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                                                                   EXHIBIT 10.47

                                CHASE CORPORATION
                           Non-Qualified Stock Option

       CHASE CORPORATION (the "Company"), a Massachusetts corporation, as an
incentive and inducement to __________ (the "Optionee"), who is presently a
director of the Company, to devote Optionee's best efforts to the affairs of the
Company, which incentive and inducement the Company has determined to be
sufficient consideration for the grant of this Option, hereby grants to the
Optionee the right and option (the "Option") to purchase from the Company up to
15,000 shares of its Common Stock, $.10 par value (the "Stock"). This Option is
granted under, and is subject to the provisions of, the Company's 2001
Non-Employee Director Stock Option Plan (the "Plan") and shall be exercisable
only on the following terms and conditions:

       1.     The price to be paid for each share of Stock upon exercise of the
whole or any part of this Option shall be $10.50 which is not less than 100% of
the fair market value of a share of Stock of the Company on the date hereof.

       2.     This Option may be exercised,

at any time after October 9, 2001, as to 5000 shares,
at any time after October 9, 2002, as to 5000 additional shares,
at any time after October 9, 2003, as to 5000 additional shares;

provided, however, that this Option may not be exercised as to any shares after
the expiration of ten years from the date hereof.

       3.     This Option may be exercised at any time and from time to time,
subject to the limitation of section 2 above, up to the aggregate number of
shares specified herein, but in no event for the purchase of other than full
shares. Written notice of exercise shall be delivered to the Company specifying
the number of shares with respect to which the Option is being exercised and a
date not later than fifteen days after the date of the delivery of such notice
as the date on which the Optionee will take up and pay for such shares. On the
date specified in such notice, the Company will deliver to the Optionee a
certificate for the number of shares with respect to which the Option is being
exercised against payment therefor in cash, by certified check or in such other
form, including shares of Stock of the Company valued at their fair market value
on the date of delivery, as the Compensation Committee may at the time of
exercise approve.

    4. The Optionee shall not be deemed, for any purpose, to have any rights
whatever in respect of shares to which the Option shall not have been
exercised and payment made as aforesaid.

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       5.     In the event the Compensation Committee in its discretion
determines that any stock dividend, split-up, combination or reclassification of
shares, recapitalization or other similar capital change affects the Stock such
that adjustment is required in order to preserve the benefits or potential
benefits of this Option, the maximum aggregate number and kind of shares or
securities of the Company subject to this Option, and the exercise price of this
Option, shall be appropriately adjusted by the Compensation Committee (whose
determination shall be conclusive) so that the proportionate number of shares or
other securities subject to this Option and the proportionate interest of the
Optionee shall be maintained as before the occurrence of such event.

       6.     In the event of a consolidation or merger of the Company with
another corporation, or the sale or exchange of all or substantially all of the
assets of the Company, or a reorganization or liquidation of the Company, the
Optionee shall be entitled to receive upon exercise and payment in accordance
with the terms of the Option the same shares, securities or property as he would
have been entitled to receive upon the occurrence of such event if he had been,
immediately prior to such event, the holder of the number of shares of Stock
purchasable under her Option; provided, however, that in lieu of the foregoing
the Board of Directors of the Company (the "Board") may upon written notice to
the Optionee provide that such Option shall terminate on a date not less than 20
days after the date of such notice unless theretofore exercised. In connection
with such notice, the Board may in its discretion accelerate or waive any
deferred exercise period.

       7. This Option is not transferable by the Optionee otherwise than by will
or the laws of descent and distribution or pursuant to a qualified domestic
relations order, and is exercisable, during the Optionee's lifetime, only by
her.

       8.     If the Optionee's status as a director of (i) the Company, or (ii)
a corporation (or a parent or subsidiary corporation of such corporation)
issuing or assuming a stock option is terminated for any reason other than by
reason of death no further shares shall vest under section 2 hereof from and
after the date of such termination. Upon the death of the Optionee, those
entitled to do so by the Optionee's will or the laws of descent and distribution
shall have the right, at any time within twelve months after the date of death,
to exercise in whole or in part any rights which were available to the Optionee
at the time of death. This Option shall terminate, and no rights hereunder may
be exercised, after the expiration of the applicable exercise period.
Notwithstanding the foregoing provisions of this Section 8, no rights under this
Option may be exercised after the expiration of the ten years from the date of
grant of this Option.

       9.     It shall be a condition to the Optionee's right to purchase shares
hereunder that the Company may, in its discretion, require that in the opinion
of counsel for the Company the proposed purchase shall be exempt from
registration under the Securities Act of 1933, as amended, and the Optionee
shall have made such undertakings and agreements with the Company as the Company
may reasonably require, and that such other steps, if any, as counsel for the
Company shall deem necessary to comply with any law, rule or regulation
applicable to the issue of such shares by the Company shall have been taken by
the Company or the Optionee, or both. The certificates representing the shares
purchased under this Option may contain such

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legends as counsel for the Company shall deem necessary to comply with the
applicable law, rule or regulation.

       10.    The exercise of this Option is conditioned upon the payment, if
the Company so requests, by the Optionee or Optionee's heirs by will or by the
laws of descent and distribution or other permitted transferee, of all state and
federal taxes imposed upon the exercise of this Option and the issue to the
Optionee of the shares covered hereby.

       11.    This Option is issued pursuant to the terms of the Plan. This
Option does not set forth all of the terms and conditions of the Plan, which are
incorporated herein by reference. Copies of the Plan may be obtained upon
written request without charge from the Company.

              IN WITNESS WHEREOF the Company has caused this Option to be
executed on its behalf and its corporate seal to be hereunto affixed as of
October 9, 2001.

                                CHASE CORPORATION

                                By: /s/ Peter R. Chase
                                    ----------------------
                                Title: President

                                        3Date:                      November 22, 2004

To:                        Chase Corporation--Corporate Files

From:                      Kenneth L. Dumas
                           Corporate Controller
                           Chase Corporation

Re:                        Executive Management Incentive Compensation Plan

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The attached memo, dated February 26, 1993, represents the basis for the
current Executive Management Incentive Compensation plan. This Management
Incentive Plan was approved by the Company's Board of Directors in 1993 and
continues to be the basis for calculating the annual incentive compensation
for Chase Corporation's Executive Management, including the Company's
President and Chief Executive Officer.

This exhibit serves as the summary calculation for determining annual
incentive compensation for Executive Management. Annual incentive
compensation awarded to other members of Chase Corporation management is
determined annually based on the discretion of the Company's President and
Chief Executive Officer and the Compensation Committee of the Board of
Directors.
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                                                             February 26, 1993

TO:        Peter R. Chase--Chase Corporation

FROM:      Wilfred W. Carter

SUBJECT:   MANAGEMENT INCENTIVE PLAN

The Compensation Committee with input from management, reviewed the Management
Incentive Plan and presented its recommendation for a revised plan to the
Board of Directors at their meeting on January 19, 1993. The board approved
the following for you for the fiscal year ending August 31, 1993:

   1.   Compute a rolling three year average ('89, '91, & 92--did not use '90
        to eliminate an abnormally high year) of the actual incentive operating
        profit applicable to this plan (excludes management incentive expense
        and post retirement charges).

   2.   Divide the three year average incentive operating profit of
        $2,033,000 into 25% segments of $508,000 each, for the fiscal year
        ending August 31, 1993. The segment amounts will change each year as
        the oldest year is dropped and the most recent year is added to
        compute the new rolling three year average.

   3.   The bonus will be determined entirely from consolidated corporate
        incentive profits. The bonus will be determined as a percentage of
        base pay as follows:

<Table>
<Caption>
                                               INCREMENTAL            CUMULATIVE
                                              BONUS AS A %            BONUS AS A %
IF INCENTIVE PROFITS WERE:                     OF BASE PAY            OF BASE PAY
                                               -----------            -----------
<S>                                             <C>                   <C>
  0-- 25% of 3 yr ave.                                0                       0
 26-- 50% of 3 yr ave.                                5                       5
 51-- 75% of 3 yr ave.                               10                      15
 76--100% of 3 yr ave.                               15                      30
100--175% of 3 yr ave.                               70                     100
</Table>

        Example Calculation: Chase Corporation--budgeted 1993 incentive
        operating profit $1,706,000 after adding back $115,000 for incentive
        expense and $266,000 for post retirement charges.
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<Table>
<Caption>
                                                                           % OF
                                                                         BASE PAY
                                                                         --------
<S>                                             <C>                         <C>
Incentive Profit                                $1,706,000
                                                 1,525,000                  15.0
                                                ----------
                                                  182,0000
182 =
---
508    35.8x 15.0%                                                           5.4
                                                                             ---
                                                                            20.4
Salary                                                                  $176,400
                                                                        --------
Bonus                                                                    $35,986
</Table>

   4.   Extraordinary and unusual material non extraordinary items may be
        excluded from the operating profit in calculating the amount of the
        incentive. Evaluation will be made on an individual basis and
        determination as to inclusion in or exclusion from operating profit
        will be based on the facts and circumstances of each item.

   5.   The maximum bonus earnings is 100% of base salary, however, if bonus
        earnings reach the maximum in any plan year, consideration will be
        given to granting a supplementary award based on the merits of the
        participants contribution to the year's result.

   6.   The bonus reduction for an individual for any year will be exceed 2%
        of the previous years' bonus for each 1% reduction in the previous
        years' incentive operating profit.

   7.   The plan provides for consideration of a discretionary bonus when the
        bonus computed under the formula is minimal, there were extenuating
        circumstances which prevented the participant from earning a larger
        bonus, and the employee exhibited diligent and conscientious effort.

   While it is the intention of Chase Corporation to continue a management
incentive plan, the Company does reserve the right to discontinue, amend, or
modify the plan at any time.

  If you should have any questions regarding the plan, please contact me.

                                  Sincerely,

                                  Wilfred W. Carter
                                  Chairman & CEO

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