KEQU Kewaunee Scientific Corporation

Entry into a Material Definitive Agreement

Effective as of May 27, 2022, Kewaunee Scientific Corporation (the “Company”) entered into a Fifteenth 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 aggregate principal amount available under the line of credit from $4,715,823 to $3,000,000 (the “Line of Credit”); (ii) extending the maturity date under the Credit Agreement and Revolving Note from May 31, 2022 to June 30, 2022; and (iii) permanently reducing the maximum aggregate principal amount committed under the Line of Credit by: (A) for all amounts up to $5,000,000 received by the Company in connection with the previously disclosed sale-leaseback arrangement (“Sale-Leaseback Arrangement”) after May 27, 2022, an amount equal to $0.25 for every $1.00 received by the Company and (B) for all amounts in excess of $5,000,000 received by the Company in connection with the Sale-Leaseback Arrangement after May 27, 2022, an amount equal to $0.50 for every $1.00 received by the Company. 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 Quarterly Report on Form 10-Q for the quarter ending July 31, 2022.