Activist investor Jeff Smith has “serious concerns” about Elmer’s glue-maker Newell Brands’ “dysfunctional” board.

Smith’s Starboard Value said Monday that it added two additional directors to its slate of nominees to overhaul Newell’s board — bringing the total to 12.

Starboard’s move comes one week after Ros L’Esperance resigned from the board — becoming the fourth director to do so this year.

L’Esperance’s exit, which came two months before Newell’s annual meeting, is “truly alarming,” Smith wrote in a letter to shareholders Monday.

“We believe that this provides further indication that the current board is dysfunctional,” Smith wrote.

Starboard, which has a 4 percent stake in Newell, launched a proxy fight against the company weeks after the abrupt resignation of three board members in January.

Those three — Ian Ashken, Domenico De Sole and Martin Franklin — have joined forces with Smith and are among Starboard’s 12 board nominees.

Newell has suffered since its April 2016 merger with Jarden — its shares tumbling 36.4 percent since then through Monday.

L’Esperance was also a member of Jarden’s board.

The Post reported last week that billionaire activist investor Carl Icahn also has a large stake in Newell.

Shares of Newell, which also owns the Coleman and Rubbermaid brands, gained 5.6 percent Monday, closing at $28.09.

Reps from Newell declined to comment.