SEC Contract Filing

Filing Date: 2019-06-21

Document Content:
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<TYPE>EX-10.7
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<FILENAME>d765375dex107.htm
<DESCRIPTION>EX-10.7
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<TITLE>EX-10.7</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.7 </B></P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHANGE OF CONTROL EMPLOYMENT AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">AGREEMENT by and between Kewaunee Scientific Corporation, a Delaware corporation (the &#147;<U>Company</U>&#148;) and Lisa L. Ryan (the
&#147;<U>Executive</U>&#148;), effective as of the 18th day of June 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Board of Directors of the Company (the
&#147;<U>Board</U>&#148;) has determined that it is in the best interests of the Company and its stockholders to ensure that the Company will have the continued dedication of the Executive, notwithstanding the possibility, threat or occurrence of a
Change of Control (as defined below) of the Company. The Board believes it is imperative to diminish the distraction of the Executive by virtue of the personal uncertainties and risks created by a pending or threatened Change of Control and to
encourage the Executive&#146;s full attention and dedication to the Company currently and in the event of any threatened or pending Change of Control, and to provide the Executive with compensation and benefits arrangements upon a Change of Control
which ensure that the compensation and benefits expectations of the Executive will be satisfied and which are competitive with those of other corporations. Therefore, in order to accomplish these objectives the Board has caused the Company to enter
into this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. <U>Change of Control Date</U>. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The
&#147;<U>Change of Control Date</U>&#148; shall mean the first date during the Term on which a Change of Control (as defined in Section&nbsp;2) occurs; provided, that if the Executive&#146;s employment is terminated (other than by voluntary
resignation without Good Reason or by death or Disability) during the Term and within 12 months prior to the Change of Control Date, the Executive&#146;s employment with the Company shall be considered to have terminated on the date immediately
following the Change of Control Date if it is reasonably demonstrated by the Executive that such termination of employment (i)&nbsp;was at the request of a third party who has taken steps reasonably calculated to effect a Change of Control or
(ii)&nbsp;otherwise arose in connection with or in anticipation of a Change of Control. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) The term of this Agreement shall commence on
the date hereof for an initial term that continues in effect through June&nbsp;17, 2020 (the &#147;Initial Term&#148;) and, unless terminated sooner as herein provided, shall continue on a <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">year-to-year</FONT></FONT> basis after the Initial Term (each year, a &#147;Renewal Term,&#148; and each Renewal Term together with the Initial Term, the &#147;Term&#148;). If either party hereto elects not to renew this
Agreement, that party must give written notice of <FONT STYLE="white-space:nowrap">non-renewal</FONT> to the other party at least 30 days before the expiration of the then-current Term. If one party provides the other with a notice of <FONT
STYLE="white-space:nowrap">non-renewal</FONT> under this Section&nbsp;1(b), no further automatic extensions shall occur and this Agreement shall terminate at the end of the then-current Term, and such
<FONT STYLE="white-space:nowrap">non-renewal</FONT> shall not result in any entitlement to compensation under this Agreement. Notwithstanding the foregoing, if a Change of Control Date occurs during the Term, the Term shall end on the last day of
the Employment Period as defined in Section&nbsp;3 (whether such date is prior to or after the third anniversary referred to in such Section&nbsp;3). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. <U>Change of Control</U>. For the purpose of this Agreement, a &#147;<U>Change of Control</U>&#148; shall
mean: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The acquisition by any one person, or more than one person acting as a group, of ownership of stock of the Company that,
together with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the Company&#146;s stock; or </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Either, (i)&nbsp;the acquisition by any one person, or more than one person acting as a group, during the twelve consecutive month period
ending on the date of the most recent such acquisition, of ownership of stock of the Company possessing 30% or more of the t