Document:

Exhibit

EXECUTION VERSION
REGISTRATION RIGHTS AGREEMENT
This REGISTRATION RIGHTS AGREEMENT dated December 15, 2015 (this “Agreement”) is entered into by and among Churchill Downs Incorporated, a Kentucky corporation (the “Company”), the guarantors listed on Schedule 1 hereto (the “Initial Guarantors”), and J.P. Morgan Securities LLC (“J.P. Morgan”), as representative of the several Initial Purchasers listed on Schedule 1 of the Purchase Agreement (as defined below) (the “Initial Purchasers”).
The Company, the Guarantors and the Initial Purchasers are parties to the Purchase Agreement dated December 2, 2015 (the “Purchase Agreement”), which provides for the sale by the Company to the Initial Purchasers of $300,000,000 aggregate principal amount of the Company’s 5.375% Senior Notes due 2021 (the “Securities”) which will be guaranteed on an unsecured senior basis by each of the Guarantors.  As an inducement to the Initial Purchasers to enter into the Purchase Agreement, the Company and the Guarantors have agreed to provide to the Initial Purchasers and their direct and indirect transferees the registration rights set forth in this Agreement.  The execution and delivery of this Agreement is a condition to the closing under the Purchase Agreement.  The Company previously issued and sold $300,000,000 aggregate principal amount of its 5.375% Senior Notes due 2021 (the “Existing Securities”) under the Indenture (as defined below).  The Securities constitute an issuance of Additional Notes (as defined in the Indenture) under the Indenture.
In consideration of the foregoing, the parties hereto agree as follows:
1.Definitions.  As used in this Agreement, the following terms shall have the following meanings:
“Additional Guarantor” shall mean any subsidiary of the Company that executes a Guarantee under the Indenture or supplemental indenture after the date of this Agreement.
“Business Day” shall mean any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required by law to remain closed.
“Company” shall have the meaning set forth in the preamble and shall also include the Company’s successors.
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.
“Existing Securities” shall have the meaning set forth in the preamble.
“FINRA” means the Financial Industry Regulatory Authority, Inc.
“Free Writing Prospectus” means each free writing prospectus (as defined in Rule 405 under the Securities Act) prepared by or on behalf of the Company or used or referred to by the Company in connection with the sale of the Securities.
“Guarantees” shall mean the guarantees of the Securities by the Guarantors under the Indenture.
“Guarantors” shall mean the Initial Guarantors, any Additional Guarantors and any Guarantor's successor that Guarantees the Securities.
“Holders” shall mean the Initial Purchasers, for so long as they own any Registrable Securities, and each of their successors, assigns and direct and indirect transferees who become owners of Registrable Securities under the Indenture.
“Indemnified Person” shall have the meaning set forth in Section 4(c) hereof.

“Indemnifying Person” shall have the meaning set forth in Section 4(c) hereof.
“Indenture” shall mean the Indenture relating to the Existing Securities and the Securities dated as of December 16, 2013, as supplemented by a supplemental indenture dated as of December 9, 2015, among the Company, the Initial Guarantors and U.S. Bank National Association, as trustee, and as the same may be further amended from time to time in accordance with the terms thereof.
“Initial Purchasers” shall have the meaning set forth in the preamble.
“Inspector” shall have the meaning set forth in Section 3(a)(xiv) hereof.
“Issue Date” shall mean December 15, 2015.
“Issuer Information” shall have the meaning set forth in Section 4(a) hereof.
“J.P. Morgan” shall have the meaning set forth in the preamble.
“Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of the outstanding Registrable Securities; provided that whenever the consent or approval of Holders of a specified percentage of Registrable Securities is required hereunder, any Registrable Securities owned directly or indirectly by the Company or any of its affiliates shall not be counted in determining whether such consent or approval was given by the Holders of such required percentage or amount; and provided, further, that if the Company shall issue any additional Securities under the Indenture prior to the effectiveness of any Shelf Registration Statement, such additional Securities and the Registrable Securities to which this Agreement relates shall be treated together as one class for purposes of determining whether the consent or approval of Holders of a specified percentage of Registrable Securities has been obtained.
“Notice and Questionnaire” shall mean a notice of registration statement and selling security holder questionnaire distributed to a Holder by the Company.
“Participating Holder” shall mean any Holder of Registrable Securities that has returned a completed and signed Notice and Questionnaire to the Company in accordance with Section 2(a) hereof.
“Person” shall mean an individual, partnership, limited liability company, corporation, trust or unincorporated organization, or a government or agency or political subdivision thereof.
“Prospectus” shall mean the prospectus included in, or, pursuant to the rules and regulations of the Securities Act, deemed a part of, a Registration Statement, including any preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus supplement, including a prospectus supplement with respect to the terms of the offering of any portion of the Registrable Securities covered by a Shelf Registration Statement, and by all other amendments and supplements to such prospectus, and in each case including any document incorporated by reference therein.
“Purchase Agreement” shall have the meaning set forth in the preamble.
“Registrable Securities” shall mean the Securities; provided that the Securities shall cease to be Registrable Securities (i) when a Registration Statement with respect to such Securities has become effective under the Securities Act and such Securities have been disposed of pursuant to such Registration Statement, (ii) when such Securities cease to be outstanding or (iii) when such Securities have become eligible to be sold without restriction as contemplated by Rule 144 under the Securities Act by a Person who is not an Affiliate of the Company.
“Registration Expenses” shall mean any and all expenses incident to performance of or compliance by the Company and the Guarantors with this Agreement, including without limitation: (i) all SEC, stock exchange or FINRA registration and filing fees, (ii) all fees and expenses incurred in connection with compliance with state securities or blue sky laws (including reasonable fees and disbursements of counsel for any Underwriters or Holders 

in connection with blue sky qualification of any Registrable Securities), (iii) all expenses of any Persons in preparing or assisting in preparing, word processing, printing and distributing any Registration Statement, any Prospectus, any Free Writing Prospectus and any amendments or supplements thereto, any underwriting agreements, securities sales agreements or other similar agreements and any other documents relating to the performance of and compliance with this Agreement, (iv) all rating agency fees, (v) all fees and disbursements relating to the qualification of the Indenture under applicable securities laws, (vi) the fees and disbursements of the Trustee and its counsel, (vii) the fees and disbursements of counsel for the Company and the Guarantors and, in the case of a Shelf Registration Statement, the fees and disbursements of one counsel for the Participating Holders (which counsel shall be selected by the Participating Holders holding a majority of the aggregate principal amount of Registrable Securities held by such Participating Holders and which counsel may also be counsel for the Initial Purchasers) and (viii) the fees and disbursements of the independent registered public accountants of the Company and the Guarantors, including the expenses of any special audits or “comfort” letters required by or incident to the performance of and compliance with this Agreement, but excluding fees and expenses of counsel to the Underwriters (other than fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of Registrable Securities by a Holder.
“Registration Statement” shall mean any registration statement of the Company and the Guarantors that covers any of the Registrable Securities pursuant to the provisions of this Agreement and all amendments and supplements to any such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.
“SEC” shall mean the United States Securities and Exchange Commission.
“Securities” shall have the meaning set forth in the preamble.
“Securities Act” shall mean the Securities Act of 1933, as amended from time to time.
“Shelf Effectiveness Period” shall have the meaning set forth in Section 2(a) hereof.
“Shelf Registration” shall mean a registration effected pursuant to Section 2(a) hereof.
“Shelf Registration Statement” shall mean a “shelf” registration statement of the Company and the Guarantors that covers all or a portion of the Registrable Securities (but no other securities unless approved by a majority in aggregate principal amount of the Securities held by the Participating Holders) on an appropriate form under Rule 415 under the Securities Act, or any similar rule that may be adopted by the SEC, and all amendments and supplements to such registration statement, including post-effective amendments, in each case including the Prospectus contained therein or deemed a part thereof, all exhibits thereto and any document incorporated by reference therein.
“Staff” shall mean the staff of the SEC.
“Target Registration Date” shall have the meaning set forth in Section 2(c) hereof. 
“Trust Indenture Act” shall mean the Trust Indenture Act of 1939, as amended from time to time.
“Trustee” shall mean the trustee with respect to the Securities under the Indenture.
“Underwriter” shall have the meaning set forth in Section 3(e) hereof.
“Underwritten Offering” shall mean an offering in which Registrable Securities are sold to an Underwriter for reoffering to the public.

2.Registration Under the Securities Act.
(a)To the extent there are any Registrable Securities outstanding 366 days after the Issue Date (which determination shall be made in the reasonable good faith judgment of the Company), the Company and the Guarantors shall use their reasonable best efforts to cause to be filed a Shelf Registration Statement providing for the sale of all the Registrable Securities by the Holders thereof and to have such Shelf Registration Statement become effective; provided that no Holder will be entitled to have any Registrable Securities included in any Shelf Registration Statement, or entitled to use the prospectus forming a part of such Shelf Registration Statement, until such Holder shall have delivered a completed and signed Notice and Questionnaire and provided such other information regarding such Holder to the Company as is contemplated by Section 3(b) hereof.  In addition, the Holders of Registrable Securities are required to reasonably cooperate with the Company and the Guarantors in identifying and distinguishing the Registrable Securities from the Securities that are not Registrable Securities in order to be entitled to payment of additional interest, if any, which shall be paid in the same manner with respect to record dates and payment dates as regular interest on the Registrable Securities.
The Company and the Guarantors agree to use their reasonable best efforts to keep the Shelf Registration Statement continuously effective until the Securities cease to be Registrable Securities (the “Shelf Effectiveness Period”).  The Company and the Guarantors further agree to supplement or amend the Shelf Registration Statement, the related Prospectus and any Free Writing Prospectus if required by the rules, regulations or instructions applicable to the registration form used by the Company for such Shelf Registration Statement or by the Securities Act or by any other rules and regulations thereunder or if reasonably requested by a Holder of Registrable Securities with respect to information relating to such Holder, and to use their reasonable best efforts to cause any such amendment to become effective, if required, and such Shelf Registration Statement, Prospectus or Free Writing Prospectus, as the case may be, to become usable as soon as thereafter practicable.  The Company and the Guarantors agree to furnish to the Participating Holders copies of any such supplement or amendment promptly after its being used or filed with the SEC.
(b)The Company and the Guarantors shall pay all Registration Expenses in connection with any registration pursuant to Section 2(a) hereof.  Each Holder shall pay all underwriting discounts and commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities pursuant to the Shelf Registration Statement.
(c)A Shelf Registration Statement pursuant to Section 2(a) hereof will not be deemed to have become effective unless it has been declared effective by the SEC or is automatically effective upon filing with the SEC as provided by Rule 462 under the Securities Act.  If the Shelf Registration Statement is not declared effective or does not become effective on or before the date that is 420 days after the Issue Date (the “Target Registration Date”), the interest rate on the Registrable Securities will be increased by 0.25% per annum.  This increase in the interest rate will (A) end upon the earlier of (i) the effectiveness of the Shelf Registration or (ii) the Securities ceasing to be Registrable Securities, and (B) be the sole monetary remedy against the Company and the Guarantors with respect to a breach of this Agreement including a failure to cause the Registration Statement to become or be declared effective by the SEC. Notwithstanding anything to the contrary, only Holders that possess Registrable Securities 370 days after the Issue Date will have any rights to such increase or otherwise under this Agreement.  Such additional interest shall be paid in the same manner as regular interest under the Indenture.
(d)Without limiting the remedies available to the Initial Purchasers and the Holders, the Company and the Guarantors acknowledge that any failure by the Company or the Guarantors to comply with their obligations under Section 2(a) hereof may result in material irreparable injury to the Initial Purchasers or the Holders for which there is no adequate remedy at law, that it will not be possible to measure damages for such injuries precisely and that, in the event of any such failure, the Initial Purchasers or any Holder may obtain such relief as may be required to specifically enforce the Company’s and the Guarantors' obligations under Section 2(a) hereof.

3.Registration Procedures.
(a)In connection with their obligations pursuant to Section 2(a) hereof, the Company and the Guarantors shall as expeditiously as possible:
(i)prepare and file with the SEC a Registration Statement on the appropriate form under the Securities Act, which form (A) shall be selected by the Company and the Guarantors, (B) shall be available for the sale of the Registrable Securities by the Holders thereof and (C) shall comply as to form in all material respects with the requirements of the applicable form and include (by incorporation by reference or otherwise) all financial statements required by the SEC to be filed therewith; and use their reasonable best efforts to cause such Registration Statement to become effective and remain effective for the applicable period in accordance with Section 2 hereof;
(ii)prepare and file with the SEC such amendments and post-effective amendments to each Registration Statement as may be necessary to keep such Registration Statement effective for the applicable period in accordance with Section 2 hereof and cause each Prospectus to be supplemented by any required prospectus supplement and, as so supplemented, to be filed pursuant to Rule 424 under the Securities Act; and keep each Prospectus current during the period described in Section 4(3) of and Rule 174 under the Securities Act that is applicable to transactions by brokers or dealers with respect to the Registrable Securities;
(iii)to the extent any Free Writing Prospectus is used, file with the SEC any Free Writing Prospectus that is required to be filed by the Company or the Guarantors with the SEC in accordance with the Securities Act and to retain any Free Writing Prospectus not required to be filed;
(iv)furnish to each Participating Holder, to counsel for the Initial Purchasers, to counsel for such Participating Holders and to each Underwriter of an Underwritten Offering of Registrable Securities, if any, without charge, as many copies of each Prospectus, preliminary prospectus or Free Writing Prospectus, and any amendment or supplement thereto, as such Participating Holder, counsel or Underwriter may reasonably request in order to facilitate the sale or other disposition of the Registrable Securities thereunder; and, subject to Section 3(c) hereof, the Company and the Guarantors consent to the use of such Prospectus, preliminary prospectus or such Free Writing Prospectus and any amendment or supplement thereto in accordance with applicable law by each of the Participating Holders and any such Underwriters in connection with the offering and sale of the Registrable Securities covered by and in the manner described in such Prospectus, preliminary prospectus or such Free Writing Prospectus or any amendment or supplement thereto in accordance with applicable law;
(v)use their reasonable best efforts to register or qualify the Registrable Securities under all applicable state securities or blue sky laws of such jurisdictions as any Participating Holder shall reasonably request in writing by the time the applicable Registration Statement becomes effective; cooperate with such Participating Holders in connection with any filings required to be made with FINRA; and do any and all other acts and things that may be reasonably necessary or advisable to enable each Participating Holder to complete the disposition in each such jurisdiction of the Registrable Securities owned by such Participating Holder; provided that neither the Company nor any Guarantor shall be required to (1) qualify as a foreign corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (2) file any general consent to service of process in any such jurisdiction or (3) subject itself to taxation in any such jurisdiction if it is not so subject;
(vi)notify counsel for the Initial Purchasers and, in the case of a Shelf Registration, notify each Participating Holder and counsel for such Participating Holders promptly and, if requested by any such Participating Holder or counsel, confirm such advice in writing (1) when a Registration Statement has become effective, when any post-effective amendment thereto has been filed and becomes effective, when any Free Writing Prospectus has been filed or any amendment or supplement to the Prospectus or any Free Writing Prospectus has been filed, (2) of any request by the SEC or any state securities authority for 

amendments and supplements to a Registration Statement, Prospectus or any Free Writing Prospectus or for additional information after the Registration Statement has become effective, (3) of the issuance by the SEC or any state securities authority of any stop order suspending the effectiveness of a Registration Statement or the initiation of any proceedings for that purpose, including the receipt by the Company of any notice of objection of the SEC to the use of a Shelf Registration Statement or any post-effective amendment thereto pursuant to Rule 401(g)(2) under the Securities Act, (4) if, between the applicable effective date of a Shelf Registration Statement and the closing of any sale of Registrable Securities covered thereby, the representations and warranties of the Company or any Guarantor contained in any underwriting agreement, securities sales agreement or other similar agreement, if any, relating to an offering of such Registrable Securities cease to be true and correct in all material respects or if the Company or any Guarantor receives any notification with respect to the suspension of the qualification of the Registrable Securities for sale in any jurisdiction or the initiation of any proceeding for such purpose, (5) of the happening of any event during the period a Registration Statement is effective that makes any statement made in such Registration Statement or the related Prospectus or any Free Writing Prospectus untrue in any material respect or that requires the making of any changes in such Registration Statement or Prospectus or any Free Writing Prospectus in order to make the statements therein not misleading and (6) of any determination by the Company or any Guarantor that a post-effective amendment to a Registration Statement or any amendment or supplement to the Prospectus or any Free Writing Prospectus would be appropriate;
(vii)use their reasonable best efforts to obtain the withdrawal of any order suspending the effectiveness of a Registration Statement or, in the case of a Shelf Registration, the resolution of any objection of the SEC pursuant to Rule 401(g)(2) under the Securities Act, including by filing an amendment to such Registration Statement on the proper form, at the earliest possible moment and provide immediate notice to each Holder or Participating Holder of the withdrawal of any such order or such resolution;
(viii)in the case of a Shelf Registration, furnish to each Participating Holder, without charge, at least one conformed copy of each Registration Statement and any post-effective amendment thereto (without any documents incorporated therein by reference or exhibits thereto, unless requested);
(ix)in the case of a Shelf Registration, cooperate with the Participating Holders to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold and not bearing any restrictive legends and enable such Registrable Securities to be issued in such denominations and registered in such names (consistent with the provisions of the Indenture) as such Participating Holders may reasonably request at least one (1) Business Day prior to the closing of any sale of Registrable Securities;
(x)upon the occurrence of any event contemplated by Section 3(a)(vi)(5) hereof, use their reasonable best efforts to prepare and file with the SEC a supplement or post-effective amendment to the Shelf Registration Statement or the related Prospectus or any Free Writing Prospectus or any document incorporated therein by reference or file any other required document so that, as thereafter delivered (or, to the extent permitted by law, made available) to purchasers of the Registrable Securities, such Prospectus or Free Writing Prospectus, as the case may be, will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; and the Company and the Guarantors shall notify the Participating Holders (in the case of a Shelf Registration Statement) and the Initial Purchasers to suspend use of the Prospectus or any Free Writing Prospectus as promptly as practicable after the occurrence of such an event, and such Participating Holders and the Initial Purchasers, as applicable, hereby agree to suspend use of the Prospectus or any Free Writing Prospectus, as the case may be, until the Company and the Guarantors have amended or supplemented the Prospectus or the Free Writing Prospectus, as the case may be, to correct such misstatement or omission;
(xi)a reasonable time prior to the filing of any Registration Statement, any Prospectus, any Free Writing Prospectus, any amendment to a Registration Statement or amendment or supplement to a Prospectus or a Free Writing Prospectus or of any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus after initial filing of a Registration 

Statement, provide copies of such document to the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, to the Participating Holders and their counsel) and make such of the representatives of the Company and the Guarantors as shall be reasonably requested by the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) available for discussion of such document; and the Company and the Guarantors shall not, at any time after initial filing of a Registration Statement, use or file any Prospectus, any Free Writing Prospectus, any amendment of or supplement to a Registration Statement or a Prospectus or a Free Writing Prospectus, or any document that is to be incorporated by reference into a Registration Statement, a Prospectus or a Free Writing Prospectus, of which the Initial Purchasers and their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders and their counsel) shall not have previously been advised and furnished a copy or to which the Initial Purchasers or their counsel (and, in the case of a Shelf Registration Statement, the Participating Holders or their counsel) shall object;
(xii)obtain a CUSIP number for all Registrable Securities, as the case may be, not later than the initial effective date of a Registration Statement, which the Company shall use their reasonable best efforts to cause to be the same as the CUSIP number for the Existing Securities at such time;
(xiii)cause the Indenture to continue to be qualified under the Trust Indenture Act in connection with the registration of the Registrable Securities, as the case may be; cooperate with the Trustee and the Holders to effect such changes to the Indenture as may be required for the Indenture to remain so qualified in accordance with the terms of the Trust Indenture Act; and execute, and use their reasonable best efforts to cause the Trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be filed with the SEC to enable the Indenture to continue to be so qualified in a timely manner;
(xiv)in the case of a Shelf Registration, make available for inspection by a representative of the Participating Holders (an “Inspector”), any Underwriter participating in any disposition pursuant to such Shelf Registration Statement, any attorneys and accountants designated by a majority in aggregate principal amount of the Securities held by the Participating Holders and any attorneys and accountants designated by such Underwriter, at reasonable times and in a reasonable manner, all pertinent financial and other records, documents and properties of the Company and its subsidiaries, and cause the respective officers, directors and employees of the Company and the Guarantors to supply all information reasonably requested by any such Inspector, Underwriter, attorney or accountant in connection with a Shelf Registration Statement; provided that if any such information is identified by the Company or any Guarantor as being confidential or proprietary, each Person receiving such information shall take such actions as are reasonably necessary to protect the confidentiality of such information to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of any Inspector, Holder or Underwriter);
(xv)in the case of a Shelf Registration, use their reasonable best efforts to cause all Registrable Securities to be listed on any securities exchange or any automated quotation system on which similar securities issued or guaranteed by the Company or any Guarantor are then listed if requested by the Majority Holders, to the extent such Registrable Securities satisfy applicable listing requirements;
(xvi)if reasonably requested by any Participating Holder, promptly include in a Prospectus supplement or post-effective amendment such information with respect to such Participating Holder as such Participating Holder reasonably requests to be included therein and make all required filings of such Prospectus supplement or such post-effective amendment as soon as the Company has received notification of the matters to be so included in such filing;
(xvii)in the case of a Shelf Registration, enter into such customary agreements and take all such other actions in connection therewith (including those requested by the Holders of a majority in principal amount of the Registrable Securities covered by the Shelf Registration Statement) in order to expedite or facilitate the disposition of such Registrable Securities including, but not limited to, an Underwritten Offering and in such connection, (1) to the extent possible, make such representations and 

warranties to the Participating Holders and any Underwriters of such Registrable Securities with respect to the business of the Company and its subsidiaries and the Registration Statement, Prospectus, any Free Writing Prospectus and documents incorporated by reference or deemed incorporated by reference, if any, in each case, in form, substance and scope as are customarily made by issuers to underwriters in underwritten offerings and confirm the same if and when requested, (2) obtain opinions of counsel to the Company and the Guarantors (which counsel and opinions, in form, scope and substance, shall be reasonably satisfactory to the Participating Holders and such Underwriters and their respective counsel) addressed to each Participating Holder and Underwriter of Registrable Securities, covering the matters customarily covered in opinions requested in underwritten offerings, (3) obtain “comfort” letters from the independent registered public accountants of the Company and the Guarantors (and, if necessary, any other registered public accountant of any subsidiary of the Company or any Guarantor, or of any business acquired by the Company or any Guarantor for which financial statements and financial data are or are required to be included in the Registration Statement) addressed to each Participating Holder (to the extent permitted by applicable professional standards) and Underwriter of Registrable Securities, such letters to be in customary form and covering matters of the type customarily covered in “comfort” letters in connection with underwritten offerings, including but not limited to financial information contained in any preliminary prospectus, Prospectus or Free Writing Prospectus and (4) deliver such documents and certificates as may be reasonably requested by the Holders of a majority in principal amount of the Registrable Securities being sold or the Underwriters, and which are customarily delivered in underwritten offerings, to evidence the continued validity of the representations and warranties of the Company and the Guarantors made pursuant to clause (1) above and to evidence compliance with any customary conditions contained in an underwriting agreement; and
(xviii)so long as any Registrable Securities remain outstanding, cause each Additional Guarantor upon the creation or acquisition by the Company of such Additional Guarantor, to execute a counterpart to this Agreement in the form attached hereto as Annex A and to deliver such counterpart, together with an opinion of counsel as to the enforceability thereof against such entity, to the Initial Purchasers no later than five (5) Business Days following the execution thereof.
(b)In the case of a Shelf Registration Statement, the Company may require each Holder of Registrable Securities to furnish to the Company a Notice and Questionnaire and such other information regarding such Holder and the proposed disposition by such Holder of such Registrable Securities as the Company and the Guarantors may from time to time reasonably request in writing.
(c)Each Participating Holder agrees that, upon receipt of any notice from the Company and the Guarantors of the happening of any event of the kind described in Section 3(a)(vi)(3) or Section 3(a)(vi)(5) hereof, such Participating Holder will forthwith discontinue disposition of Registrable Securities pursuant to the Shelf Registration Statement until such Participating Holder’s receipt of the copies of the supplemented or amended Prospectus and any Free Writing Prospectus contemplated by Section 3(a)(x) hereof and, if so directed by the Company and the Guarantors, such Participating Holder will deliver to the Company and the Guarantors all copies in its possession, other than permanent file copies then in such Participating Holder’s possession, of the Prospectus and any Free Writing Prospectus covering such Registrable Securities that is current at the time of receipt of such notice.
(d)If the Company and the Guarantors shall give any notice to suspend the disposition of Registrable Securities pursuant to a Registration Statement, the Company and the Guarantors shall extend the period during which such Registration Statement shall be maintained effective pursuant to this Agreement by the number of days during the period from and including the date of the giving of such notice to and including the date when the Holders of such Registrable Securities shall have received copies of the supplemented or amended Prospectus or any Free Writing Prospectus necessary to resume such dispositions. The Company and the Guarantors may give any such notice only twice during any 365-day period and any such suspensions shall not exceed 30 days for each suspension and there shall not be more than two suspensions in effect during any 365-day period.

(e)The Participating Holders who desire to do so may sell such Registrable Securities in an Underwritten Offering.  In any such Underwritten Offering, the investment bank or investment banks and manager or managers (each an “Underwriter”) that will administer the offering will be selected by the Holders of a majority in principal amount of the Registrable Securities included in such offering.  The Company and the Guarantors shall not be obligated to conduct more than one Underwritten Offering.
4. Indemnification and Contribution.
(a)    The Company and each Guarantor, jointly and severally, agree to indemnify and hold harmless each Initial Purchaser and each Holder, their respective affiliates, directors and officers and each Person, if any, who controls any Initial Purchaser or any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, (1) any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or any omission or alleged omission to state therein a material fact required to be stated therein or necessary in order to make the statements therein not misleading, or (2) any untrue statement or alleged untrue statement of a material fact contained in any Prospectus, any Free Writing Prospectus or any “issuer information” (“Issuer Information”) filed or required to be filed pursuant to Rule 433(d) under the Securities Act, or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser or information relating to any Holder furnished to the Company in writing through J.P. Morgan or any selling Holder, respectively, expressly for use therein.  In connection with any Underwritten Offering permitted by Section 3, the Company and the Guarantors, jointly and severally, will also indemnify the Underwriters, if any, selling brokers, dealers and similar securities industry professionals participating in the distribution, their respective affiliates and each Person who controls such Persons (within the meaning of the Securities Act and the Exchange Act) to the same extent as provided above with respect to the indemnification of the Holders, if requested in connection with any Registration Statement, any Prospectus, any Free Writing Prospectus or any Issuer Information.
(b)    Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company, the Guarantors, the Initial Purchasers and the other selling Holders, the directors of the Company and the Guarantors, each officer of the Company and the Guarantors who signed the Registration Statement and each Person, if any, who controls the Company, the Guarantors, any Initial Purchaser and any other selling Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Holder furnished to the Company in writing by such Holder expressly for use in any Registration Statement, any Prospectus and any Free Writing Prospectus.
 (c)    If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such Person (the “Indemnified Person”) shall promptly notify the Person against whom such indemnification may be sought (the “Indemnifying Person”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further, that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above.  If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 4 that the Indemnifying Person may designate in such proceeding and shall pay the fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred.  In any 

such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.  It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred.  Any such separate firm (x) for any Initial Purchaser, its affiliates, directors and officers and any control Persons of such Initial Purchaser shall be designated in writing by J.P. Morgan, (y) for any Holder, its directors and officers and any control Persons of such Holder shall be designated in writing by the Majority Holders and (z) in all other cases shall be designated in writing by the Company.  The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment.  Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement.  No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.
(d)    If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Company and the Guarantors from the offering of the Securities, on the one hand, and by the Holders from receiving Securities registered under the Securities Act, on the other hand, or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Company and the Guarantors on the one hand and the Holders on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.  The relative fault of the Company and the Guarantors on the one hand and the Holders on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company and the Guarantors or by the Holders and the parties' relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.
(e)    The Company, the Guarantors and the Holders agree that it would not be just and equitable if contribution pursuant to this Section 4 were determined by pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above.  The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection 

with any such action or claim.  Notwithstanding the provisions of this Section 4, in no event shall a Holder be required to contribute any amount in excess of the amount by which the total price at which the Securities sold by such Holder exceeds the amount of any damages that such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission.  No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.  The Holders’ obligations to contribute pursuant to this Section 4 are several and not joint.
(f)    The remedies provided for in this Section 4 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.
(g)    The indemnity and contribution provisions contained in this Section 4 shall remain operative and in full force and effect regardless of (i) any termination of this Agreement, (ii) any investigation made by or on behalf of the Initial Purchasers or any Holder or any Person controlling any Initial Purchaser or any Holder, or by or on behalf of the Company or the Guarantors or the officers or directors of or any Person controlling the Company or the Guarantors, and (iii) any sale of Registrable Securities pursuant to a Shelf Registration Statement.
5. General.
(a)    No Inconsistent Agreements.   The Company and the Guarantors represent, warrant and agree that (i) the rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent with the rights granted to the holders of any other outstanding securities issued or guaranteed by the Company or any Guarantor under any other agreement and (ii) neither the Company nor any Guarantor has entered into, or on or after the date of this Agreement will enter into, any agreement that is inconsistent with the rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts with the provisions hereof; provided, it being expressly understood and agreed that the Registration Rights Agreement dated as of December 16, 2013 relating to the Existing Securities shall in no way be deemed to be inconsistent with or in conflict with this Agreement and, without limiting the generality of the foregoing shall not preclude the Company and the Guarantors from registering one or more exchange offers or shelf registrations on a single registration statement.
(b)    Amendments and Waivers.   The provisions of this Agreement, including the provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents to departures from the provisions hereof may not be given unless the Company and the Guarantors have obtained the written consent of Holders of at least a majority in aggregate principal amount of the outstanding Registrable Securities affected by such amendment, modification, supplement, waiver or consent; provided that no amendment, modification, supplement, waiver or consent to any departure from the provisions of Section 4 hereof shall be effective as against any Holder of Registrable Securities unless consented to in writing by such Holder.  Any amendments, modifications, supplements, waivers or consents pursuant to this Section 5(b) shall be by a writing executed by each of the parties hereto.
(c)    Notices.  All notices and other communications provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address given by such Holder to the Company by means of a notice given in accordance with the provisions of this Section 5(c), which address initially is, with respect to the Initial Purchasers, the address set forth in the Purchase Agreement; (ii) if to the Company and the Guarantors, initially at the Company’s address set forth in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 5(c); and (iii) to such other persons at their respective addresses as provided in the Purchase Agreement and thereafter at such other address, notice of which is given in accordance with the provisions of this Section 5(c).  All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next Business Day if timely delivered to an air courier guaranteeing overnight delivery.  Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in the Indenture.

(d)    Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon the successors, assigns and transferees of each of the parties, including, without limitation and without the need for an express assignment, subsequent Holders; provided that nothing herein shall be deemed to permit any assignment, transfer or other disposition of Registrable Securities in violation of the terms of the Purchase Agreement or the Indenture.  If any transferee of any Holder shall acquire Registrable Securities in any manner, whether by operation of law or otherwise, such Registrable Securities shall be held subject to all the terms of this Agreement, and by taking and holding such Registrable Securities such Person shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and provisions of this Agreement and such Person shall be entitled to receive the benefits hereof.  The Initial Purchasers (in their capacity as Initial Purchasers) shall have no liability or obligation to the Company or the Guarantors with respect to any failure by a Holder to comply with, or any breach by any Holder of, any of the obligations of such Holder under this Agreement.
(e)    Third Party Beneficiaries.  Each Holder shall be a third party beneficiary to the agreements made hereunder between the Company and the Guarantors, on the one hand, and the Initial Purchasers, on the other hand, and shall have the right to enforce such agreements directly to the extent it deems such enforcement necessary or advisable to protect its rights or the rights of other Holders hereunder.
(f)    Counterparts.  This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
(g)    Headings.  The headings in this Agreement are for convenience of reference only, are not a part of this Agreement and shall not limit or otherwise affect the meaning hereof.
(h)    Governing Law.  This Agreement, and any claim, controversy or dispute arising under or related to this Agreement, shall be governed by and construed in accordance with the laws of the State of New York.
(i)    Entire Agreement; Severability.  This Agreement contains the entire agreement between the parties relating to the subject matter hereof and supersedes all oral statements and prior writings with respect thereto.  If any term, provision, covenant or restriction contained in this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable or against public policy, the remainder of the terms, provisions, covenants and restrictions contained herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated.  The Company, the Guarantors and the Initial Purchasers shall endeavor in good faith negotiations to replace the invalid, void or unenforceable provisions with valid provisions the economic effect of which  comes as close as possible to that of the invalid, void or unenforceable provisions.
(j)    Termination.  This Agreement (other than Sections 2(b) and 4 hereof) shall terminate when there cease to be any Registrable Securities outstanding.  

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
Very truly yours,
CHURCHILL DOWNS INCORPORATED
By:    /s/  Marcia A. Dall    
Name:    Marcia A. Dall
Title:    Executive Vice President and Chief             Financial Officer

GUARANTORS
BB Development LLC
Big Fish Games, Inc.
Calder Race Course, Inc.
Churchill Downs Management Company, LLC
Churchill Downs Racetrack, LLC
Churchill Downs Technology Initiatives Company
HCRH, LLC
Magnolia Hill, LLC
MVGR, LLC
SW Gaming LLC
Tropical Park, LLC
Youbet.com, LLC
By:    /s/  Marcia A. Dall    
Name:    Marcia A. Dall
Title:    Treasurer
BFG Holding LLC
By:    Big Fish Games, Inc. 
Its:    Sole Member
By:    /s/  Marcia A. Dall    
Name:    Marcia A. Dall
Title:    Treasurer
3 Minute Games LLC
Slots, Slot Machines and Slots Tournaments LLC
By:    /s/ Paul J. Thelen    
Name:    Paul J. Thelen
Title:    Manager

CDTC LLC
By:    /s/ William E. Mudd    
Name:    William E. Mudd
Title:    Treasurer
Arlington OTB Corp.
Quad City Downs, Inc.
By:    /s/ Alan K. Tse        
Name:    Alan K. Tse
Title:    Secretary
Arlington Park Racecourse, LLC
Churchill Downs Louisiana Horseracing Company, L.L.C.
Churchill Downs Louisiana Video Poker Company, L.L.C.
United Tote Company
Video Services, L.L.C.
By:    /s/ Michael W. Anderson    
Name:    Michael W. Anderson
Title:    Treasurer 

Confirmed and accepted as of the date first above written: 
J.P. MORGAN SECURITIES LLC
For itself and on behalf of the
several Initial Purchasers
By:    /s/ John H. Fiore    
Authorized Signatory
John H. Fiore
Managing Director

  Schedule 1
Initial Guarantors
	
	
	Arlington Park Racecourse, LLC

	 

	Arlington OTB Corp.

	 

	Quad City Downs, Inc.

	 

	Calder Race Course, Inc.

	 

	Tropical Park, LLC

	 

	Churchill Downs Louisiana Horseracing Company, L.L.C.

	 

	Churchill Downs Louisiana Video Poker Company, L.L.C.

	 

	Video Services, L.L.C.

	 

	Churchill Downs Technology Initiatives Company

	 

	Churchill Downs Management Company, LLC

	 

	HCRH, LLC

	 

	
	
	Magnolia Hill, LLC

	 

	SW Gaming LLC

	 

	United Tote Company

	 

	Youbet.com, LLC

	 

	Churchill Downs Racetrack, LLC

	 

	Big Fish Games, Inc.

	 

	CDTC LLC

	 

	MVGR, LLC

	 

	BB Development LLC

	 

	BFG Holding LLC

	 

	3 Minute Games LLC

	 

	Slots, Slot Machines and Slots Tournaments, LLC

Annex A
Counterpart to Registration Rights Agreement
The undersigned hereby absolutely, unconditionally and irrevocably agrees as a Guarantor (as defined in the Registration Rights Agreement, dated December 15, 2015 by and among Churchill Downs Incorporated, a Kentucky corporation, the guarantors party thereto and J.P. Morgan Securities LLC, on behalf of itself and the other Initial Purchasers) to be bound by the terms and provisions of such Registration Rights Agreement.
IN WITNESS WHEREOF, the undersigned has executed this counterpart as of _______________, 201_.
[GUARANTOR]
	
			
	By:
	 
	 

	 
	Name:
	 

	 
	Title:Exhibit 10.1

 EXHIBIT 10.1 

SUMMARY PLAN DESCRIPTION 

401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 

(as amended and restated effective June 29, 2015) 

 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific
Corporation 
  

							
	 SUMMARY PLAN DESCRIPTION
	  	 	1	  
			
	 I.
	  	 BASIC PLAN INFORMATION
	  	 	2	  
			
	 II.
	  	 PARTICIPATION
	  	 	4	  
			
	 III.
	  	 CONTRIBUTIONS
	  	 	4	  
			
	 IV.
	  	 INVESTMENTS
	  	 	7	  
			
	 V.
	  	 VESTING
	  	 	8	  
			
	 VI.
	  	 IN SERVICE WITHDRAWALS AND LOANS
	  	 	9	  
			
	 VII.
	  	 DISTRIBUTION OF BENEFITS
	  	 	10	  
			
	 VIII.
	  	 MISCELLANEOUS INFORMATION
	  	 	12	  
			
	 IX.
	  	 INTERNAL REVENUE CODE TESTS
	  	 	13	  
			
	 X.
	  	 PARTICIPANT RIGHTS
	  	 	14	  
			
	 XI.
	  	 SERVICES AND FEES
	  	 	16	  
			
	 XII.
	  	 LOAN PROCEDURES FOR 401(K) INCENTIVE SAVINGS PLAN FOR SALARIED AND HOURLY EMPLOYEES OF KEWAUNEE SCIENTIFIC
CORPORATION
	  	 	17	  

  

			
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
	  	

 
Summary Plan Description 

401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 

The 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation (the “Plan”) of Kewaunee Scientific Corp. has
been amended as of 06/29/2015 (the “Effective Date”). This Plan is intended to be a qualified retirement plan under the Internal Revenue Code. 

The purpose of the plan is to enable eligible Employees to save for retirement. As well as retirement benefits, the plan provides certain benefits in the
event of death, disability, or other termination of employment. The Plan is for the exclusive benefit of eligible Employees and their Beneficiaries. 
 This
booklet is called a Summary Plan Description (“SPD”) and it contains a summary in understandable language of your rights and benefits under the plan. If you have difficulty understanding any part of this SPD, you should contact the Plan
Administrator identified in the Basic Plan Information section of this document during normal business hours for assistance. 
 This SPD is a brief
description of the principal features of the plan document and trust agreement and is not meant to interpret, extend or change these provisions in any way. A copy of the plan document is on file with the Plan Administrator and may be read by any
employee at any reasonable time. The plan document and trust agreement shall govern if there is a discrepancy between this SPD and the actual provisions of the plan. 

This SPD is based on the federal tax implications of your participation in the Plan, transactions made within your Account, and distributions you may receive
from the plan. The state tax implications of your participation and these transactions should be determined based on an examination of appropriate state law. Please consult with your tax advisor if you have any questions regarding state tax law.

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
	  	1	  	

 
I. BASIC PLAN INFORMATION 

The information in this section contains definitions to some of the terms that may be used in this SPD and general Plan information. If the first letter of
any of the terms defined below is capitalized when it is used within this SPD, then it represents the indicated defined term. 
  

	A.	Account 

 An Account shall be established by the Trustee to record contributions made on your behalf and
any related income, expenses, gains or losses. It may also be referred to as an Account balance. 
  

	B.	Beneficiary 

 This is the person or persons (including a trust) you designate, or who are identified by
the plan document if you fail to designate or improperly designate, who will receive your benefits in the event of your death. You may designate more than one Beneficiary. 
  

	C.	Deferral Contribution 

 This is a contribution taken directly from the pay of an Employee and contributed
to the Plan, subject to certain limits (described below). The plan permits you to make only pre-tax Deferral Contributions. 
  

	D.	Employee 

 An Employee is an individual who is employed by your Employer as a common law employee or, in
certain cases, as a leased employee and is not terminated. 
  

	E.	Employer 

 The name and address of your Employer is: 

Kewaunee Scientific Corp. 
 2700 West Front Street 

Statesville, NC 28677 
 (704) 871-3201 

The Employer’s federal tax identification number is: 38-0715562 
  

	F.	ERISA 

 The Employee Retirement Income Security Act of 1974 (ERISA) identifies the rights of Participants
and Beneficiaries covered by a qualified retirement plan. 
  

	G.	Fidelity Investments Contact Information 

 Fidelity Investments is the recordkeeper of your Plan. To view
your Account, make changes to investments, or perform transactions, please use the contact information below: 
 Phone number: 1-800-835-5097 

Website: www.netbenefits.com 
  

	H.	Highly Compensated Employee 

 An Employee is considered a highly compensated Employee if (i) at
anytime during the current or prior year you own, or are considered to own, at least five percent of your Employer, or (ii) received compensation from your Employer during the prior year in excess of $120,000.00, as adjusted. 

 

	I.	Non-Highly Compensated Employee 

 An Employee who is not a Highly Compensated Employee. 

 

	J.	Participant 

 A participant is an eligible Employee who has satisfied the eligibility and entry date
requirements and is eligible to participate in the Plan or a formerly eligible Employee who has an Account balance remaining in the Plan. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
	  	2	  	

	K.	Plan Type 

 The 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific
Corporation is a defined contribution plan. These types of plans are commonly described by the method by which contributions for participants are made to the plan. The 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee
Scientific Corporation is a 401(k) deferral plan. More information about the contributions made to the plan can be found in Section III, Contributions. 
  

	L.	Plan Administrator 

 The Plan Administrator is responsible for the administration of the Plan and its
duties are identified in the plan document. In general, the Plan Administrator is responsible for providing you and your Beneficiaries with information about your rights and benefits under the Plan. The name and address of the Plan Administrator is:

 Kewaunee Scientific Corp. 
 2700 West Front Street 

Statesville, NC 28677 
 (704) 871-3201 

 

	M.	Plan Number 

 The three digit IRS number for the Plan is 006. 

 

	N.	Plan Sponsor 

 The Plan’s Sponsor is the first Employer listed under the definition of Employer
above. 
  

	O.	Plan Year 

 The Plan Year is the twelve-month period ending on the last day of December. The Plan Sponsor
may only change or have changed the Plan Year by amending and restating to a new Plan Document. 
  

	P.	Qualified Military Service 

 Qualified Military Service is service in the uniformed services of the
United States for a period of greater than 30 days that results in the Participant having a right of reemployment with the Employer under federal law. 
  

	Q.	Service of Process 

 The plan’s agent for service of legal process is the Plan Administrator. 

 

	R.	Trustee 

 The trustee is responsible for trusteeing the Plan’s assets. The trustee’s duties are
identified in the trust agreement and relate only to the assets in its possession. The name and address of the Plan’s Trustee are: 
 Fidelity
Management Trust Company 
 82 Devonshire Street 
 Boston, MA
02109 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
	  	3	  	

 
II. PARTICIPATION 

  

	A.	Eligibility Requirements 

 You are eligible to participate in the Plan if you are an Employee. 

However, you are not eligible to participate if you are: 
  

	 	•	 	a resident of Puerto Rico 

  

	 	•	 	covered by a collective bargaining agreement, unless the agreement requires the employees to be included under the Plan. 

  

	 	•	 	a leased Employee 

  

	 	•	 	a nonresident alien with no income from a U.S. source. 

 You are also not eligible to participate if you are an
individual who is a signatory to a contract, letter of agreement, or other document that acknowledges your status as an independent contractor not entitled to benefits under the Plan and you are not otherwise classified by the Employer as a common
law employee or the Employer does not withhold income taxes, file Form W-2 (or any replacement form), or remit Social Security payments to the Federal government for you, even if you are later adjudicated to be a common law employee. 

You will become eligible to participate in the Plan according to the table below: 
  

							
	 Contribution type
	 	Age Requirement	 	Service Requirement	 	Entry Date
	All Sources	 	20.00	 	3.00 month(s)	 	First day of each month

 Once you become a Participant you are eligible to participate in the Plan until you terminate your employment with your
Employer or become a member of a class of Employees excluded from the Plan. If you terminate your employment after you have met the eligibility requirements, and are later re-employed by your Employer, you will again be eligible to participate in
the Plan when you complete one hour of service. 
  

III. CONTRIBUTIONS 

After you satisfy the participation requirements in Section II of this Summary Plan Description, you will be eligible to make Deferral Contributions and
after-tax contributions. In addition, your Employer may make matching and nonelective contributions to your Account. The type(s) of contributions available under the Plan are described in this section. 

 

	A.	Compensation 

 Compensation must be defined to compute contributions under the Plan. For purposes of
determining contributions, only Compensation paid to you for services you performed while employed as an Eligible Employee shall be considered. Eligible compensation for computing contributions under the Plan is the taxable compensation for a Plan
Year reportable by your Employer on your IRS Form W-2, excluding reimbursements or other expense allowances, fringe benefits, moving expenses, deferred compensation, any payments made to an Employee performing Qualified Military Service in lieu of
wages the individual would have received from the Employer if the individual were performing service for the Employer, unused leave, and welfare benefits and including salary reduction contributions you made to an Employer sponsored cafeteria,
qualified transportation fringe, simplified employee pension, 401(k), 457(b) or 403(b) plan. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
	  	4	  	

 The definition of compensation for your plan for purposes of computing contributions also excludes certain
amounts as indicated in the table below. 
  

			
	 Source
	  	 Exclusion (s)

	Employee Deferral Contributions, Employee After-Tax Contributions, Safe Harbor Match and Qualified Nonelective Contributions	  	Differential Wages
		
	Employer Nonelective Contributions	  	Differential Wages

 Compensation for your first year of eligible Plan participation will be measured only for that portion of your initial Plan
Year that you are eligible. Tax laws limit the amount of compensation that may be taken into account each Plan Year; the maximum amount for the 2015 Plan Year is $265,000. 
  

	B.	Contributions 

  

	 	1.	Regular Deferral Contributions 

 You may elect to defer a percentage of your eligible
compensation into the Plan after you satisfy the Plan’s eligibility requirements. The percentage of your eligible compensation you elect will be withheld from each payroll and contributed to an Account in the Plan on your behalf. For pre-tax
contributions being withheld from your compensation, the percentage you defer is subject to an annual limit of the lesser of 60.00% of eligible compensation or $18,000 (in 2015; thereafter as adjusted by the Secretary of the Treasury) in a calendar
year. 
 All Deferral Contributions will be withheld from your pay on a pre-tax basis (for federal income tax purposes). 

Your Deferral Contributions cannot be forfeited for any reason, however, there are special Internal Revenue Code rules that must be satisfied
and may require that some of your contributions be returned to you. The Plan Administrator will notify you if any of your contributions will be returned. You may increase or decrease the amount you contribute as of the first day of each month. You
may also completely suspend your contributions which you may resume as of the first day of each month. If you want to increase, decrease, suspend, or resume your Deferral Contributions, you must call the Fidelity Retirement Benefits Line at
1-800-835-5097 or access the NetBenefits® web site at www.401k.com. 
 You
may create an annual increase program to gradually raise your contribution rate each year. 
  

	 	2.	Age 50 and Over Catch-Up Contributions 

 The Plan provides that participants who are
projected to be age 50 or older by the end of the taxable year and who are making Deferral Contributions to the Plan may also make a catch-up contribution of up to $6,000 (2015; thereafter as adjusted by the Secretary of the Treasury). 

 

	 	3.	Employee After-Tax Contributions 

 After you satisfy the Plan’s eligibility and
entry date requirements, you may elect to contribute a percentage of your eligible compensation into the Plan on an after-tax basis. You may contribute a percentage of eligible compensation up to an annual maximum of 100%. However, there are special
Internal Revenue Code rules which must be satisfied and the maximum amount you may contribute may be a lower percentage. The Plan Administrator will notify you if any of your contributions will be returned. Your Employer may refuse to accept your
after-tax contributions if they will have an adverse effect on the Plan’s non-discrimination tests. Your after-tax contributions belong to you and cannot be forfeited for any reason. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
	  	5	  	

	 	4.	Employer Matching Contributions 

 You become eligible for matching contributions only if
you make Deferral Contributions. For purposes of determining your matching contributions under the Plan, your Contributions will not include Age 50 and Over Catch-Up Contributions, except in unusual circumstances where otherwise required by the safe
harbor matching contributions formula. Employer matching contributions must be allocated to your Account in the Plan within prescribed legal time limits. 

Non-discretionary Matching Contributions 

Non-discretionary matching contributions will be computed by your Employer based on your eligible compensation contributed to the Plan each
Plan Year. 
  

	 	a.	Safe Harbor Matching Contributions 

 Your Employer has elected to make matching
contributions to all eligible Participants in an amount equal to 100% of the first three percent of your eligible compensation, and 50% of the next two percent of your eligible compensation, contributed to the Plan as Deferral Contributions. 

These contributions satisfy certain Internal Revenue Code requirements and eliminate the need for the Plan to perform certain
non-discrimination annual tests. You will be 100% vested in these contributions when made. These contributions may be distributed under the same circumstances which allow your Deferral Contributions to be distributed (i.e., death, disability,
separation from service, and termination of the plan without the establishment of a successor plan) but you may not request a hardship withdrawal of these contributions. Your Employer will provide written notice to you describing your rights and
obligations under the Plan generally 30 days to 90 days prior to the beginning of Plan Years for which these contributions will be made. If you become eligible to participate during the Plan Year, the notice will be provided no more than 90 days
before you become eligible. 
  

	 	5.	Discretionary Nonelective Contributions 

 Your Employer may make discretionary
nonelective contributions in an amount to be determined by the Board of Directors for each Plan Year. You must be employed as of the last day of the Plan Year to be eligible for any nonelective contributions that may be made for that Plan Year. You
do not need to satisfy this requirement if you die (including death while performing Qualified Military Service), become disabled or retire during the Plan Year. 
  

	 	a.	Percentage of Compensation 

 Discretionary nonelective contributions, if any, made to the
Plan by your Employer will be allocated to your Account in the ratio that your eligible compensation bears to the total eligible compensation paid to all eligible Participants. 

 

	 	6.	Other Contributions and Limitations 

  

	 	a.	Qualified Nonelective Contributions 

 Your Employer may designate all or a portion of any
nonelective contributions for a Plan Year as “qualified nonelective contributions” and allocate them to certain Non-Highly Compensated Employees to help the Plan pass one or more annually required Internal Revenue Code non-discrimination
test(s). You will be 100% vested in these contributions and may not request a hardship withdrawal of these contributions. 
  

	 	b.	Limit on Contributions 

 Federal law requires that amounts contributed by you and on your
behalf by your Employer for a given limitation year generally may not exceed the lesser of: 
 $53,000 (or such amount as may be prescribed
by the Secretary of the Treasury); or 
 100.00% of your annual compensation. 

The limitation year for purposes of applying the above limits is the twelve month period ending December 31st. Contributions under this
Plan, along with Employer contributions under any other Employer-sponsored defined contribution plans, may not exceed the above limits. If this does occur, then excess contributions in your Account may be forfeited or refunded to you based on the
provisions of the Plan document. You will be notified by the Plan Administrator if you have any excess contributions. Income tax consequences may apply on the amount of any refund you receive. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
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	 	7.	Rollover Contributions 

 You can roll over part or all of an eligible
rollover distribution you receive from an eligible retirement plan into this Plan even if you have not yet satisfied the age and service Eligibility requirements described in Section II above; however you will not become a Participant in the Plan
until you have met the Plan’s eligibility and entry date requirements. An eligible retirement plan is a qualified plan under Section 401(a), a 403(a) annuity plan, a 403(b) annuity contract, an eligible 457(b) plan maintained by a
governmental employer, and an individual retirement Account and individual retirement annuity. An eligible rollover distribution includes any distribution from an eligible retirement plan, except any distribution from an individual retirement
Account or an individual retirement annuity consisting of nondeductible contributions or any distribution from a 403(b) annuity contract consisting of after-tax employee contributions. Making Rollover Contributions to the Plan that consist of assets
other than qualified 401(a) plan assets may result in the loss of favorable capital gains or ten year income averaging tax treatment that may otherwise be available with respect to a lump sum distribution to you from the Plan. The loss of this
favorable tax treatment may also occur if you make a Rollover Contribution to the Plan that consists of qualified 401(a) plan assets under certain circumstances. If you may be eligible for this special tax treatment, you should consult your tax
advisor and carefully consider the impact of making a Rollover Contribution to the Plan. 
 The Plan Administrator determines which Rollover
Contributions are acceptable and if any Rollover Contribution fails to meet the requirements of the Plan and must be distributed. If your Rollover Contribution to the Plan is not a direct rollover (i.e., you received a cash distribution from your
eligible retirement plan), then it must be received by the Trustee within 60 days of your receipt of the distribution. Rollover Contributions may only be made in the form of cash, allowable fund shares, or (if the Plan allows new loans in accordance
with the terms of this SPD) promissory notes from an eligible retirement plan. Your Rollover Contributions Account will be subject to the terms of this Plan and will always be fully vested and nonforfeitable. In general, if you receive an eligible
rollover distribution as a surviving spouse of a participant or as a spouse or former spouse who is an “alternate payee” pursuant to a qualified domestic relations order (“QDRO”), you may also make a Rollover Contribution to the
Plan. 
 The Plan will not accept a Rollover Contribution of any amounts attributable to Roth (after-tax deferral) contributions made to
another plan. 
  

IV. INVESTMENTS 

  

	A.	Investments 

 The Employee Retirement Income Security Act of 1974 (ERISA) imposes certain duties on the
parties who are responsible for the operation of the Plan. These parties, called fiduciaries, have a duty to invest Plan assets in a prudent manner. However, an exception exists for plans that comply with ERISA Section 404(c) and permit a
Participant to exercise control over the assets in his/her Account and choose from a broad range of investment alternatives. This Plan is intended to be a Section 404(c) plan. To the extent that you have directed the investment of assets in
your Account under the Plan, you are responsible for the investment decisions you made relating to those assets and the Plan fiduciaries are not responsible for any losses resulting from your investment instructions. To assist you in making informed
investment decisions, your Plan Administrator is required to provide you with certain disclosures required under the Department of Labor’s participant disclosure regulation (See DOL Regulation §2550.404a-5) initially and on an annual
basis. You should contact your Plan Administrator with any questions regarding these disclosures. Fidelity is assisting your Plan Administrator in complying with this regulation and will make this disclosure notice available for you to review and
access via Fidelity’s website. 
  

	B.	Fidelity® Portfolio Advisory Service at Work 

Fidelity® Portfolio Advisory Service at Work (the “Service”) is a managed account service
that invests your workplace savings plan Account in one of several model portfolios created from a mix of your plan’s eligible investment options. The Service is managed by Strategic Advisers, Inc., a registered investment adviser and a
Fidelity Investments company. The investment options selected are spread among broadly diversified investment types designed to help enhance growth and manage risk. When you enroll in the Service, you are assigned to a model portfolio based on
either your investment time horizon, or on your financial situation, risk tolerance, and investment time horizon, depending upon what you choose during enrollment. Once enrolled, your current workplace savings account balance will be reallocated to
align with the investment allocation of your assigned model portfolio; future contributions will also be invested according to this model portfolio. 

  

					
	  

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 While enrolled in the Service, you are delegating the ongoing management of your Account to the Service. In
return for ongoing management, your account will incur an advisory fee for the Service as described in the Pricing Supplement. This fee will be paid from your Account. You will not be able to make any exchanges among investment options or otherwise
direct or restrict the management of your account. The Service will allocate and, when appropriate, reallocate the assets in your Account to ensure that it stays in balance with the model portfolio’s current mix of investments. Whenever your
Account is reallocated or rebalanced to fit your model portfolio, you will receive a confirmation detailing the transactions. You will also receive prospectuses for any investment option you did not previously own. 

For more information regarding Fidelity® Portfolio Advisory Service at Work, or to enroll, log onto
NetBenefits® at https://netbenefits.fidelity.com/pas or call a Fidelity Representative at 866-811-6041. 
  

	C.	Statement of Account 

 The assets in the Plan are invested in available investment options and a separate
Account is established for each Participant who receives and/or makes a contribution. The value of your Account is updated each business day to reflect any contributions, exchanges between investment options, investment earnings or losses for each
investment option and withdrawals. Your account statement is available online through NetBenefits®, you can view and print a statement for any time period up to 24 previous months. A statement
is also available to be automatically mailed to you every three months. You can initiate these mailings by logging on to NetBenefits® and selecting Mail Preferences under the Accounts tab.

  

V. VESTING 

The term “vesting” refers to your nonforfeitable right to the money in your Account. You receive vesting credit for the number of years that you
have worked for your Employer. 
 If you terminate your employment with your Employer, you may be able to receive a portion or all of your Account based on
your vested percentage. You are always 100% vested in your Rollover Contributions, Employer Nonelective Contributions, After-Tax Contributions, Qualified Nonelective Contributions, Deferral Contributions, Safe Harbor Matching Employer Contributions
and any earnings thereon. 
  

	A.	Additional Vesting Schedule 

 Employees who are members of certain class(es), specified below, receive a
different vesting schedule for the below-specified contribution: 
 Your Pre 5/1/05 ER Match contributions will be subject to the vesting schedule appearing
immediately below if you are a member of the following class: The following vesting schedule applies to Participants who were terminated or retired before 5/1/05. 
  

			
	 Years of Service
	  	 Vesting Percentage

	 less than 2
	  	0
	 2
	  	20.00
	 3
	  	40.00
	 4
	  	60.00
	 5
	  	80.00
	 6
	  	100.00
	 7
	  	100.00

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
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VI. IN SERVICE WITHDRAWALS AND LOANS

 You may contact Fidelity to take a withdrawal or loan from the Plan. The amount of any taxable withdrawal other than the return
of your after-tax contributions that is not rolled over into an Individual Retirement Account or another qualified employer retirement plan will be subject to Federal and state, if applicable, income taxes. In general, the amount of any taxable
withdrawal that is not rolled over into an Individual Retirement Account or another qualified employer retirement plan will be subject to 20% Federal Income Tax and any applicable State Income Tax. A 10% Internal Revenue Code early withdrawal
penalty tax may apply to the amount of your withdrawal if you are under the age of 59 1⁄2 and do not meet one of the Internal Revenue Code exceptions. 

The following types of withdrawals are available under the Plan: 
  

	A.	Hardship Withdrawals 

 As an Employee, you may apply to withdraw certain contributions to satisfy
specific and heavy financial needs. In accordance with Internal Revenue Service regulations, you must first exhaust all other assets reasonably available to you prior to obtaining a hardship withdrawal. This includes obtaining any in-service
withdrawal(s) available from your Account and a loan from this Plan and any other qualified plan maintained by your Employer. Your Deferral Contributions to this Plan, and any other Employer-sponsored qualified or non-qualified plan, will be
suspended for six months after your receipt of the hardship withdrawal. The minimum hardship withdrawal is $500. Hardship withdrawals will be subject to the 10% nonperiodic income tax withholding rate unless you elect out of the withholding. 

If you qualify, you may apply for a hardship withdrawal to satisfy the following needs: (1) medical expenses for you, your spouse, children, dependents
or a primary beneficiary designated by you under the Plan; (2) the purchase of your principal residence; (3) to prevent your eviction from, or foreclosure on, your principal residence; (4) to pay for post-secondary education expenses
(tuition, related educational fees, room and board) for you, your spouse, children, dependents or a primary beneficiary designated by you under the Plan for the next twelve months; (5) to make payments for burial or funeral expenses for your
deceased parent, spouse, child, dependent or a primary beneficiary designated by you under the Plan; (6) to pay expenses for the repair of damage to your principal residence that would qualify for the casualty deduction under Section 165
of the Internal Revenue Code (without regard to whether the loss exceeds 10% of adjusted gross income); or any other immediate and heavy financial need as determined based on Internal Revenue Service regulations. 

Contributions available to withdraw under the terms of this section are: 
  

	 	•	 	Employee Deferral 

  

	B.	Withdrawals After Age 70 1⁄2 

Starting in the calendar year in which you reach age 70 1⁄2, you may
elect to receive distributions calculated in the same manner as Minimum Required Distributions. For more information, please refer to the paragraph so entitled under the Distributable Events subsection of this SPD’s section on Distribution of
Benefits below. 
  

	C.	Withdrawals After Normal Retirement Age 

 You may elect to withdraw your vested Account balance after you
reach the Plan’s normal retirement age, 65.00, or delay it until you retire. Notwithstanding the above, by law certain contributions including employee deferral, qualified matching, safe harbor matching, qualified nonelective, and safe harbor
nonelective contributions cannot be withdrawn prior to age 59 1⁄2. 
  

	D.	Withdrawals of After-Tax Contributions 

 If you have previously made after-tax contributions then you may
elect to withdraw all or a portion of your contributions. There is no limit on the number of withdrawals of this type. 
  

	E.	Withdrawals of Qualified Voluntary Employee Contributions 

 Prior to 1987, the Plan allowed you to make
qualified voluntary employee contributions. These were tax deductible Individual Retirement Account contributions that were contributed to the Plan. You may elect while you are employed by your Employer to withdraw all or a portion of your qualified
voluntary employee contributions Account. 
  

	F.	Withdrawals of Rollover Contributions 

 If you have a balance in your rollover contributions Account, you
may elect to withdraw all or a portion of it. There is no limit on the number of withdrawals of this type. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
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	G.	Withdrawal for Participants Performing Qualified Military Service 

 If you are performing Qualified
Military Service, you may elect to withdraw your Deferral Contributions, Safe Harbor Matching contributions and Qualified Nonelective Contributions during your active duty period. You will be suspended from making any contributions for 6 months
following the distribution and the withdrawal may be subject to the 10% early withdrawal penalty tax. 
  

	H.	Participant Loans 

 Loans from your vested Account balance shall be made available to all qualifying
Participants on a reasonably equivalent basis. Loans are not considered distributions and are not subject to Federal or state income taxes, provided they are repaid as required. While you do have to pay interest on your loan, both the principal and
interest are deposited in your Account. You can obtain more information about loans in the Plan’s Loan Procedures supplied by your Plan Administrator (which may be attached at the end of this Summary Plan Description). 

 

VII. DISTRIBUTION OF BENEFITS 

 

	A.	Eligibility For Benefits 

 A distribution can be made to you if you request one due to your disability,
retirement or termination of employment from your Employer and any Related Employer. Your Beneficiary or Beneficiaries may request a distribution of your vested Account balance in the event of your death. The value of your Account balance will
continue to increase or decrease, as appropriate, based on the investment returns until it is distributed. 
 You may defer receipt of your distribution
until a later date. However, you cannot postpone it if your vested Account balance is $5,000 or less in which case the Plan Administrator will direct the Trustee that any amount exceeding $1,000 be distributed to an Individual Retirement Account or
Annuity (“IRA”) for your benefit. If your vested Account balance is $1,000 or less, the Plan Administrator will direct the Trustee to distribute it to you as a lump sum distribution without your consent. Prior to such distribution you
still have the right to request that the amount be distributed directly to you in the form of a lump sum payment or to request that it be rolled-over to a different IRA provider or another retirement plan eligible to receive rollover contributions.

 If you fail to request a different treatment of an automatic distribution under the Plan’s Cash-Out Provision, your distribution will be paid over
to an IRA provider chosen by the Plan Administrator and invested in a product designed to preserve the principal of that distribution while still providing a reasonable rate of return and preserving liquidity. The fees assessed against this newly
established IRA by its provider will be paid by the participant. 
 If you have questions regarding the Plan’s automatic rollover rules, the
Plan’s IRA provider for automatic rollovers, or the fees and expenses applicable to the automatic rollover IRA, please contact the Plan Administrator. Your consent will be required for any distribution if your vested Account balance is greater
than $5,000. 
 You should consult with your tax advisor to determine the financial impact of your situation before you request a distribution. You may
apply for a distribution by calling the Fidelity Retirement Benefits Line at 1-800-835-5097. All telephone calls will be recorded. Most distributions have been pre-approved by the Plan Administrator. 

 

	B.	Distributable Events 

 You are eligible to request a distribution of your vested Account balance based on
any of the following events: 
  

	 	1.	Death 

 If you are a Participant in the Plan and die, your vested Account balance, if
any, will be paid to your designated Beneficiary or Beneficiaries. You may designate a Beneficiary or Beneficiaries online at www.401k.com on a designation form that must be properly signed and filed with the Plan Administrator. If you are
married and want to designate someone other than your spouse as your primary Beneficiary, you must print a form from the website and your spouse must consent to this designation by signing the form. His/her signature must be witnessed by a Plan
representative or a notary public. Alternatively, if you do not wish to designate your Beneficiary online, you may contact the Plan Administrator to obtain a paper designation of beneficiary form or by contacting Fidelity at 1-800-835-5097. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
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	 	2.	Disability 

 Under your Plan, you are disabled if you meet the following criteria: you
are eligible for disability benefits under your Employer’s Long-Term Disability Plan, or you are determined disabled by a physician selected by the Plan Administrator. 

If you become disabled while you are employed by your Employer or a Related Employer and then terminate your employment, you will become 100%
vested in your Account balance if you are not already fully vested. You may request a distribution of your Account balance only if you terminate your employment with your Employer or Related Employer. 

 

	 	3.	Retirement 

 You do not have to terminate your employment with your Employer just because
you attain your normal retirement age of 65.00. You will automatically become 100% vested in your Account balance upon meeting the retirement requirements. 
  

	 	4.	Minimum Required Distributions 

 You are required by law to receive a minimum required
distribution from the Employer’s Plan, unless you are a five percent owner of the Employer, no later than April 1 of the calendar year following the calendar year you turn 70 1⁄2 or terminate your employment, whichever is later. If you are a five percent owner of the Employer, you must start receiving your distribution no later than April 1 of the calendar year following the
calendar year you turn 70 1⁄2. Once you start receiving your minimum required distribution, you should receive it at least annually until all assets in your
Account are distributed. If you have any questions about your minimum required distributions, please contact your Plan Administrator. 
  

	 	5.	Termination of Employment 

 Generally, if you terminate your employment with your
Employer and all Related Employers, you may elect to receive a distribution of your vested Account balance from the Plan. 
  

	C.	Form of Payments 

  

	 	1.	Lump Sum Distributions 

 Your entire vested Account balance will be paid to you in a
single distribution or other distribution that you elect. 
  

	 	2.	Non-rollover Distribution 

 Any distribution paid directly to you will be subject to
mandatory Federal income tax withholding of 20% of the taxable distribution and the remaining amount will be paid to you. You cannot elect out of this tax withholding but you can avoid it by electing a direct rollover distribution as described
below. This withholding is not a penalty but a prepayment of your Federal income taxes. 
 You may rollover the taxable distribution you
receive to an Individual Retirement Account (IRA) or your new employer’s qualified plan, if it accepts rollover contributions and you roll over this distribution within 60 days after receipt. You will not be taxed on any amounts timely rolled
over into the IRA or your new employer’s qualified Plan until those amounts are later distributed to you. Any amounts not rolled over may also be subject to certain early withdrawal penalties prescribed under the Internal Revenue Code. 

 

	 	3.	Direct Rollover Distribution 

 As an alternative to a non-rollover distribution, you may
request that your entire distribution be rolled directly into a Fidelity IRA, a non-Fidelity IRA or to your new employer’s qualified plan if it accepts rollover contributions. Federal income taxes will not be withheld on any direct rollover
distribution. 
 When you call the Fidelity Retirement Benefits Line to take a withdrawal, you will be asked whether you will be rolling over
any part of your distribution. If you wish to have any part of your distribution rolled over to an IRA or another qualified plan, you will need to speak to a Fidelity representative. 

 

	 	a.	Rollover to Fidelity IRA - You will be asked whether you have received a Fidelity Service for Exiting Employees (‘SEE’) Rollover IRA Kit. If you haven’t received a SEE Kit, the Fidelity
representative will send out one. Then, your rollover request will be entered on the system and will pend (for up to 90 days) until the Rollover IRA Account is set up. You must return the signed Rollover IRA application to Fidelity’s Retail
Customer Service Department (in Dallas, TX) in order to set up the Rollover IRA Account. Once the Rollover IRA account has been set up, your vested Account balance will be transferred to the Fidelity Rollover IRA. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
	  	11	  	

	 	b.	Rollover to Non-Fidelity IRA - A check will be issued by the Trustee payable to the IRA custodian or trustee for your benefit. The check will contain the notation ‘Direct Rollover’ and it will be mailed
directly to you. You will be responsible for forwarding it on to the custodian or trustee. You must provide the Plan Administrator with complete information to facilitate your direct rollover distribution. 

 

	 	c.	Rollover to your New Employer’s Qualified Plan – You should check with your new employer to determine if its plan will accept rollover contributions. If allowed, then a check will be issued by the
Trustee payable to the trustee of your new employer’s qualified plan. The check will contain the notation ‘Direct Rollover’ and it will be mailed directly to you. You will be responsible for forwarding it on to the new trustee. You
must provide the plan Administrator with complete information to facilitate your direct rollover distribution. 

  

	 	4.	Combination Non-rollover Distribution and Direct Rollover Distribution 

 You may request
that part of your distribution be paid directly to you and the balance rolled into an IRA, your new employer’s retirement plan, or a 403(a) annuity. Any part of the distribution paid directly to you will be subject to the Federal income tax
withholding rules referred to in subsection a) above and any direct rollover distribution will be made in accordance with section b) above. Your direct rollover distribution must be at least $500. 

You will pay income tax on the amount of any taxable distribution you receive from the Plan unless it is rolled into an IRA or
your new employer’s qualified Plan. A 10% IRS premature distribution penalty tax may also apply to your taxable distribution unless it is rolled into an IRA or another qualified plan. The 20% Federal income tax withheld under this section may
not cover your entire income tax liability. In the case of a combination distribution, if any portion of the eligible rollover distribution consists of after-tax contributions, the amount paid directly to you will be considered to consist completely
of after-tax contributions before any after-tax contributions are attributed to the portion paid as a direct rollover. Consult with your tax advisor for further details. 
  

	 	5.	Installment Distributions 

 Your vested Account balance will be paid to you in
substantially equal amounts over a period of time. You may elect annual or more frequent installments. You may elect to receive a lump sum distribution after you start to receive installment distributions, by completing the appropriate
documentation. The direct rollover distribution rules referred to in the lump sum distribution section also apply to installment distributions. 

 

VIII. MISCELLANEOUS INFORMATION 

 

	A.	Benefits Not Insured 

 Benefits provided by the Plan are not insured or guaranteed by the Pension Benefit
Guaranty Corporation under Title IV of the Employee Retirement Income Security Act of 1974 because the insurance provisions under ERISA are not applicable to this particular Plan. You will only be entitled to the vested benefits in your Account
based upon the provisions of the Plan and the value of your Account will be subject to investment gains and losses. 
  

	B.	Attachment of Your Account 

 Your Account may not be attached, garnished, assigned or used as collateral
for a loan outside of this Plan except to the extent required by law. Your creditors may not attach, garnish or otherwise interfere with your Account balance except in the case of a proper Internal Revenue Service tax levy or a Qualified Domestic
Relations Order (QDRO). A QDRO is a special order issued by the court in a divorce, child support or similar proceeding. In this situation, your spouse, or former spouse, or someone other than you or your Beneficiary, may be entitled to a portion or
all of your Account balance based on the court order. Participants and Beneficiaries can obtain, without a charge, a copy of QDRO procedures either by accessing the qdro.fidelity.com website, or by calling Fidelity. A fee will be assessed for each
new QDRO order, please reference the QDRO procedures documentation for a description of the fee. 
  

	C.	Plan-to-Plan Transfer Of Assets 

 The Plan Sponsor may direct the Trustee to transfer all or a portion of
the assets in the Account of designated Participants to another plan or plans maintained by your Employer or other employers subject to certain restrictions. The plan receiving the Trust Funds must contain a provision allowing the transfer and
preserve any benefits required to be protected under existing laws and regulations. In addition, a Participant’s vested Account balance may not be decreased as a result of the transfer to another plan. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
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	D.	Plan Amendment 

 The Plan Sponsor reserves the authority to amend certain provisions of the Plan by
taking the appropriate action. However, any amendment may not eliminate certain forms of benefits under the Plan or reduce the existing vested percentage of your Account balance derived from Employer contributions. 

 

	E.	Plan Termination 

 The Plan Sponsor has no legal or contractual obligation to make annual contributions
to or to continue the Plan. The Plan Sponsor reserves the right to terminate the Plan at any time by taking appropriate action as circumstances may dictate, with the approval of the Board of Directors. In the event the Plan should terminate, each
Participant affected by such termination shall have a vested interest in his Account of 100 percent. The Plan Administrator will facilitate the distribution of Account balances in single lump sum payments to each Participant in accordance with Plan
provisions until all assets have been distributed by the Trustee. 
  

	F.	Interpretation of Plan 

 The Plan Administrator has the power and discretionary authority to construe the
terms of the Plan based on the Plan document, existing laws and regulations and to determine all questions that arise under it. Such power and authority include, for example, the administrative discretion necessary to resolve issues with respect to
an Employee’s eligibility for benefits, credited services, disability, and retirement, or to interpret any other term contained in Plan documents. The Plan Administrator’s interpretations and determinations are binding on all Participants,
Employees, former Employees, and their Beneficiaries. 
  

	G.	Electronic Delivery 

 This Summary Plan Description and other important Plan information may be delivered
to you through electronic means. This Summary Plan Description contains important information concerning the rights and benefits of your Plan. If you receive this Summary Plan Description (or any other Plan information) through electronic means you
are entitled to request a paper copy of this document, free of charge, from the Plan Administrator. The electronic version of this document contains substantially the same style, format and content as the paper version. 

 

IX. INTERNAL REVENUE CODE TESTS 

 

	A.	Non-Discrimination Tests 

 The Plan must pass Internal Revenue Code non-discrimination
tests as of the last day of each Plan Year to maintain a qualified Plan. These tests are intended to ensure that the amount of contributions under the Plan do not discriminate in favor of Highly Compensated Employees. In order to meet the tests,
your Employer encourages participation from all eligible Employees. Depending upon the results of the tests, the Plan Administrator may have to refund Deferral Contributions contributed to the Plan and vested matching contributions to certain Highly
Compensated Employees, as determined under Internal Revenue Service regulations. Deferral Contributions or matching contributions will be refunded to you from applicable investment options. You will be notified by the Plan Administrator if any of
your contributions will be refunded to you. The Plan may be subject to additional types of non-discrimination testing depending upon the benefits available under the Plan. 
  

	B.	Top Heavy Test 

 The Plan may be subject to the Internal Revenue Code “top-heavy” test. In that
circumstance, the Plan Administrator tests this Plan, together with any other Employer-sponsored qualified plans that cover one or more key employees, to ensure that no more than 60% of the benefits are for key employees. If this Plan is top-heavy,
then your Employer may be required to make a minimum annual contribution on your behalf to this, or another Employer sponsored plan, if you are employed as of Plan Year-end. You will be vested for these contributions in accordance with the vesting
shown for nonelective contributions within the Vesting section of this SPD. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
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X. PARTICIPANT RIGHTS 

 

	A.	Claims 

  

	 	1.	Claims Procedures 

 A plan participant or beneficiary may make a claim for benefits under
the Plan. Any such claim you file must be submitted to the Plan Administrator in a form and manner acceptable to the Plan Administrator. Contact your Plan Administrator for more information. Generally, the Plan Administrator will provide you with
written notice of the disposition of your claim within 90 days after receipt of your claim by the Plan. If the Plan Administrator determines that special circumstances require an extension of time to process your claim, the Plan Administrator will
furnish written notice of the extension to the claimant prior to the expiration of the initial 90-day period. In no event shall such extension exceed a period of 90 days from the end of the initial period the Plan Administrator had to dispose of
your claim. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the benefit determination. (A different procedure applies for disability related claims –
see the next paragraph). In the event the claim is denied, the Plan Administrator will disclose to you in writing the specific reasons for the denial, a reference to the specific provisions of the Plan on which the determination is based, a
description of additional material or information necessary for the claimant to perfect the claim and an explanation of why it is required, and information about the steps that must be taken to submit a timely request for review, including a
statement of your right to bring a civil action under Section 502(a) of ERISA following as adverse determination upon review. 
 If your
claim concerns disability benefits under the Plan, the Plan Administrator must notify you in writing within 45 days after you have filed your claim in order to deny it. If special circumstances require an extension of time to process your claim, the
Plan Administrator must notify you before the end of the 45-day period that your claim may take up to 30 days longer to process. If special circumstances still prevent the resolution of your claim, the Plan Administrator may then only take up to
another 30 days after giving you notice before the end of the original 30-day extension. If the Plan Administrator gives you notice that you need to provide additional information regarding your claim, you must do so within 45 days of that notice.

  

	 	2.	Review Procedures (For Appeal of an Adverse Benefit Determination) 

 You may appeal the
denial of your claim made under the procedures described above within 60 days after the date following your receipt of notification of the denied claim (a different procedure applies for disability related claims – see the next paragraph) by
filing a written request for review with the Plan Administrator. This written request may include comments, documents, records, and other information relating to your claim for benefits. You shall be provided, upon your request and free of charge,
reasonable access to, and copies of, all documents, records, and other information relevant to your claim for benefits. The review will take into account all comments, documents, records, and other information submitted by you relating to the claim,
without regard to whether such information was submitted or considered in the initial benefit determination. Generally, the Plan Administrator will provide you with written notice of the disposition of your claim on review within 60 days after
receipt of your appeal by the Plan. If the Plan Administrator determines that special circumstances require an extension of time to process your claim, the Plan Administrator will furnish written notice of the extension to the claimant prior to the
expiration of the initial 60-day period. In no event shall such extension exceed a period of 60 days from the end of the initial period the Plan Administrator had to dispose of your claim. The extension notice shall indicate the special
circumstances requiring an extension of time and the date by which the Plan expects to render the benefit determination. (A different procedure applies for disability related claims – see the next paragraph). In the event the claim on review is
denied, the Plan Administrator will disclose to you in writing the specific reasons for the denial, a reference to the specific provisions of the Plan on which the determination is based, a description of additional material or information necessary
for the claimant to perfect the claim and an explanation of why it is required, and information about the steps that must be taken to submit a timely request for review, including a statement of your right to bring a civil action under
Section 502(a) of ERISA following as adverse determination upon review. 
 If your initial claim was for disability benefits under the
Plan and has been denied by the Plan Administrator, you have 180 days from the date you receive notice of your denial in which to appeal that decision. Your review will be handled completely independently of the findings and decision made regarding
your initial claim and will be processed by an individual who is not a subordinate of the individual who denied your initial claim. If your claim requires medical judgment, the individual handling your appeal will consult with a medical professional
who was not consulted regarding your initial claim and who is not a subordinate of anyone consulted regarding your initial claim and identify that medical professional to you. The Plan Administrator must notify you in writing within 45 days after
you have filed your claim in order to deny it. If the Plan Administrator determines that special circumstances require an extension of time to process 

  

					
	  

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your claim, the Plan Administrator will furnish written notice of the extension to the claimant prior to the expiration of the initial 45-day period. In no event shall such extension exceed a
period of 45 days from the end of the initial period the Plan Administrator had to dispose of your claim. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render
the benefit determination. 
 The Plan Administrator shall notify you of the Plan’s benefit determination on review within a reasonable
period of time, but not later than 60 days after receipt of your request for review by the Plan, unless the Plan Administrator determines that special circumstances require an extension of time for processing the claim. If the Plan Administrator
determines that an extension of time for processing is required, written notice of the extension shall be furnished to you prior to the termination of the initial 60-day period. In no event shall such extension exceed a period of 60 days from the
end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and the date by which the Plan expects to render the determination on review. 

The Plan Administrator shall provide you with written notification of a plan’s benefit determination on review. In the case of an adverse
benefit determination, the notification shall set forth, in a manner calculated to be understood by you – the specific reason or reasons for the adverse determinations, reference to the specific plan provisions on which the benefit
determination is based, a statement that you are entitled to receive, upon your request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to your claim for benefits. 

 

	B.	Statement of ERISA Rights 

 As a Participant in the Plan, you are entitled to certain rights and
protections under ERISA. ERISA provides that all Plan Participants shall be entitled to: 
  

	 	1.	Receive Information About Your Plan and Benefits 

  

	 	•	 	Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites and union halls, all documents governing the Plan, including insurance contracts and collective
bargaining agreements, and a copy of the latest annual report (Form 5500 Series) filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

 

	 	•	 	Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the plan, including insurance contracts and collective bargaining agreements, and copies of the latest annual report
(Form 5500 Series) and updated Summary Plan Description. The Plan Administrator may make a reasonable charge for the copies. 

  

	 	•	 	Receive a summary of the Plan’s annual financial report. The Plan Administrator is required by law to furnish each Participant with a copy of this Summary Annual Report each year. 

 

	 	•	 	Obtain a statement telling you the fair market value of your vested, accrued benefit, as of the date for which the benefits are reported, if you stop working under the Plan now. If you do not have a right to a benefit
under the plan, the statement will tell you how many more years you have to work to get a right to a benefit. This statement must be requested in writing and is not required to be given more than once every twelve (12) months. The Plan must
provide the statement free of charge. 

  

	 	2.	Prudent Actions by Fiduciaries 

 In addition to creating rights for Plan Participants,
ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you, other
Plan Participants and Beneficiaries. No one, including your Employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a retirement benefit or exercising your rights under
ERISA. 
  

	 	3.	Enforce Your Rights 

 If your claim for a benefit under the Plan is denied or ignored, in
whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can take to enforce
the above rights. For instance, if you request a copy of plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court. The Plan’s agent for legal service of process in the
event of a lawsuit is the Plan Administrator. In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons
beyond the control of the Plan Administrator. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
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 If you have a claim for benefits which is denied or ignored, in whole or in part, you may file
suit in a state or Federal court. In addition, if you disagree with the Plan’s decision or lack thereof concerning the qualified status of a domestic relations order, you may file suit in Federal court. If it should happen that Plan fiduciaries
misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court. The court will decide who should pay court costs and
legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim frivolous. 

 

	 	4.	Assistance with Your Questions 

 If you have any questions about your Plan, you should
contact the Plan Administrator. If you have any questions about this statement or your rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest office of the Employee Benefits
Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W.,
Washington, D.C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration. 

 

	C.	When to Bring an Action in Court 

 You may file a lawsuit regarding the denial of an
appeal after following the claims and review procedures above. You must file any lawsuit within 12 months after the date the Plan Administrator issued its final decision on an appeal. If you do not file a claim or exhaust the claims review process
for any reason, any lawsuit must be filed within 12 months of the date of the conduct at issue in the lawsuit (which includes, among other things, the date you became entitled to any Plan benefits at issue in the lawsuit). If you fail to file a
lawsuit within these timeframes, you will lose your right to bring the lawsuit at any later time. 

 

XI. SERVICES AND FEES 

Fees and expenses charged under your Account will impact your retirement savings, and fall into three basic categories. Investment fees are generally
assessed as a percentage of assets invested, and are deducted directly from your investment returns. Investment fees can be in the form of sales charges, loads, commissions, 12b-1 fees, or management fees. Certain of these Investment fees may not
apply depending upon the funds and share classes available in the Plan. You can obtain more information about such fees from the documents (e.g., a prospectus) that describe the investments available under your Plan. Plan administration fees
cover the day-to-day expenses of your Plan for recordkeeping, accounting, legal and trustee services, as well as additional services that may be available under your Plan, such as daily valuation, telephone response systems, internet access to plan
information, retirement planning tools, and educational materials. In some cases, these costs are covered by investment fees that are deducted directly from investment returns. In other cases, these administrative fees are either paid directly by
your Employer, or are passed through to the participants in the Plan, in which case a recordkeeping fee will be deducted from your Account. Transaction-based fees are associated with optional services offered under your Plan, and are charged
directly to your Account if you take advantage of a particular plan feature that may be available, such as a Plan loan. For more information on fees associated with your Account, refer to your Account statement or speak with your Plan Administrator.

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
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XII. LOAN PROCEDURES FOR 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation

  

	 	1.	Loan Application 

 You may apply for a loan by contacting Fidelity. You may apply for
only one loan each calendar year. All loans have been pre-approved by the Plan Administrator based on the criteria outlined in the Plan’s loan procedures. Loans will be allowed for any purpose. A loan set
up fee of $75.00 will be deducted from your Account for each new loan processed. 
  

	 	2.	Loan Amount 

 The minimum loan is $1,000 and the maximum amount is the lesser of one-half
of your vested Account balance or $50,000 reduced by the highest outstanding loan balance in your Account during the prior twelve month period. All of your loans from plans maintained by your Employer or a Related Employer will be considered for
purposes of determining the maximum amount of your loan. Up to 50% of your vested Account balance may be used as collateral for any loan. 
  

	 	3.	Number of Loans 

 You may only have 1 loan outstanding at any given time. If you have an
existing loan you may not apply for another loan until the existing loan is paid in full. 
  

	 	4.	Interest Rate 

 All loans shall bear a reasonable rate of interest as determined by the
Plan Administrator based on the prevailing interest rates charged by persons in the business of lending money for loans which would be made under similar circumstances. The interest rate shall remain fixed throughout the duration of the loan. 

 

	 	5.	Loan Repayments and Loan Maturity 

 All loans must be repaid in level payments through
after-tax payroll deductions on at least a quarterly basis over a five year period unless it is for the purchase of your principal residence in which case the loan repayment period may not extend beyond 10 years from the date of the loan. If
repayment is not made by payroll deduction, a loan shall be repaid in accordance with procedures provided by your Plan Administrator. The level repayment requirement may be waived for a period of one year or less if you are on a leave of absence,
however, your loan must still be repaid in full on the maturity date. If you are on a military leave of absence, the repayment schedule may be waived for the entire length of the time missed on leave. Your loan will accrue interest during this time,
and upon return from a military leave of absence, your loan will be reamortized to extend the length of the loan by the length of the leave. If a loan is not repaid within its stated period, it will be treated as a taxable distribution to you. 

 

	 	6.	Default or Termination of Employment 

 The Plan Administrator shall consider a loan in
default if any scheduled repayment remains unpaid as of the last business day of the calendar quarter following the calendar quarter in which a loan is initially considered past due. In the event of a default, the entire outstanding principal and
accrued interest shall be immediately due and payable. However, if your termination of employment results from a corporate action on the part of your employer and you remain performing the same job after that corporate action, within 60 days of your
termination of employment you may request that the Plan Administrator roll over your loan to your new employer’s retirement plan (if such new plan will accept your loan roll over). Unless you roll over your loan, any default in repayment to the
Plan will result in the treating of the balance due for your loan as a taxable distribution from the Plan. 

  

					
	  

	 401(k) Incentive Savings Plan for Salaried and Hourly Employees of Kewaunee Scientific Corporation 42325
	  	17

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