KEQU Kewaunee Scientific Corporation

Entry into a Material Definitive Agreement

Effective as of April 29, 2022, Kewaunee Scientific Corporation (the “Company”) entered into a Fourteenth Amendment to Credit and Security Agreement (the “Amendment”) with Wells Fargo Bank, National Association (the “Bank”). The Amendment made certain changes to the Credit and Security Agreement, dated as of May 6, 2013, as amended (the “Credit Agreement”), between the Company and the Bank, and to the Revolving Line of Credit Note, dated May 6, 2013, made by the Company and payable to the order of the Bank, as amended (the “Revolving Note”). The changes included (i) reducing the amount available under the line of credit from $7,500,000 to $4,715,823; (ii) extending the maturity date under the Credit Agreement and Revolving Note from April 30, 2022 to May 31, 2022; and (iii) adding a cash collateral agreement whereby the Company shall deliver to the Bank cash in the amount of 105% of the outstanding issued Letters of Credit (as defined in the amended Credit Agreement) on or before May 23, 2022, which amount shall be deposited in, and maintained in, a blocked, non-interest-bearing deposit account at the Bank. The foregoing description is qualified in its entirety by reference to the Amendment, a copy of which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ending April 30, 2022.