Document:

Fiscal Year 2007 Incentive Bonus Plan

 EXHIBIT 10.46 
 KEWAUNEE SCIENTIFIC CORPORATION 
 FISCAL YEAR 2007 
 INCENTIVE BONUS PLAN 
 The Fiscal Year 2007 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 2007. 
 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, 2006 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 in the charts on Charts III-VII. 

  

	2.	Building of a Bonus Pool 

  

	 	a.	Operational Units  

  

	 	•	 	The operational units (the Laboratory Products Group, the Technical Furniture Group, Statesville Operations, 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 Goal 1 on Chart I, and maximum incentive bonus payouts will be accrued and available for payout based upon the guidelines shown on that schedule.

  

	 	b.	Corporate Pool 

  

	 	•	 	A pool will start accumulating once pre-tax earnings reach the amounts shown as Goal 1 on Chart I, and maximum bonus payouts will be accrued and available for payout based upon the guidelines
shown on that schedule. 

  

	3.	Bonus Payout Conditions 

  

	 	a.	If the Company achieves pre-tax earnings less than the amounts shown as Goal 1 on page 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. 

  

	 	b.	If an operational unit achieves pre-tax earnings less than the amounts shown for it as Goal 1 on Chart I, no awards will be paid to its employees except at the discretion of the Board of
Directors, upon recommendation by the Compensation Committee. 

	 	c.	All participants will earn their awards dependent on their operational unit’s performance and their individual MBO performance. 

  

	 	d.	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. 

  

	 	e.	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. 

  

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

  

	 	g.	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. 

  

	 	h.	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. 

  

	 	i.	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.	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

  

	 	b.	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 May 2006, 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, 2007, 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.Amendment No. 5 dated July 10,2006

 Exhibit 10.1 
 [Execution] 
 AMENDMENT NO. 5 TO 
 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 AMENDMENT NO. 5 TO AMENDED AND RESTATED LOAN AND
SECURITY AGREEMENT (“Amendment No. 5”), dated as of July 10, 2006, by and among J. Crew Operating Corp., a Delaware corporation (“Operating”), J. Crew Inc., a New Jersey corporation (“J. Crew”), Grace
Holmes, Inc., a Delaware corporation doing business as J. Crew Retail (“Retail”), H.F.D. No. 55, Inc., a Delaware corporation doing business as J. Crew Factory (“Factory”, and together with J. Crew, Retail and Operating,
each individually a “Borrower” and collectively, “Borrowers”), J. Crew Group, Inc., a Delaware corporation (“Parent”), Madewell Inc., a Delaware corporation (“Madewell”) and J. Crew International, Inc., a
Delaware corporation (“JCI”, and together with Parent and Madewell, each individually a “Guarantor” and collectively, “Guarantors”), the parties from time to time to the Loan Agreement (as hereinafter defined) as
lenders (each individually, a “Lender” and collectively, “Lenders”) and Wachovia Bank, National Association, successor by merger to Congress Financial Corporation, a national banking association, in its capacity as administrative
agent and collateral agent for Lenders pursuant to the Loan Agreement (in such capacity, “Agent”). 
 W I T
N E S S E T H : 
 WHEREAS, Agent, Lenders, Borrowers and Guarantors have entered into
financing arrangements pursuant to which Agent and Lenders have made and may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Amended and Restated Loan and Security Agreement, dated
December 23, 2004, by and among Agent, Lenders, Borrowers and Guarantors, as amended by Amendment No. 1 to Amended and Restated Loan and Security Agreement dated as of October 10, 2005, Amendment No. 2 to Amended and Restated
Loan and Security Agreement dated as of May 15, 2006, Amendment No. 3 to Amended and Restated Loan and Security Agreement dated as of May 15, 2006 and Amendment No. 4 to Amended and Restated Loan and Security Agreement dated as
of June 26, 2006 (as the same is amended and supplemented hereby and may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced, the “Loan Agreement”) and the agreements, documents and
instruments at any time executed and/or delivered in connection therewith or related thereto (collectively, together with the Loan Agreement, the “Financing Agreements”); 
 WHEREAS, Borrowers and Guarantors have requested that Agent and Lenders agree to certain amendments to the Financing Agreements; and 
 WHEREAS, Agent and Lenders are willing to agree to such amendments to the extent, and subject to, the terms and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual conditions and agreements and covenants set forth herein, and for other good and valuable
consideration, the receipt and 

 sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Definitions. 
 1.1
Additional Definitions. As used herein, the following term shall have the meaning given to it below and the Loan Agreement shall be deemed and is hereby amended to include, in addition and not in limitation of, the following definition:

 “Amendment No. 5” shall mean Amendment No. 5 to Amended and Restated Loan and Security Agreement,
dated as of July 10, 2006, by and among Agent, Lenders, Borrowers and Guarantors, as the same now exists and may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced. 
 1.2 Interpretation. For purposes of this Amendment No. 5, all terms used herein, including those terms used or defined in the recitals
hereto, shall have the respective meanings assigned thereto in the Loan Agreement. 
 Section 2. Amendment to Loan Agreement.

 2.1 Transactions with Affiliates. Section 9.12 of the Loan Agreement is hereby deleted in its entirety and the following
substituted therefor: 
 “9.12 Transactions with Affiliates. 
 Each Borrower and Guarantor shall not, and shall not permit any Subsidiary, directly or indirectly, to sell, lease or otherwise transfer
any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except: (a) transactions in the ordinary course of business that
do not involve Parent and are at prices and on terms no less favorable to such Borrower or Guarantor than could be obtained on an arm’s-length basis from unrelated third parties or are otherwise permitted under Section 9.9.(i) hereof,
(b) transactions between and among Operating and the other Borrowers and Guarantors not involving any other Affiliate, (c) any Restricted Payment permitted under Section 9.11 hereof, (d) reasonable and customary fees paid to
members of the board of directors (or similar governing body) of any Borrower or Guarantor, (e) compensation, benefits and incentive arrangements for directors, officers and other employees of any Borrower or Guarantor as determined in good
faith by the governing body of Parent or Operating, (f) loans or advances to employees permitted under Section 9.10 hereof, (g) reimbursements relating to the use of private aircraft by any employee or director for business purposes;
provided, that, such reimbursements are incurred in the ordinary course of any Borrower’s or Guarantor’s business at prices and on terms no less favorable to such Borrower or Guarantor than could be obtained on an
arm’s-length basis from unrelated third parties, (h) any management, financial advisory, financing, underwriting or placement services or any other investment banking services involving Parent or any of its 
  

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 Subsidiaries (including, without limitation, any payments in cash, cash equivalents, Capital Stock or
other considerations made by Parent or any of its Subsidiaries in connection therewith and otherwise in accordance herewith) on the one hand and any or all of TPG Partners and/or their Affiliates on the other hand, which services (and payments and
other transactions in connection therewith) are approved by a majority of the disinterested members of the governing body of Parent or Operating in good faith, (i) transactions not otherwise permitted under clause (a) above, pursuant to
documents listed on Part A of Schedule 9.12 hereto as in effect on the date of Amendment No. 5 or as the same may thereafter be amended, modified, supplemented, extended, renewed, restated or replaced; provided, that, such
transactions are conducted in the ordinary course of any Borrower’s or Guarantor’s business at prices and on terms no less favorable to such Borrower or Guarantor than could be obtained on an arm’s-length basis from unrelated third
parties and (j) transactions pursuant to documents listed on Part B of Schedule 9.12 hereto, as in effect on the date of Amendment No. 5 or as the same may thereafter be amended, modified, supplemented, extended, renewed, restated or
replaced but only to the extent that such amendments, modifications, supplements, extensions, renewals, restatements or replacements are approved by a majority of the disinterested members of the governing body of Parent or Operating in good
faith.” 
 2.2 Schedule. The Loan Agreement is hereby amended by adding a new Schedule 9.12, in the form of Exhibit A hereto.

 2.3 Additional Representations, Warranties and Covenants. In addition to the continuing representations, warranties and covenants
heretofore or hereafter made by Borrowers and Guarantors to Agent and Lenders pursuant to the other Financing Agreements, each of Borrowers and Guarantors, jointly and severally, hereby represents, warrants and covenants with and to Agent and
Lenders (which representations, warranties and covenants are continuing and shall survive the execution and delivery hereof and shall be incorporated into and made a part of the Financing Agreements) that as of the date hereof, this Amendment
No. 5 has been duly executed and delivered by all necessary action on the part of Borrowers and Guarantors and, if necessary, their respective stockholders, and is in full force and effect as of the date hereof and the agreements and
obligations of Borrowers and Guarantors contained herein constitute legal, valid and binding obligations of Borrowers and Guarantors enforceable against Borrowers and Guarantors in accordance with their respective terms. 
 Section 3. Conditions. 
 The
effectiveness of each of the amendments set forth in this Amendment No. 5 shall be subject to the satisfaction of each of the following conditions: 
 (a) Agent shall have received an original of this Amendment No. 5, duly authorized, executed and delivered by Borrowers and Guarantors; 
 (b) Agent shall have received all consents of Lenders required for the amendments provided for herein; 
  

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 (c) Agent shall have received evidence, in form and substance satisfactory to Agent, that Borrowers and
Guarantors have obtained all necessary consents and approvals to the execution, delivery and performance of this Amendment No. 5, which are and shall remain in full force and effect; and 
 (d) after giving effect to each of the consents and amendments set forth herein, no Default or Event of Default shall exist or have occurred. 

Section 4. Miscellaneous. 
 4.1 Effect of this Amendment. Except as modified pursuant hereto, no other changes or modifications to the Financing Agreements are intended or implied, and in all other respects, the Financing Agreements are hereby specifically
ratified, restated and confirmed by all parties hereto as of effective date hereof. The Loan Agreement and this Amendment No. 5 shall be read and construed as one agreement. To the extent of conflict between the terms of this Amendment and the
other Financing Agreements, the terms of this Amendment No. 5 shall control. 
 4.2 Further Assurances. The parties hereto shall
execute and deliver such additional documents and take such additional actions as may be necessary, in the reasonable discretion of Agent, to effectuate the provisions and purposes of this Amendment No. 5. 
 4.3 Governing Law. The rights and obligations hereunder of each of the parties hereto shall be governed by and interpreted and determined in
accordance with the laws of the State of New York without regard to principles of conflicts of law or other rule of law that would result in the application of the law of any jurisdiction other than the laws of the State of New York. 
 4.4 Binding Effect. This Amendment No. 5 shall be binding upon and inure to the benefit of each of the parties hereto and their respective
successors and assigns. 
 4.5 Counterparts. This Amendment No. 5 may be executed in any number of counterparts, but all of such
counterparts shall together constitute but one and the same agreement. In making proof of this Amendment No. 5, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties thereto.
Delivery of an executed counterpart of this Amendment No. 5 by telefacsimile or other electronic means shall have the same force and effect as delivery of an original executed counterpart of this Amendment No. 5. Any party delivering an
executed counterpart of this Amendment No. 5 by telefacsimile or other electronic means also shall deliver an original executed counterpart of this Amendment No. 5, but the failure to deliver an original executed counterpart shall not
affect the validity, enforceability, and binding effect of this Amendment No. 5 as to such party or any other party. 
 [REMAINDER OF
PAGE INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 5 to be duly executed and
delivered by their authorized officers as of the date and year first above written. 
  

			
	J. CREW OPERATING CORP.
	J. CREW INC.
	GRACE HOLMES, INC. d/b/a J. CREW RETAIL
	H.F.D. NO. 55, INC. d/b/a J. CREW FACTORY
	J. CREW GROUP, INC.
	MADEWELL INC.
		
	By:	 	 /s/ James S. Scully

	Name:	 	James S. Scully
	Title:	 	Executive Vice President and Chief
		 	Financial Officer
	
	J. CREW INTERNATIONAL, INC.
		
	By:	 	 /s/ Nicholas P. Lamberti

	Name:	 	Nicholas P. Lamberti
	Title:	 	Vice President and Controller

 [Signature Page to Amendment No. 5 to Amended and Restated Loan and Security Agreement]

 [SIGNATURES CONTINUED FROM PRIOR PAGE] 
  

			
	 WACHOVIA BANK, NATIONAL
 ASSOCIATION,
successor by merger to Congress
 Financial Corporation, as Agent and as Lender

		
	By:	 	 /s/ Jason Searle

		
	Title:	 	Vice President

 [Signature Page to Amendment No. 5 to Amended and Restated Loan and Security Agreement]

			
	BANK OF AMERICA N.A.
		
	 By:
	 	 /s/ Kathleen Dimock

		
	 Title:
	 	Managing Director

 [Signature Page to Amendment No. 5 to Amended and Restated Loan and Security Agreement]

			
	THE CIT GROUP/BUSINESS CREDIT, INC.
		
	 By:
	 	 /s/ Steve Schuitt

		
	 Title:
	 	Vice President

 [Signature Page to Amendment No. 5 to Amended and Restated Loan and Security Agreement]

			
	 LASALLE RETAIL FINANCE, a division of
 Lasalle Business Credit, as agent for Standard
 Federal Bank National Association

		
	By:	 	 /s/ Roger Malouf

		
	Title:	 	AVP

 [Signature Page to Amendment No. 5 to Amended and Restated Loan and Security Agreement]

 EXHIBIT A TO 
 AMENDMENT NO. 5 TO 
 AMENDED AND RESTATED LOAN AND SECURITY AGREEMENT 
 Schedule 9.12 
 Transaction with
Affiliates 
 Part A 
 1. Trademark license agreement, dated as of October 20, 2005, by and among J. Crew Group, Inc., Millard Drexler and Millard S. Drexler, Inc. 
 2. Lease Agreement, dated as of October 14, 2003, by and between J. Crew Group, Inc. and University Village Limited Partnership. 
 Part B 
 1. Stockholders’ Agreement, dated as of October 17, 1997, by and among J. Crew
Group, Inc., TPG Partners II, L.P. and Emily Woods, as amended by the Amendment to Stockholders’ Agreement, dated as of June 11, 1998, between TPG Partners II, L.P. and Emily Woods, and by the Amendment to Stockholders’ Agreement,
dated as of February 3, 2003, among J. Crew Group, Inc., TPG Partners II, L.P. and Emily Woods. 
 2. Stockholders’ Agreement,
dated as of October 17, 1997, between J. Crew Group, Inc. and the Stockholder signatories thereto. 
 3. Stockholders’ Agreement,
dated as of January 24, 2003, among J. Crew, TPG Partners II, L.P. and Millard S. Drexler. 
 4. Stockholders’ Agreement, dated as
of January 24, 2003, among J. Crew, TPG Partners II, L.P. and Jeffrey Pfeifle. 
 5. Stockholders’ Agreements entered into in
connection with the J. Crew Group, Inc. 2003 Equity Incentive Plan or the J. Crew Group, Inc. 1997 Stock Option Plan.

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