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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

SCHEDULE 14A

 

PROXY STATEMENT PURSUANT TO SECTION 14(A) OF

THE SECURITIES EXCHANGE ACT OF 1934

 

 

Filed by the Registrant ☑

 

Filed by a Party other than the Registrant ☐

 

Check the appropriate box:

☐	Preliminary Proxy Statement

☐	Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))

☑	Definitive Proxy Statement

☐	Definitive Additional Materials

☐	Soliciting Material Pursuant to §240.14a-12

 

 

ELECTROMED, INC.

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(Name of Registrant as Specified in Its Charter)

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(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

 

Payment of Filing Fee (Check all boxes that apply):

☑	No fee required.

☐	Fee paid previously with preliminary materials.

☐	Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

 

 

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Electromed, Inc. makers of the smartvest airway clearance system ELECTROMED, INC. makers of the smartvest airway clearance system
		ELECTROMED, INC.
	500 SIXTH AVE NW I NEW PRAGUE, MN 56071 I952.758.9299
	NOTICE OF ANNUAL MEETING OF SHAREHOLDERS
	TO BE HELD ON FRIDAY, NOVEMBER 13, 2026

 

TO OUR SHAREHOLDERS:   The 2026 Annual Meeting of Shareholders (the “Annual Meeting”) of Electromed, Inc. (the “Company”) will be held on Friday, November 13, 2026, at 8:00 a.m. Central Time. This year’s Annual Meeting will be held as a completely “virtual meeting” of shareholders. We believe that a virtual Annual Meeting provides greater access to those who may want to attend and, therefore, have chosen this over an in-person meeting. You will be able to attend the Annual Meeting virtually, and vote and submit your questions during the Annual Meeting, via a live webcast by visiting www.virtualshareholdermeeting.com/ELMD2026. Prior to the Annual Meeting, you will be able to vote at www.proxyvote.com for the purpose of considering and voting upon:   1. Election of the seven directors named in the accompanying proxy statement, thereby setting the number of directors at seven;   2. Ratification of the appointment of RSM US LLP as our independent registered public accounting firm for our fiscal year ending June 30, 2027;   3. Approval, on a non-binding and advisory basis, of our executive compensation set forth in the accompanying proxy statement;   4. To approve the Electromed, Inc. Employee Stock Purchase Plan; and   Transaction of any other business properly brought before the meeting or any adjournment thereof.   The Board of Directors of the Company has fixed the close of business on September 16, 2026, as the record date for determining the shareholders entitled to notice of and to vote at the Annual Meeting and any adjournments thereof. The stock transfer books of the Company will not be closed.   By order of the Board of Directors, Kathleen S. Skarvan Chair of the Board	STRATEGIC GROWTH DRIVERS SALES FORCE EXPANSION INCREASED BRAND AWARENESS MARKET DEVELOPMENT BEST IN CLASS SUPPORT

 

 

THE PROMPT SUBMISSION OF PROXIES WILL SAVE THE COMPANY THE EXPENSE OF FURTHER REQUESTS FOR PROXIES IN ORDER TO ENSURE A QUORUM. YOU MAY VOTE BY MAIL, ONLINE OR BY PHONE IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THE PROXY CARD, NOTICE OF INTERNET AVAILABILITY OR OTHER INSTRUCTIONS FROM THE HOLDER OF RECORD.

 

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting to be held on November 13, 2026.

 

The Notice and Proxy Statement, Annual Report on Form 10-K, and Shareholder Letter are available at https://investors.smartvest.com/overview/default.aspx

 

 

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This proxy statement is furnished in connection with the solicitation of proxies by the Board of Directors (the “Board”) of Electromed, Inc., a Minnesota corporation (the “Company”), for use at the 2026 Annual Meeting of Shareholders of the Company to be held on Friday, November 13, 2026 at 8:00 a.m. Central Time (the “Annual Meeting”), and at any adjournment or postponement thereof. This year’s Annual Meeting will be held as a completely “virtual meeting” of shareholders. You will be able to attend the Annual Meeting virtually and vote and submit your questions during the Annual Meeting, via a live webcast by visiting www.virtualshareholdermeeting.com/ELMD2026.

This solicitation is being made by mail; however, the Company also may use its officers, directors, and employees (without providing them with additional compensation) to solicit proxies from shareholders in person or by telephone, facsimile, email, or letter. Distribution of this proxy statement and the proxy card, or a notice of internet availability, is expected to begin on or about September 29, 2026.

Table of Contents

QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING AND VOTING

Q: Why did I receive this proxy statement?

A: The Company is soliciting your proxy vote at the Annual Meeting because you were the owner of record of one or more shares of common stock of the Company at the close of business on September 16, 2026, the record date for the meeting, and are therefore entitled to vote at the Annual Meeting.

Q: What is a proxy?

A: A proxy is your legal designation of another person or persons (the “proxy” or “proxies,” respectively) to vote on your behalf. By giving your proxy, you are authorizing James L. Cunniff and Bradley M. Nagel, the designated proxies, the authority to vote your shares of common stock at the Annual Meeting in the manner you indicate on your proxy card. If you authorize the proxies but do not give directions with respect to any nominee or other proposal, the proxies will vote your shares as recommended by the Board. The proxies are authorized to vote in their discretion (except as otherwise provided below) if other matters are properly submitted at the Annual Meeting, or any adjournments or postponements thereof.

Q: When and where is the Annual Meeting?

A: The Annual Meeting will be held on Friday, November 13, 2026. This year’s Annual Meeting will be held as a completely “virtual meeting” of shareholders. You will be able to attend the Annual Meeting virtually, and vote and submit your questions during the Annual Meeting, via a live webcast by visiting www.virtualshareholdermeeting.com/ELMD2026. The Annual Meeting will commence at 8:00 a.m. Central Time.

Q: Why hold a virtual Annual Meeting?

A: Consistent with recent years, this Annual Meeting will be held as a completely “virtual meeting” of shareholders. We believe that a virtual meeting continues to provide greater access to those who may want to attend our Annual Meeting. We ensure that at our virtual meetings, all attendees are afforded the same rights and opportunities to participate as they would at an in-person meeting. These procedures include the ability for shareholders to ask questions during the course of the meeting, post appropriate questions received during the meeting for review by other participants, review our corresponding answers to such questions on our “Investor Relations” section of our website at www.smartvest.com as soon as possible after the Annual Meeting and access technical support staff during the meeting in the event of difficulties arising from the use of the virtual meeting platform. We evaluate annually the method of holding our Annual Meeting, taking into consideration the above factors as well as business and market conditions and the proposed agenda items. We believe that holding our Annual Meeting virtually over the internet is the right approach for our company, as it enables more of our diverse base of shareholders to participate in our Annual Meeting.

Q: What am I voting on?

A: You are voting on the following matters:

Q: What does the Board recommend?

A: The Board recommends a vote:

Q: How many votes do I have?

A: On any matter which may properly come before the Annual Meeting, each shareholder entitled to vote thereon will have one vote for each share of common stock owned of record by such shareholder as of the close of business on September 16, 2026.

Q: How many shares of common stock may vote at the Annual Meeting?

A: At the close of business on the record date, there were 8,287,085 outstanding shares of common stock, each of which is eligible to cast one vote on matters presented at the Annual Meeting.

Q: What constitutes a quorum?

A: Transaction of business may occur at the Annual Meeting only if a quorum is present. To achieve a quorum, shareholders holding at least a majority of the Company’s issued and outstanding shares of common stock entitled to vote as of the record date must be present (including electronically) or by proxy at the Annual Meeting. Based on the number of shares outstanding as of the record date, the presence of 4,143,543 shares will constitute a quorum for the transaction of business on all proposals properly brought before the Annual Meeting. If you submit a proxy or vote electronically during the Annual Meeting, your shares will be counted in determining whether a quorum is present at the Annual Meeting. Broker non-votes and abstentions are also counted to determine a quorum, as discussed below.

Q: What vote is required to approve each of the proposals?

A: Provided a quorum is established at the Annual Meeting, each proposal will be subject to the following requirements:

Q. What is the effect of abstentions and withhold votes?

A: You may either vote FOR or WITHHOLD authority to vote for each nominee for the Board. If you WITHHOLD authority to vote on any or all nominees, your vote will have no effect on the outcome of the election.

You may vote FOR, AGAINST or ABSTAIN on proposals 2, 3, and 4. If you ABSTAIN from voting on proposals 2, 3, or 4, your shares will be deemed present but will not be deemed to have voted in favor of the proposal, which will have the same effect as a vote AGAINST the proposal.

Q: What is the effect of broker non-votes?

A: Shares that are held by a “street name holder” (a stockbroker, bank, trust, or other nominee as a custodian) may be voted by the street name holder on “routine” matters, such as the number of directors and ratification of the appointment of our independent registered public accounting firm. To vote on “non-routine” matters, the stockbroker must obtain shareholder direction. When the street name holder does not obtain direction to vote the shares, the stockbroker’s abstention is referred to as a “broker non-vote.” Brokers do not have discretion to vote shares for the election of directors, the advisory vote to approve executive compensation, the vote to approve the employee stock purchase plan or for any other non-routine matters that may be brought before the meeting.

Accordingly, if your shares are held in street name and you do not submit voting instructions to your broker, your shares will not be counted in determining the outcome of these proposals. Brokers will have discretion to vote on the ratification of the appointment of our independent registered public accounting firm if you do not provide voting instructions.

Broker non-votes will be considered present for quorum purposes at the Annual Meeting. Broker non-votes in connection with the election of directors are not deemed “votes cast,” and, since directors are elected by a plurality, will have no effect on the election. Because broker non-votes are not entitled to vote on non-routine business matters, such as Proposals 1, 3 and 4, they will have no effect on the outcome of the vote on such matters.

Q: How do I vote my shares?

A: If you are a shareholder of record, you may vote your shares at the Annual Meeting using one of the mail, phone or internet methods described on your notice of internet availability, proxy card or other voting instructions from the holder of record.

You are a “street name” holder rather than a “shareholder of record” if your shares are held in the name of a stockbroker, bank, trust or other nominee as a custodian, and this proxy statement was forwarded to you by that organization. If you are a “street name” holder, you must instruct your nominee as to your voting preferences. Please contact your nominee/custodian to do so. Because a beneficial owner is not the shareholder of record, you may not vote your shares electronically during the Annual Meeting unless you obtain a legal proxy from the broker, bank, trustee or nominee that holds your shares, giving you the right to vote the shares electronically during the Annual Meeting.

Q: Can I change my vote after I have mailed in my proxy card?

A: Proxies solicited by the Board may be revoked at any time prior to the Annual Meeting. No specific form of revocation is required. You may revoke your proxy by:

If your shares are held in street name through a broker or other nominee, you will need to contact that nominee if you wish to change your voting instructions.

Q: How will my shares be voted if I do not specify how they should be voted?

A: If you are a record holder and authorize the proxies to vote on your behalf, but do not mark choices for a particular proposal, then the proxies solicited by the Board will be voted in accordance with the Board’s recommendation for that proposal, as set forth in this proxy statement.

Q: Who can attend and participate in the Annual Meeting?

A: All shareholders as of the close of business on the record date, or their duly appointed proxies, may attend the virtual Annual Meeting as well as vote and submit questions during the webcast of the meeting by visiting www.virtualshareholdermeeting.com/ELMD2026. To participate in the Annual Meeting, you will need to provide the 16-digit control number included on your proxy card. If you do wish to participate in the Annual Meeting, please log on to www.virtualshareholdermeeting.com/ELMD2026 at least 15 minutes prior to the start of the Annual Meeting to provide time to register, download the required software, if necessary, and test your internet connectivity. If you access the Annual Meeting but do not enter your control number, you will be able to listen to the proceedings, but you will not be able to vote or otherwise participate.

Q: Who will count the votes?

A: All proxies submitted to the Company and all votes cast electronically during the Annual Meeting will be tabulated by an agent of Broadridge Financial Solutions.

Q: Who is paying for this proxy solicitation?

A: The entire cost of this proxy solicitation will be borne by the Company. The cost will include the cost of supplying necessary additional copies of the solicitation materials for beneficial owners of shares held of record by brokers, dealers, banks and voting trustees and their nominees and, upon request, the reasonable expenses of such record holders for completing the mailing of such materials to such beneficial owners.

Q: How do I nominate a candidate for election as a director at next year’s annual meeting?

A: Nominations for directors are made by the Board upon recommendation by its Nominating and Governance Committee, which is composed of independent directors. Shareholders may nominate a candidate for director to stand for election at the annual meeting of shareholders to be held in 2027 (the “2027 Annual Meeting”), which the Company currently anticipates will be held in November 2027, by following the procedures explained below in this proxy statement under “CORPORATE GOVERNANCE–Nominating and Governance Committee–Director Nominations” and contained in the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Q: What is a shareholder proposal?

A: A shareholder proposal is a proposal submitted by a shareholder that, if approved, would recommend or require that the Company and/or the Board take the proposed action. If you intend to submit a shareholder proposal, the proposal should state as clearly as possible the course of action that you believe the Company should follow. If your proposal is included in the Company’s proxy statement, then the Company must also provide the means for shareholders to vote on the matter. The deadlines and procedures for submitting shareholder proposals for the 2027 Annual Meeting are explained in the following question and answer. The Company reserves the right to reject, rule out of order, or take appropriate action regarding any proposal that does not comply with these and other applicable requirements.

Q: When are shareholder proposals and director nominations due for the next annual meeting of shareholders?

A: In order to be considered for inclusion in the Company’s proxy materials for the 2027 Annual Meeting, shareholder proposals must be submitted in writing to the Company no later than June 1, 2027. The Company suggests that proposals for the next annual meeting of shareholders to be held in 2027 be submitted by certified mail, return receipt requested. The proposal must be in accordance with the provisions of Rule 14a-8 promulgated by the SEC under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Shareholders who intend to present a shareholder proposal at the next annual meeting of shareholders without including such proposal in the Company’s proxy materials must provide the Company notice of such proposal no later than August 15, 2027 (90 days prior to the one-year anniversary of the Annual Meeting). The Company reserves the right to reject, rule out of order, or take appropriate action regarding any proposal that does not comply with these and other applicable requirements.

Shareholders who intend to present a director nomination at the next annual meeting of shareholders must provide the Company notice of such nomination no later than August 15, 2027 (90 days prior to the one-year anniversary of the Annual Meeting) and no earlier than July 16, 2027 (120 days prior to the one-year anniversary of the Annual Meeting). The Company reserves the right to reject, rule out of order, or take appropriate action with respect to any nomination that does not comply with these and other applicable requirements.

In addition to satisfying the foregoing requirements, to comply with the universal proxy rules, shareholders who intend to solicit proxies in support of director nominees for election at the next annual meeting of shareholders, other than the Company’s nominees, must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act by September 14, 2027 (60 days prior to the one-year anniversary of the Annual Meeting).

If the Company does not receive notice of a shareholder proposal or director nomination intended to be submitted to the next annual meeting of shareholders by the dates set forth above, the authorized proxies for such annual meeting may vote on any such proposal in their discretion without notice of such proposal appearing in such proxy statement.

ELECTION OF DIRECTORS

(PROPOSAL 1)

The Board is currently composed of eight directors, seven of whom have been nominated for election at the Annual Meeting. If elected, each director will hold office until the next annual meeting of shareholders and until his or her successor is elected and qualified, or until his or her earlier death, resignation, disqualification or removal. Each of the director nominees has consented to be named in this proxy statement and to serve, if elected. The Company has no reason to believe that any of the director nominees named below will be unable or unwilling to serve as director if elected. If for any reason any nominee withdraws or is unable to serve as director (neither of which is expected at this time), the shares represented by all valid proxies will be voted for the election of a substitute nominee recommended by the Board or, alternatively, not voted for any nominee. Current director, Andrew Summers, is not standing for re-election and his term will expire at the Annual Meeting. The Board wishes to express its sincere gratitude to Mr. Summers for his many significant contributions and years of dedicated service to the Company and its shareholders.

The Bylaws of the Company, as amended (the “Bylaws”), provide that the number of directors shall be determined by the shareholders annually. The Board has recommended that the number of directors be set at seven. The Board believes that seven directors provide diversity of viewpoints and expertise while allowing each director to influence the strategic direction of the Company. If each of the seven director nominees named in this proxy statement are elected at the Annual Meeting, their election will be deemed shareholder approval of setting the number of directors at seven.

Nominees for Election as Directors at the Annual Meeting

The Board has nominated each of the following persons for election to serve as directors and recommends that shareholders vote “FOR” the election of each such nominee:

James L. Cunniff President and Chief Executive Officer, Electromed, Inc. Director Since: 2023 Age: 61 Other Boards • Mojo Medical

Mr. Cunniff is a seasoned executive in the healthcare space with a direct knowledge of Electromed’s business and operations as he currently serves as President and Chief Executive Officer of Electromed, Inc. Prior to joining Electromed in July of 2023, he served as President and Chief Executive Officer of Provista, Inc. (2017-2022) and of Denver Solutions, LLC (2015-2017). He has demonstrated success in general management, international, manufacturing, sales and marketing, finance, human resources, operations, compliance, mergers and acquisitions, and change management. His service as our current principal executive officer uniquely qualifies him to serve as a member of our Board.   Experience: ●   President and CEO, Board Member, Electromed, Inc. ●   President and CEO, Provista, Inc. ●   President and CEO, Board Member, Denver Solutions LLC       (d/b/a Leiters Health) ●   Senior Vice President, Americas, Acelity L.P. Inc. ●   President of Multiple Divisions, Stryker Corporation   Education: BA, Advertising and Business, University of Illinois Urbana-Champaign; Advanced Management Program, Harvard Business School

James L. Cunniff President and Chief Executive Officer, Electromed, Inc. Director Since: 2023 Age: 61 Other Boards Mojo Medical

Stan K. Erickson President and Chief Executive Officer, Liberty Capital, Inc. Director Since: 2014 Age: 76 Other Boards • McAninch Corporation • Liberty Capital, Inc. • University of Northwestern-St. Paul Previous Boards • Titan Machinery, Inc. (Nasdaq: TITN) 2017–2026 • Recon Robotics, Inc. • Recon Capital, LLC

Mr. Erickson provides a strong perspective on financing, investment, acquisition and operating strategies, public company regulatory compliance issues, and investor relations. Mr. Erickson currently serves as President and Chief Executive Officer of Liberty Capital, Inc., which he co-founded in 2013 to provide capital and advisory services to both pre- and post-commercialization organizations in various industries, including medical device and technology.   Over his 32-year career at Ziegler, he was responsible for developing and executing strategies to achieve growth through market share gains and acquisitions. Mr. Erickson’s significant experience as a board member in both the public and private sector, and in business operations, financial reporting, and M&A activity, qualifies him to serve as a member of our Board and as the Audit Committee Financial Expert.   Experience: ●   President and CEO, Liberty Capital, Inc. ●   President and COO, Ziegler, Inc. ●   United States Marine Corps Veteran ●   Auditor and Tax Professional, Baker Tilly US LLP   Education & Other Credentials: BS, Business Administration, University of Minnesota; Certified Public Accountant (Inactive)

Stan K. Erickson President and Chief Executive Officer, Liberty Capital, Inc. Director Since: 2014 Age: 76 Other Boards McAninch Corporation Liberty Capital, Inc. University of Northwestern-St. Paul Previous Boards Titan Machinery, Inc. (Nasdaq: TITN) 2017–2026 Recon Robotics, Inc. Recon Capital, LLC

Gregory J. Fluet Chief Operating Officer, Ferring Microbiome, Inc. (fka Rebiotix, Inc.) Director Since: 2019 Age: 57 Previous Boards • Urologix, Inc. (Nasdaq: ULGX) 2013–2016

Mr. Fluet currently serves as Chief Operating Officer and Site Head for Ferring Microbiome Inc. (fka Rebiotix), a Ferring Pharmaceuticals company focused on revolutionizing the treatment of debilitating diseases through microbiome-based products. Since 2016 he worked at Rebiotix, including serving as Chief Business Officer from April 2017 until the company’s acquisition by Ferring Pharmaceuticals in April 2018. Previously, Mr. Fluet served as Chief Executive Officer of Urologix, Inc., then a public company and developer of minimally invasive office-based Benign Prostatic Hyperplasia (BPH) therapies. Mr. Fluet’s background as a healthcare investor and medical device executive, including experience in multiple M&A transactions, public and private financing, investor relations, business development, commercial operations, manufacturing operations and financial reporting, qualify him to serve as a member of our Board.   Experience: ●   COO, Ferring Microbiome Inc. (fka Rebiotix) ●   CEO, Urologix, Inc. ●   Interim CFO, Urologix, Inc. ●   Executive VP and COO, Urologix, Inc. ●   Associate, Sapient Capital Management LLC   Education: BS, Mechanical Engineering, Stanford University

Gregory J. Fluet Chief Operating Officer, Ferring Microbiome, Inc. (fka Rebiotix, Inc.) Director Since: 2019 Age: 57 Previous Boards Urologix, Inc. (Nasdaq: ULGX) 2013–2016

Joseph L. Galatowitsch Former Partner, Guidehouse Consulting Director Since: 2021 Age: 68 Other Boards • Manufacturing Wealth LLC Previous Boards • Medical Alley

Mr. Galatowitsch most recently served as a Partner and Medtech practice leader at Guidehouse Consulting, a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. He also co-founded and served as President of Dymedex Consulting, LLC from January 2008 through August 2016 when it was acquired by Navigant up until his retirement in September 2020. He pioneered and provided new-to-the-world conceptual frameworks for assessing opportunities and driving clinical adoption of disruptive new medical technologies. At Medtronic, he led and coordinated global market development efforts in Medtronic’s cardiac rhythm management division. Mr. Galatowitsch’s extensive experience in the medical technology management, commercial execution, global market development, marketing and business strategy, management, strategic planning, consulting, and sales, qualify him to serve as a member of our Board.   Experience: ●   Partner, Guidehouse Consulting ●   Co-Founder, President, Dymedex Consulting LLC ●   Senior Director of Strategic Marketing, Medtronic, PLC ●   Marketing and Business Management, 3M Company   Education: BS, Biomedical Engineering, Marquette University; MBA, Marketing, St. Thomas Opus College of Business

Joseph L. Galatowitsch Former Partner, Guidehouse Consulting Director Since: 2021 Age: 68 Other Boards Manufacturing Wealth LLC Previous Boards Medical Alley

Kathleen S. Skarvan Former Chief Executive Officer, Electromed, Inc. Director Since: 2013 Age: 70 Other Public Company Boards • Citizens Community Bancorp, Inc. (Nasdaq: CZWI) 2022–present • Clearfield, Inc. (Nasdaq: CLFD) 2025–present Other Boards • Citizens Community Federal National Association Previous Boards • St. Cloud State University Foundation

Ms. Skarvan served as our President and Chief Executive Officer from 2012 until her retirement on June 30, 2023. Prior to Electromed, Ms. Skarvan served as Vice President of Operations at OEM Fabricators, a leading custom metal fabrication company specializing in building components (Sep 2011-Oct 2012). In addition, Ms. Skarvan held several positions of increasing responsibility over her 29-year career at Hutchinson Technology, Inc. and was responsible for a division with annual revenues in excess of $300 million, managing 3,500 employees across R&D, marketing, sales, and technical support in five countries. Ms. Skarvan’s experience as our former principal executive officer and as a leader of high growth companies, extensive operations and marketing experience, and track record of identifying strategic priorities and driving the execution of strategies, uniquely qualify her to serve as a member of our Board.   Experience: ●   President and CEO, Electromed, Inc. ●   VP of Operations, OEM Fabricators ●   SVP and President of the Disk Drive Components Division,      Hutchinson Technology, Inc.   Education: BA, Mass Communications, St. Cloud State University

Kathleen S. Skarvan Former Chief Executive Officer, Electromed, Inc. Director Since: 2013 Age: 70 Other Public Company Boards Citizens Community Bancorp, Inc. (Nasdaq: CZWI) 2022-present Other Boards Citizens Community Federal National Association Previous Boards St. Cloud State University FoundationClearfield, Inc. (Nasdaq: CLFD) 2025–present

Kathleen A. Tune Managing Partner, Capita3 Director Since: 2021 Age: 62 Other Boards • Marani Health, Inc. • Gillette Children’s Hospital • Visura Technologies, Inc. • Agitated Solutions, Inc. Previous Boards • Galil Medical, Inc. • CAS Medical Systems, Inc. (Nasdaq: CASM) 2011–2019 • Vertiflex, Inc. • CardioMech AS • Moonshot Medical LLC

Ms. Tune currently serves as Managing Partner with Capita3, an early-stage venture capital fund focused on next generation healthcare startup founders, since January 2019. Ms. Tune was the CFO/COO for Marani Health, Inc., a leading development stage maternal and fetal health company, from 2020 through February 2024 and is a former Partner at Thomas, McNerney & Partners, where she led and managed an investment portfolio with a primary focus in healthcare technologies from 2003 to December 2019. Ms. Tune’s leadership experience in capital and growth equity investing, corporate strategy, business development, investment and capital markets, investor relations and finance, sales, marketing and reimbursement strategies, qualify her to serve as a member of our Board.   Experience: ●   Managing Partner, Capita3 ●   CFO/COO, Marani Health, Inc. ●   Partner, Thomas, McNerney & Partners ●   Equity Analyst, Piper Sandler ●   Program Manager, Pfizer   Education: BS, Biochemistry and Microbiology, Minnesota State University; MS, Veterinary Microbiology; University of Minnesota; MBA, Finance, University of Minnesota Carlson School of Management

Kathleen A. Tune Managing Partner, Capita3 Director Since: 2021 Age: 62 Other Boards Marani Health, Inc. Gillette Children’s Hospital Visura Technologies, Inc. Agitated Solutions, Inc. Previous Boards Galil Medical, Inc. CAS Medical Systems, Inc. (Nasdaq: CASM) 2011-2019 Vertiflex, Inc. CardioMech AS Moonshot Medical LLC

Andrea M. Walsh President and Chief Executive Officer, HealthPartners, Inc. Director Since: 2020 Age: 63 Other Boards • Curi Holdings, Inc. • YMCA of the North and Greater MSP • HealthPartners, Inc. • Park Nicollet Health Services • Regions Hospital • Federal Reserve Board, 9th District

Ms. Walsh currently serves as President and Chief Executive Officer of HealthPartners, a $9.0 billion Minnesota-based non-profit integrated health system that provides care, health support, insurance coverage, research and education programs. She has been in this role since 2017 and over her 30+ year career with HealthPartners, Ms. Walsh has held several positions of increasing responsibility, including as Executive Vice President and Chief Marketing Officer, from April 2002 to May 2017, and as Senior Vice President and Corporate Counsel from 1994 to 1999. In her role as President and Chief Executive Officer, Ms. Walsh leads a team of approximately 28,000 people, including a multi-specialty group practice with over 1,900 physicians and 1,200 advanced practice clinicians, who collectively serve more than 1.4 million patients in Minnesota and Wisconsin, and a health plan serving 1.6 million members across the country as well as a research and education institute.    Experience: ●   President & CEO, HealthPartners, Inc. ●   Executive VP & CMO, HealthPartners, Inc. ●   SVP & Corporate Counsel, HealthPartners, Inc.   Education: BA, Business Administration & English, University of Kansas; JD, University of Minnesota Law School

Andrea M. Walsh President and Chief Executive Officer, HealthPartners, Inc. Director Since: 2020 Age: 63 Other Boards Curi YMCA of the North and Greater MSP HealthPartners, Inc. Park Nicollet Health Services Regions Hospital Federal Reserve Board, 9th District

REQUIRED VOTE AND BOARD RECOMMENDATION

The Board recommends that you vote “FOR” each of the nominees to the Board, thereby setting the number of directors at seven. The election of each nominee requires the affirmative vote of a plurality of the voting power of the shareholders present, whether electronically during the Annual Meeting or by proxy, and entitled to vote at the Annual Meeting, provided that a quorum is present. Except as otherwise directed, the proxies will vote all valid proxies for the seven nominees identified above.

RATIFICATION OF THE APPOINTMENT OF THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

(PROPOSAL 2)

The Board, acting on the recommendation of its Audit Committee, has selected RSM US LLP (“RSM”) as the Company’s independent registered public accounting firm for fiscal 2027. RSM was the Company’s independent registered public accounting firm for the most recently completed fiscal year.

Notwithstanding its selection of RSM, the Audit Committee, in its discretion, may appoint another independent registered public accounting firm at any time during the year if the Audit Committee believes that such a change would be in the best interests of the Company and its shareholders. If the appointment of RSM is not ratified by our shareholders, the Audit Committee may reconsider whether it should appoint another independent registered public accounting firm.

A representative of RSM is expected to be present at the Annual Meeting, will have an opportunity to make a statement if he or she desires to do so, and will be available to respond to appropriate questions.

AUDIT FEES

The following table presents fees billed by RSM to the Company for the audit of the Company’s annual financial statements, the review of the Company’s interim financial statements, and various other audit and non-audit services provided in connection with the Company’s fiscal year ended June 30, 2026, or “fiscal 2026,” and the fiscal year ended June 30, 2025, or “fiscal 2025.”

RSM provided no other services to the Company in fiscal 2026 or fiscal 2025 that are not included above.

AUDIT COMMITTEE PRE-APPROVAL

Pursuant to its written charter, the Audit Committee is responsible for pre-approving all audit and permitted non-audit services to be performed for the Company by its independent registered public accounting firm or any other auditing or accounting firm. During the year, circumstances may arise that could require the engagement of the independent registered public accounting firm for additional services not contemplated in the original pre-approval. In those instances, we will obtain pre-approval of the Audit Committee before engaging the independent registered public accounting firm.

All audit services and audit-related services incurred during fiscal 2026 and fiscal 2025, as applicable, were pre-approved by our Audit Committee.

REQUIRED VOTE AND BOARD RECOMMENDATION

The Board recommends that you vote “FOR” the ratification of the appointment of RSM as the Company’s independent registered public accounting firm for fiscal 2027. Approval of the proposal requires the affirmative vote of a majority of the voting power of the shareholders present, whether electronically during the Annual Meeting or by proxy, and entitled to vote at the Annual Meeting, provided that a quorum is present.

ADVISORY APPROVAL OF EXECUTIVE COMPENSATION

(PROPOSAL 3)

Pursuant to Section 14A of the Exchange Act, we are seeking a vote of shareholders to approve, on a non-binding, advisory basis, the compensation of our named executive officers as disclosed in this proxy statement.

We seek to closely align the interests of our named executive officers with the interests of our shareholders. We designed our compensation program to reward our named executive officers for their individual performance and contributions to our overall business objectives, and for achieving and surpassing the financial goals set by our Board upon recommendation of its Personnel and Compensation Committee.

At our annual meeting of shareholders held in 2025, our executive compensation program was approved on an advisory basis, with approximately 94% of the votes cast in favor of the corresponding proposal. Our Board and its Personnel and Compensation Committee believe that this vote reflected our shareholders’ support for the decisions made with respect to the compensation of our named executive officers for fiscal 2025.

The vote on this resolution is not intended to address any specific element of compensation. Instead, the vote relates to the overall compensation of our named executive officers, as described in this proxy statement in accordance with the compensation disclosure rules of the SEC.

Accordingly, we ask our shareholders to vote on the following resolution at the Annual Meeting:

RESOLVED, that the Company’s shareholders approve, on a non-binding, advisory basis, the compensation of the named executive officers, as disclosed in this proxy statement pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the summary compensation table and the other related tables and disclosure.

While the Board and especially the Personnel and Compensation Committee intend to carefully consider the results of the voting on this proposal when making future decisions regarding executive compensation, the vote is not binding on the Company, the Personnel and Compensation Committee or the Board and is advisory in nature. To the extent there is any significant vote against this Proposal 3, the Personnel and Compensation Committee will evaluate what actions may be necessary to address our shareholders’ concerns.

REQUIRED VOTE AND BOARD RECOMMENDATION

The Board recommends that you vote “FOR” the approval, on a non-binding and advisory basis, of the compensation of the named executive officers. Approval of the proposal requires the affirmative vote of a majority of the voting power of the shareholders present, whether electronically during the Annual Meeting or by proxy, and entitled to vote at the Annual Meeting, provided that a quorum is present. This vote is advisory and is not binding on the Company, the Board or the Personnel and Compensation Committee.

APPROVAL OF THE ELECTROMED, INC. EMPLOYEE

STOCK PURCHASE PLAN
(PROPOSAL 4)

The Board has approved, subject to shareholder approval, the Electromed, Inc. Employee Stock Purchase Plan (the “ESPP”), on August 21, 2026. The ESPP will become effective upon approval by our shareholders, provided that such approval is obtained within 12 months of the Board’s approval of the ESPP. The purpose of the ESPP is to provide the employees of our Company and its participating affiliates with a convenient means of purchasing shares of Company common stock from time to time at a discount to market prices through the use of payroll deductions. We intend that the ESPP qualify as an “employee stock purchase plan” under Section 423 of the Code.

Shareholder approval of the ESPP is being sought in order to satisfy the shareholder approval requirements of Section 423 of the Internal Revenue Code of 1986, as amended (the “Code”).

As of September 16, 2026 (the record date for the Annual Meeting), there were 8,287,085 shares of our common stock outstanding. The 750,000 shares reserved for issuance under the ESPP would constitute approximately 9% of our outstanding shares of common stock. The closing price of a share of our common stock on NYSE American on September 16, 2026, was $26.15.

Description of the ESPP

The major features of the ESPP are summarized below. A copy of the ESPP is attached to this proxy statement as Appendix A. The following description of the ESPP is qualified in its entirety by reference to the full text of the ESPP.

Eligibility

Subject to certain limitations in the ESPP, any employee of our Company or of any affiliate designated by the Personnel and Compensation Committee of the Board, which is referred to in this Proposal 4 as the “Committee,” who is employed on the first day of a given purchase period is eligible to participate in the ESPP. As of September 16, 2026, approximately 193 employees of our Company and its affiliates were eligible to participate in the ESPP. The Committee may exclude certain categories of employees, provided that such exclusions comply with Section 423 of the Code.

Administration

The ESPP will be administered by the Committee. The Committee has full authority to designate affiliates whose employees may participate in the ESPP, and determine the terms and conditions for each purchase period, including the duration, frequency and start and end dates of purchase periods. The Committee will also construe and interpret the ESPP, establish, amend and revoke rules, regulations and procedures for the administration of the ESPP, and make all other determinations necessary or advisable for the administration of the ESPP. The Committee may also establish rules and procedures applicable to any non-U.S. employees or establish a holding period requirement.

The Committee may delegate ministerial duties to officers, employees, or agents of the Company, and appoint an independent bank, trust company, brokerage firm, or other financial institution to administer the ESPP and hold shares acquired under the ESPP on behalf of participants.

Share Reserve

750,000 shares of our Company’s common stock have been authorized for issuance under the ESPP. In the event of any change in our Company’s capitalization, such as a stock split, stock dividend, reverse stock split, recapitalization, combination, or similar event, the Committee will make equitable adjustments to the number of shares authorized for issuance under the ESPP, the purchase price, and the number of shares subject to outstanding purchase rights that have not yet been exercised.

If the purchases by all participants in a purchase period would otherwise cause the aggregate number of shares to be sold under the ESPP to exceed the authorized reserve, the Company will make a pro rata allocation of the remaining number of shares available for sale under the ESPP to each participant.

Participation

Shares generally will be offered under the ESPP during purchase periods. Unless the Committee determines otherwise, each purchase period will last for six months, beginning either (i) on June 1 of each calendar year and ending on the next November 30, or (ii) on December 1 of each calendar year and ending on May 31 of the following calendar year. No purchase period may exceed 27 months in length.

To participate in the ESPP, eligible employees must elect to participate prior to the beginning of a purchase period, and authorize payroll deductions in whole percentages in an amount of at least 1% and no more than 10% of the participant’s eligible compensation (or such other maximum amount established by the Committee for the purchase period). During each enrollment period, a participant may direct the Company to increase or decrease their payroll contribution rates for the next Purchase Period.

For purposes of the ESPP, eligible compensation generally includes gross cash compensation, such as wages, salary, commissions, bonuses, and overtime earnings. Eligible compensation does not include any Company contributions to a 401(k) or other retirement plan, stock option gains or any other amount included in income with respect to equity-based incentive awards, or any similar compensation received by a participant.

A participant may elect to increase or decrease (but not below 1%) his or her contribution rate, once during a Purchase Period. In addition, a participant may elect to decrease his or her contribution rate to 0% at any time. A participant who decreases his or her contribution rate to 0% and does not increase it to at least 1% during the next enrollment period will be withdrawn from the ESPP effective on the first day of the next purchase period.

Stock Purchase Limits

The ESPP imposes certain limitations upon a participant’s right to acquire our common stock, including the following:

Purchase Price

The purchase price of each share of common stock sold pursuant to the ESPP will be equal to the lesser of 85% of the fair market value of a share of common stock on the first trading day of the applicable purchase period or 85% of the fair market value of a share of common stock on the last trading day of the applicable purchase period, unless a different purchase price is established by the Committee prior to the commencement of a purchase period. The fair market value of a share of common stock on these measurement dates will be equal to the closing sales price for such stock as quoted on NYSE American for that date.

Purchase of Shares

On each purchase date (the last trading day of each purchase period), the balance of each participant’s ESPP account will automatically be applied to purchase the maximum number of whole shares that can be purchased at the applicable purchase price. After the end of each purchase period, shares will be issued in uncertificated form and held on behalf of the participant. Any remaining amount that is insufficient to purchase a whole share will be carried over to the next purchase period. Any amount that would be applied to purchase shares that could not be purchased due to limits under the ESPP will be refunded.

Withdrawal

A participant may withdraw from the ESPP at any time before the purchase date in accordance with such terms and conditions that the Committee may impose. Upon withdrawal, the participant’s ESPP account balance will be refunded in cash and the participant’s right to purchase shares for that purchase period will be terminated. A participant who withdraws from the ESPP may not re-enter the ESPP until the next purchase period.

Termination of Employment

A participant’s participation in the ESPP ends immediately upon termination of employment for any reason. The participant’s ESPP account balance will be refunded in cash within 30 days of the date of termination.

Transferability

Purchase rights under the ESPP are exercisable only by the participant during his or her lifetime and are not transferable, except by will or the laws of descent and distribution. Shares purchased under the ESPP may be sold, but may not be withdrawn or transferred from the participant’s ESPP account.

Corporate Transactions

In the event of a merger, consolidation, or other reorganization of our Company with or into another corporation, or the sale of all or substantially all of our Company’s assets, the Board may, in its discretion: (i) terminate the ESPP; (ii) shorten an in-progress purchase period so that outstanding purchase rights are exercised immediately prior to the effective date of the corporate transaction; or (iii) provide for the assumption or substitution of purchase rights by the successor entity. If our Company dissolves or liquidates, any in-progress purchase period will terminate.

Effective Date and Term of the ESPP

The ESPP will become effective on the date it is approved by our Company’s shareholders. The ESPP will terminate at the Board’s discretion or upon the exhaustion of the share reserve, whichever occurs first.

Amendment and Termination of the ESPP

The Board may amend or suspend the ESPP at any time and for any reason. However, shareholder approval is required to (i) increase the number of shares that may be sold under the ESPP, or (ii) make any other change that requires shareholder approval under applicable law, applicable stock exchange listing rules, or in order to maintain compliance with Section 423 of the Code.

United States Federal Income Tax Consequences

The following summary is intended only as a general guide as to federal income tax consequences, under current United States tax law, of participation in the ESPP, and does not attempt to describe all potential tax consequences. This discussion is intended for the information of our shareholders considering how to vote at the Annual Meeting and not as tax guidance to individuals who participate in the ESPP. The following is not intended or written to be used, and cannot be used, for the purposes of avoiding taxpayer penalties. Tax consequences are subject to change, and a taxpayer’s particular situation may be such that some variation in application of the described rules is applicable. Accordingly, participants are advised to consult their own tax advisors with respect to the tax consequences of participating in the ESPP.

The ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Code. No taxable income will be reportable by a participant, and no deductions will be allowable to our Company, due to the grant of a purchase right or upon the purchase of shares. A participant will, however, recognize taxable income in the year in which the shares purchased under the ESPP are sold or otherwise made the subject of a disposition.

A sale or other disposition of shares purchased under the ESPP will be a “disqualifying disposition” if such sale or disposition occurs prior to the later of (i) two years after the date the purchase right is granted (i.e., the first trading day of the purchase period) and (ii) one year after the purchase date. If the participant makes a disqualifying disposition of shares purchased under the ESPP, the excess of the fair market value of the shares on the purchase date over the purchase price will be treated as ordinary income to the participant at the time of such disposition, and any additional gain (or loss) on the disposition (after adding the amount treated as ordinary income to the participant’s basis in the shares) will be a capital gain (or loss) to the participant. Our Company will be entitled to an income tax deduction equal to the amount treated as ordinary income to the participant for the taxable year in which the disqualifying disposition occurs, although such income tax deduction may be limited by the deductibility limitations on compensation paid to certain of our officers under Section 162(m) of the Code. In no other instance will our Company be allowed a deduction with respect to a participant’s disposition of shares purchased under the ESPP.

If the participant sells or otherwise disposes of shares purchased under the ESPP after satisfying the holding period requirements described above (i.e., a “qualifying disposition”), then the participant will realize ordinary income in the year of disposition equal to the lesser of (i) the excess of the fair market value of the shares on the date of disposition over the purchase price for the shares, or (ii) the excess of the fair market value of the shares on the first trading day of the applicable purchase period over the purchase price (i.e., 15% of the fair market value of a share on the first trading day of the applicable purchase period). Any additional gain (or loss) on the disposition (after adding the amount treated as ordinary income to the participant’s basis in the shares) will be long-term capital gain (or loss) to the participant. Our Company will not be entitled to an income tax deduction for any amount with respect to the grant or exercise of the purchase right or the sale of the underlying shares in a qualifying disposition.

New Plan Benefits

Future benefits that will be provided to eligible employees under the ESPP cannot be determined at this time because the amount of contributions set aside to purchase shares of our common stock under the ESPP (subject to the limitations discussed above) is entirely within the discretion of each participant, and the value of such stock is subject to change. Because participation in the ESPP is voluntary and each participant determines his or her own level of payroll contributions, the actual benefits or amounts that will be received by or allocated to any individual or group of individuals under the ESPP are not determinable in advance.

Vote Required

Assuming a quorum is present, the affirmative vote of a majority of the shares of common stock of our Company represented at the Annual Meeting, either virtually or by proxy, and entitled to vote is required to approve the adoption of the Electromed, Inc. Employee Stock Purchase Plan. Abstentions will have the same effect as a vote against this proposal, but broker non-votes will have no effect on the outcome of this proposal.

THE BOARD OF DIRECTORS RECOMMENDS THAT YOU VOTE “FOR” THE APPROVAL OF THE ELECTROMED, INC. EMPLOYEE STOCK PURCHASE PLAN.

CORPORATE GOVERNANCE

DIRECTOR INDEPENDENCE

Our Board has determined that each of Mr. Erickson, Mr. Fluet, Mr. Galatowitsch, Ms. Skarvan, Mr. Summers, Ms. Tune and Ms. Walsh are “independent directors” as defined in the rules of the NYSE American Stock Exchange. None of our directors are related to any other director, director nominee or executive officer of the Company.

In determining director independence, the Board evaluated Ms. Walsh’s employment with HealthPartners because HealthPartners and certain of its affiliates have been customers of our company. Ms. Walsh was not involved in arranging any transactions with our company, the transactions were on arms-length terms, she had no material interest in such transactions and the amounts involved are significantly less than 1% of both our company’s and HealthPartners’ annual revenues for our respective most recent completed fiscal years. Accordingly, the Board concluded the transactions with HealthPartners are both beneficial and fair to our company and are not reasonably likely to interfere with Ms. Walsh’s ability to exercise independent judgment in carrying out her responsibilities as a member of the Board.

DIRECTOR ATTENDANCE AT ANNUAL MEETINGS

The Company encourages all directors to attend the Company’s annual meetings (including by electronic means when available), but it does not have a formal attendance policy. All of the Company’s then-current directors were present for the annual meeting of shareholders held on November 14, 2025.

BOARD LEADERSHIP STRUCTURE

Chair of the Board Kathleen S. Skarvan Elected July 1, 2023 Separate individuals serve as Chair of the Board and as Chief Executive Officer because we believe independent directors and management have different perspectives and roles in strategy development. The Chief Executive Officer is responsible for setting the strategic direction of the Company and managing the day-to-day leadership and performance of the Company, while the Chair provides guidance to the Chief Executive Officer, sets the agenda for meetings of the Board and presides over meetings of the full Board. We believe this structure promotes active participation of the independent directors and strengthens the role of the Board in fulfilling its oversight responsibility and fiduciary duties to our shareholders while recognizing the day-to-day management direction of the Company by the Chief Executive Officer. In cases where the Board determines that its Chair is not independent, the Board intends to appoint a lead independent director to preside over meetings of independent directors and to serve as a liaison between the independent directors and management.

RISK OVERSIGHT

It is management’s responsibility to manage risk and bring to the Board’s attention the most material risks to the Company. The Board has oversight responsibility of the processes established to report and monitor systems for material risks applicable to the Company. The Audit Committee provides oversight of management with respect to enterprise-wide risk management, which focuses primarily on risks relating to the Company’s ability to maintain appropriate levels of credit and insurance coverage, financial and accounting risks, IT and cybersecurity risks, and legal and compliance risks, including oversight of internal controls over financial reporting. In addition, the Personnel and Compensation Committee considers risks related to the attraction and retention of talent and risks relating to the design of compensation programs and arrangements. The Nominating and Governance Committee considers risks and best practices relating to corporate governance policies and procedures. The full Board considers strategic risks and opportunities and regularly receives detailed reports from management and the committees, with respect to their areas of responsibility for risk oversight.

COMPENSATION RECOUPMENT POLICY

The Board believes that it is in the best interests of our company and its shareholders to maintain a culture that emphasizes integrity and accountability and that reinforces our pay-for-performance compensation philosophy. Accordingly, we adopted a compensation recoupment policy in compliance with Rule 10D-1 of the Securities and Exchange Act of 1934, as amended, the SEC regulations promulgated thereunder, and the NYSE American rules. Under the policy, our company is required to recover from covered executive officers on a reasonably prompt basis the amount of any erroneously awarded incentive-based compensation resulting from an accounting restatement due to the material noncompliance of our company with any financial reporting requirement under the securities laws. The policy applies to incentive-based compensation received by covered executive officers on or after October 2, 2023.

POLICIES AS TO HEDGING AND COMPANY SECURITIES

Our insider trading policy provides that company directors, officers and other employees (and their designees) are prohibited from, among other things: (a) purchasing Company securities on margin, or otherwise pledging Company securities; (b) short sales of Company securities (selling securities not owned at the time of sale); (c) buying or selling put or call options or other derivative securities based on Company securities; (d) purchasing any financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange funds) or otherwise engaging in transactions that are designed to or have the effect of hedging or offsetting any decrease in the market value of equity securities (i) granted to the individual by the Company as part of the compensation of the individual or (ii) held, directly or indirectly, by the individual; and (e) engaging in limit orders or other pre-arranged transactions that execute automatically, except for “same-day” limit orders and approved 10b5-1 plans. Certain family and household members and other persons or entities whose decisions are directed, influenced or controlled by a covered person are also subject to the prohibition.

BOARD AND COMMITTEE MEETINGS

During fiscal 2026, the Board held nine meetings. In addition, directors frequently communicate with each other informally and, when appropriate, take action by written consent of all directors, or in the case of an action that does not require shareholder approval, the number of directors required to take the action at a meeting, as permitted by the Minnesota Business Corporation Act and the Company’s Articles of Incorporation, as amended. Each director attended at least 75% of the meetings of the Board and any committee on which they served during the most recently completed fiscal year.

COMMITTEE MEMBERSHIP

During Fiscal 2026, the Board had four standing committees: the Audit Committee, the Personnel and Compensation Committee, the Nominating and Governance Committee, and the Finance and Strategy Committee. As of June 30, 2026, the Finance and Strategy Committee has been dissolved. The responsibilities of the Finance and Strategy Committee have been assumed by the Board and the remaining Committees. The following table sets forth the current membership of each of the Company’s standing committees:

DIRECTOR	Audit	Nominating and Governance	Personnel and Compensation (a)	Independent Director
James L. Cunniff
Stan K. Erickson (Vice Chair)				✔
Gregory J. Fluet				✔
Joseph L. Galatowitsch				✔
Kathleen S. Skarvan (Chair)				✔
Andrew J. Summers				✔
Kathleen A. Tune				✔
Andrea M. Walsh				✔

Our Board has evaluated independence for the members of each applicable committee in accordance with NYSE American rules and, with respect to the members of the Audit Committee, Rule 10A-3 of the Exchange Act. The membership and responsibilities of each applicable committee complies with the listing requirements of the NYSE American.

AUDIT COMMITTEE

Under its charter, the Audit Committee must consist of at least three independent directors and its composition must otherwise satisfy NYSE American and SEC requirements applicable to audit committees. The principal functions of the Audit Committee are to evaluate and review the Company’s financial reporting process and internal control systems. The Audit Committee evaluates the independence of the Company’s independent registered public accounting firm, recommends selection of the Company’s independent registered public accounting firm to the Board, approves fees to be paid to our independent registered public accounting firm, and reviews the Company’s financial statements with management and the independent registered public accounting firm. The Audit Committee has recommended to the Board the appointment of RSM US LLP to serve as the Company’s independent registered public accounting firm for fiscal 2027. The Audit Committee held five meetings during the most recently completed fiscal year.

Our Board has affirmatively determined that each of the members of the committee satisfy the additional independence requirements for audit committee members pursuant to the NYSE American LLC Company Guide and the rules and regulations promulgated by the SEC. The Board has further determined that Mr. Erickson qualifies as an “audit committee financial expert” as defined by Item 407(d)(5) of Regulation S-K under the Securities Act of 1933, as amended.

Report of the Audit Committee

In accordance with its written charter adopted by the Board, as amended, the Audit Committee assists the Board with fulfilling its oversight responsibility regarding the quality and integrity of the accounting, auditing and financial reporting practices of the Company. A copy of the Audit Committee charter, which has been adopted by the Board and further describes the role and responsibilities of the Audit Committee, is available online in the “Investor Relations” section of our website at www.smartvest.com.

In discharging its duties, the Audit Committee:

Based upon the review and discussions referred to above, the Audit Committee recommended to the Board that the audited financial statements be included in the Company’s annual report on Form 10-K for the fiscal year ended June 30, 2026, for filing with the SEC.

PERSONNEL AND COMPENSATION COMMITTEE

Our Board has affirmatively determined that each of the members of the Personnel and Compensation Committee satisfy the additional independence requirements for compensation committee members pursuant to the NYSE American LLC Company Guide.

The Board has authorized the Personnel and Compensation Committee to, among other duties, develop the Company’s compensation strategy, review compensation policies and plans for the Company’s executive officers, and administer the Company’s compensation plans. Although the Personnel and Compensation Committee develops parameters and obtains market information relating to the compensation of executive officers at other companies to inform its decision-making processes, during the last completed fiscal year, neither it nor the Board engaged any compensation consultants to assist in determining or recommending the amount or form of compensation for executive officers or directors. The Chief Executive Officer may provide input to the Personnel and Compensation Committee in regard to the compensation of the Chief Financial Officer, but the Chief Executive Officer is not present during voting or deliberations relating to his own compensation. The Personnel and Compensation Committee operates under a written charter approved by the Board, a copy of which is available in the “Investor Relations” section of our website at www.smartvest.com. The Personnel and Compensation Committee held three meetings during the most recently completed fiscal year.

NOMINATING AND GOVERNANCE COMMITTEE

Our Nominating and Governance Committee is responsible for oversight of our corporate governance policies and procedures, our codes of conduct and other corporate governance matters. In addition, our Nominating and Governance Committee makes recommendations to our Board regarding candidates for directorships and the size and composition of our Board and its committees. The Nominating and Governance Committee acts pursuant to a written charter approved by the Board, a copy of which is available in the “Investor Relations” section of our website at www.smartvest.com. The Nominating and Governance Committee held three meetings during the most recently completed fiscal year.

Director Nominations

The Nominating and Governance Committee is responsible for identifying and recommending director nominees for nomination by the full Board. Shareholders may recommend a nominee to be considered by the Nominating and Governance Committee by submitting a written proposal to the Chair of the Board, at 500 Sixth Avenue Northwest, New Prague, Minnesota 56071. Any notice of a shareholder nomination must satisfy the timing and content requirements of the Bylaws and must be accompanied by a written statement from the proposed nominee consenting to being named as a nominee and to serve as a director if elected.

When selecting candidates for recommendation to the Board, the Nominating and Governance Committee considers the attributes of the candidates and the needs of the Board and reviews all candidates in the same manner, regardless of the source of the recommendation. In evaluating director nominees, the Nominating and Governance Committee seeks to confirm that candidates meet certain minimum qualifications, including being able to read and understand basic financial statements, being familiar with our business and industry, having high moral character and mature judgment, and possessing the ability to work collegially with others. In addition, factors such as the following are also considered:

The Nominating and Governance Committee does not have a formal diversity policy at this time. However, as summarized above, the Nominating and Governance Committee seeks to nominate candidates with a diverse range of knowledge, experience, skills, expertise, and other qualities that will contribute to the overall effectiveness of the Board. Moreover, potential nominees are not discriminated against on the basis of sex, religion, national origin, sexual orientation, disability or other basis proscribed by law or inconsistent with the goals of the Company’s Code of Ethics and Business Conduct.

Finance and Strategy Committee

The Finance and Strategy Committee has been dissolved as of June 30, 2026. The responsibilities of the Finance and Strategy Committee have been assumed by the Board and the remaining Committees.

SECURITY HOLDER COMMUNICATIONS TO THE

BOARD OF DIRECTORS

Any shareholder wishing to communicate with the Board should send the communication, in written form, to the President and Chief Executive Officer of the Company at the Company’s principal place of business at 500 Sixth Avenue Northwest, New Prague, Minnesota 56071. The President and Chief Executive Officer will promptly send the communication to each member of the Board identified on the communication.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL

OWNERS AND MANAGEMENT

The following table sets forth certain information with respect to the beneficial ownership of our outstanding common stock as of September 16, 2026 by (i) each of our named executive officers; (ii) each of our directors; (iii) all of our executive officers, directors and director nominees as a group; and (iv) each beneficial owner of 5% or more of our outstanding common stock. Ownership percentages are based on 8,287,085 shares of common stock outstanding as of the close of business on September 16, 2026.

Beneficial ownership is determined in accordance with the rules of the SEC. To our knowledge and subject to applicable community property laws, each of the holders of common stock listed below has sole voting and investment power as to the common stock owned unless otherwise noted. The table below includes the number of shares of common stock underlying options that are exercisable within 60 days from September 16, 2026. Except as otherwise noted below, the address for each director or officer listed in the table is c/o Electromed, Inc., 500 Sixth Avenue Northwest, New Prague, Minnesota 56071.

EXECUTIVE COMPENSATION

The following discussion describes the compensation awarded to the following executive officers of the Company during fiscal 2026 (collectively, our “named executive officers”):

EXECUTIVE COMPENSATION COMPONENTS FOR FISCAL 2026

We provide a compensation package to our named executive officers, including base salary, cash incentive compensation and certain perquisites, and participation in benefit arrangements that are generally available to all salaried employees, such as health and retirement plans. We have also periodically awarded our named executive officers with long-term equity incentive grants in the form of restricted shares of common stock, performance stock units, or stock options.

Base Salary

Salaries for our named executive officers are determined and paid on a fiscal-year basis and, for fiscal 2026, were established by our Personnel and Compensation Committee in accordance with the terms of each named executive officer’s employment agreement with the Company. In August 2025, our Board, upon the recommendation of its Personnel and Compensation Committee approved increases to the base salaries of our Chief Executive Officer and Chief Financial Officer. For fiscal 2026, Mr. Cunniff had a base salary of $540,800, an increase from $520,000 in fiscal 2025. Mr. Nagel had a base salary of $338,000, an increase from $325,000 in fiscal 2025. In establishing the fiscal 2026 salary increases, the Personnel and Compensation Committee reviewed individual performance, our operating results, and compensation data for comparable peer companies. The Personnel and Compensation Committee also considers the Chief Executive Officer’s recommendations as to compensation for the Company’s other executive officer. The Personnel and Compensation Committee uses a subjective process to set base salaries and does not specifically weigh any factors. Based upon the information reviewed, the Personnel and Compensation Committee makes a recommendation with respect to compensation for the Company’s executive officers. The Board sets compensation for each executive officer based on the recommendation of the Personnel and Compensation Committee. The Chief Executive Officer is not present during the Personnel and Compensation Committee’s deliberations or voting on his compensation.

Cash Incentive Compensation

The Personnel and Compensation Committee established a Fiscal Year 2026 Officer Bonus Plan (the “2026 Bonus Plan”) for officers of the Company, including our named executive officers. The 2026 Bonus Plan was effective for fiscal 2026 and provided an opportunity for each participant to earn an annual cash bonus based on Company revenue growth and earnings before interest and taxes (“EBIT”) as compared with results for the fiscal year ended June 30, 2025. EBIT, for purposes of the 2026 Bonus Plan, means net income before income taxes and interest income, which is identified as operating income on the company’s audited statements of operations. Under the 2026 Bonus Plan, the Personnel and Compensation Committee established minimum revenue growth of 5.0% and target revenue growth of 12.5% for fiscal 2026. The Personnel and Compensation Committee established minimum EBIT growth of 4.6% and target EBIT growth of 22.2% for fiscal 2026. Target payouts were set at 50.0% of base salary for our Chief Executive Officer and 40.0% for our Chief Financial Officer.

The following summarizes the potential payment scenarios that were available under the 2026 Bonus Plan:

The Board, upon recommendation of its Personnel and Compensation Committee, determined that the revenue growth and EBIT thresholds were exceeded and determined bonus payouts under the 2026 Bonus Plan for fiscal 2026 to be 166% of target, amounting to payments to Mr. Cunniff and Mr. Nagel of $448,864 and $224,432, respectively.

Equity Compensation

Our Board and its Personnel and Compensation Committee believe that stock-based compensation promotes the creation of long-term shareholder value and aligns the interests of our management with the interests of our shareholders by ensuring that a portion of their total compensation is at risk and changes in value with the value of our securities. Employees, non-employee directors, and advisors and consultants to the Company are eligible to receive awards under our 2023 Equity Incentive Plan (“2023 Plan”). The 2023 Plan allows for the grant of awards in the form of: stock options, stock appreciation rights, restricted stock, restricted stock units and other stock-based awards. The 2023 Plan generally provides for “double trigger” acceleration of awards in connection with a change in control (as defined in the applicable plan), whereupon the vesting of awards will accelerate if such awards are assumed or replaced with an equivalent award by the resulting entity and the participant incurs an involuntary termination other than for cause within 12 months following a change in control. With respect to awards that are not assumed or replaced by the successor entity, all awards will become fully vested and exercisable upon the change in control of the Company. As employees of our company, each of our applicable named executive officers is eligible to receive equity compensation awards pursuant to our 2023 Equity Incentive Plan (“2023 Plan”).

During fiscal 2026, we granted a combination of restricted stock awards and options to purchase shares of common stock to Mr. Cunniff and Mr. Nagel, and all awards were granted pursuant to the 2023 Plan.

On September 2, 2025, Mr. Cunniff received 17,000 restricted shares of common stock and an option to purchase up to 31,100 shares of common stock. The foregoing options had an exercise price of $23.95 per share, which was the closing price on the date of grant and represents the “fair market value” of our common stock in accordance with the 2023 Plan, and were scheduled to expire after 10 years. The options and shares of restricted stock were scheduled to vest in substantially equal increments on the first business day in September in each of 2026, 2027, and 2028.

On September 2, 2025, Mr. Nagel received 5,300 restricted shares of common stock and an option to purchase up to 9,800 shares of common stock. The foregoing options had an exercise price of $23.95 per share, which was the closing price on the date of grant, and were scheduled to expire after 10 years. The options and shares of restricted stock were scheduled to vest in substantially equal increments on the first business day in September in each of 2026, 2027, and 2028.

Perquisites and Other Benefits

Our named executive officers are eligible to participate in the same benefit plans generally available to all of our full-time employees, which include group health, disability and life insurance plans and matching contributions of up to 4% of employee deferrals to our 401(k) plan.

In addition, Mr. Nagel’s employment agreement provides for a monthly automobile allowance. We believe that providing this perquisite to our Chief Financial Officer is beneficial because it improves our ability to retain qualified leaders and is consistent with the practice of similarly sized companies in our industry.

Employment Agreements

We are party to employment agreements with both of our named executive officers. A summary of the key terms of the employment agreements follows:

James L. Cunniff

On July 1, 2023, the Company entered into an employment agreement with Mr. Cunniff to serve as the Company’s Chief Executive Officer and President, as well as a member of the Board. Mr. Cunniff’s employment agreement initially was effective for a period of two years that ended in July 2025, and is now subject to automatic one-year extensions on the anniversary of the effective date of the agreement unless terminated in advance in accordance with its terms. No such notice of termination has been provided by either party. Notwithstanding the foregoing, the applicable term will automatically expire on the one-year anniversary of a “change of control” (as defined in the employment agreement).

Pursuant to his employment agreement, Mr. Cunniff was entitled to an initial annual base salary of $500,000 and is eligible for a merit-based increase on or about each successive July 1, subject to final approval by our Board, which for fiscal 2026 was increased to $540,800. The employment agreement also provides that Mr. Cunniff is eligible to earn an annualized cash bonus as determined by our Board, based on a target amount of 50% of his annual base salary. Future annual cash bonus opportunities will be determined by the Board in its discretion.

Mr. Cunniff’s employment agreement provided for an initial equity inducement grant of (a) 175,000 performance-based restricted stock units and (b) options to purchase 175,000 shares of common stock, each on substantially similar terms as our then-current stock incentive plan. The performance-based restricted stock units vested during fiscal 2025.

If Mr. Cunniff’s employment is terminated by us for any reason other than for “cause” or death or disability, or is terminated by him for “good reason” (each as defined in Mr. Cunniff’s employment agreement) (a “qualifying termination”), and in either case the qualifying termination of employment occurs before a change of control, then he will be eligible to (A) receive an amount equal to one times his annualized base salary as of the termination date, payable in substantially equal installments over a period of 12 months, (B) receive an amount equal to his target annual bonus based on the Company’s performance for the fiscal year in which the termination date occurs, prorated based on the portion of the applicable fiscal year that had elapsed prior to the termination date and payable within 75 days of the termination date, and (C) continue to participate in the Company’s group health plan (pursuant to COBRA coverage) at the same cost to Mr. Cunniff as if he remained employed for up to 12 months.

If a qualifying termination occurs within 12 months after a change of control, then Mr. Cunniff will instead be eligible to (A) receive an amount equal to the sum of (i) one times his annualized base salary as of the termination date, plus (ii) 100% of his target annual bonus for the fiscal year in which the termination date occurs based on Mr. Cunniff’s individual performance, payable in a lump sum within 75 days of the termination date, and (B) continue to participate in the Company’s group health plan at the same cost to Mr. Cunniff as if he remained employed for up to 12 months.

All of the severance benefits described above are contingent on Mr. Cunniff signing and not revoking a release of claims and remaining in strict compliance with the terms of his employment agreement and his non-competition, non-solicitation, and confidentiality agreement with the Company and any other written agreement between him and the Company.

In addition to the specific terms summarized above, Mr. Cunniff is eligible to participate in the other compensation and benefits programs generally available to Company employees.

Bradley M. Nagel

On November 14, 2022, the Company entered into an employment agreement with Mr. Nagel to serve as the Company’s Chief Financial Officer. Mr. Nagel’s employment agreement initially was effective for a period of two years that ended in November 2024, and is now subject to automatic one-year extensions on the anniversaries of the effective date of the agreement unless terminated in advance in accordance with its terms. No such notice of termination has been provided by either party. Notwithstanding the foregoing, the applicable term will automatically expire on the one-year anniversary of a “change of control” (as defined in the applicable employment agreement).

Pursuant to his employment agreement, Mr. Nagel is entitled to an annual base salary of $250,000 and is eligible for a merit-based increase on or about each successive July 1, subject to final approval by our Board, which for fiscal 2026 was increased to $338,000. The employment agreement also provided that Mr. Nagel was eligible to earn an annualized cash bonus as determined by our Board, based on a target amount of 30% of his annualized base salary. As discussed above, Mr. Nagel’s target amount was 40% of his annualized base salary for fiscal 2026. Future annual cash bonus opportunities will be determined by the Board in its discretion. In addition, Mr. Nagel receives an automobile allowance of $600 per month.

If Mr. Nagel’s employment agreement is terminated by us for any reason other than for “cause” or due to death or disability, or is terminated by him for “good reason” (each as defined in Mr. Nagel’s employment agreement) (a “qualifying termination”), and in either case the termination of employment occurs before a change of control, then he will be eligible to (A) receive an amount equal to the sum of (i) one times his annualized base salary as of the termination date, plus (ii) 100% of his target annual bonus that would have been based on his individual performance for the fiscal year in which the termination date occurs, plus (iii) a pro rata portion of the same target annual bonus amount based on the Company’s performance and based on the portion of the applicable fiscal year that had elapsed prior to the termination date, payable in substantially equal installments over a period of 12 months, and (B) continue to participate in the Company’s group health plan (pursuant to COBRA coverage) at the same cost to Mr. Nagel as if he remained employed for up to 12 months.

If a qualifying termination occurs within 12 months after a change of control, then Mr. Nagel will instead be eligible to (A) receive an amount equal to (i) 1.5 times his annualized base salary as of the termination date, plus (ii) 150% of his target annual bonus that would have been based on his individual performance for the fiscal year in which the termination date occurs, plus (iii) a pro rata portion of the same target annual bonus amount based on the Company’s performance and based on the portion of the fiscal year that had then elapsed prior to the termination date, payable in a lump sum with 75 days after the termination date, (B) continue to participate in the Company’s group health plan at the same cost to Mr. Nagel as if he remained employed for up to 18 months, and (C) to receive accelerated vesting of all time-based equity awards that are outstanding on the date of termination and all performance-based equity awards will remain outstanding and eligible to vest in accordance with their terms.

All of the severance benefits described above are contingent on Mr. Nagel signing and not revoking a release of claims and remaining in strict compliance with the terms of his employment agreement and his existing non-competition, non-solicitation, and confidentiality agreement with the Company and any other written agreement between him and the Company.

In addition to the specific terms summarized above, Mr. Nagel is eligible to participate in the other compensation and benefits programs generally available to Company employees.

Compensation Actions for Fiscal 2027

Effective September 7, 2026, our Board, upon recommendation of its Personnel and Compensation Committee, increased the base salaries of our Chief Executive Officer and Chief Financial Officer to $562,432 and $352,000, respectively. Target cash incentive payouts for our Chief Executive Officer and Chief Financial Officer for fiscal 2027 have been established at 50% and 45% of their resulting base salaries.

Pending Executive Retirement

As previously announced, our President and Chief Executive Officer, James L. Cunniff, has notified us of his intention to retire from all positions with the company effective on or about April 2, 2027. Our Board has engaged an executive search firm and is conducting a comprehensive search to identify our next Chief Executive Officer. Mr. Cunniff is also expected to resign from the Board upon his retirement.

Summary Compensation Table

The following table provides information regarding the compensation earned during fiscal 2026 and fiscal 2025 by our named executive officers:

Outstanding Equity Awards at June 30, 2026

The following table sets forth certain information regarding equity awards granted to our named executive officers and outstanding as of June 30, 2026:

Relationship between Pay and Performance

 

The charts shown below present a graphical comparison of CAP to our PEO and CAP to our other NEO set forth in the Pay versus Performance Table above, as compared against the following performance measures: our (1) total shareholder return and (2) net income.

 

Compensation Actually Paid $1,000,000, $2,000,000, $3,000,000, $4,000,000, $5,000,000, $6,000,000 Value of Fixed $100 Investment Based on TSR $0, $50, $100, $150, $200, $250, $300, $350, $400, $450 2024 TSR: $140.34 2025 TSR: $205.32 2026 TSR: $394.96 Compensation Actually Paid to PEO Average Compensation Actually Paid to Non-PEO NEO Value of Fixed $100 Investment Based on TSR

1.

Total shareholder return in the above chart reflects the cumulative return through the end of each fiscal year of $100 as if invested on June 30, 2023, including reinvestment of any dividends.

Compensation Actually Paid vs. Net Income Compensation Actually Paid $1,000,000, $2,000,000, $3,000,000, $4,000,000, $5,000,000, $6,000,000 Net Income $0, $2,000,000, $4,000,000, $6,000,000, $8,000,000, $10,000,000, $12,000,000 2024 Net Income: 5,150,000 2025 Net Income: 7,537,000 2026 Net Income: 11,301,000 Compensation Actually Paid to PEO Average Compensation Actually Paid to Non-PEO NEO Value of Fixed $100 Investment Based on TSR

36

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DIRECTOR COMPENSATION

The fiscal 2026 director compensation program provided non-employee directors with a combination of cash and shares of restricted stock for each such director, depending on committee service and leadership roles held during fiscal 2026.

The Personnel and Compensation Committee conducts periodic reviews of the compensation of non-employee directors. During fiscal 2026, an analysis of both total director compensation and the mix of cash and equity compensation was provided by management of the Company based on available market data. In light of the data presented, the Personnel and Compensation Committee recommended, and the Board approved, changes to the compensation arrangements from the prior fiscal year. The following compensation arrangements were effective during fiscal 2026:

The following table provides information regarding compensation paid to and earned by non-employee directors during fiscal 2026:

EQUITY COMPENSATION PLAN INFORMATION

The following table provides information concerning equity compensation arrangements as of June 30, 2026:

CERTAIN RELATIONSHIPS AND RELATED-PARTY

TRANSACTIONS

The following is a summary of transactions since July 1, 2024 to which Electromed has been a party and in which the amount involved exceeded $120,000, and in which any of our directors, executive officers, or beneficial owners of more than 5% of our capital stock had or will have a direct or indirect material interest, other than the compensation arrangements that are described under the heading “Executive Compensation: Employment Agreements” above.

Vendor Relationship

The Company uses a parts supplier whose founder and president is Stephen H. Craney, who served as a member of the Company’s Board through November 12, 2021. Mr. Craney has remained a beneficial owner of greater than 5% of the Company’s outstanding common stock through June 30, 2026. The Company made payments to the supplier of $2,265,000 and $1,377,000 during fiscal 2026 and 2025, respectively. Amounts due to the supplier were $375,000 and $508,000 on June 30, 2026 and June 30, 2025, respectively, which were included in accounts payable and other accrued liabilities on the Balance Sheets. The Audit Committee receives regular reports regarding the status and magnitude of the Company’s actual and planned purchases pursuant to this arrangement, in addition to periodic analyses regarding the competitiveness of the underlying pricing, supply chain risks, and efforts to mitigate the same.

Related Person Transaction Approval Policy

Pursuant to its charter, our Audit Committee is responsible for reviewing and approving in advance any related party transaction, which consists of any transaction or series of transactions that occur during a fiscal year for which:

Our Board, through its Audit Committee, maintains a written Related Person Transaction Approval Policy. The policy provides that the Audit Committee will analyze the following factors, in addition to any other factors the Audit Committee deems appropriate, in determining whether to approve a related person transaction: (i) whether the transaction is material to the Company; (ii) the nature of the related person’s interest in the transaction including any role the related person played in arranging the transaction; (iii) whether the transaction would impair the judgment of a director or executive officer to act in the best interests of the Company and our shareholders; and (iv) whether the terms are fair to the Company. A related person transaction will only be approved by the Audit Committee if it determines that the transaction is beneficial to the Company and the terms of the related person transaction are fair to the Company. If a member of the Audit Committee is a related party with respect to a transaction under review, he or she is required to abstain from voting on the approval of the transaction.

OTHER MATTERS

The Board knows of no other matters which may be brought before the Annual Meeting other than those set forth in this Proxy Statement. If any other business is presented at the Annual Meeting on which a vote may properly be taken, the proxy holders will vote on such business in accordance with their best judgment.

HOUSEHOLDING

We have adopted a procedure approved by the SEC called “householding,” by which certain shareholders who do not participate in electronic delivery of proxy materials but who have the same address and appear to be members of the same family receive only one copy of our annual report, proxy statement and shareholder letter. Each shareholder participating in householding continues to receive a separate proxy card. Householding reduces both the environmental impact of our annual meetings and our mailing and printing expenses.

If you or another shareholder with whom you share an address currently receive multiple copies of our annual report, proxy statement, and/or shareholder letter, or if you hold shares in more than one account, but would like to receive only a single copy of materials for your household, then please contact Broadridge Financial Solutions, Inc. by calling (866) 540-7095 or by writing to Broadridge Householding Department, 51 Mercedes Way, Edgewood, New York 11717. If you currently participate in householding and would prefer to receive separate copies of materials for fiscal 2026 and the Annual Meeting, then please contact us in the manner described above and you will receive additional copies, free of charge and promptly upon receipt of your request.

ADDITIONAL INFORMATION

Our annual report on Form 10-K for fiscal 2026, as filed with the SEC, is available on the SEC’s website, www.sec.gov, and our corporate website, www.smartvest.com, under “Investor Relations.” A copy of the annual report on Form 10-K will be sent to any shareholder without charge upon written request addressed to the attention of our President and Chief Executive Officer at 500 Sixth Avenue Northwest, New Prague, Minnesota 56071. Additional copies of the annual report on Form 10-K, this proxy statement and the accompanying form of proxy may be obtained by sending a written request to the attention of our President and Chief Executive Officer, at the Company’s address noted above. Copies of exhibits to the annual report on Form 10-K may be obtained upon payment to us of the reasonable expense incurred in providing such exhibits.

Appendix A

ELECTROMED, INC.

EMPLOYEE STOCK PURCHASE PLAN

1.    Purpose of the Plan. The purpose of this Electromed, Inc. Employee Stock Purchase Plan (the “Plan”) is to provide the employees of Electromed, Inc. (the “Company”) and its participating subsidiaries with a convenient means of purchasing shares of Company common stock from time to time at a discount to market prices through the use of payroll deductions. The Company intends that the Plan shall qualify as an “employee stock purchase plan” under Code § 423. Accordingly, the Plan will be construed so as to extend and limit Plan participation in any Offering subject to Code § 423 in a uniform and nondiscriminatory basis consistent with the requirements of Code § 423.

2.    Definitions. The terms defined in this section are used (and capitalized) elsewhere in this Plan.

2.1.    “Affiliate” means each domestic or foreign entity that is a “parent corporation” or “subsidiary corporation” of the Company, as defined in Code §§ 424(e) and 424(f) or any successor provisions.

2.2.    “Board” means the Board of Directors of the Company.

2.3.    “Broker” means the independent bank, trust company, brokerage firm, or other financial institution or an affiliate thereof appointed by the Committee to administer the Plan, keep the records of the Plan reflecting the interests of Participants, hold Shares acquired under the Plan on behalf of Participants, and generally act as the agent of Participants in the manner and to the extent provided in the Plan.

2.4.    “Code” means the Internal Revenue Code of 1986, as amended and in effect from time to time. For purposes of the Plan, references to sections of the Code shall be deemed to include any applicable regulations thereunder and any successor or similar statutory provisions.

2.5.    “Committee” means the Personnel and Compensation Committee of the Board (or such successor committee responsible for executive compensation matters).

2.6.    “Common Stock” means the common stock, par value $0.01 per share, of the Company.

2.7.    “Company” means Electromed, Inc., a Minnesota corporation, or any successor corporation.

2.8.    “Corporate Transaction” means (i) a merger, consolidation or other reorganization of the Company with or into another corporation, or (ii) the sale of all or substantially all of the assets of the Company.

2.9.    “Designated Affiliate” means any Affiliate which the Committee has expressly designated as a corporation whose Eligible Employees may participate in the Plan.

2.10.    “Eligible Compensation” means, unless otherwise defined by the Committee from time to time in its sole discretion: the gross cash compensation (including wages, salary, commission, bonus, and overtime earnings) paid by the Company or any Designated Affiliate to a Participant in accordance with the Participant’s terms of employment, but shall not include any employer contributions to a 401(k) or other retirement plan, stock option gains or any other amount included in income with respect to equity-based incentive awards, or any similar extraordinary remuneration received by such Participant. The Committee may adopt a different definition of Eligible Compensation in its sole discretion with respect to any Offering, provided that base wages and salary must be included in the definition.

2.11.    “Eligible Employee” means any employee of the Company or a Designated Affiliate, except for any employee who, immediately after a right to purchase is granted under the Plan, would be deemed, for purposes of Code § 423(b)(3), to own stock possessing 5% or more of the total combined voting power or value of all classes of stock of the Company or any Affiliate. Notwithstanding the foregoing, with respect to any Offering, the Committee may provide for the exclusion of certain employees of the Company or Designated Affiliates from being Eligible Employees, provided that such restrictions comply with Code Section 423.

2.12.    “Enrollment Period” means the period of time prior to a Purchase Period during which Eligible Employees may elect to participate in the Plan as determined by the Committee for an Offering.

2.13.    “ESPP Account” means the account maintained in the books and records of the Company’s Broker, recording the amount contributed to the Plan by each Participant through payroll deductions. Each ESPP Account is established solely for accounting purposes. Each Participant’s contributions will be deposited with the general funds of the Company except where applicable law requires that contributions be deposited with a third party.

2.14.    “Fair Market Value” of a Share of Common Stock as of any date means the closing sale price for a Share on the principal securities market on which the Shares trade on said date.

2.15.    “Offering” means the right provided to Participants to purchase Shares under the Plan with respect to a Purchase Period.

2.16.    “Offering Date” means the first Trading Day of a Purchase Period.

2.17.    “Participant” means an Eligible Employee who has elected to participate in the Plan in the manner set forth in Section 4 and whose participation has not ended pursuant to Section 8 or Section 9.

2.18.    “Plan” means this Electromed, Inc. Employee Stock Purchase Plan, as it may be amended from time to time.

2.19.    “Purchase Date” means the last Trading Day of a Purchase Period.

2.20.    “Purchase Period” means a period of time during which offers to purchase Shares are outstanding under the Plan. Prior to the start of a Purchase Period, the Committee shall determine the start and end dates of Purchase Periods, and the length of each Purchase Period, which need not be uniform; provided that no Purchase Period shall exceed twenty-seven (27) months in length. A Purchase Period shall commence on such date as may be established by the Committee. Unless the Committee determines otherwise, each Purchase Period will be a period of six months beginning either (i) on June 1 of each calendar year and ending on the next November 30, or (ii) on December 1 of each calendar year and ending on May 31 of the following calendar year.

2.21.    “Shares” means shares of Common Stock.

2.22.    “Trading Day” means a day on which the national stock exchanges in the United States are open for trading.

3.    Shares Available. Subject to adjustment as provided in Section 14.1, the maximum number of Shares that may be sold by the Company to Eligible Employees under the Plan shall be 750,000 Shares. If the purchases by all Participants in an Offering would otherwise cause the aggregate number of Shares to be sold under the Plan to exceed the number specified in this Section 3, the Company shall make to each Participant in that Offering a pro rata allocation in a uniform and nondiscriminatory manner of the remaining number of Shares which may be sold under the Plan.

4.    Eligibility and Participation. To be eligible to participate in the Plan for a given Purchase Period, an employee must be an Eligible Employee on the first day of such Purchase Period. An Eligible Employee may elect to participate in the Plan by filing an election form with the Company (or its Broker), before the date designated by the Committee, and no later than the Offering Date for a Purchase Period, that authorizes regular payroll deductions from Eligible Compensation beginning with the first payday in such Purchase Period and continuing until the Plan is terminated or the Eligible Employee withdraws from the Plan, modifies their authorization, or ceases to be an Eligible Employee, as hereinafter provided.

5.    Number of Shares Each Participant May Purchase.

5.1.    Purchase Amounts and Limitations. Subject to the provisions of this Plan, each Participant shall be offered the right to purchase on the Purchase Date the maximum number of whole Shares that can be purchased with the balance in the Participant’s ESPP Account at the per Share Purchase Price specified in Section 5.2. Notwithstanding the foregoing, no Participant shall be entitled to the right to purchase Shares under this Plan and all other employee stock purchase plans (within the meaning of Code § 423(b)), if any, of the Company and its Affiliates that accrues at a rate which in the aggregate exceeds $25,000 of Fair Market Value (determined on the Offering Date of a Purchase Period) for each calendar year in which such right is outstanding at any time.

5.2.    Purchase Price. Unless a different purchase price is established by the Committee for an Offering prior to the commencement of the applicable Purchase Period, the purchase price of each Share sold pursuant to this Plan will be the lesser of (i) 85% of the Fair Market Value of such Share on the Offering Date of the applicable Purchase Period, or (ii) 85% of the Fair Market Value of such Share on the Purchase Date (the “Purchase Price”).

6.    Method of Participation.

6.1.    Notice and Date of Grant. The Company shall give notice to each Eligible Employee of the opportunity to purchase Shares pursuant to this Plan and the terms and conditions of such Offering. The Company contemplates that for tax purposes, the Offering Date for a Purchase Period will be considered the date of the grant of the right to purchase such Shares.

6.2.    Contribution Elections. Each Eligible Employee who desires to participate in the Plan for a Purchase Period shall signify their election to do so by completing an election with the Company or its Broker in a manner approved by the Committee. An Eligible Employee may elect to have any whole percent of Eligible Compensation (that is, 1%, 2%, 3%, etc.) withheld as a payroll deduction, but not exceeding 10% per pay period (or such other maximum percentage as the Committee may establish from time to time prior to the commencement of an Offering). An election to participate in the Plan and to authorize payroll deductions as described herein must be made prior to the Offering Date of a Purchase Period in accordance with the rules set by the Committee for the Purchase Period, and shall be effective beginning with the first payday in the Purchase Period immediately following the filing of such election. Any election submitted shall remain in effect until the Plan is terminated or such Participant withdraws from the Plan, modifies their authorization, or ceases to be an Eligible Employee, as hereinafter provided.

6.3.    Additional Contributions. A Participant may not make any payment into their ESPP Account other than the payroll deductions made pursuant to the Plan, except that a Participant may make additional contributions to their ESPP Account by cash or check prior to a Purchase Date in order to adjust for mistakes in the Company’s processing of properly completed Participant election forms. A Participant may make such additional contributions into their ESPP Account only if the Participant has not already had the maximum permitted amount withheld during the Offering through payroll deductions, subject to the limitations set forth in Section 5.1.

6.4.    Offering Terms and Conditions. Each Offering shall consist of a single Purchase Period, unless otherwise determined by the Committee, and shall be in such form and shall contain such terms and conditions as the Committee shall deem appropriate, consistent with the terms of the Plan. Offerings may be consecutive or overlap, and the terms and conditions of the separate Offerings, including the applicable Purchase Period, need not be consistent. Any Offering shall comply with the requirement of Code § 423 that all Participants shall have the same rights and privileges for such Offering. The terms and conditions of any Offering shall be incorporated by reference into the Plan and treated as part of the Plan.

7.    ESPP Accounts.

7.1.    Crediting Payroll Deduction Contributions. The Company (or its Broker) shall maintain an ESPP Account for each Participant. Payroll deductions pursuant to Section 6 will be credited to such ESPP Accounts on, or within a reasonable amount of time following, each payday.

7.2.    No Interest Payable. No interest will be credited to a Participant’s ESPP Account (unless required under local law).

8.    Right to Adjust Participation; Withdrawals from ESPP Account.

8.1.    Withdrawal from Plan. A Participant may, in accordance with such terms and conditions as the Committee in its sole discretion may impose, withdraw from the Plan and cease making payroll deductions, no later than the date specified by the Company, which must be prior to the Purchase Date. If a Participant withdraws from the Plan, the Company will pay to the Participant in cash the entire balance in such Participant’s ESPP Account and no further deductions will be made from the Participant’s Eligible Compensation during such Purchase Period. A Participant who withdraws from the Plan will not be eligible to reenter the Plan until the next succeeding Purchase Period, and any such reentry shall be through the enrollment process described in Section 6.2.

8.2.    Adjusting Level of Participation. A Participant may adjust their rate of payroll deduction contributions to the Plan as follows:

(a)    A Participant may, by written notice during an Enrollment Period, direct the Company to increase or decrease their rate of payroll deduction contributions, with such change to be effective as of the first day of the next Purchase Period.

(b)         A Participant may, by written notice that complies with the rules set by the Committee, direct the Company to increase or decrease (but not below 1%) their rate of payroll deduction contributions once during each Purchase Period,

(c)    A Participant may, by written notice that complies with the rules set by the Committee, direct the Company to decrease their rate of payroll deduction contributions during a Purchase Period to 0%, which shall be considered a suspension of contributions and shall become effective as soon as reasonably practicable. Any Participant who has decreased their rate of payroll deductions to 0% and does not increase such rate of payroll deductions from 0% to at least 1% in accordance with Section 8.2(a) during the next Enrollment Period will be withdrawn from the Plan effective as of the first day of that next Purchase Period.

8.3.    Submission of Notices. Notification of a Participant’s election to withdraw from the Plan as provided in Section 8.1 or to change their rate of payroll deductions as provided in Section 8.2 shall be made by completing an updated election or notice with the Company (or its Broker) in a manner approved by the Committee. The Committee may promulgate rules regarding the time and manner for submitting any such updated election or notice, which may include a requirement that the election or notice be on file for a reasonable period before it will be effective.

8.4.    Adjustments by the Company. To the extent necessary to comply with Code § 423(b)(8) or Section 5.1, a Participant’s payroll deduction contributions to the Plan may be decreased by the Company to 0% at any time during a Purchase Period.

9.    Termination of Employment.

9.1.    Refund of Cash in ESPP Account. If the employment of a Participant is terminated for any reason, including death, disability, or retirement, the Participant’s participation in the Plan will be immediately terminated, and the entire balance in the Participant’s ESPP Account will be refunded in cash to the Participant within 30 days after the date of termination of employment. For purposes of the Plan, a Participant will not be deemed to have terminated employment while the Participant is on sick leave, military leave or other leave of absence approved by the Company. Where the period of leave exceeds 90 days and the Participant’s right to reemployment is not guaranteed either by statute or by contract, the employment relationship shall be deemed to have terminated on the ninety-first day of such leave. Unless determined otherwise by the Committee in a manner that is permitted by, and in compliance with Code § 423, a Participant whose employment transfers between entities through a termination with an immediate rehire (with no break in service) by the Company or a Designated Affiliate shall not be treated as a termination under the Plan.

9.2.    Designation of Beneficiary. If permitted by the Committee, a Participant may file a beneficiary designation for whom is to receive the cash in the Participant’s ESPP Account and Shares held by the Broker, if any, following the death of a Participant. If no beneficiary is named, the beneficiary shall be the Participant’s spouse, or if none, the Participant’s estate. All beneficiary designations will be in such form and manner as the Committee may designate from time to time.

10.    Purchase of Shares.

10.1.    Number of Shares Purchased. As of each Purchase Date, the balance in each Participant’s ESPP Account will be used to purchase the maximum number of whole Shares (subject to the limitations of Section 5.1) at the Purchase Price determined in accordance with Section 5.2, unless the Participant has filed an appropriate form with the Company in advance of that date to withdraw from the Plan in accordance with Section 8.1. Any amount remaining after the Purchase Date in a Participant’s ESPP Account because it is less than the Purchase Price of a whole share will be carried over in the Participant’s ESPP Account to the next Purchase Period. Any amount remaining in a Participant’s ESPP Account that represents the Purchase Price for any Shares that could not be purchased by reason of the limitations of Section 5.1 or under the circumstances described in Section 3 will be refunded to the Participant.

10.2.    Conversion of Foreign Currency. In circumstances where payroll deductions have been taken from a Participant’s Eligible Compensation in a currency other than United States dollars, Shares shall be purchased by converting the balance in the Participant’s ESPP Account to United States dollars at the exchange rate in effect for payroll purposes for the month in which the Purchase Date occurs as determined by the Company’s finance department or at such other exchange rate determined by the Committee or its delegate for this purpose, and such dollar amount shall be used to purchase Shares as of the Purchase Date.

10.3.    Issuance of Shares. Promptly after the end of each Purchase Period and subject to such terms and conditions as the Committee in its sole discretion may impose, the Company will cause the Shares then purchased to be issued to each Participant. All Shares issued under the Plan will be issued in uncertificated form. The Broker will hold the Shares for the benefit of all Participants who have purchased Shares, and each Participant’s brokerage account will reflect the number of Shares credited to such Participant. Shares shall be deemed delivered for all purposes of this Plan when the Company or its Broker has provided to the recipient of the Shares a notice of issuance or transfer by electronic mail (with proof of receipt) or by United States mail, and has recorded the issuance or transfer in its records. Any amount payable or Shares to be issued to or for the benefit of a minor, an incompetent person or other person incapable of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge the Committee, the Board, the Company, its Affiliates and their employees, agents and representatives with respect thereto.

10.4.    Withdrawal of Shares. Each Participant may direct the Broker to sell any or all of the Shares credited to the Participant’s brokerage account and distribute the net proceeds of such sale to the Participant. Except for sales through the Broker as provided in this Section 10.4, a Participant may not withdraw Shares or otherwise transfer Shares from the Participant’s brokerage account.

11.    Rights as a Shareholder. A Participant shall not be entitled to any of the rights or privileges of a shareholder of the Company with respect to Shares offered for purchase under the Plan, including the right to vote or direct the voting or to receive any dividends that may be declared by the Company, until (i) the Participant actually has paid the Purchase Price for such Shares and (ii) such Shares have been issued and delivered, as provided in Section 10.3. In the event that dividends are paid on Shares, the Committee will determine whether dividends will be paid to the Participant or the Broker will reinvest any dividends paid on Shares credited to a Participant’s brokerage account in additional Shares in accordance with such rules as the Committee may prescribe.

12.    Rights Not Transferable. A Participant’s rights under this Plan are exercisable only by the Participant during their lifetime, and may not be sold, pledged, assigned, transferred or disposed of in any manner other than by will or the laws of descent and distribution. Any attempt to sell, pledge, assign, transfer or dispose of the same shall be void and without effect. The amounts credited to an ESPP Account may not be sold, pledged, assigned, transferred or disposed of in any way, and any attempted sale, pledge, assignment, transfer or other disposition of such amounts will be void and without effect.

13.    Administration of the Plan.

13.1.    Authority of the Committee. This Plan shall be administered by the Committee. Subject to the express provisions of the Plan and applicable law, and in addition to other express powers and authorizations conferred on the Committee by the Plan, the Committee shall have full power and authority to:

(a)    Determine when each Purchase Period under this Plan shall occur, and the terms and conditions of each related Offering (which need not be identical);

(b)    Designate from time to time which Affiliates of the Company shall be Designated Affiliates;

(c)    Construe and interpret the Plan and establish, amend and revoke rules, regulations and procedures for the administration of the Plan. The Committee may, in the exercise of this power, correct any defect, omission or inconsistency in the Plan, in such manner and to the extent it may deem necessary, desirable or appropriate to make the Plan fully effective;

(d)    Exercise such powers and perform such acts as the Committee may deem necessary, desirable or appropriate to promote the best interests of the Company and its Designated Affiliates and to carry out the intent that the Offerings made under the Plan are treated as qualifying under Code § 423(b);

(e)    As more fully described in Section 18, to adopt such rules, procedures and sub-plans as may be necessary, desirable or appropriate to permit participation in the Plan by employees who are foreign nationals or employed outside the United States by a non-U.S. Designated Affiliate, and to achieve tax, securities law and other compliance objectives in particular locations outside the United States; and

(f)    Adopt and amend, as the Committee deems appropriate, a Plan rule specifying that Shares purchased by a Participant during a Purchase Period may not be sold by the Participant for a specified period of time after the Purchase Date on which the Shares were purchased by the Participant, and establish such procedures as the Committee may deem necessary to implement such rule.

13.2.    Interpretations and Decisions by the Committee. Unless otherwise expressly provided in the Plan, all designations, determinations, interpretations, and other decisions under or with respect to the Plan shall be within the sole discretion of the Committee, may be made at any time and shall be final, conclusive, and binding upon all persons, including the Company, any Affiliate, any Participant and any Eligible Employee.

13.3.    Delegation by the Committee. Subject to the terms of the Plan and applicable law, the Committee may delegate ministerial duties associated with the administration of the Plan to such of the Company’s officers, employees or agents as the Committee may determine. The Company shall appoint a Broker to administer the Plan (including but not limited to the establishment of such procedures as reasonably may be necessary to accomplish such administration in a manner consistent with the purposes of the Plan). In the event of the resignation or removal of the Broker, the Company shall promptly appoint a new Broker.

13.4.         Rule 16b-3. The terms and conditions of Offerings under the Plan to, and the purchase of Shares by persons subject to Section 16 of the Securities Exchange Act of 1934 (“Exchange Act”) will comply with the applicable provisions of Exchange Act Rule 16b-3. In the case of any such persons, this Plan and purchase rights issued to such persons will be deemed to contain, and the Shares issued upon exercise of purchase rights, will be subject to such additional conditions and restrictions as may be required by Rule 16b-3 to qualify for the maximum exemption from Section 16 of the Exchange Act with respect to Plan transactions on behalf of such persons.

13.5.    Indemnification. No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the Plan. In addition to such other rights of indemnification as they may have as members of the Board or officers or employees of the Company or a Designated Affiliate, members of the Board and Committee and any officers or employees of the Company or Designated Affiliate to whom authority to act for the Committee is delegated shall be indemnified by the Company from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s duties, responsibilities and obligations under the Plan if such person has acted in good faith and in a manner that he or she reasonably believes to be in, or not opposed to, the best interests of the Company.

14.    Changes in Capitalization and Corporate Transactions.

14.1.    Adjustments. In the event of any change in the Common Stock of the Company by reason of a stock dividend, stock split, reverse stock split, corporate separation, recapitalization, merger, consolidation, combination, exchange of shares and the like, the Committee shall make such equitable adjustments as it deems appropriate in the aggregate number and class of Shares or other securities available under this Plan, and the number, class and Purchase Price of Shares or other securities subject to purchase under any pending Offering.

14.2.    Corporate Transactions. In the event of a Corporate Transaction, the Board may, in its discretion, (i) terminate the Plan; (ii) shorten the Purchase Period then in progress by setting a new Purchase Date for a specified date before the date of the consummation of the Corporate Transaction, or (iii) provide that each right to acquire Shares on any Purchase Date that is scheduled to occur after the date of the consummation of the Corporate Transaction may be continued or assumed or an equivalent right may be substituted by the surviving or successor corporation or a parent or subsidiary of such corporation. Each Participant shall be notified in writing, prior to any new Purchase Date, that the Purchase Date for the existing Offering has been changed to the new Purchase Date and that the Participant’s right to acquire Shares will be exercised automatically on the new Purchase Date unless prior to such date, the Participant’s employment has been terminated or the Participant has withdrawn from the Plan. In the event of a dissolution or liquidation of the Company, any Offering and Purchase Period then in progress will terminate immediately prior to the consummation of such action, unless otherwise provided by the Board.

15.    Amendment or Suspension of Plan. The Board, in its sole discretion, may at any time suspend this Plan or amend it in any respect, but no such amendment may, without shareholder approval, increase the number of shares reserved under this Plan, or effect any other change in the Plan that would require shareholder approval under applicable law or regulations or the rules of any securities exchange on which the Shares may then be listed, or to maintain compliance with Code § 423. No such amendment or suspension shall adversely affect the rights of Participants pursuant to Shares previously acquired under the Plan, provided that the Board may set a new Purchase Date with respect to an Offering, and truncate the Purchase Period then in progress if the Board determines that termination of the Plan and/or the Offering is in the best interests of the Participants, the Company and the shareholders or if continuation of the Plan and/or the Offering would cause the Company to incur adverse accounting charges as a result of a change after the effective date of the Plan in the generally accepted accounting rules applicable to the Plan. During any suspension of the Plan, no new Offering or Purchase Period shall begin and no Eligible Employee shall be offered any new right to purchase Shares under the Plan or any opportunity to elect to participate in the Plan, and any existing payroll deduction authorizations shall be suspended, but any such right to purchase Shares previously granted for a Purchase Period that began prior to the Plan suspension shall remain subject to the other provisions of this Plan and the discretion of the Board and the Committee with respect thereto.

16.    Effective Date and Term of Plan. The Plan will become effective on the date it is approved by the shareholders of the Company, which approval must be within 12 months of the date the Plan is adopted by the Board. The Plan and all rights of Participants hereunder shall terminate (i) at any time, at the discretion of the Board, or (ii) upon the completion of any Offering under which the limitation on the total number of Shares to be issued pursuant to the Plan as set forth in Section 3 has been reached. Except as otherwise determined by the Committee, upon termination of this Plan, the Company shall pay to each Participant cash in an amount equal to the entire remaining balance in such Participant’s ESPP Account.

17.    Governmental Regulations and Listing. All rights granted or to be granted to Eligible Employees under this Plan are expressly subject to all applicable laws and regulations and to the approval of all governmental authorities required in connection with the authorization, issuance, sale or transfer of the Shares reserved for this Plan, including, without limitation, there being a current registration statement of the Company under the Securities Act of 1933, as amended, covering the Shares purchasable on the Purchase Date applicable to such Shares. If applicable, all such rights hereunder are also similarly subject to effectiveness of an appropriate listing application to a national securities exchange covering the Shares issuable under the Plan upon official notice of issuance.

18.    Rules for Foreign Jurisdictions. The Committee may adopt rules, procedures or subplans relating to the operation and administration of the Plan to accommodate the specific requirements of local laws and procedures. Without limiting the generality of the foregoing, the Committee is specifically authorized to adopt rules and procedures regarding handling of payroll deductions, payment of interest, conversion of local currency, payroll tax, the definition of Eligible Compensation, withholding procedures and transfer of Shares that vary with local requirements.

19.    Miscellaneous.

19.1.    Effect on Employment Status. This Plan shall not be deemed to constitute a contract of employment between the Company or any Designated Affiliate and any Participant, nor shall it interfere with the right of the Company (or any Affiliate) to terminate the employment of any Participant and treat them without regard to the effect that such treatment might have upon them under this Plan.

19.2.    Governing Law. This Plan, and all agreements hereunder, shall be construed in accordance with and governed by the laws of the State of Minnesota.

19.3.    Electronic Documentation and Signatures. Any reference in the Plan to election or enrollment forms, notices, authorizations or any other document to be provided in writing shall include the provision of any such form, notice, authorization or document by electronic means, including through the Company’s intranet or with the Company’s Broker, and any reference in the Plan to the signing of any document shall include the authentication of any such document provided in electronic form, in each case in accordance with procedures established by the Committee.

19.4.    Registration of Shares. Any Shares to be issued to a Participant pursuant to Section 10.3 shall be registered in the name of the Participant, or jointly in the name of the Participant and another person, as the Participant may direct on an appropriate form filed with the Company or the Broker.

19.5.    Code § 409A. The Plan is exempt from Code § 409A, and any ambiguities herein will be interpreted so that the Plan is exempt from Code § 409A.

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting: 

The Annual Report on Form 10-K and Notice and Proxy Statement and Shareholder Letter are available at

www.proxyvote.com.

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