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Exhibit 10.1
KEWAUNEE SCIENTIFIC
CORPORATION
FISCAL YEAR 2010
INCENTIVE BONUS
PLAN
The Fiscal Year 2010 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 2010.
The provisions of the Plan
are:
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1.
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Eligibility of Participants to Share in the
Bonus Pool
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a.
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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.
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Each
participant will be eligible to share in the pool up to the
specified percentage of his or her fiscal year 2010 base
salary.
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c.
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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.
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Salary Grade 14
or above;
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2.
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Seniority of
one year or more;
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3.
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Is not
currently in another incentive plan (e.g., sales plan);
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4.
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Is a direct
report to a direct report to the President; or
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5.
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Is a manager
recommended by the President.
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d.
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Participants in
the Plan and their applicable bonus potential percentages are shown
on attached Charts IV-VII.
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2.
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Building
of a Bonus Pool
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•
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The operational units
(Statesville Operations, Technical Furniture, and International
Operations) will start to accrue pools for potential bonus payouts
once pre-tax operating earnings of each operational unit reach the
amounts shown as Start Point on Chart I, and maximum incentive
bonus payouts will be accrued and available for payout based upon
the guidelines shown on that schedule.
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BP-7
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•
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A pool will start accumulating
once pre-tax earnings reach the amounts shown as Start Point on
Chart I, and maximum bonus payouts will be accrued and available
for payout based upon the guidelines shown on that
schedule.
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3.
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Bonus
Payout Conditions
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a.
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If the Company
achieves pre-tax earnings less than the amounts shown as Start
Point on Chart I, no awards will be paid to any corporate employee
with that goal, except at the discretion of the Board of Directors,
upon recommendation by the Compensation Committee.
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b.
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If an
operational unit achieves pre-tax earnings less than the amounts
shown for it as Start Point on Chart I, no awards will be paid to
its em
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