KEWAUNEE SCIENTIFIC CORPORATION FISCAL YEAR 2006 INCENTIVE BONUS PLANEmployee Bonus Plan Agreement |
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Exhibit 10.46
KEWAUNEE SCIENTIFIC CORPORATION
FISCAL YEAR 2006
INCENTIVE BONUS PLAN
The Fiscal Year 2006 Incentive Bonus Plan (the Plan) will provide for a bonus pool and bonus payouts based upon achievement of various levels of pre-tax earnings (after bonus accruals) for the year and other conditions described herein, as approved by the Company’s Board of Directors. The Plan is proposed as a one-year plan for Fiscal Year 2006.
The provisions of the Plan are:
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Eligibility of Participants to Share in the Bonus Pool |
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a. |
Eligible participants of the Plan will be nominated by the President and approved by the Board of Directors, upon recommendation by the Compensation Committee. The bonus potential percentages for each participant in the Plan will also be approved by the Board of Directors, upon recommendation by the Compensation Committee. |
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b. |
Each participant will be eligible to share in the pool up to the specified percentage of his or her May 1, 2005 base salary. |
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c. |
In addition to individuals reporting directly to the President, managers fulfilling the following criteria are eligible to participate in the Plan: |
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1. |
Salary Grade 14 or above; |
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2. |
Seniority of one year or more; |
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3. |
Is not currently in another incentive plan (e.g., sales plan); |
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4. |
Is a direct report to a direct report to the President; or |
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5. |
Is a manager recommended by the President. |
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