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                                                                   EXHIBIT 10.37

                                CHASE CORPORATION

                EMPLOYEES' SUPPLEMENTAL PENSION AND SAVINGS PLAN

                            EFFECTIVE JANUARY 1, 1994

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                                TABLE OF CONTENTS

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<S>                   <C>                                                                                         <C>
ARTICLE I             NAME, PURPOSE AND EFFECTIVE DATE............................................................1

   1.01               Name and Purpose............................................................................1
   1.02               Effective Date..............................................................................1

ARTICLE II            DEFINITIONS.................................................................................1

   2.01               Board.......................................................................................1
   2.02               Code........................................................................................1
   2.03               Compensation................................................................................1
   2.04               Effective Date..............................................................................1
   2.05               Employee....................................................................................1
   2.06               Employer....................................................................................1
   2.07               Participant.................................................................................2
   2.08               Plan Administrator..........................................................................2
   2.09               Plan........................................................................................2
                      Savings Plan................................................................................2
   2.10               Pension Plan................................................................................2
   2.11               Savings Plan................................................................................2
   2.12               Supplemental Pension Plan Benefit...........................................................2
   2.13               Supplemental Savings Plan Benefit...........................................................2

ARTICLE III           ELIGIBILITY.................................................................................2

   3.01               Participation...............................................................................2

ARTICLE IV            SUPPLEMENTAL PENSION PLAN BENEFITS..........................................................2

   4.01               Amount of Supplemental Pension Plan Benefits................................................2
   4.02               Distributions Of Supplemental Pension Plan Benefit..........................................3
   4.03               Commencement Of Payment Of Supplemental Pension Plan Benefit................................3
   4.04               Death Benefit...............................................................................3

ARTICLE V             SUPPLEMENTAL SAVINGS PLAN BENEFITS..........................................................3

   5.01               Supplemental Savings Plan Contributions.....................................................3
   5.02               Distributions Of Supplemental Savings Plan Benefits.........................................4
   5.03               Commencement Of Payment Of Supplemental Savings Plan Benefits...............................4
   5.04               Death Benefit...............................................................................5

ARTICLE VI            VESTING.....................................................................................5

   6.01               Vesting.....................................................................................5
</Table>

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<S>                   <C>                                                                                         <C>
ARTICLE VII           FUNDING.....................................................................................5

   7.01               Funding.....................................................................................5

ARTICLE VIII          ADMINISTRATION..............................................................................5

   8.01               Duties of the Plan Administrator............................................................5
   8.02               Finality of Decisions.......................................................................6

ARTICLE IX            MISCELLANEOUS...............................................................................6

   9.01               Non-Guarantee Of Employment.................................................................6
   9.02               Rights Under Plan...........................................................................6
   9.03               Amendments/Termination......................................................................6
   9.04               Nonassignability............................................................................6
   9.05               Entire Agreement; Successors................................................................6
   9.06               Successor Company...........................................................................7
   9.07               Governing Law...............................................................................7
</Table>

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                                    ARTICLE I
                        NAME, PURPOSE AND EFFECTIVE DATE

1.01     NAME AND PURPOSE

         The supplemental pension and savings plan set forth herein shall be
         known as the Chase Corporation Employees' Supplemental Pension and
         Savings Plan (the "Plan"). The Plan is established, and shall be
         maintained, solely for the purpose of providing supplemental pension
         and savings plan benefits which are not provided under the Pension Plan
         for Employees of Chase Corporation and the Chase Corporation Deferred
         Salary Savings Plan for certain Participants. The Plan is unfunded and
         maintained primarily for the purpose of providing deferred compensation
         for certain Participants who are highly compensated employees.

1.02     EFFECTIVE DATE

         This Plan shall be effective January 1, 1994. This Plan shall apply to
         Participants who retire or terminate their employment with the Employer
         after the Effective Date.

                                   ARTICLE II
                                   DEFINITIONS

When used herein, the following terms defined hereinafter shall have the
following meanings unless a different meaning is clearly required by the context
of the Plan:

2.01     "BOARD" means the Board of Directors of the Employer.

2.02     "CODE" means the Internal Revenue Code of 1986, as amended from time to
         time. Reference to a specific provision of the Code shall include such
         provision, any valid regulation or ruling promulgated thereunder, and
         any provision of future law that amends, supplements, or supersedes
         such provision.

2.03     "COMPENSATION" means the base compensation (excluding overtime,
         commissions and bonuses) payable to an Employee by the Employer and
         reportable to the federal government for income tax purposes on Form
         W-2, or any form prescribed by the Internal Revenue Service to take its
         place. Compensation shall also include amounts as shall be contributed
         pursuant to the Employee's elections pursuant to Section 401(1) of the
         Code, and amounts treated as employer contributions pursuant to the
         Employee's elections under Section 125 of the Code.

2.04     "EFFECTIVE DATE" means January 1, 1994.

2.05     "EMPLOYEE" means any person employed by the Employer.

2.06     "EMPLOYER" means Chase Corporation and any subsidiary and/or affiliated
         corporation which has adopted this Plan.

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2.07     "PARTICIPANT" means an Employee who has been named a Participant in
         this Plan in the manner set forth in Article III.

2.08     "PLAN ADMINISTRATOR" means Chase Corporation, or its duly authorized
         representative.

2.09     "PLAN" means Chase Corporation Employees' Supplemental Pension and
         Savings Plan.

2.10     "PENSION PLAN" means the Pension Plan for Employees of Chase
         Corporation, as in effect on January 1, 1994 or as amended thereafter
         from time to time.

2.11     "SAVINGS PLAN" means the Chase Corporation Deferred Salary Savings
         Plan, as in effect on January 1, 1994 or as amended thereafter from
         time to time.

2.12     "SUPPLEMENTAL PENSION PLAN BENEFIT" means the benefit payable under
         Article IV of the Plan.

2.13     "SUPPLEMENTAL SAVINGS PLAN BENEFIT" means the benefit payable under
         Article V of the Plan.

                                   ARTICLE III
                                   ELIGIBILITY

3.01     PARTICIPATION

         Any Employee shall become a Participant in the Plan provided:

         (a)      he has satisfied the eligibility requirements for
                  participation under the Pension Plan and/or the Savings Plan;

         (b)      his Compensation exceeds or exceeded $150,000 indexed pursuant
                  to Section 401(a)(17) of the Code ($150,000 for 1994); and

         (c)      the Board. acting upon the recommendation of the Compensation
                  Committee. authorizes his participation in the Plan.

         In order to make contributions or have contributions made on his behalf
         under Article V. an Employee who becomes a Participant must make an
         election to defer compensation in the manner provided under Article V.

                                   ARTICLE IV
                       SUPPLEMENTAL PENSION PLAN BENEFITS

4.01     AMOUNT OF SUPPLEMENTAL PENSION PLAN BENEFITS

         A Participant shall be entitled to a benefit under the provisions of
         this Article if his benefit determined under the provisions of the
         Pension Plan is less than such benefit would have been if (a) the
         definition of compensation under the Pension Plan included

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         compensation in excess of Section 401(a)(17) of the Code and/or (b) the
         limits under Section 415 of the Code did not apply.

         If a Participant's benefit from the Pension Plan is reduced as a result
         of either or both of the conditions described in the preceding
         paragraph, the benefit to which the Participant shall be entitled under
         the Plan shall he determined as follows:

                  (i)      The benefit actually payable to the Participant. on
                           or after his normal retirement age under the terms of
                           the Pension Plan shall be calculated.

                  (ii)     The benefit which would have been payable under the
                           terms of the Pension Plan if the definition of
                           compensation under the Pension Plan included
                           compensation in excess of Section 401(a)(17) of the
                           Code and if the limits under Section 415 of the Code
                           did not apply shall be calculated.

                  (iii)    The result of step (i) shall be subtracted from [he
                           result of step (ii), and the difference, if any,
                           shall be the benefit payable to the Participant.

4.02     DISTRIBUTIONS OF SUPPLEMENTAL PENSION PLAN BENEFIT

         All payments of benefits to Participants and/or their designated
         beneficiaries under this Article IV shall be made in a lump sum unless
         the Participant elects a different form of benefit that is offered
         under the Pension Plan.

4.03     COMMENCEMENT OF PAYMENT OF SUPPLEMENTAL PENSION PLAN BENEFIT

         Benefits shall commence under this Article to a Participant as of the
         same date that benefits commence to the Participant under the Pension
         Plan; provided, however, that, in the case of a Participant required to
         commence benefit payments under the Pension Plan pursuant to Section
         401(a)(9) of the Code, benefits shall not commence under this Article
         until the Participant actually retires.

         Any reductions for the commencement of benefits prior to the
         Participant's normal retirement age under the Pension Plan shall also
         apply to the payment of benefits under this Article.

4.04     DEATH BENEFIT

         If benefits under this Article are paid in a form other than a lump
         sum, any death benefit provisions which would be applicable under the
         Pension Plan under such circumstances shall also apply to benefits
         provided by this Article.

                                    ARTICLE V
                       SUPPLEMENTAL SAVINGS PLAN BENEFITS

5.01     SUPPLEMENTAL SAVINGS PLAN CONTRIBUTIONS

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         (a)      If a Participant's contributions under the Savings Plan are
                  limited as a result of the limits under Section 401(a)(17) of
                  the Code, such Participant may participate hereunder by
                  electing, prior to the calendar year in which the election
                  shall become effective, to defer a portion of his Compensation
                  equal to the excess of (i) over (ii), where:

                  (i)      is the amount which the Participant would have
                           contributed under the Savings Plan if the definition
                           of compensation under the Savings Plan included
                           Compensation in excess of Section 401 (a)(17) of the
                           Code;

                  (ii)     is the amount actually contributed by the Participant
                           under the Savings Plan.

         The amount of Compensation deferred by the Participant pursuant to this
         paragraph (a) shall be credited to an account established for the
         Participant under this Plan (his "Supplemental Employee Contribution
         Account ").

         (b)      If a Participant's contributions under the Savings Plan are
                  limited by the restrictions of Section 401(a)(17) of the Code,
                  and the Participant thereby makes Supplemental Employee
                  Contributions pursuant to paragraph (a) above, the Employer
                  shall credit to an account established for the Participant
                  under this Plan (his "Supplemental Company Contribution
                  Account"), an amount equal to the Employer matching:
                  contribution which would have been made pursuant to the
                  Savings Plan if the Participant's Supplemental Employee
                  Contributions had been made pursuant to the Savings Plan.

         The Participant's Supplemental Employee Contribution Account and/or
         Supplemental Company Contribution Account shall be adjusted at the end
         of each calendar quarter to reflect a rate of return determined as if
         such accounts were invested at a rate which is one percent (1%) higher
         than the prime interest rate as reported by the Wall Street Journal at
         the beginning of the quarter.

5.02     DISTRIBUTIONS OF SUPPLEMENTAL SAVINGS PLAN BENEFITS

         All payments of benefits to Participants and/or their designated
         beneficiaries under this Article Y shall be made in a lump sum.

5.03     COMMENCEMENT OF PAYMENT OF SUPPLEMENTAL SAVINGS PLAN BENEFITS

         Benefits shall commence under this Article to a Participant as of the
         same date that benefits commence to a Participant under the Savings
         Plan; provided, however, that, in the case of a Participant required to
         commence benefit payments under the Savings Plan pursuant to Section
         401(a)(9) of the Code, benefits shall not commence under this Article
         until the Participant actually retires.

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5.04     DEATH BENEFIT

         Upon a Participant's death, any amounts set aside in his Supplemental
         Employee Contribution Account and/or Supplemental Employee Contribution
         Account shall be distributed to his beneficiary or beneficiaries
         designated under the Savings Plan.

                                   ARTICLE VI
                                     VESTING

6.01     VESTING

         A Participant shall be vested in his Supplemental Pension Plan benefit,
         if any. in accordance with the vesting provisions of the Pension Plan.
         A Participant shall be fully vested at all times in his Supplemental
         Savings Plan benefits.

                                   ARTICLE VII
                                     FUNDING

7.01     FUNDING

         There is no fund associated with this Plan. The Employer shall be
         required to make payments only as benefits become due and payable. No
         person shall have any right, other than the right of an unsecured
         genera! creditor, against the Employer with respect to the benefits
         payable hereunder, or which may be payable hereunder, to any
         Participant, surviving spouse or beneficiary hereunder. If the
         Employer, acting in its sole discretion, establishes a reserve or other
         fund associated with this Plan, no person shall have any right to or
         interest in any specific amount or asset of such reserve or fund by
         reason of amounts which may be payable to such person under this Plan,
         nor shall such person have any right to receive any payment under this
         Plan except as and to the extent expressly provided in this Plan. The
         assets in any such reserve or fund shall be subject to the control of
         the Employer, and need not be used to pay benefits hereunder.

                                  ARTICLE VIII
                                 ADMINISTRATION

8.01     DUTIES OF THE PLAN ADMINISTRATOR

         The Plan shall be administered by the Plan Administrator in accordance
         with its terms and purposes. The Plan Administrator shall determine the
         amount and manner of payment of the benefits due to or on behalf of
         each Participant from the Plan and shall cause them to be paid by the
         Employer accordingly.

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8.02     FINALITY OF DECISIONS

         The Plan Administrator is expressly granted, without intending any
         limitation, the discretion to construe the terms of the Plan and to
         determine eligibility for benefits hereunder. The decisions made by and
         the actions taken by the Plan Administrator in the administration of
         the Plan shall be final and conclusive on all persons, and neither the
         Plan Administrator nor the Employer shall be subject to individual
         liability with respect to the Plan.

                                   ARTICLE IX
                                  MISCELLANEOUS

9.01     NON-GUARANTEE OF EMPLOYMENT

         Nothing contained in this Plan shall be construed as a contract of
         employment between the Employer and any Participant, or as a right of
         any such Participant to be continued in the employment of the Employer,
         or as a limitation on the right of the Employer to deal with any
         Participant, as to their hiring, discharge, layoff, compensation, and
         all other conditions of employment in all respects as though this Plan
         did not exist.

9.02     RIGHTS UNDER PLAN

         Nothing in this Plan shall be construed to limit, broaden, restrict, or
         grant any right to a Participant, surviving spouse or any beneficiary
         thereof under the Pension Plan or Savings Plan ("Qualified Plans"), nor
         to grant any additional rights to any such person under the Qualified
         Plans, nor in any way to limit, modify, repeal or otherwise affect the
         Employer's right to amend or modify the Qualified Plans.

9.03     AMENDMENTS/TERMINATION

         The Employer reserves the right to make from time to time amendments to
         or terminate this Plan by vote duly adopted by the Board of Directors,
         provided that no such amendment or termination shall reduce any
         benefits earned under the terms of this Plan prior to the dale of
         termination or amendment.

9.04     NONASSIGNABILITY

         The benefits payable under this Plan shall not be subject to
         alienation, assignment, garnishment, execution or levy of any kind and
         any attempt to cause any benefits to he so subjected shall not be
         recognized, except to the extent required by applicable law.

9.05     ENTIRE AGREEMENT; SUCCESSORS

         This Plan, including any subsequently adopted amendments, shall
         constitute the entire agreement or contract between the Employer and
         any Participant regarding the Plan.

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         There are no covenants, promises, agreements, conditions or
         understandings, either oral or written, between the Employer and any
         Participant relating to the subject matter hereof, other than those set
         forth in this Plan. This Plan and any amendment shall be binding on the
         parties hereto and their respective heirs, administrators, trustees,
         successors and assigns, and on all designated beneficiaries of the
         Participant.

9.06     SUCCESSOR COMPANY

         In the event of the dissolution, merger, consolidation or
         reorganization of the Employer, provision may be made by which a
         successor to all or a major portion of the Employer's property or
         business shall continue this Plan, and the successor shall have all of
         the powers, duties and responsibilities of the Employer under this
         Plan.

9.07     GOVERNING LAW

         This Plan shall be construed and enforced in accordance with, and
         governed by, the Laws of The Commonwealth of Massachusetts.

         IN WITNESS WHEREOF, Chase Corporation has caused this instrument to be
executed in its name and on its behalf this 1ST day of January, 1994.

                                      CHASE CORPORATION


                                       /s/ Everett Chadwick
                                      --------------------
                                       Treasurer & CFO


Attest:


--------------------------------


         (Seal)

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