Document:

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                                                                   EXHIBIT 10.40

THIS SPECIMEN NON-QUALIFIED DEFERRED COMPENSATION PLAN DOCUMENT IS PROVIDED BY
DIVERSIFIED SOLELY FOR THE GUIDANCE OF THE EMPLOYER AND ITS COUNSEL. DIVERSIFIED
IS PROHIBITED FROM GIVING LEGAL ADVICE AND THEREFORE CAN GIVE NO ASSURANCES THAT
ANY EMPLOYER'S NON-QUALIFIED DEFERRED COMPENSATION ARRANGEMENTS WILL MEET ALL
APPLICABLE INTERNAL REVENUE SERVICE (IRS) AND DEPARTMENT OF LABOR (DOL)
REQUIREMENTS. PARTICULAR ATTENTION SHOULD BE PAID TO THE COMPOSITION OF THE
GROUP OF EMPLOYEES ELIGIBLE TO PARTICIPATE IN THE NON-QUALIFIED DEFERRED
COMPENSATION ARRANGEMENT.

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                                TABLE OF CONTENTS

Article 1.    Introduction
Article 2.    Definitions
Article 3.    Plan Specifications
Article 4.    Loans and Hardship Withdrawals
Article 5.    Plan Investment
Article 6.    Beneficiary
Article 7.    Vesting and Forfeitures
Article 8.    Benefits
Article 9.    Administration
Article 10.   Miscellaneous

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                            ARTICLE 1. - INTRODUCTION

Whereas, the Employer wishes to establish a supplementary retirement plan to
provide deferred compensation for a select group of management as chosen by the
Employer effective January 1, 1997, and

Whereas, the Employer, who has determined pursuant to the laws of the Employer's
state, may establish such a Plan;

Whereas, the Employer wishes to provide that the Plan to be established under
this Agreement shall be called The Chase Corporation Non-Qualified Retirement
Savings Plan for the Board of Directors, and

Whereas, the Employer wishes to provide under the Plan for the payment of vested
accrued benefits to the Participants and their beneficiary or beneficiaries, and

Whereas, the Employer wishes to provide under the Plan that the Employer shall
pay the entire cost of vested accrued benefits from its general assets and set
aside contributions by the Employer to meet its obligations under the Plan, and

Whereas, the Employer intends that the assets of the Plan shall at all times be
subject to the claims of the general creditors of the Employer,

Now therefore, the Employer does hereby establish the Plan as follows, and does
also hereby agree that the Plan shall be structured, held and disposed of as
follows:

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                            ARTICLE 2. - DEFINITIONS

"Age" means age at nearest birthday.

"Beneficiary" means the beneficiary or beneficiaries designated by the
Participant in the Beneficiary Designation Form who are to receive any
distributions payable upon the death of the Participant.

"Board" means the Employer's Board of Directors.

"Beneficiary Designation Form" means the form signed by the Participant which
specifies the Participant's Beneficiary.

"Compensation" means the amount payable for all Board of Director fees for
services rendered to the Employer, that is reportable to the Federal Government
for the purpose of withholding Federal income taxes, or which would be
reportable if it were not deferred by the Eligible Employee under this Plan.

"Deferred Compensation" means the amount of Compensation that the Participant
elects to defer under the Enrollment Agreement and that the Participant and the
Employer mutually agree shall be deferred in accordance with the Plan and/or the
amount of any contributions made by the Employer on behalf of the Participant.

"Disability" means a Participant's total and permanent disability as a result of
disease or bodily injury so as to render the Participant incapable of engaging
in any substantial gainful activity by reason of any medically determinable
physical or mental impairment or impairments that can be expected to result in
death or that have lasted or can be expected to last for a continuous period of
not less than twelve (12) months, provided that the Participant is eligible for
and receives disability benefits under the Social Security Act.

"Effective Date" means January 1, 1997. "Eligible

Member" means a member of the Board.

"Employer" means The Chase Corporation and any succeeding or continuing
corporation.

"Enrollment Agreement" means the agreement entered into by a Participant which
specifies the amount of Deferred Compensation, the Participant's Beneficiary and
the Participant' election of form of payment on Termination of Employment.

"Entry Date" means the first day of the month each year.

"Hardship Withdrawal" A withdrawal is on account of hardship if it is due to an
unforeseen emergency which creates a hardship and which occurs prior to the
Participant's commencement of benefits. An unforeseen emergency is defined as
(1) a severe financial

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hardship to the Participant, or (2) loss of the Participant's or beneficiary's
property due to casualty, or (3) other similar extraordinary and unforeseeable
circumstances arising as a result of events beyond the control of the
Participant or beneficiary.

Payment may not be made to the extent that such hardship is or may be relieved
(1) through reimbursement or compensation by insurance or otherwise, (2) by
liquidation of the Participant's assets to the extent the liquidation of these
assets would not itself cause severe financial hardship or (3) cessation of
deferrals under the Plan.

"Participant" shall mean any Eligible Member who has elected to participate in
the Plan by entering into an Enrollment Agreement.

"Participant's Account" The individual account maintained for a Participant by
the insurance company under the group contract in accordance with the terms of
the group contract(s) and the Plan.

"Plan Year" The first Plan Year is the period beginning on the Effective Date
and ending on December 31, 1997. A Plan Year other than the first Plan Year is
the 12 consecutive month period beginning on January 1st, a Plan Anniversary,
and ending on the next following December 31st.

"Termination of a Board Member" shall mean the date the individual is no longer
a Member of the Board of Directors of the Employer.

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                        ARTICLE 3. - PLAN SPECIFICATIONS

Each Eligible Employee shall be eligible to participate in the Plan on the first
Entry Date coinciding with or next following the date on which he becomes an
Eligible Member.

An Eligible Employee may enroll and become a Participant by executing an
Enrollment Agreement in each calendar year preceding the calendar year in which
deferral of compensation is to commence. However, during the first Plan Year, an
Eligible Employee may enroll and become a Participant within 30 days after the
Plan is effective. In the first year an employee first becomes an Eligible
Member, the Eligible Member may enroll and become a Participant within 30 days
after the date the employee becomes an Eligible Member.

The Participant shall specify in his Enrollment Agreement the amount of
Compensation to be deferred (from 1% to 100% of his Compensation) under the
Plan.

Any salary deferrals made by an Eligible Member under this Plan shall be held as
an asset of the Employer.

The Participant may terminate his Enrollment Agreement at any time and be
restored to full Compensation. The Participant may change his Enrollment
Agreement by written notice of such change, prior to the calendar year in which
such change is to be effective. An election to defer Compensation under this
Plan, or to change the amount of Deferred Compensation, shall apply only to
Compensation earned after such election.

The Employer has the power to establish rules and from time to time to modify or
change such rules governing the manner and method by which salary deferral
contributions may be changed or discontinued temporarily or permanently.

A Participant's Enrollment Agreement shall remain in effect unless previously
modified or terminated as herein permitted until the Participant's Termination
as a Board Member.

All salary deferral contributions shall be authorized by the Participant in
writing, deducted from the Participant's compensation without reduction for any
taxes or withholding (except to the extent required by law or the regulations)
and paid over to the Plan by the Employer.

Contributions made to the Plan on behalf of a Participant shall include salary
deferral contributions.

The salary deferral contributions, made under the Plan on behalf of each
Participant shall be credited to the Participant's Account. The Account consists
of the aggregate of all records maintained by the Employer for purposes of
determining the Participant's interest in the Plan.

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                   ARTICLE 4. - LOANS AND HARDSHIP WITHDRAWALS

4.1  There are no loans available under this Plan; however, a Participant may
     make a Hardship Withdrawal, as defined in Article 2, from the Plan.

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                          ARTICLE 5. - PLAN INVESTMENT

5.1  All contributions will be invested under a Group Annuity Contract or
     Contracts issued to the Employer by the AUSA Life Insurance Company, Inc.
     ("AUSA") under which Participant Accounts will be established for each
     Participant.

5.2  All amounts under this Plan, including all investments purchased with such
     amounts and all income attributable thereto, shall remain (until made
     available to the Participant or Beneficiary) solely the property of the
     Employer (without being restricted to the provision of benefits under the
     Plan) subject to the claims of the Employer's general creditors. No
     Participant or Beneficiary shall have any secured or beneficial interest in
     any property, rights or investments held by the Employer in connection with
     the Plan.

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                            ARTICLE 6. - BENEFICIARY

6.1  The Participant's Beneficiary Designation Form shall designate the
     Beneficiary or Beneficiaries who are to receive distributions in the event
     of the Participant's death. If the Participant has not properly designated
     a Beneficiary, or if for any reason such designation shall not be legally
     effective, or if said designated Beneficiary or Beneficiaries shall
     predecease the Participant, then the Participant's estate shall be treated
     as the Beneficiary. A Participant may change his Beneficiary designation at
     any time by amending his Beneficiary Designation Form.

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                      ARTICLE 7. - VESTING AND FORFEITURES

7.1  The value of that portion of Participant's Account which consists of salary
     deferral contributions shall be fully vested at all times subject, however,
     to the reach of the Employer's creditors in the event of insolvency.

7.2  When the Participant resigns as a Board Member and payment is not deferred,
     the amount of the payment shall be based on the value of the Participant's
     Account plus any contributions subsequently credited to such Account and
     less any distributions subsequently made from the Account.

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                              ARTICLE 8. - BENEFITS

8.1  The Participant or Beneficiary shall elect the payment option described in
     8.3 below under which distribution will be made following his Termination
     as a Board Member. Payment of benefits will begin on the first day of the
     first month that is at least 60 days after his Termination as a Board
     Member provided that in no case will payment of benefits begin later than
     60 days after the close of the Plan Year in which the Participant is no
     longer an Eligible Member. Any such election or change of election must be
     made in writing.

8.2  Benefits are immediately payable upon the Participant's death or Disability
     under one of the payment options described in Article 8.3. Death benefits
     must be paid to the Beneficiary designated by the Participant in the
     Beneficiary Designation Form.

8.3  As elected under 8.1 or 8.2 and subject to 8.4 below, distributions may be
     made under one or more of the following payment options:

          (a)  in a lump-sum cash payment; or

          (b)  in substantially equal annual payments over a period of years not
               to exceed the life expectancy of the Participant or the joint
               life expectancies of the Participant and the Participant's
               spouse; or

          (c)  any installment payout agreed to in writing by the Employer.

8.4  A Participant may change his form of payment at any time prior to the
     commencement of distributions by providing written instructions to the
     Employer; except that a change in the form of payment from (a) to (b) or
     (c) above will not be effective unless made at least one year prior to the
     Participant's Termination as a Board Member or death, whichever occurs
     earlier.

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                           ARTICLE 9. - ADMINISTRATION

9.1  ADMINISTRATOR. The Employer shall be the Administrator of the Plan.
     Administrative concerns of the Plan include, but are not limited to, the
     enrollment of Eligible Members as Participants, the maintenance of all
     records, and the distribution of benefits to Participants.

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                           ARTICLE 10. - MISCELLANEOUS

10.1 AMENDMENT OF PLAN. The Employer reserves the right to amend any provisions
     of the Plan at any time to the extent that it may deem advisable without
     the consent of the Participant or any Beneficiary provided that no such
     amendment shall impair the rights of Participants or Beneficiaries with
     respect to Compensation deferred before such amendment.

10.2 TERMINATION OF PLAN, The Employer reserves the right to terminate the Plan
     at any time. Upon termination of the Plan, the Participant's full
     Compensation on a non-deferred basis will be thereupon restored.
     Distribution of any benefits to Participants may only commence upon the
     occurrence of any of the specified events as provided in Article 8 except
     as stated in the following sentence. If the Plan, which was designed and
     intended to be a Top-Hat Plan is deemed not to be a Top-Hat Plan, it will
     be terminated and contributions will be distributed to Participants in the
     Plan.

10.3 PLAN ADMINISTRATOR TO ESTABLISH RULES. The Employer may at any time make
     rules as it determines necessary regarding the administration of the Plan.

10.4 The Employer may, from time to time, hire outside consultants, accountants,
     actuaries, legal counsel, or recordkeepers to perform such tasks as the
     Employer may from time to time determine.

10.5 In the event that any Participants are found to be ineligible, that is, not
     members of a select group of highly compensated employees, according to a
     determination made by the Department of Labor, the Employer will take
     whatever steps it deems necessary, in its sole discretion, to equitably
     protect the interests of the affected Participants.

10.6 No benefits under the Plan shall be subject in any manner to anticipation,
     alienation, sale, transfer, assignment, pledge or encumbrance. The
     provisions of this Plan shall be binding upon and inure to the benefit of
     the Employer and Participants and their respective successors, heirs,
     personal representatives, executors, administrators, and legatees.

     The vested Account balance of a Participant shall be paid from the Plan
     only to the extent the Employer is not at the time of payment insolvent.
     Any vested accrued benefits under the Plan represent an unfunded, unsecured
     promise by the Employer to pay these benefits to the Participants when due.
     A Participant has no greater right to Plan assets than the general
     creditors of the Employer in the event that the Employer shall become
     insolvent. Plan assets can be used to pay only vested accrued benefits
     under the Plan or the claims of the Employer's general creditors.

                                       12
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10.7 This Plan and the Enrollment Agreement, and any subsequently adopted
     amendment thereof, shall constitute the total agreement or contract between
     the Employer and the Participant regarding the Plan. No oral statement
     regarding the Plan may be relied upon by the Participant.

10.8 This Plan shall be construed under the laws of the State of Massachusetts.

IN WITNESS WHEREOF, The Chase Corporation has caused this Plan to be executed by
its duly authorized officers this 30th

day of              June    , 1997

IN PRESENCE OF:

/s/ Everett Chadwick                   By:         /s/ Peter R. Chase
------------------------------------        ------------------------------------

     Everett Chadwick                              Peter R. Chase
--------------------------------------------------------------------------------

     Treasurer & CFO                               President & CEO
--------------------------------------------------------------------------------

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                 DIRECTIONS FOR ALTERNATIVE METHOD OF COMPLIANCE

                          FOR TOP HAT PLANS FOR THE DOL

Department of Labor (DOL) regulations (DOL Reg. 2520.104-23) provide for an
alternative method of compliance with the reporting and disclosure requirements
of Title I of ERISA for "top hat" plans. The plan administrator of the "top hat"
plan must make a one-time filing with the DOL providing certain information and,
also, he must provide the DOL with plan documents IF SO REQUESTED.

Attached for your information is a specimen letter which can be used as a guide
to fulfill these requirements. Please note the following:

     (a)  The filing should be made and signed by the plan's administrator.

     (b)  The plan administrator should enumerate the number of all such plans
          maintained by the employer, I.E., all "top hat" plans maintained, and
          the number of employees in each.

     (c)  The filing should be made within 120 days of the plan's being adopted.

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________________________

Top Hat Plan Exemption
Pension and Welfare Benefits Administration
Room N-5644
U.S. Department of Labor
200 Constitution Avenue, NW
Washington, D.C. 20210

Dear Sir:

The purpose of this filing is to comply with the reporting and disclosure
requirements of Part I of Title I of ERISA with respect to an unfunded or
insured pension plan maintained for a select group of management or highly
compensated employees. This filing is intended to comply with DOL Reg.
2520.104-23.

Plan Name: Chase Corporation Non-Qualified Retirement Savings Plan for Board of
Directors is maintained by

Employer's Name:                   Chase Corporation

Full Address:             50 Braintree Hill Park, Suite 220

                          Braintree, MA 02184

The Employer identification number (EIN) assigned by the Internal Revenue
Service is

11-1797126

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The plan(s) is maintained primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated employees.
The number of deferred compensation plans maintained by the employer is
___________________________________________________ in which there are
________________________ participating employees. In accordance with Section
104(a)(1) of ERISA, the employer will provide Plan documents to the Secretary of
Labor upon request.

Sincerely,

----------------------------
   (Name of Plan Administrator)

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"By countersigning this letter, I acknowledge that I have read it and understand
it, and I agree to its terms. The approval of the Massachusetts Insurance
Department is required. If, after any such required Insurance Department filing
and approval, the contract is not executed within 90 days of the contract
issuance date, it is agreed that the Plan funds invested pursuant to this
Authorization letter (along with any earnings thereon but less any expenses
authorized by the contract form) will be returned to the Employer.

If the Contract is disapproved by the Insurance Department concerned, I agree
that those funds in the Stable Fund and/or Government Fixed Fund (including any
earnings thereon but less any expenses that were previously deducted) will be
returned to, or as directed by, the proposed Contractholder. However, any
unrecovered expenses will not be deducted."

Execution by Proposed Contractholder:

BY:     /s/ [ILLEGIBLE]
        ------------------------
        (Signature)

          President & CEO
        ------------------------

          Dec.31, 1996
        ------------------------<Page>

                                                                   Exhibit 10.41

                          EXECUTIVE SEVERANCE AGREEMENT

         This Agreement dated October 24, 1994 is between Chase Corporation (the
"Company"), a Massachusetts corporation, and Peter R. Chase (the "Executive").
The Company has determined that it is desirable, in order to induce the
Executive to remain in the employ of the Company and to place him in a position
to act in the best interests of the Company and its stockholders in the event of
a proposal for the transfer of control of the Company, to provide certain
severance benefits to the Executive if his employment with the Company
terminates under the circumstances described below. Accordingly, the parties
agree as follows:

         1.       EMPLOYMENT RIGHTS.

                  (a)      Except as otherwise provided in paragraph 1(b), the
Executive's employment may be terminated at any time by the Company or the
Executive, subject to the Company's providing the benefits hereinafter
specified.

                  (b)      In the event a tender or exchange offer is made by
any person or group of persons within the meaning of section 14(d) of the
Securities Exchange Act of 1934, other than the Company or any employee benefit
plan sponsored by the Company, for 45% or more of the shares of stock of the
Company entitled to vote for the election of directors, the Executive agrees
that he will not leave the employ of the Company (other than as a result of
disability, retirement or death) until such offer has been terminated or a
change in control of the Company (as hereinafter defined) has occurred.

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         2.       TERMINATION PRIOR TO CHANGE IN CONTROL. If the Executive's
employment with the Company is terminated for any reason prior to the occurrence
of a change in control of the Company, he shall be entitled to receive such
benefits, and only such benefits, to which he would be entitled without regard
to this Agreement. If a change in control shall occur within one year after the
termination of the Executive's employment by the Company, such termination shall
be treated as a termination after a change in control under paragraph 3 hereof
unless the Company shall sustain the burden of proving that the termination was
not in contemplation of the change in control.

         3.       TERMINATION AFTER A CHANGE IN CONTROL. If the Executive's
employment with the Company is terminated within 24 months after the occurrence
of a change in control of the Company, he shall be entitled to receive the
benefits set forth below. A "change in control" of the Company shall have the
meaning set out in Exhibit A attached hereto.

                  (a)      CAUSE. Upon termination of the Executive's
employment by the Company for cause, the Executive shall be entitled to his
salary through the period ending with the date of such termination and any
accrued benefits, and any and all other rights of the Executive under this
Agreement shall terminate upon the date of termination. "Cause" shall have the
meaning set out in Exhibit B attached hereto.

                  (b)      DEATH, DISABILITY, OR RETIREMENT. If the
Executive's employment is terminated by reason of death, permanent disability or
retirement, the Executive shall be entitled to such benefits as may be provided
to him pursuant to the Company's employee benefit plans. Any and all other
rights of the Executive under this Agreement shall terminate upon the occurrence
of a termination of his employment under this subparagraph and the provisions of
subparagraph (c) shall not be applicable. For purposes of this paragraph,

                                       -2-
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"permanent disability" shall be deemed to exist when, in the good faith judgment
of the Board of Directors of the Company, the Executive is unable to perform his
duties for the Company due to illness or incapacity and such disability has
continued for a period of not less than six months, unless he shall have
returned to the full time performance of his duties within 30 days after written
notice of the Board's determination has been given to him. For purposes of this
paragraph, "retirement" shall mean termination by the Executive on or after his
attaining age 65. Written notice of termination of employment based on
retirement shall be given at least 60 days in advance.

                  (c)      TERMINATION FOR GOOD REASON OR WITHOUT CAUSE. If the
Executive's employment is terminated (1) by the Executive for Good Reason (as
defined in Exhibit C attached hereto) or (2) by the Company without Cause, in
lieu of further salary for subsequent periods the Executive shall be entitled to
the following benefits:

                  (i)      The Company shall pay the Executive, in addition to
         his salary and accrued benefits through the date of termination,
         severance pay in an amount equal to two times the greater of his annual
         salary in effect immediately prior to the change in control or his
         annual salary in effect immediately prior to the termination. For the
         purposes of this subsection, the term "salary" shall include bonuses
         which shall be computed by averaging the last two annual bonuses
         (annualizing bonuses with respect to a partial year), if any.

                  (ii)     The Company shall maintain in full force and effect,
         for the continued benefit of the Executive and his dependents for a
         period ending on the earlier of the commencement date of equivalent
         benefits from a new employer or his normal retirement date (after which
         the terms of the applicable pension plan shall govern), the

                                       -3-
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         health insurance, dental insurance and group term life insurance plans
         in which the Executive was entitled to participate immediately prior to
         the termination of his employment or reasonably equivalent benefits,
         provided that the Executive continues to pay an amount equal to the
         employee's share of contributions in effect prior to the change in
         control.

                  (iii)    If the Executive is age 55 or older on the date of
         termination of his employment, the Executive will continue to receive,
         until his normal retirement date, service credit under the Company's
         pension plans and any supplemental arrangements maintained for his
         benefit in effect immediately prior to the termination of his
         employment.

                  (iv)     At the request of the Executive, the Company shall
         pay the reasonable costs of an out-placement service used by the
         Executive for a period not to exceed two years as a result of the
         termination of his employment.

                  (v)      Except as specifically set forth herein, the amount
         of any payment or benefit under this subparagraph 3(c) shall not be
         reduced, offset or subject to recovery by the Company by reason of any
         compensation earned by the Executive as the result of employment by
         another employer after the termination of his employment with the
         Company or otherwise; provided, however, that the amount payable under
         Section 3(c)(i) shall be reduced, but to not less than 100%, by any
         benefits derived by Executive as a result of employment by another
         employee after the termination of employment.

                  (d)      AUTOMOBILE. Upon termination of the Executive's
employment for any reason, he shall have the right to purchase any automobile
supplied to him by the Company

                                       -4-
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immediately prior to the change in control, or any automobile substituted
therefor with his approval, at its depreciated cost as shown on the books of the
Company.

         4.       TAXES.

                  (a)      WITHHOLDING. All payments to be made to the Executive
under this Agreement will be subject to any required withholding of federal,
state and local income and employment taxes.

                  (b)      PAYMENT LIMITATION. Notwithstanding anything in this
Agreement to the contrary, if any of the payments provided for in this
Agreement, together with any other payments which the Executive has the right to
receive from the Company, would constitute a "parachute payment" (as defined in
Section 280G(b)(2) of the Internal Revenue Code of 1986, as amended), the
payments pursuant to this Agreement shall be reduced (reducing first the
payments under subparagraph 3(c)(i) to the largest amount as will result in no
portion of such payments being subject to the excise tax imposed by Section
49999 of such Code.

         5.       FEES AND EXPENSES.  The Company shall pay all legal fees and
related expenses incurred by the Executive as a result of his seeking to obtain
or enforce any right or benefit provided by this Agreement following a change in
control of the Company.

         6.       ARBITRATION. Any dispute or controversy arising under or in
connection with this Agreement shall be settled exclusively by arbitration
conducted before a panel of three arbitrators in the Commonwealth of
Massachusetts in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrator's award in
any court having jurisdiction; provided, however, that the Executive shall be
entitled to seek specific performance of his right to be paid until the date of
termination during the pendency of any dispute or controversy arising under or
in connection with this Agreement.

                                       -5-
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         7.       MISCELLANEOUS.

                  (a)      SUCCESSORS AND ASSIGNS. This Agreement shall be
binding upon and inure to the benefit of the Company, its successors and assigns
and the Executive, his successors, personal representatives and heirs, but shall
not be assignable by the Executive except with respect to any payments or
benefits hereunder. In the event that the Company is consolidated or merged with
or into any other corporation, the term "Company" as used herein shall mean such
other corporation, and this Agreement shall continue in full force and effect.

                  (b)      AMENDMENT: WAIVER. This Agreement may not be
modified or amended in any manner except by an instrument in writing signed by
the parties hereto. The waiver by either party of compliance with any provision
of this Agreement by the other party shall not operate or be construed as waiver
of any other provision of this Agreement, or of any subsequent breach by such
party or a provision of this Agreement.

                  (c)      NOTICES.  All notices hereunder shall be sufficient
if given in writing sent by registered or certified mail, addressed as follows:

                  To the Company:

                           Chase Corporation
                           50 Braintree Hill Park
                           Suite 220
                           Braintree, Massachusetts 02184
                           Attention:

                  To the Executive:

                           Peter R. Chase
                           305 Grange Park
                           Bridgewater, MA 02324

                                       -6-
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                  (d)      HEADINGS.  The headings of paragraphs herein are
included solely for convenience of reference and shall not control the meaning
of interpretations of any of the provisions of this Agreement.

                  (e)      SEVERABILITY. The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement, which shall remain in full force and
effect.

                  (f)      APPLICABLE LAW.  This Agreement shall be governed by
the laws of Massachusetts without giving effect to the conflict of laws
principles thereof.

                  (g)      COUNTERPARTS.  This Agreement may be executed in one
or more counterparts, all of which shall be considered one and the same
agreement and each of which shall be deemed an original.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by its duly authorized officer and the Executive has executed this
Agreement as of the date first written above.

                                           CHASE CORPORATION

                                           By:  /s/ George M. Hughes
                                               ---------------------
                                               Title:  Authorized Officer

                                             /s/ Peter R. Chase
                                           -------------------------
                                           Executive

                                       -7-
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                                    EXHIBIT A

CHANGE IN CONTROL

         A "Change in Control" shall mean a change in control of the Company of
a nature that would be required to be reported in response to Item 6(e) of
Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of
1934, as amended (the "Exchange Act"), whether or not the Company is in fact
required to comply therewith; provided, that, without limitation, such a change
in control shall be deemed to have occurred if:

         (i)      any "person" (as such term is used in Sections 13(d) and 14(d)
of the Exchange Act), other than the Company, any trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a
corporation owned, directly or indirectly, by the stockholders of the Company in
substantially the same proportions as their ownership of stock of the Company
becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Company representing 45% or
more of the combined voting power of the Company's then outstanding securities;

         (ii)     during any period of twenty-four (24) consecutive months (not
including any period prior to the date of this Agreement), individuals who at
the beginning of such period constitute the Board and any new director (other
than a director designated by a person who has entered into an agreement with
the Company to effect a transaction described in subparagraphs (i), (ii) or
(iii)whose election by the Board or nomination for election by the Board or by
the stockholders of the Company was approved by a vote of at least a majority of
the directors then still in office who either were directors at the beginning of
such period or whose election or nomination for election was previously so
approved, cease for any reason to constitute a majority thereof; or

         (iii)    the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation, other than (i) a merger
or consolidation which would result in the voting securities of the Company
outstanding immediately prior thereto continuing to represent (either by
remaining outstanding or by being converted into voting securities of the
surviving entity) at least 50% of the combined voting securities of the Company
or such surviving entity outstanding immediately after such merger or
consolidation or (ii) a merger or consolidation effected to implement a
recapitalization of the Company (or similar transaction) in which no "person"
(as hereinabove defined) acquires 45% or more of the combined voting power of
the Company's then outstanding securities; or

         (iv)     the stockholders of the Company approve a plan of complete
liquidation of the Company or an agreement for the sale or disposition by the
Company of all or substantially all of the Company's assets.

<Page>

                                    EXHIBIT B

         "Cause" shall mean and be limited to (i) deliberate dishonesty by the
Executive in connection with his employment, (ii) willful and prolonged absence
from work (other than as a result of illness or incapacity) in circumstances
that constitute a substantial abdication of the Executive's responsibilities to
the Company after written notice thereof has been given by the Board of
Directors of the Company to the Executive or (iii) the Executive's conviction of
a felony.

<Page>

                                    EXHIBIT C

         "Good Reason" shall mean that the Executive has determined in good
faith that (1) the Company has failed to assign to him on a consistent basis
executive duties performable at the location at which he worked before the
change in control which are commensurate with the level of executive duties
performed by him immediately prior to such change in control, (2) he is
prevented by the Company from continuing to fulfill his responsibilities at a
level commensurate with that prior to the change in control, (3) his salary in
effect immediately prior to the change in control is reduced by the Company, (4)
the Company has failed to continue in effect any health, welfare, retirement,
vacation and other fringe benefit plans of the Company in which the Executive
participated at the time of the change in control (or plans providing
substantially equivalent benefits) other than as a result of the normal
expiration of any such plan in accordance with its terms as in effect at the
time of the change in control, or the Company shall have taken or failed to take
any action which would adversely affect the Executive's continued participation
in or the benefits receivable by the Executive under any such plan as in effect
at the time of the change in control, or (5) the Company shall have failed to
obtain, at the Executive's request, an assent to the Company's performance of
its obligations under this Agreement from any person that succeeds to or has the
practical ability to control (either immediately or with the passage of time),
directly or indirectly, the Company's business.

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