in the same manner as the first extension. Any notice of extension under this paragraph shall specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision, and the additional information needed to resolve those issues. If the Claimant is asked to provide additional information so that the claim can be processed, the Claimant will have 45 days to provide the additional information. In addition to the information listed in Section 10.02(a), the notice of a denial shall include the following:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A discussion of the decision, including an explanation of the basis for disagreeing with or not following: (A) the views presented by the Claimant of health care professionals treating the Claimant and vocational professionals who evaluated the Claimant; (B) the views of medical or vocational experts whose

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advice was obtained on behalf of the Plan in connection with a Claimant's adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (C) a disability determination regarding the Claimant presented by the Claimant made by the Social Security Administration.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the Claimant's medical circumstances, or a statement that such explanation will be provided free of charge upon request;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Either the specific internal rules, guidelines, protocols, standards or other similar criteria of the Plan relied upon in making the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria of the Plan do not exist; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant's claim for benefits. Whether a document, record, or other information is relevant to a claim for benefits shall be determined by Department of Labor regulation 29 CFR § 2560.503-1(m)(8).

&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;(c)**Review Procedures**. A Claimant will have 180 days following the receipt of an adverse determination involving a Disability benefit to request a review of the determination. If a review of the adverse decision is requested, the following 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)No deference will be given to the initial decision and the review will be conducted by an appropriate individual who is neither the individual who made the initial decision nor a subordinate of that individual.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the initial decision was based in whole or in part on a medical judgment, the appropriate individual will consult with a health care professional who has the appropriate training and experience in the field of medicine involved in the medical judgment.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Plan Administrator will provide to the Claimant the identity of the medical or vocational experts whose advice was obtained on behalf of the Plan in connection with the adverse determination, without regard to whether the advice was relied on in making the determination.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)Any health care professional engaged for purposes of reviewing the initial decision will be an individual who is neither an individual who was consulted in connection with the initial decision nor a subordinate of that individual.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Plan Administrator shall notify the Claimant of his or her decision on review within 45 days after the request for review is received, or within 90 days if special circumstances require an extension of time, the Claimant is given written

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notice of the extension within the first 45-day period, and the notice describes the special circumstances and indicates the date a decision is expected to be made.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)Before the Plan can issue an adverse benefit decision on review, the Claimant shall be given, free of charge, any new or additional evidence considered, relied upon, or generated by the Plan, insurer, or other person making the benefit determination in connection with the claim, or any new or additional rationale, as soon as possible and sufficiently in advance of the date on which the notice of adverse benefit determination on review is required to be provided, to give the Claimant a reasonable opportunity to respond prior to that date.

&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;(d)**Notice of Decision on Review**. In addition to the information listed in Section 10.04(a), the notice of an adverse benefit decision shall include the following:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)A discussion of the decision, including an explanation of the basis for disagreeing with or not following: (A) the views presented by the Claimant of health care professionals treating the Claimant and vocational professionals who evaluated the Claimant; (B) the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a Claimant's adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (C) a disability determination regarding the Claimant presented by the Claimant made by the Social Security Administration;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)If the adverse benefit determination is based on a medical necessity or experimental treatment or similar exclusion or limit, either an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the Claimant's medical circumstances, or a statement that such explanation will be provided free of charge upon request;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)Either the specific internal rules, guidelines, protocols, standards or other similar criteria of the Plan relied upon in making the adverse determination or, alternatively, a statement that such rules, guidelines, protocols, standards or other similar criteria of the Plan do not exist; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The statement of a Claimant's right to bring an action under Section 502(a) of ERISA shall also describe any applicable contractual limitations period that applies to the Claimant's right to bring such an action, including the calendar date on which the contractual limitations period expires for the claim.

**Section 10.06.** **Form of Notice to Claimant**. The notice to the Claimant shall be given in writing or electronically and shall be written in a manner calculated to be understood by the Claimant. In the case of an adverse benefit decision for Disability benefits, all notifications shall be provided in a culturally and linguistically appropriate manner as described in Department of Labor regulation 29 CFR § 2560.503-1(o).

**Section 10.07.** **Calculating Time Periods**. The period of time within which a benefit decision must be made shall begin at the time an initial claim or appeal is filed with the Administrator in accordance with this Article X. In the event that a period of time is extended due

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to a Claimant's failure to submit information necessary to decide a claim, the period for making the benefit decision shall be tolled from the date on which the notification of the extension is sent to the Claimant until the date on which the Claimant responds to the request for additional information.

**Section 10.08.** **Discretionary Authority of Plan Administrator**. The Plan Administrator shall have full discretionary authority to determine eligibility, status and the rights of all individuals under the Plan; to construe any and all terms of the Plan; and to find and construe all facts.

**Section 10.09.** **Exhaustion of Claims Procedures**. Failure to comply with the claims procedure set forth in this Article X does not relieve the Company of any obligation to distribute benefits pursuant to this Plan. Compliance with the claims review procedures set forth in this Article X shall be a condition precedent to the filing of a lawsuit by a Participant or his or her Beneficiary or any person claiming through a Participant or Beneficiary in connection with a Plan benefit, and a failure to timely exhaust the administrative remedies set forth herein shall bar any such proceeding in federal or state court.

**ARTICLE XI** **<br>FUNDING**

**Section 11.01.** **Establishment of the Trust**. The Company shall not be required to fund or otherwise segregate assets for the distribution of benefits under the Plan. Notwithstanding the foregoing, however, the Company may, in its sole and absolute discretion, establish a trust under which any contributions to the Plan may be held, administered and managed, subject to the claims of the Company's creditors in the event of the Company's insolvency, until paid to the Participant and/or his or her Beneficiaries specified in the Plan. Any trust established pursuant to the Plan is intended to be treated as a grantor trust under the Code, and the establishment of the trust shall not cause the Participant to realize current income on amounts contributed thereto or to give the Participant any claim to any assets held thereunder. Such trust shall be subject to all the provisions of this Plan, shall be property of the Company until distributed, and shall be subject to the Company's general, unsecured creditors and judgment creditors. Such trust shall not be deemed to be collateral security for fulfilling any obligation of the Company to the Participants.

**Section 11.02.** **Participants Remain General Creditors**. Notwithstanding any other provisions of the Plan, the Plan shall be unfunded and the Participants in this Plan shall be no more than general, unsecured creditors of the Company with regard to benefits distributable pursuant to this Plan. The Company may establish a trust to hold Participants' Elective Deferrals and earnings thereon.

**ARTICLE XII** **<br>MODIFICATION OR TERMINATION OF PLAN**

**Section 12.01.** **Company's Obligations Limited**. The Plan is voluntary on the part of the Company, and the Company does not guarantee to continue the Plan. By an appropriate

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amendment to the Plan, the Company may at any time discontinue Elective Deferrals for any reason at any time.

**Section 12.02.** **Right To Amend or Terminate**. The Company reserves the right to alter, amend or terminate the Plan, or any part of the Plan, in such manner as it may determine. Any such alteration, amendment or termination (a "Change") shall take effect upon the date indicated in the document embodying the Change; provided, however, that no Change shall divest any portion of an Account under the Plan.

**Section 12.03.** **Effect of Termination**. The Plan shall only be terminated, and funds from all such Participants' Accounts shall only become distributable, in accordance with the Participant's distribution election as provided in Section 4.01. Notwithstanding the foregoing, the Company may elect to terminate the Plan and make accelerated distributions in accordance with the following:

&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;(a)**Corporate Dissolution or Bankruptcy**. If termination of the Plan is due to corporate dissolution or bankruptcy, the Plan Administrator may make an accelerated distribution as allowed under Section 409A of the Code upon the later of the calendar year the Plan terminates or the first calendar year in which distribution is administratively practicable;

&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;(b)**Change of Control**. If termination of the Plan is due to a Change of Control the Plan Administrator may make distributions during the period beginning 30 days prior to and ending 12 months following the change in control event; or

&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;(c)**Termination in the Ordinary Course**. If the Company terminates the Plan along with all other programs that would be aggregated with the Plan as provided in Code Section 409A and the guidance thereunder, and this termination is not proximate to a downturn in the financial health of the Company, the Plan Administrator may make distributions no earlier than 12 months after and no later than 24 months after the termination of the Plan. Under this scenario, the Company shall not adopt a new plan that would be aggregated with the Plan within three years after the termination.

**ARTICLE XIII** **<br>GENERAL PROVISIONS**

**Section 13.01.** **Plan Information**. Each Participant shall be advised of the general provisions of the Plan and, upon written request addressed to the Plan Administrator, shall be furnished with any information requested, to the extent required by applicable law, regarding his or her status, rights and privileges under the Plan.

**Section 13.02.** **Inalienability**. Except to the extent otherwise directed by applicable law, in no event may a Participant, a former Participant or his or her spouse, Beneficiary or estate sell, transfer, anticipate, assign, pledge or otherwise dispose of any right or interest under the Plan; and such rights and interests shall not at any time be subject to the claims of creditors nor be liable to attachment, execution or other legal process. The Plan shall not recognize or give effect to any domestic relations order attempting to alienate, transfer or assign any Participant benefits.

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**Section 13.03.** **Rights and Duties**. No person shall have any rights in or to any fund or other assets of the Plan, or under the Plan, except as, and only to the extent, expressly provided for in the Plan.

**Section 13.04.** **No Enlargement of Director Rights**. Neither the establishment or maintenance of the Plan, the making of any contributions nor any action of the Company, the trustee, if any, or Plan Administrator shall be held or construed to confer upon any individual any right to be continued as a Director nor, upon dismissal, any right or interest in any fund or any other assets of the Plan, except to the extent provided in the Plan. The Company expressly reserves the right to discharge any Director at any time.

**Section 13.05.** **Applicable Law**. To the extent not subject to federal law, the provisions of the Plan shall be construed, administered and enforced in accordance with applicable laws of the State of Delaware, without regard to conflict-of-law principles.

**Section 13.06.** **Conformance With Applicable Laws**. Notwithstanding anything contained herein to the contrary, this Plan shall be administered and operated in accordance with any applicable laws and regulations, including, but not limited to, Section 409A of the Code. The Company reserves the right to amend this Plan at any time in order for this Plan to comply with any such laws and regulations.

**Section 13.07.** **Binding Effect**. The Plan shall be binding upon the heirs and personal representatives of all current and future Participants or Beneficiaries.

**Section 13.08.** **Severability**. If any provision of the Plan is held invalid or unenforceable, its invalidity or unenforceability shall not affect any other provisions of the Plan, and the Plan shall be construed and enforced as if such provision had not been included.

**Section 13.09.** **Captions**. The captions contained in, and the table of contents prefixed to the Plan are inserted only as a matter of convenience and for reference and in no way define, limit, enlarge or describe the scope or intent of the Plan nor in any way shall they affect the construction of any provision of the Plan.

**Section 13.10.** **Offsets**. When any distribution becomes due and distributable hereunder, the Company, without notice, demand or any other action, may withhold distribution and use the funds to offset any amounts owed by the Participant to the Company.

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**EXECUTION**

IN WITNESS WHEREOF, Lindsay Corporation by its duly authorized officer, has executed this Plan on the date indicated below.

LINDSAY CORPORATION

By <u>/s/ Eric R. Arneson</u>

Title <u>General Counsel</u>

Dated <u>October 18, 2022</u>

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## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION**

I, Randy A. Wood, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lindsay 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused 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;

&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 (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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 the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control 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.

---

| | |
|:---|:---|
| /s/ RANDY A. WOOD | President and Chief Executive Officer |
| Randy A. Wood | January 5, 2023 |

---

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## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION**

I, Brian L. Ketcham, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Lindsay 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused 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;

&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 (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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 the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control 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.

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| | |
|:---|:---|
| /s/ BRIAN L. KETCHAM | Senior Vice President and Chief Financial Officer |
| Brian L. Ketcham | January 5, 2023 |

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## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION**

In connection with the accompanying Quarterly Report on Form 10-Q (the "Report") of Lindsay Corporation (the "Company") for the quarter ended November 30, 2022, I, Randy A. Wood, Chief Executive Officer of the Company and I, Brian L. Ketcham, Chief Financial Officer of the Company, hereby certify pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, to my knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)the 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;&nbsp;&nbsp;&nbsp;&nbsp;(2)the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| |
|:---|
| /s/ RANDY A. WOOD |
| Randy A. Wood |
| President and Chief Executive Officer |
| /s/ BRIAN L. KETCHAM |
| Brian L. Ketcham |
| Senior Vice President and Chief Financial Officer |
| January 5, 2023 |

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A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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