Keep Our Educators Working Act of 2010

Keep Our Educators Working Act of 2010 - Appropriates funds for an Education Jobs Fund.

Allocates the bulk of such Fund for grants to states pursuant to a formula that considers each state's share of individuals age 5 through 24 and each state's share of the nation's total population.

Authorizes states to reserve a portion of the grant funds for administrative costs and for retaining or creating state education positions.

Requires states to use the bulk of the grant to award subgrants to local educational agencies (LEAs) and public institutions of higher education to restore the reductions in state funding for elementary and secondary education and for public institutions of higher education that remain for FY2010 and FY2011, after including the funds they received for such reductions under the American Recovery and Reinvestment Act of 2009.

Requires states that receive a grant that is more than what is required to cover such activities to allocate the excess to their LEAs based on the LEAs' relative share of school improvement funds under title I of the Elementary and Secondary Education Act of 1965.

Limits the use of subgrant funds to retaining or hiring new employees, or on-the-job training activities for education careers.

Designates this Act's appropriation as an emergency requirement.