Document:

exv10w1

Exhibit 10.1

RAVEN INDUSTRIES, INC.

EMPLOYMENT AGREEMENT FOR

SENIOR MANAGEMENT

     AGREEMENT dated as of October 1, 2010, between RAVEN INDUSTRIES, INC., a South Dakota
corporation (the “Company”), and LON E. STROSCHEIN, (the “Executive”).

WITNESSETH:

     WHEREAS, the Board of Directors of the Company (the “Board”) recognizes that Executive’s
contribution to the growth and success of the Company and its subsidiaries has been substantial;
and

     WHEREAS, the Board has determined that it is appropriate to memorialize in writing the terms
and conditions of Executive’s employment and Executive’s entitlement to certain benefits upon his
retirement;

     NOW THEREFORE, in consideration of the mutual covenants and conditions herein contained and in
further consideration of services performed and to be performed by Executive for the Company, the
parties agree as follows:

          1. Employment. Executive shall continue in the employ of the Company in an executive
capacity, with such duties, powers and authority as are assigned to Executive from time to time by
the Board.

          2. Term. This Agreement shall commence on the date first above written and, except as
otherwise provided in paragraph 7, shall continue in effect until terminated by either the Company
or Executive on 30 days’ advance written notice, either with or without any reason. Except for
such 30-day notice requirement, nothing contained in this Agreement shall affect the Company’s
ability to terminate Executive’s employment with or without any reason notwithstanding the
preceding. Termination of this Agreement shall not terminate Executive’s benefits or the
Executive’s right to benefits under paragraph 4 or 5 if, at the date of termination, Executive has
either (i) attained age 65 or (ii) the sum of Executive;’s age (as of his nearest birthday) and
years of service with the company (to the nearest whole year) equal 80 or more.

          3. Compensation. As full compensation for his services under this Agreement,
Executive shall receive such Compensation as determined by the Board, and Executive shall be
eligible for such fringe benefits as are provided generally to all Senior Managers of the Company.
The fringe benefits provided at the date of this Agreement are listed on Schedule A, attached
hereto and made a part hereof. The Company may change or terminate

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any fringe benefit from time to time while Executive is employed, so long as the change
affects all Senior Managers.

          4. Benefits on Termination in Certain Cases. If at the date Executive terminates
employment with the Company, Executive has either (i) attained age 65 or (ii) the sum of
Executive’s age (as of his nearest birthday) and years of service with the Company (to the nearest
whole year) equal 80 or more, Executive shall be entitled, at the Company’s expense, to the
following benefits in addition to any retirement benefits to which Executive may be entitled under
any qualified or non-qualified retirement plan maintained by the Company:

                    (a) Until the later to die of Executive or his spouse, continuation of coverage under the
Company’s group hospital, medical and dental plans (“Medical Plan”) for himself, his spouse and
eligible dependents (“Covered Group”); provided that if Executive and his spouse are divorced, the
benefits for such spouse shall be discontinued; and further provided that if such spouse remarries
after the death of Executive, such coverage shall continue for such spouse after the date of
remarriage only if the spouse pays to the Company the group premium for such coverage. Prior to a
member of the Covered Group becoming eligible for Medicare, the benefits to which that member of
the Covered Group is entitled shall be at least equal to the benefits to which that member of the
Covered Group would have been entitled under the Medical Plan if Executive’s had not separated from
service. Upon eligibility of a member of the Covered Group for Medicare, coverage provided by
Medicare shall be primary and the Medical Plan shall provide additional benefits such that the
total benefits (i.e., Medicare and the Medical Plan) are at least equal to the benefits that
members of the Covered Group would have been entitled under the Medical Plan at Executive’s
separation from service.

                    (b) Until the death of the last to die of Executive or his spouse, payment of uninsured
medical expenses (including, but not limited to any deductibles and coinsurance) for Executive, his
spouse and his eligible dependents up to an annual limit of 3.5% of Executive’s highest annual
compensation (salary and bonus) during any one of his last five calendar years of employment;
provided that if Executive and his spouse are divorced, or if such spouse remarries after the death
of Executive, such coverage shall be discontinued for such spouse. The medical expenses to be
covered and the timing of payment of such medical expenses shall be based on the terms of the Raven
Industries, Inc. Executive Supplemental Medical Plan as in effect at the date of Executive’s
separation from service. If such plan is not in effect at the date of Executive’s separation from
service and has not been replaced by a similar plan, medical expenses reimbursed shall be those
expenses that would be deductible under Section 213 of the Internal Revenue Code of 1986 as in
effect at the date of this Agreement (without regard to any provisions making such expenses
deductible only to the extent they exceed a percentage of adjusted gross income), and all such
expenses shall be paid or reimbursed within 15 days after presentation of invoices.

          5. Limitation on Amendment or Termination. If for any reason after the date of
Executive’s retirement, Executive is not permitted to participate in any of the plans or programs
referred to in paragraph 4, or if any such plans or programs are amended to provide lesser benefits
or are terminated, the Company, at its sole expense, shall arrange to provide Executive with
benefits substantially similar to those to which Executive would otherwise have been entitled but
for such amendment or termination.

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          6. Termination For Cause. Notwithstanding paragraphs 2, 4 and 5, if the Company
discharges Executive “For Cause” (as defined below) the Company shall not be required to provide 30
days’ advance written notice of termination and the Company may elect, in its discretion, not to
pay the benefits provided under paragraphs 4 and 5. A discharge shall be considered “For Cause” if
Executive is terminated from employment for willful misconduct that materially injures or causes a
material loss to the Company and a material benefit to Executive or third parties, as for example,
by embezzlement, appropriation of corporate opportunity, conversion of tangible or intangible
corporate property or the making of agreements with third parties in which Executive or anyone
related to or associated with him has a direct or indirect interest. The term “For Cause” does not
include a termination occasioned by ill-advised good faith judgment or negligence in connection
with the Company’s business.

          7. Confidentiality. So long as Executive is employed and thereafter so long as
Executive is entitled to and is receiving the benefits to which he is entitled under paragraphs 4
and 5, he may not either directly or indirectly, except in the course of carrying out the business
of the Company or as authorized in writing on behalf of the Company, disclose or communicate to any
person, individual, firm or corporation, any information of any kind concerning any matters
affecting or relating to the business of the Company or any of its subsidiaries, including without
limitation, any of the customers, prices, sales, manner of operation, plans, trade secrets,
processes, financial or other data of the Company or any of its subsidiaries, without regard to
whether any or all of such information would otherwise be deemed confidential or material.

          8. Non-Competition. So long as Executive is employed and thereafter so long as
Executive is entitled to and is receiving the benefits to which he is entitled under paragraphs 4
and 5, he may not engage or participate directly or indirectly, either as principal, agent,
employee, employer, consultant, stockholder, director, co-partner, or any other individual or
representative capacity, in the conduct or management of, or own any stock or other proprietary
interest in, any business that competes with the business of the Company or any subsidiary of the
Company unless he has obtained prior written consent of the Board, except that Executive shall be
free without such consent to make investments in any publicly-owned company so long as he does not
become a controlling party in such company.

          9. Consequences of Violation of Confidentiality of Non-Compete Provision. If the
Company, in good faith, determines that Executive has violated paragraph 7 or 8 of this Agreement,
then in addition to any remedy the Company may be entitled at law or in equity, it may discontinue
payments under paragraphs 4 and 5 upon written notice to Executive of the violation of paragraph 7
or 8.

          10. No Affect on Other Contractual Rights. The provisions of this Agreement, and any
payment provided for hereunder, shall not reduce any amounts otherwise payable, or in any way
diminish Executive’s existing rights, or rights that would accrue solely as a result of the passage
of time, under any benefit plan, change in control agreement or other contract, plan or
arrangement.

          11. Successors to the Corporation. The Company will require any successor or assign
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or
substantially all of the business and/or assets of the Company, by agreement in form and substance
satisfactory to Executive, expressly, absolutely and unconditionally to assume and

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agree to perform this Agreement in the same manner and to the same extent that the Company
would be required to perform it if no such succession or assignment had taken place. As used in
this Agreement, “Company” means Raven Industries, Inc. and any subsidiary or successor or assign to
its business or assets that otherwise becomes bound by the terms and provisions of this Agreement
by operation of law. In such event, the Company shall pay or shall cause such employer to pay any
amounts owed to Executive pursuant to this Agreement.

          12. Agreement Binding. This Agreement shall inure to the benefit of and be
enforceable by Executive’s spouse, personal and legal representatives, executors, administrators,
successors, heirs, distributees, devisees and legatees. If Executive dies while any amounts are
still payable to him hereunder, all such amounts, unless otherwise provided herein, shall be paid
in accordance with the terms of this Agreement to Executive’s spouse, devisee, legatee, or other
designee or, if there is no such designee, to Executive’s estate.

          13. Notice. For purposes of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered or when mailed by United States registered mail, return receipt requested, postage
prepaid, as follows:

	 	 	 	 	 

	 

	 	If to the Company:
	 	Raven Industries, Inc.
	 

	 	 	 	P.O. Box 5107
	 

	 	 	 	Sioux Falls, SD 57117-5107
	 

	 	 	 	Attention: President
	 
	 	 	 	 
	 

	 	If to Executive:
	 	Lon E. Stroschein
	 

	 	 	 	Address on file with payroll department.

or such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

          14. Miscellaneous. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in a writing signed by
Executive and such officer of the Company as may be specifically designated by the Board. No
waiver by either party hereto at any time of any breach by the other party of, or compliance with,
any condition or provision of this Agreement to be performed by such other party shall be deemed a
waiver of similar or dissimilar provision or conditions at the same or at any prior or subsequent
time. No agreements or representations, oral or otherwise, express or implied, with respect to the
subject matter of this Agreement have been made by either party that are not set forth expressly in
this Agreement. This Agreement shall be governed by and construed in accordance with the laws of
the state of South Dakota.

          15. Validity. The invalidity or unenforceability of any provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

          16. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

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          17. Fees and Expenses. The Company shall pay all fees and expenses (including
reasonable attorney’s fees and costs) that Executive may incur as a result of the Company’s
contesting the validity, enforceability or Executive’s interpretation of, or determinations under,
this Agreement, regardless of whether the Company is successful in such contest.

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first
above written.

	 	 	 	 	 
	 	RAVEN INDUSTRIES, INC.

 	 
	 	By:  	/s/ Daniel A. Rykhus
 	 
	 	 	Daniel A. Rykhus 	 
	 	 	President and Chief Executive Officer 	 
	 
	 	EXECUTIVE:

 	 
	 	/s/ Lon E. Stroschein
 	 
	 	Lon E. Stroschein 	 
	 	 	 

5exv10w3

	 	 	 	 	 

Exhibit 10.3

CHANGE IN CONTROL AGREEMENT

     AGREEMENT dated as of OCTOBER 1, 2010, between RAVEN INDUSTRIES, INC., a South Dakota
corporation (the “Company”), and LON E. STROSCHEIN (the “Executive”).

WITNESSETH:

     WHEREAS, the Board of Directors of the Company (the “Board”) recognizes that the Executive’s
contribution to the growth and success of the Company and its subsidiaries has been substantial.

     WHEREAS, the Board has determined that it is appropriate and in the best interests of the
Company and its stockholders to reinforce and encourage the continued attention and dedication of
members of the Company’s management, including the Executive, to their assigned duties.

     WHEREAS, this Agreement sets forth the severance compensation which the Company agrees it will
pay to the Executive if the Executive’s employment with the Company or a Subsidiary of the Company,
as defined in Section 5(a), terminates under one of the circumstances described herein following a
Change in Control (as defined herein).

     NOW THEREFORE, in consideration of the mutual covenants and conditions herein contained and in
further consideration of services performed and to be performed by the Executive for the Company,
the parties hereto agree as follows:

     1. Certain Definitions. For purposes of this Agreement, the following terms have the meanings
indicated:

     (a) Cause. “Cause” shall mean termination of the Executive by the Company for any of
the following reasons:

     (i) Executive is terminated from employment for willful misconduct that
materially injures or causes a material loss to the Company and a material benefit
to Executive or third parties, as for example, by embezzlement, appropriation of
corporate opportunity, conversion of tangible or intangible corporate property or
the making of agreements with third parties in which Executive or anyone related to
or associated with him has a direct or indirect interest; the term “Cause” does not
include a termination occasioned by ill-advised good faith judgment or negligence in
connection with the Company’s business; or

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     (ii) The determination by the Company in good faith that Executive has violated
paragraph 7 (Confidentiality) or 8 (Non-Competition) of the Employment Agreement for
Senior Management.

     (b) Change in Control. A “Change in Control” shall mean:

     (i) The acquisition (other than from the Company directly) by any person,
entity or “group”, within the meaning of Section 13(d) or 14(d) of the ‘34 Act, of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the ‘34
Act) of 25% or more of the then outstanding shares of the Company’s common stock; or

     (ii) Individuals who, as of the date hereof, constitute the Board of Directors
of the Company (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board, provided that any person becoming a director subsequent to
the date hereof whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board (other than an election or nomination of an
individual whose initial assumption of office is in connection with an actual or
threatened election contest relating to the election of the directors of the
Company, under Rule 14a-12(c) of Regulation 14A promulgated under the ‘34 Act) shall
be, for purposes of this Agreement, considered as though such person were a member
of the Incumbent Board; or

     (iii) Approval by the shareholders of the Company of (A) a reorganization,
merger or consolidation, in each case, with respect to which persons who were the
shareholders of the Company immediately prior to such reorganization, merger or
consolidation do not, immediately thereafter, own more than 50% of the combined
voting power of the reorganized, merged or consolidated company’s then outstanding
voting securities entitled to vote generally in the election of directors of the
reorganized, merged or consolidated company, or (B) a liquidation or dissolution of
the Company or (C) the sale of all or substantially all of the assets of the
Company. If Executive is employed by a Subsidiary, a sale of the assets, stock or
business of the Subsidiary will not, in and of itself, be considered a “Change in
Control” with respect to Raven Industries, Inc.

     (c) Code. “Code” shall mean the Internal Revenue Code of 1986, as amended.

     (d) Constructive Termination.

     (i)
“Constructive Termination” shall mean:

     (a) a material, adverse change of Executive’s responsibilities,
authority, status, position, offices, titles, or duties; provided, that (1)
the

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fact that the Company is a subsidiary of an acquirer or a division of
an acquirer, or (2) a change in Executive’s employment from a Subsidiary to
the Company or another Subsidiary shall in either event not, in and of
itself, be considered a material change to the Employee’s responsibilities,
authority, status, position, offices, titles or duties, and any appropriate
change in title related to such events shall not, in and of itself, be
considered a material change to the Employee’s responsibilities, authority,
status, position, offices, titles or duties;

     (b) an adverse change in Executive’s annual compensation or benefits;

     (c) a requirement to relocate in excess of fifty (50) miles from
Executive’s then current place of employment without Executive’s consent; or

     (d) the breach by the Company of any material provision of this
Agreement or failure to fulfill any other material contractual duties owed
to the Executive.

For the purposes of this definition, Executive’s responsibilities, authority,
status, position, offices, titles and duties are to be determined as of the date of
this Agreement.

     (ii) Notwithstanding the provisions of subsection (i) above, no termination by
the Executive will constitute a Constructive Termination unless the Executive shall
have provided written notice to the Company within 90 days of an occurrence as
described in paragraphs 1.(d)(i)(a) — 1.(d)(i)(d) above. The notice will describe
his intention to so terminate this Agreement, which sets forth in reasonable detail
the conduct that the Executive believes to be the basis for the Constructive
Termination, and the Company will thereafter have failed to correct such conduct (or
commence action to correct such conduct and diligently pursue such correction to
completion) within 30 days following the Company’s receipt of such notice.

     (e) Date of Termination.

     “Date of Termination” shall mean:

     (i) if the Executive voluntarily terminates his employment with the Company,
the date on which the Executive delivers a Notice of Termination to the Company; or

     (ii) if the Executive’s employment is terminated by the Company, the date on
which the Company delivers a Notice of Termination to the Executive.

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     (f) Notice of Termination. A “Notice of Termination” shall mean a written notice which
shall indicate those specific termination provisions in this Agreement that are being relied
upon. Any termination by the Company or the Executive shall be communicated by a Notice of
Termination.

     (g) ‘34 Act. “‘34 Act” shall mean the Securities Exchange Act of 1934, as amended.

     2. Term. This Agreement shall commence on the date first above written and shall
continue in effect until January 31, 2011. Commencing on January 31, 2011, and each January 31
thereafter, the term of this Agreement shall automatically be extended for one additional year to
January 31, 2012 and each January 31, thereafter, unless at least sixty days immediately preceding
such January 31, the Company shall have given the Executive written notice that the Company does
not wish to extend this Agreement; provided that this Agreement shall continue in effect beyond the
term provided herein if a Change in Control shall have occurred during such term or if any
obligation of the Company hereunder remains unpaid as of such time.

     3. Severance Compensation upon a Change in Control and Termination of Employment. If
(a) a Change in Control of the Company shall have occurred while the Executive is an employee of
the Company, and (b) within two (2) years after the date of such Change in Control (i) the Company,
except in the case of the Executive’s death, terminates the Executive’s employment without Cause,
or (ii) there is a Constructive Termination, then

     (a) the Company shall pay the Executive any earned and accrued but unpaid installment
of base salary through the Date of Termination at the rate in effect at the time Notice of
Termination is given and all other unpaid amounts to which the Executive is entitled as of
the Date of Termination under any compensation plan or program of the Company, including,
without limitation, all accrued vacation time; such payments to be made in a lump sum on or
before the fifth day following the Date of Termination;

     (b) in lieu of any further salary payments to the Executive for periods subsequent to
the Date of Termination, the Company shall pay to the Executive an amount equal to the
product of (A) the sum of (i) the Executive’s annual base salary in effect as of the Date of
Termination and (ii) 60% of the maximum target or goal amount under the Management Incentive
Plan for the year in which such Date of Termination occurs and (B) the number 1.0;
such payment to be made in a lump sum six months following the Date of Termination;

     (c) the Executive shall, effective on the Date of Termination, be deemed a
“Participant” and vested in all respects under the Company’s Senior Executive or Senior
Management Retirement Benefits Policy, regardless of whether the Executive otherwise then
satisfies the requirements for eligibility under such Policy; provided that the benefits
specified under this Subsection 3(c) shall (A) not become payable until when the Executive
reaches age 65 unless such benefits are payable at Executive’s age at that time

4

 

under the terms of the Policy, and (B) not be provided to the extent such benefits are
provided to the Executive by another employer at no cost to the Executive;

     (d) in the event a Change in Control of the Company shall have occurred while the
Executive is an employee of the Company and, within two (2) years after the date of such
Change in Control the Executive shall die while still an employee of the Company, the amount
specified in Subsection 3(a) shall be paid by the Company to such Executive’s estate, and
such deceased Executive’s spouse and eligible dependents shall be entitled to all of the
benefits specified in the Company’s Senior Executive or Senior Management Retirement
Benefits Policy as if such deceased Executive had delivered a Notice of Termination to the
Company immediately prior to such death;

     (e) the Company’s obligations to provide the payments and benefits in this Section 2
are conditioned on Executive signing a general release of legal claims and covenant not to
sue in form and content satisfactory to the Company; and

4. No Obligation to Mitigate Damages; No Effect on Other Contractual Rights.

     (a) The Executive shall not be required to mitigate damages or the amount of any
payment provided for under this Agreement by seeking other employment or otherwise, nor
shall the amount of any payment provided for under this Agreement be reduced by any
compensation earned by the Executive as the result of employment by another employer after
the Date of Termination, or otherwise, except as provided in Subsection 3(e)(B).

     (b) The provisions of this Agreement, and any payment provided for hereunder, shall not
reduce any amounts otherwise payable, or in any way diminish the Executive’s existing
rights, including post-retirement benefits or any other rights which would accrue solely as
a result of the passage of time, under any benefit plan, employment agreement or other
contract, Company policy, plan or arrangement.

5. Successor to the Company.

     (a) The Company will require any successor or assign (whether direct or indirect, by
purchase, merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Company, by agreement in form and substance satisfactory to the
Executive, expressly, absolutely and unconditionally to assume and agree to perform this
Agreement in the same manner and to the same extent that the Company would be required to
perform it if no such succession or assignment had taken place. As used in this Agreement,
“Company” shall mean the Company as hereinbefore defined and any successor or assign to its
business and/or assets as aforesaid which executes and delivers the agreement provided for
in this Section 5 or which otherwise becomes bound by all the terms and provisions of this
Agreement by operation of law. If at any time

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during the term of this Agreement the Executive is employed by any corporation a
majority of the voting securities of which is then owned by the Company (a “Subsidiary”),
(1) “Company” as used in this Agreement shall in addition include such Subsidiary, (2) the
Company agrees that it shall pay or shall cause such Subsidiary to pay any amounts owed to
the Executive pursuant to Section 3 hereof and (3) a transfer of Executive between the
Subsidiary and the Company or another Subsidiary shall not be deemed a termination of
employment.

     (b) This Agreement shall inure to the benefit of and be enforceable by the Executive’s
personal and legal representatives, executors, administrators, successors, heirs,
distributees, devisees and legatees. If the Executive should die while any amounts are
still payable to him hereunder, all such amounts, unless otherwise provided herein, shall be
paid in accordance with the terms of this Agreement to the Executive’s devisee, legatee, or
other designee or, if there be no such designee, to the Executive’s estate.

     6. Notice. For purposes of this Agreement, notices and all other communications
provided for in the Agreement shall be in writing and shall be deemed to have been duly given when
delivered or when mailed by United States registered mail, return receipt requested, postage
prepaid, as follows:

If to the Company:

Raven Industries, Inc.

205 East 6th Street

P.O. Box 5107

Sioux Falls, South Dakota 57117

Attention: President

If to the Executive:

Lon E. Stroschein

(Address currently on file with the Company)

or such other address as either party may have furnished to the other in writing in accordance
herewith, except that notices of change of address shall be effective only upon receipt.

     7. Miscellaneous. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the
Executive and such officer of the Company as may be specifically designated by the Board. No
waiver by either party hereto at any time of any breach by the other party hereto of, or compliance
with, any condition or provision of this Agreement to be performed by such other party shall be
deemed a waiver of similar or dissimilar provision or conditions at the same or at any prior or
subsequent time. This Agreement shall be governed by and construed in accordance with the laws of
the State of South Dakota.

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     8. Entire Agreement. This Agreement constitutes the entire agreement between the
parties and supersedes all prior agreements and understandings between the parties with respect to
benefits payable upon a change in control, provided, that this Agreement shall not affect or reduce
any benefit to which Executive shall be otherwise entitled under the 2000 Stock Plan, 2010 Stock
Incentive Plan, Employment Agreement dated, October 1, 2010, or any other plan, agreement
or policy of or with the Company. No modification, termination or attempted waiver of this
Agreement shall be valid unless in writing and signed by the party against whom the same is sought
to be enforced.

     9. Validity. The invalidity or unenforceability of any provisions of this Agreement
shall not affect the validity or enforceability of any other provision of this Agreement, which
shall remain in full force and effect.

     10. Counterparts. This Agreement may be executed in one or more counterparts, each of
which shall be deemed to be an original but all of which together will constitute one and the same
instrument.

     11. Fees and Expenses. The Company shall pay all fees and expenses (including
attorney’s fees) which the Executive may incur as a result of the Company’s contesting the
validity, enforceability or the Executive’s interpretation of, or determinations under, this
Agreement, regardless of whether the Company is successful in such contest.

     12. Confidentiality. The Executive shall retain in confidence any and all
confidential information known to the Executive concerning the Company and its business so long as
such information is not otherwise publicly disclosed.

     13. Company’s Right to Terminate. Notwithstanding anything contained in this
Agreement to the contrary, the Company may terminate the Executive’s employment at any time, for
any reason or no reason, and no provision contained herein shall affect the Company’s ability to
terminate the Executive’s employment at any time, with or without cause. Nothing in this Agreement
shall in any way require the Company to provide any of the benefits specified in this Agreement
prior to a Change in Control, nor shall this Agreement be construed in any way to establish any
policies or other benefits for the Executive or any other employee of the Company whose employment
with the Company is terminated prior to a Change in Control.

[Signature Page Follows]

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[Signature Page to Change In Control Agreement]

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date and year first
above written.

	 	 	 	 	 	 	 	 	 

	ATTEST:	 	 	 	RAVEN INDUSTRIES, INC.
	 
	 	 	 	 	 	 	 	 
	By

	 	/s/ Karen M. Iversen
	 	 	 	By
	 	/s/ Daniel A. Rykhus
	 

	 	 
	 	 	 	 	 	 
	 

	 	Karen M. Iversen
	 	 	 	 	 	Daniel A. Rykhus
	 

	 	Finance Administrative Assistant
	 	 	 	 	 	President & CEO
	 
	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	EXECUTIVE:
	 
	 	 	 	 	 	 	 	 
	By

	 	/s/ Karen M. Iversen
	 	 	 	/s/ Lon E. Stroschein
	 

	 	 
	 	 	 	 
	 

	 	Karen M. Iversen
	 	 	 	Lon E. Stroschein
	 

	 	Finance Administrative Assistant	 	 	 	 	 	 

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