Document:

<PAGE>

                                                                          10.42a

                              FIRST AMENDMENT TO
                        KEWAUNEE SCIENTIFIC CORPORATION
                           PENSION EQUALIZATION PLAN
                            (Effective May 1, 1999)

     The Kewaunee Scientific Corporation Pension Equalization Plan (the "Plan"),
as established effective May 1, 1999, is hereby amended this 27th day of May,
1999, effective as of the original effective date of the Plan, as follows:

     1.   Section 5.4 of the Plan is amended to read as follows:

     "5.4 Funding.  The Company shall make payment of its contributions under
          -------
the Plan to the Company's Irrevocable Grantor Trust, which was originally
established in connection with the establishment of the Company's Executive
Deferred Compensation Plan, and which is being amended contemporaneously with
the establishment of this Plan to accept contributions under this Plan in
addition to contributions under the Executive Deferred Compensation Plan.  Such
contributions shall be made, either in cash or by the delivery to the trustee
thereunder of insurance contracts, in such amounts as the Company shall
reasonably decide are necessary to provide for all benefits payable under the
Plan, subject to the provisions of the Trust Agreement establishing the
Irrevocable Grantor Trust with respect to required contributions in the event of
a Potential Change in Control (as defined therein).  The Company may establish a
separate trust for the accumulation and investment of all or part of the
contributions under this Plan, in which event the term Irrevocable Grantor Trust
shall also include such separate trust.  The Company shall have the right to
appoint and remove trustees of the Irrevocable Grantor Trust and to amend the
trust agreement governing the Irrevocable Grantor Trust, subject to the terms
thereof.  The establishment and funding of the Irrevocable Grantor Trust shall
not relieve the Company of its obligations under this Plan, but any amount
actually paid by the Irrevocable Grantor Trust to a Participant or beneficiary
shall be credited against the amount owed by the Company to such
<PAGE>

Participant or beneficiary under the Plan. No employee shall have any right,
title, or interest whatever in or to any insurance contracts, investment
reserves, accounts, funds or grantor trusts that the Company may purchase,
establish, or accumulate to aid in providing the benefits under this Plan.
Neither an employee nor a beneficiary of an employee shall acquire any interest
greater than that of an unsecured creditor of the Company. Any assets of the
Company or of any trust or other fund of the Company from which Plan benefits
may be paid shall remain in all respects assets of the Company until payments of
such benefits are actually made. Nothing contained in this Plan, and no action
taken pursuant to its provisions, shall create a trust or fiduciary relationship
of any kind between the Company and an employee or any other person."

     2.   In all other respects, the Plan shall remain in full force and effect.

     IN WITNESS WHEREOF, the Company has caused this Fourth Amendment to be
executed by its duly authorized officers on the date and year first above
written.

                              KEWAUNEE SCIENTIFIC CORPORATION

                              By: /s/ James J. Rossi
                                 ---------------------------------------
                                  Its: Vice President of Human Resources

                                      -2-<PAGE>

                                                                           10.43

                        KEWAUNEE SCIENTIFIC CORPORATION
                               FISCAL YEAR 2001
                             INCENTIVE BONUS PLAN

The Fiscal Year 2001 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 2001.

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, 2000 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 II through V to the Company's FY 2001 Bonus
          Schedules (all Exhibits referred to in 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
               Products 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 II, III and IV, and
               maximum incentive bonus payouts will be accrued and available for
               payout based upon the guidelines shown on those exhibits.

                                       1
<PAGE>

     b.   Non-divisional Corporate Pool
          -----------------------------

          .    A pool will start accumulating once pre-tax earnings reach the
               amounts shown on Exhibit V, 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 amount
               shown as Goal 1 on Exhibit V, no awards will be paid to any non-
               divisional corporate employee, 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 II, III or IV, 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.

                                       2
<PAGE>

          .    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.

          .    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 2000, 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, 2001,
               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.

                                       3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00012-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00012-of-00352.parquet"}]]