[Form 4] Kewaunee Scientific Corp Insider Trading Activity

Rhea-AI Filing Summary

Form 4 overview: Director Laura Berner of Bolt Biotherapeutics (BOLT) reported a single equity-based transaction dated May 27 2025. She received a non-qualified stock option for 1,100 common shares at an exercise price of $6.40 per share. All figures give effect to the 1-for-20 reverse stock split that the company executed on June 6 2025.

Key terms of the grant:

• Vesting: Options vest on the earlier of May 27 2026 or the day immediately prior to the next annual meeting, subject to continued service.
• Change-in-control: The award vests in full upon a change-in-control event.
• Expiration: May 26 2035 (10-year life).

No shares were purchased or sold; the filing reflects compensation-related option issuance. Post-grant, Berner beneficially owns 1,100 derivative securities and no disclosed non-derivative common shares.

Corporate context: The recent reverse split consolidated each 20 common shares into one, reducing the share count and proportionally increasing exercise prices. Prior to the split, the grant was for 22,000 shares at $0.32 per share. The filing provides no additional financial or operational data.

Positive

• Director incentive alignment: Granting stock options ties board compensation to future share performance.
• Clear vesting schedule: One-year cliff and change-in-control acceleration provide transparent terms for investors.

Negative

• Reverse stock split highlighted: A 1-for-20 consolidation suggests prior share-price pressure, though no explicit rationale is provided.

Insights

Equity Compensation Analyst

TL;DR: Routine board option grant; minor impact.

The Form 4 discloses a standard annual equity award to an outside director. Post-split sizing—1,100 options—appears immaterial versus Bolt Biotherapeutics’ public float. The 10-year term and single-year cliff vest align with typical small-cap governance practices, while the change-in-control acceleration is common in biotech. Because no shares were bought or sold, the filing does not imply insider sentiment toward the current market price. Investors should view the disclosure as routine compensation rather than a signal.

Corporate Actions Specialist

TL;DR: Reverse split noted; no transactional signal.

The grant references Bolt’s 1-for-20 reverse split executed on June 6 2025, confirming the corporate action is now effective. Reverse splits often target listing-price compliance, but the form supplies no context beyond execution. The option pricing and share count were mechanically adjusted, maintaining economic equivalence. Overall, the disclosure is informational, not indicative of forthcoming capital raises or strategic shifts.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Gardner Donald T. III

(Last) (First) (Middle)

2700 WEST FRONT STREET

(Street)

STATESVILLE NC 28677

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
KEWAUNEE SCIENTIFIC CORP /DE/ [ KEQU ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Financial Officer

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	06/30/2025		M		5,697	A	$0(1)	20,055	D
Common Stock	07/01/2025		F		2,491	D	$58.34	17,564	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units FY23	(1)	06/30/2025		M			3,035	(2)	(2)	Common Stock	3,035	$0	0	D
Restricted Stock Units FY24	(1)	06/30/2025		M			1,628	(3)	(3)	Common Stock	1,628	$0	13,025	D
Restricted Stock Units FY25	(1)	06/30/2025		M			1,034	(4)	(4)	Common Stock	1,034	$0	6,727	D

Explanation of Responses:

1. Restricted stock units convert to common stock on a one-for-one basis.

2. On June 29, 2022, the reporting person was granted restricted stock units that vest as follows: (a) 100% of the number of restricted stock units subject to the award consist of service-based restricted stock units that vest in three equal annual installments beginning on June 30, 2023, subject to the reporting person's continued employment with the Company.

3. On June 28, 2023, the reporting person was granted restricted stock units that vest as follows: (a) 30% of the number of restricted stock units subject to the award consist of service-based restricted stock units that vest in three equal annual installments beginning on June 30, 2024, subject to the reporting person's continued employment with the Company, and (b) 70% of the number of restricted stock units subject to the award consist of performance-based restricted stock units that vest only if performance goals are achieved over a three-year period. The actual number of units (if any) received under this award will depend on continued employment and actual performance over the three-year performance period.

4. On June 28, 2024, the reporting person was granted restricted stock units that vest as follows: (a) 40% of the number of restricted stock units subject to the award consist of service-based restricted stock units that vest in three equal annual installments beginning on June 30, 2025, subject to the reporting person's continued employment with the Company, and (b) 60% of the number of restricted stock units subject to the award consist of performance-based restricted stock units that vest only if performance goals are achieved over a three-year period. The actual number of units (if any) received under this award will depend on continued employment and actual performance over the three-year performance period.

Remarks:

	/s/ Donald T. Gardner III	07/02/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Bolt Biotherapeutics (BOLT) disclose in this Form 4?

One director received 1,100 stock options at a $6.40 strike price; no shares were bought or sold.

When will the options granted to Director Laura Berner vest?

They vest on May 27 2026 or immediately before the next annual shareholder meeting, whichever comes first.

What is the expiration date of the reported stock options?

The options expire on May 26 2035.

How did Bolt’s recent 1-for-20 reverse split affect the option grant?

Share and price totals were adjusted from 22,000 options at $0.32 to 1,100 options at $6.40 post-split.

Did the filing indicate any insider buying or selling of common shares?

No. The Form 4 only records an option award; no common shares were transacted.