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                                                                   Exhibit 10.46

                         KEWAUNEE SCIENTIFIC CORPORATION
                                FISCAL YEAR 2003
                              INCENTIVE BONUS PLAN

The Fiscal Year 2003 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 2003.

The provisions of the Plan are:

1.   Eligibility of Participants to Share in the Bonus Pool

     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, 2002 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 2003
          Bonus Schedules (all exhibits referred to on this Plan are exhibits to
          such schedules).

2.   Building of a Bonus Pool

     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

     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 2002, 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, 2003, 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.

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