|Exhibit 10.47                       
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|Sequa Corporation                   
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|Amendment No. 1 to                  
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|Management Incentive Bonus Program  
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|for                                 
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|Corporate Executive Officers        
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|(Amendment Effective March 25, 2004)

|SEQUA CORPORATION                                                                            
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|MANAGEMENT INCENTIVE BONUS PROGRAM                                                           
|FOR CORPORATE EXECUTIVE OFFICERS                                                             
|AMENDMENT NO. 1                                                                              
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|the Sequa Corporation Management Incentive Bonus Program for Corporate Executive             
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|Officers (the "Plan").                                                                       
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|WITNESSETH:                                                                                  
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|titles of two of the participants in the Plan; and                                           
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|number or pool of eligible participants in the Plan or otherwise substantively change any of 
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|the terms of the Plan.                                                                       
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|amends the Plan as follows:                                                                  
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|Chairman and Executive Officer" in every instance in which it appears in the Plan.           
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|with "Vice Chairman and Executive Officer" in every instance in which it appears in the Plan.
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|executed on this 25th day of March, 2004.                                                    
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