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                                                                   EXHIBIT 10.46
                         KEWAUNEE SCIENTIFIC CORPORATION
                                FISCAL YEAR 2004
                              INCENTIVE BONUS PLAN


The Fiscal Year 2004 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 2004.

The provisions of the Plan are:

1.  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.

    b.   Each participant will be eligible to share in the pool up to the
         specified percentage of his or her May 1, 2003 base salary.

    c.   In addition to individuals reporting directly to the President,
         managers fulfilling the following criteria are eligible to participate
         in the Plan:

         1.   Salary Grade 14 or above;
         2.   Seniority of one year or more;
         3.   Is not currently in another incentive plan (e.g., sales plan);
         4.   Is a direct report to a direct report to the President; or
         5.   Is a manager recommended by the President.

    d.   Participants in the Plan and their applicable bonus potential amounts
         are shown on Exhibits I through III to the Company's Fiscal Year 2004
         Bonus Schedules (all exhibits referred to on this Plan are exhibits to
         such schedules).

2.  Building of a Bonus Pool
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    a.   Division Pools


         .    The divisions (the Laboratory Products Group and the Technical
              Furniture Group) will start to accrue pools for potential bonus
              payouts once pre-tax operating earnings of each division reach the
              amounts shown as Goal 1 on Exhibits I and II, and maximum
              incentive bonus payouts will be accrued and available for payout
              based upon the guidelines shown on those exhibits.

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    b.   Non-divisional Corporate Pool

         .    A pool will start accumulating once pre-tax earnings reach the
              amounts shown on Exhibit III, and maximum bonus payouts will be
              accrued and available for payout based upon the guidelines shown
              on that exhibit.

3.  Bonus Payout Conditions
    -----------------------

         .    If the Company achieves pre-tax earnings less than the amounts
              shown on Exhibit III, no awards will be paid to any non-divisional
              corporate employee with that goal, except at the discretion of the
              Board of Directors, upon recommendation by the Compensation
              Committee.

         .    If a division achieves pre-tax earnings less than the amounts
              shown for it as Goal 1 on Exhibits I and II, no awards will be
              paid to its employees except at the discretion of the Board of
              Directors, upon recommendation by the Compensation Committee.

         .    All division participants will earn their awards dependent on
              their division's performance and their individual MBO performance.

         .    Beginning with the achievement of Goal 1, the bonus potential
              percentage for each participant is linear between each goal with
              the corresponding increase in pre-tax earnings, up to the
              individual's maximum bonus potential percentage.

         .    Positive or negative financial adjustments outside the control of
              management (such as, but not limited to, proceeds from insurance
              claims, gains or losses from the sale of capital assets, adoption
              of new generally accepted accounting pronouncements, etc.) will be
              assessed by the Board of Directors and the pre-tax earnings under
              the Plan may be adjusted for these items.

         .    Any portion of the bonus pool not awarded to participants will be
              retained by the Company.

         .    If a participant transfers between performance entities during the
              year, his or her incentive compensation will be based on the
              performance of the respective entities on a pro rata basis from
              his or her transfer date as determined by the President.

         .    A participant must be an employee of the Company on the last day
              of the plan year (April 30) to be eligible to receive a bonus. In
              unusual circumstances, however, the Board of Directors, upon
              recommendation by the Compensation Committee, may grant a
              discretionary bonus.

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         .    The Board of Directors, upon recommendation by the Compensation
              Committee, may approve the pro rata participation of a participant
              who joins the Company or who is appointed to a key position within
              the Company after the outset of the Plan year, with a pro rata
              increase in the bonus pool.

4.  Participant's Bonus Potential
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    Each participant's bonus potential will be comprised of the following:

    .    A Fixed Bonus equal to 75% of each participant's bonus potential will
         be based on achievement of corporate or divisional pre-tax earnings
         goals, as set forth in the Plan, and

    .    A Discretionary Bonus up to the remaining 25% of each participant's
         bonus potential will be calculated, taking into account the
         participant's MBO achievements and other relevant factors during the
         year. The discretionary portion of each participant's bonus will take
         into account the participant's achievement of management goals
         established, and weighted, in July 2003, and approved by the President.
         The degree of achievement of these goals will be recommended by each
         participant's manager immediately subsequent to April 30, 2004, and the
         discretionary bonus, if any, will then be determined and awarded at the
         discretion of the Board of Directors, upon recommendation by the
         President and the Compensation Committee.

5.  The Plan may be amended at any time by the Board of Directors.