11-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 11-K

(Mark One)

þ	ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2020

OR

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to

Commission File Number: 001-07982

A. Full title of the plan and the address of the plan, if different from that of the issuer named below:

RAVEN INDUSTRIES, INC. 401(k) PLAN

B. Name of issuer of securities held pursuant to the plan and the address of its principal executive office:

Raven Industries, Inc.

205 East 6th Street, P.O. Box 5107

Sioux Falls, SD 57117-5107

RAVEN INDUSTRIES, INC. 401(k) PLAN

INDEX

The Raven Industries, Inc. 401(k) Plan (the Plan) is subject to the Employee Retirement Income Security Act of 1974 (ERISA); therefore, the Plan's financial statements and supplemental schedule included in this Annual Report on Form 11-K for the years ended December 31, 2020 and December 31, 2019 have been prepared in accordance with the financial reporting requirements of ERISA.

DESCRIPTION	PAGE
Report of Independent Registered Public Accounting Firm	1
Financial Statements:
Statements of Net Assets Available for Benefits	3
Statements of Changes in Net Assets Available for Benefits	4
Notes to Financial Statements	5
Supplemental Schedule
Schedule H, line 4i - Schedule of Assets (Held at End of Year)	10
Exhibits
Exhibit 23 - Consent of Independent Registered Public Accounting Firm	11
Other schedules required by 29 CFR 2520.103-10 of the Department of Labor's Rules and Regulations for Reporting and Disclosure under ERISA have been omitted because they are not applicable.

1

2

RAVEN INDUSTRIES, INC. 401(k) PLAN

Statements of Net Assets Available for Benefits

	As of December 31,
	2020		2019
ASSETS
Investments, at fair value	$	100,919,933	$	85,792,740
Notes receivable from participants, net	2,027,984		1,834,722
Contributions receivable
Participant contributions	183,244		2,777
Employer contributions	226,855		92,400
Loan repayment receivable	25,753		691
Total contributions receivable	435,852		95,868
Cash	1,171		1,155
Total assets	103,384,940		87,724,485
NET ASSETS AVAILABLE FOR BENEFITS	$	103,384,940	$	87,724,485
The accompanying notes are an integral part of the financial statements.

3

RAVEN INDUSTRIES, INC. 401(k) PLAN

Statements of Changes in Net Assets Available for Benefits

	Year Ended December 31,
	2020		2019
ADDITIONS
Investment income
Interest and dividends	$	2,863,752	$	6,339,101
Net appreciation in fair value of investments	10,883,068		9,975,892
	13,746,820		16,314,993
Interest income on notes receivable from participants	105,338		89,313
Contributions
Participant contributions	5,612,681		4,863,647
Employer contributions	3,709,370		3,332,990
Rollover deposits	620,212		1,613,408
	9,942,263		9,810,045
DEDUCTIONS
Benefits paid to participants	8,005,667		4,760,609
Administrative fees	128,299		101,378
	8,133,966		4,861,987
Net increase in net assets available for benefits	15,660,455		21,352,364
NET ASSETS AVAILABLE FOR BENEFITS
Beginning of year	87,724,485		66,372,121
End of year	$	103,384,940	$	87,724,485
The accompanying notes are an integral part of the financial statements.

4

RAVEN INDUSTRIES, INC. 401(k) PLAN

Notes to Financial Statements

December 31, 2020 and 2019

1.Plan Description

The following description of the Raven Industries, Inc. 401(k) Plan (the Plan) provides only general information. Reference should be made to the Plan agreement and amendments for a more complete description of the provisions of the Plan.

General

The Plan is a contributory defined contribution 401(k) savings plan and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (ERISA). The Plan covers substantially all employees of Raven Industries, Inc. (Raven or the Plan Sponsor) and subsidiaries (collectively referred to as the Company). Union members, leased employees, and foreign citizens working outside the United States of America are not eligible to participate in the Plan.

The trustee of the Plan for the 2020 and 2019 Plan year is Fidelity Management Trust Company (Fidelity or Plan Trustee).

CARES Act

On March 27, 2020 the Coronavirus Aid Relief and Economic Security Act ("CARES Act") was signed by the president of the United States. The CARES Act included temporary relief provisions specific to 401(k) plans along with providing economic stimulus. The Plan complied with the temporary relief provisions in the Cares Act applicable to 401(k) plans and no plan amendments were required to the Plan as a result of the CARES Act.

Eligibility and Vesting

Employees are eligible to participate in the Plan on the first monthly enrollment date (first day of each calendar month) proceeding the date in which they meet the eligibility requirements (attaining age 21 and completing one month of service). Participants are 100% vested at all times in their individual contributions, Company contributions (including Profit Sharing Contributions, if any), and earnings thereon.

Participant Contributions

Employees who do not elect otherwise are automatically enrolled in the Plan upon becoming eligible with pre-tax contributions set at 5% of eligible compensation. Employees may elect to make contributions of up to 75% of eligible compensation. The aggregate of all such deferrals is subject to the maximum permitted by law.

Employees eligible to make elective deferral contributions and have or will attain age 50 by the end of the calendar year are allowed to defer an excess of the otherwise applicable Plan and tax law limits on elective deferral contributions (catch-up contributions). Catch-up contributions are further limited by tax law applicable to the Plan year. Such elective deferrals may be either pre-tax or after-tax (Roth) contributions.

Employer Contributions

The Company makes matching Safe Harbor contributions of 100% of elective deferrals up to the first 5% of compensation.

The Company may make an annual discretionary contribution known as a Profit Sharing Contribution. Any participant who is credited with 1,000 hours of service during the Plan year and is employed on the last day of the Plan year is eligible to receive an allocation of any Profit Sharing Contribution that is made. Each eligible participant is his or her own allocation group based on a classification of participants defined by the Plan. The Company did not elect to make a discretionary Profit Sharing Contribution for the 2020 or 2019 Plan year.

Participant Accounts and Allocations

Each participant’s account is credited with the participant’s contributions, rollover deposits, the Company’s contributions and an allocation of the Plan earnings and expenses, and Company discretionary contributions, if any. Company contributions are invested in the same investment funds, in the same percentage, as elected by the participant.

5

Investment Options

Participants are allowed to change their allocation percentages and their investment elections daily among the various investment fund options offered by the Plan. Raven common stock is an investment option under the Plan and is purchased in the open market by the Plan Trustee. Participant investment elections, including allocation percentages, may not exceed 10% in Raven common stock for the 2020 and 2019 Plan years.

Notes Receivable from Participants

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 minus the highest outstanding loan amount during the prior 12 months or 50% of their account balance at the time of loan origination. Loan fees are charged separately to the accounts of individuals who choose to exercise the Plan’s loan feature. The loans are secured by the balance in the participant’s account and bear interest at rates approximating the prime interest rate plus 1% at the time of loan origination. Principal and interest is paid ratably through automatic payroll deduction. Each participant may have no more than two outstanding loans at any time. Loans outstanding as of December 31, 2020 were at interest rates ranging from 4.25% to 6.50%, and were payable through 2030. Loans outstanding as of December 31, 2019 were at interest rates ranging from 4.25% to 6.50%, and were payable through 2030.

Benefits

Participants may receive distributions from their vested accounts under the Plan upon termination of employment (account balances of $5,000 or less are automatically distributed or rolled into a Fidelity Individual Retirement rollover account or Roth rollover account) or attainment of normal retirement age (age 55).

In-service distributions are permitted upon reaching normal retirement age. Distributions prior to age 59 ½ are subject to limitations as defined by the Plan document and the Internal Revenue Code. In addition, distributions prior to age 59 ½ may be subject to a tax penalty. A participant who is continuing employment with the Company after attaining age 70 ½ must take at least the minimum required distribution as defined by the Plan document.

Termination

Although it has not expressed any intent to do so, the Company has the right to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, distributions of account balances will be made in accordance with Plan documents.

Death Benefits

The designated beneficiary is entitled to a death benefit distribution equal to the participant’s vested balance.

Administrative and Investment Fees

The cost of administrative services such as Plan record keeping, trustee services, and electronic access to Plan information are included in the investment management fees that are reflected as a reduction of investment returns.

Annual audit fees, legal services and other fees paid for regulatory compliance and investment advisory services are absorbed by the Employer and are excluded from "Administrative fees" reported in the Statements of Changes in Net Assets Available for Benefits.

2. Significant Accounting Policies

Basis of Accounting

The Plan’s financial statements are prepared on the accrual basis in accordance with accounting principles generally accepted in the United States of America.

Use of Estimates

The preparation of the Plan’s financial statements in conformity with accounting principles generally accepted in the United States of America requires the Plan administrator to make certain estimates and assumptions that affect the reported amounts of assets available for Plan benefits at the date of the financial statements and the changes in net assets available for benefits during the reporting period and, when applicable, disclosures of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates.

Investment Valuation and Income Recognition

The Plan’s investments are stated at fair value. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly

6

transaction (i.e., not a forced transaction, such as a liquidation or distressed sale) between market participants at the measurement date.

Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation includes the Plan’s gains and losses on investments bought and sold and investments held during the year.

Notes Receivable from Participants

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable are reclassified as distributions based upon the terms of the Plan document. Interest income on notes receivable is recorded when it is earned. The allowance for credit losses was $31,061 and $30,468 at December 31, 2020 and 2019, respectively.

Benefits Paid to Participants

Benefits are recorded in the Statements of Changes in Net Assets Available for Benefits when paid.

Recent Accounting Pronouncements

In 2020, when it was effective, the Plan adopted Accounting Standards Update No. 2018-13, "Fair Value Measurement (Topic 820): Disclosure Framework- Changes to the Disclosure Requirements for Fair Value Measurement" (ASU 2018-13) issued by the Financial Accounting Standards Board in August 2018. The amendments in ASU 2018-13 remove, modify and add disclosures for companies required to make disclosures about recurring or nonrecurring fair value measurements under Topic 820. The amendments in this update were effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Certain amendments in this guidance were required to be applied prospectively and others are to be applied retrospectively. The Plan's investments reported at fair value, have readily determinable market values and are substantially all measured using level 1 inputs that do not change. The adoption of ASU 2018-13 did not have a significant impact on the Plan's disclosures for assets and liabilities reported at fair value on a recurring or nonrecurring basis.

3. Risks and Uncertainties

The Plan provides for various investment options in a combination of investment securities. Investment securities are exposed to various risks including, but not limited to, interest rate, market, liquidity, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits.

On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic. COVID-19 has negatively affected, and may continue to negatively affect, the macro-economic conditions and global economy. The length of pandemic and its economic impacts are uncertain. The Plan Sponsor does not believe there is substantial doubt about the Plan's ability to continue as a going concern and expects the Plan Administrator will continue to be able to carry on all administrative functions for the Plan.

4. Investments and Fair Value Measurements

Accounting guidance establishes a framework for measuring fair value that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy distinguishes between fair valuation assumptions based on observable and unobservable inputs and consists of three levels:

Level 1	Quoted market prices in active markets that the Plan has the ability to access for identical assets or liabilities.
Level 2	Inputs to the valuation methodology include -
	Quoted prices for identical or similar assets or liabilities in inactive markets;
	Inputs other than quoted prices that are observable for the asset or liability; or
	Inputs that are derived principally from, or corroborated by, observable market data by correlation or other means.
Level 3	Unobservable inputs which reflect estimates and assumptions that a market participant would use.

The following is a description of valuation methods used for assets recorded at fair value at December 31, 2020 and 2019:

7

•Money market funds - Valued at the net asset value (NAV) based on the daily closing price as reported by the fund. Money market funds are classified within Level 1 of the fair value hierarchy.

•Mutual funds - Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are open-end mutual funds registered with the Securities and Exchange Commission. These funds are required to publish their NAV daily and to transact at that price. Mutual funds are classified within Level 1 of the fair value hierarchy.

•Common collective trust - The investments include a capital preservation trust. The Plan’s interest in this trust is valued based on the NAV of the observable market prices of the underlying investments held by the fund less its liabilities. The NAV for the underlying assets of the trust is a readily determinable measure of their fair value and is the basis used by the trust for reporting all current transactions. Fair values for the underlying assets of the trust were based on either quoted prices in active markets or observable inputs or quotations from inactive markets. The Plan's investments in this trust are classified within Level 2 of the fair value hierarchy.

•Common stock - The investment relates to self-directed brokerage accounts held by participants and Raven common stock purchased in the open market. Common stocks are valued at the closing price reported on the active market on which the individual securities are traded and are classified within Level 1 of the fair value hierarchy.

The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future fair values. Furthermore, while the Plan believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date.

The availability of observable market data is monitored to assess the appropriate classifications of financial instruments within the fair value hierarchy. Changes in economic conditions or valuation techniques may require transfer of financial instruments from one fair value level to another.

The following tables set forth by level, within the fair value hierarchy, the Plan’s investments at fair value as of December 31, 2020 and 2019:

	2020
	Level 1		Level 2		Level 3		Total
Money market fund	$	1,360,595	$	—	$	—	$	1,360,595
Mutual funds	95,410,570		—		—		95,410,570
Common collective trust	—		2,516,202		—		2,516,202
Common stock	874,795		—		—		874,795
Participant self- directed brokerage accounts	757,771		—		—		757,771
Total investments at fair value	$	98,403,731	$	2,516,202	$	—	$	100,919,933

	2019
	Level 1		Level 2		Level 3		Total
Money market fund	$	1,069,590	$	—	$	—	$	1,069,590
Mutual funds	80,819,205		—		—		80,819,205
Common collective trust	—		2,788,089		—		2,788,089
Common stock	844,149		—		—		844,149
Participant self- directed brokerage accounts	271,707		—		—		271,707
Total investments at fair value	$	83,004,651	$	2,788,089	$	—	$	85,792,740

8

The Plan’s investment gains and losses realized (bought and sold) and unrealized (held during the year) are reported in the Statement of Changes in Net Assets Available for Benefits as "Net appreciation in fair value of investments".

5. Tax Status

The Company has adopted a Fidelity volume submitter plan, "Volume Submitter Defined Contribution Plan (Profit Sharing/401(k) Plan)". The volume submitter plan received an advisory opinion letter dated March 31, 2014 in which the Internal Revenue Service (IRS) stated that the form of the plan was in compliance with the applicable requirements of the Internal Revenue Code (the Code). In addition, the advisory opinion letter stated that an employer who adopts this plan may rely on the volume submitter plan advisory opinion letter with respect to the qualification of its plan under the Code. Therefore, the Plan administrator believes that the Plan continues to be designed and operated in all material respects in compliance with the applicable requirements of the Code.

Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability (or asset) if the Plan has taken an uncertain tax position that more likely than not would not be sustained upon examination by the IRS. The Plan administrator has analyzed the tax positions taken by the Plan, and has concluded that as of December 31, 2020 and December 31, 2019, there are no uncertain positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits of any tax periods in process.

6. Related Party and Party-in-Interest Transactions

Certain Plan investments are shares of funds managed by Fidelity Management Trust, the Plan Trustee. These transactions qualify as exempt party-in-interest transactions. Some fees paid by the Plan for recordkeeping, trustee, and investment management were included as a reduction of the return earned on investments. Fees paid directly by the Plan for investment management and recordkeeping services were $128,409 and $101,165 for the years ended December 31, 2020 and 2019, respectively.

Plan investments also include shares of Raven common stock. The Plan held participant-directed investments in Raven common stock as of December 31, 2020 and December 31, 2019 with fair values of $874,795 and $844,149, respectively. During 2020 and 2019, the Plan made open-market purchases of approximately $138,000 and $184,000, respectively, and sales of approximately $117,000 and $114,000, respectively, of Raven common stock. During the years ended December 31, 2020 and 2019, the Plan recorded dividend income of approximately $10,000 and $12,000, respectively, on this common stock.

7. Plan Amendments

There were no plan amendments to disclose for the plan years December 31, 2020 and 2019.

8.     Subsequent Events

The Plan has evaluated events through June 11, 2021, the filing date of this Annual report on Form 11-K, and concluded that no subsequent events have occurred that would require recognition or disclosure in the Notes to Financial Statements.

9

RAVEN INDUSTRIES, INC. 401(k) PLAN
Schedule Of Assets Held At December 31, 2020
Schedule H, Part IV, Line 4i
Plan 001, EIN: 46-0246171
(a)	(b)	(c)	(d)	(e)
	Identity of issue, borrower, lessor, or similar party	Description of Asset including maturity date,	Cost	Current
		rate of interest, collateral, par or maturity value	**	value
*	Fidelity	Govt Money Market - Taxable Money Market		$	1,360,595
	Baird	Core Plus Inst - Intermediate-Term Bond		4,412,961
*	Fidelity	US Bond Index - Intermediate-Term Bond		1,047,360
	Federated	Common Collective Trust - Capital Preservation R6		2,516,202
*	Fidelity	Puritan K - Asset Allocation Moderate		1,121,007
	Brown Capital	Small Co Inst - Small Growth		3,266,484
*	Fidelity	Small Cap Index - Small Blend		780,903
	Wells Fargo	Special Small Cap Value Inst- Small Value		4,003,699
*	Fidelity	Mid-Cap Index - Mid-Cap Blend		595,896
	JPMorgan	SMid-Cap Equity - Mid-Cap Blend		2,120,690
	J H Enterprise	Enterprise N - Mid-Cap Growth		2,579,417
	Victory	Sycamore Established Value I - Mid-Cap Value		1,835,934
*	Fidelity	International Index - Foreign Large Blend		1,337,712
	MFS	International Value R4 - Foreign Large Blend		7,030,979
*	Fidelity	500 Index - Large Blend		8,928,467
	JPMorgan	Equity Income R6 - Large Value		3,069,027
	MFS	Growth R4 - Large Growth		13,499,088
*	Fidelity	Freedom Index Income Investor - Large Blend		295,050
*	Fidelity	Freedom Index 2005 Investor - Large Blend		2,797
*	Fidelity	Freedom Index 2010 Investor - Target date 2000 - 2010		49,534
*	Fidelity	Freedom Index 2015 Investor - Target date 2011 - 2015		1,515,670
*	Fidelity	Freedom Index 2020 Investor - Target date 2016 - 2020		2,289,009
*	Fidelity	Freedom Index 2025 Investor - Target date 2021 - 2025		4,879,147
*	Fidelity	Freedom Index 2030 Investor - Target date 2026 - 2030		6,228,572
*	Fidelity	Freedom Index 2035 Investor - Target date 2031 - 2035		4,065,336
*	Fidelity	Freedom Index 2040 Investor - Target date 2036 - 2040		8,115,994
*	Fidelity	Freedom Index 2045 Investor - Target date 2041 - 2045		4,151,956
*	Fidelity	Freedom Index 2050 Investor - Target date 2046 - 2050		3,888,882
*	Fidelity	Freedom Index 2055 Investor - Target date 2055		2,472,719
*	Fidelity	Freedom Index 2060 Investor - Target date 2060+		1,710,910
*	Fidelity	Freedom Index 2065 Investor - Target date 2060+		115,370
*	Raven Industries, Inc.	Common Stock - Raven Industries, Inc.		874,795
*	Stock holdings	Common Stock - Participant self-directed brokerage account		757,771
*	Participant Loans	Participant Loans Receivable (4.25 % to 6.50%, payable 2021 thru 2030)	—	2,027,984
	Total Assets			$	102,947,917
* Denotes party-in-interest or related party
** Not applicable for participant-directed investments

10

Exhibits

Exhibit Number	Description
23	Consent of independent registered public accounting firm

11

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan has duly caused this annual report to be signed on its behalf by the undersigned thereunto duly authorized.

RAVEN INDUSTRIES, INC. 401(k) Plan

/s/ Nicole M. Freesemann

Nicole M. Freesemann

Vice President of Human Resources, Raven Industries, Inc.

Plan Administrator

Date: June 11, 2021

12

EX-23