Document:

Exhibit 10.12.1

 

CHASE CORPORATION

ANNUAL INCENTIVE PLAN

 

FY 2010

 

The
Company, in addition to salary and benefits provides further cash compensation
to key employees based on achieving preset annual goals.

 

The
plan is maintained and paid at the sole discretion of the Board of Directors
and may be modified or suspended at any time by the board.

 

Upon
approval by the Board of Directors, the CFO will administer the plan.

 

It
is the intent of the Board of Directors to exclude the effect of unusual events
and expenses from the calculation.  The
Compensation and Management Development Committee is given the authority by the
Board to use its discretion in determining relevant exclusions.

 

Targets,
awards, opportunities and associated performance award methodology and
eligibility requirements will be established by the Compensation and Management
Development Committee for the Chief Executive Officer, Chief Operating Officer
and Chief Financial Officer and approved by the Board of Directors.  For senior management, the CEO will make
recommendations to be approved by the Compensation and Management Development
Committee.  For all other employees the
CEO will be the approval authority.  See
schedule below for award opportunities for the executive officers:

 

Budgeted
EBITDA is the target.  Payment threshold
is 90% which yields 50% of individual award opportunity.  From 90% to 100% performance — award
increases proportionately between 50 and 100%. 
Between 100 and 120% of target award is proportionate between 100% and
200%.

 

	
  Actual v. Target

  	
   

  	
  Award Earned

  	
   

  
	
  90

  	
  %

  	
  50

  	
  %

  
	
  95

  	
  %

  	
  75

  	
  %

  
	
  100

  	
  %

  	
  100

  	
  %

  
	
  105

  	
  %

  	
  125

  	
  %

  
	
  110

  	
  %

  	
  150

  	
  %

  
	
  115

  	
  %

  	
  175

  	
  %

  
	
  120

  	
  %

  	
  200

  	
  %

  

 

In
order for any amounts to be payable under this Annual Incentive Plan, actual
results must meet a threshold level of 90% of the target.  There is a cap on the incentive payments of
200% achieved at 120% of target.

 

 

Award
Opportunity

 

	
  Chief
  Executive Officer

  	
   

  	
  50%
  of base salary for 100% achievement of target. At 90% of target award is 25%
  of base salary. For results in excess of target, award increases to 100% of
  base salary at 120% of target.

  
	
   

  	
   

  	
   

  
	
  Chief
  Operating Officer

  	
   

  	
  40%
  of base salary for 100% achievement of target. At 90% of target award is 20%
  of base salary. For results in excess of target, award increases to 80% of
  base salary at 120% of target.

  
	
   

  	
   

  	
   

  
	
  Chief
  Financial Officer

  	
   

  	
  30%
  of base salary for 100% achievement of target. At 90% of target award is 15%
  of base salary. For results in excess of target, award increases to 60% of
  base salary at 120% of target.

  

 

In
addition to the financial targets the Compensation and Management Development
Committee may choose to establish qualitative measurement criteria.  Together with the financial measures these
are referred to as critical success factors (CSF).  When utilized, the CEO’s CSF and appropriate
weighting is approved by the board.  The
CEO will approve all others.

 

Other
management and non-union bonus participants will have opportunities established
by the CEO.

 

To
be eligible an employee must be on the active payroll when the bonus is paid
and for at least 6 months prior to the end of the fiscal year.

 

Payment
is made in cash no later than 75 days from the close of the fiscal year.Exhibit 10.12.2

 

CHASE CORPORATION

 

Long Term Incentive Plan

Award Design and Grant Process

Fiscal Year Ending August 31, 2010

 

Key
Provisions

 

1.     There are three reward
vehicles:  1) Performance-based
restricted stock, 2) Time-vested restricted stock and 3) Stock Options.  The C+MDC will decide which will be used each
year.  For FYE 2010 performance shares
will be 100%.

 

2.     Time-vested restricted stock
is fixed and not subject to performance measures and will vest 3 years after
granted subject to grant date, pricing, and termination provisions listed
below.

 

3.     Stock options will be fixed
based on a Black-Sholes calculation, will vest over 3 years and be exercisable
for 10 years.

 

4.     Performance shares will be
in the form of restricted stock subject to performance and other criteria as
follows.

 

·      Performance measures:  Target is earnings per share (EPS) based on
current year’s budget determined by dividing net income by the number of
diluted shares outstanding as of September 1, 2009 (the beginning of the
fiscal year). Actual is net income for the measurement period divided by the
number of diluted shares outstanding at the beginning of the fiscal year.

·      Performance measurement period:  September 1, 2009 through August 31,
2010

·      Vesting:  2
years after performance measurement period (August 31, 2012)

·      Grant date: 
first day of measurement period

·      Stock price for award:  closing price for last trading day prior to
grant date

·      Threshold: 
the point at which an award is earned (90% of target).  Between threshold and target the award
increases on a linear basis.

·      Stretch area: 
performance in excess of target awarded at a higher rate (200% for 120%
achievement) with a cap of 200%.  Between
target and cap award increases on a linear basis.

 

Example:

 

Total
opportunity is $50,000 at target; performance share opportunity is $50,000 at
target

Stock
price (8/31/2009) is $10.00

Threshold
is 90% of target

 

	
  Performance

  	
   

  	
  Payout % of Target

  	
   

  	
  Vesting Shares

  	
   

  	
  Reward Value

  	
   

  
	
  Threshold 90%

  	
   

  	
  50

  	
  %

  	
  2500

  	
   

  	
  $

  	
  25,000

  	
   

  
	
  Target

  	
   

  	
  100

  	
  %

  	
  5000

  	
   

  	
  $

  	
  50,000

  	
   

  
	
  Stretch at 120%

  	
   

  	
  200

  	
  %

  	
  10,000

  	
   

  	
  $

  	
  100,000

  	
   

  

 

 

Plan
metrics:  standard performance measures
are 90% threshold, 100% target and 120% maximum.

 

Standard
award measures are 50% at threshold, 100% at target and 200% at maximum.

 

5.     Termination provisions:

 

	
  Termination Event

  	
   

  	
  Year

  	
   

  	
  Payment in Shares

  
	
  Retirement

  	
   

  	
  Pro-rated

  	
   

  	
  Paid
  as scheduled

  
	
  Voluntary

  	
   

  	
  All
  shares forfeit

  	
   

  	
  No
  payment

  
	
  Without
  cause

  	
   

  	
  Pro-rated

  	
   

  	
  Paid
  as scheduled

  
	
  With
  cause

  	
   

  	
  All
  shares forfeit

  	
   

  	
  No
  payment

  
	
  Upon
  change of control

  	
   

  	
  Acceleration
  at target

  	
   

  	
  Paid
  at change of control

  
	
  Death
  or disability

  	
   

  	
  Pro-rated

  	
   

  	
  Paid
  as scheduled

  

 

6.     Eligibility:  key executives and others

 

	
  Participant

  	
   

  	
  Target % of Base Salary

  	
   

  
	
  Peter R. Chase

  	
   

  	
  100

  	
  %

  
	
  Adam P. Chase

  	
   

  	
  80

  	
  %

  
	
  Kenneth L. Dumas

  	
   

  	
  60

  	
  %

  

 

Award
opportunities are set annually and the plan is subject to the approval of the
Compensation and Management Development (C&MD) Committee and may be
modified from time to time.

 

FY
2010 SCHEDULE

 

·      Q4/09  Board approves continuance of plan
and sets grant date

·      Q4/09  Goals and awards proposed by
management for 2010

·      Q4/09  C&MD Committee reviews and
approves 2010 plan

·      Q1/11  C&MD Committee approves 2010
results

·      Q4/12  Vested 2011 shares are released to
participantExhibit 10.12.3

 

CHASE CORPORATION

ANNUAL INCENTIVE PLAN

 

FY 2011

 

The
Company, in addition to salary and benefits provides further cash compensation
to key employees based on achieving preset annual goals.

 

The
plan is maintained and paid at the sole discretion of the Board of Directors
and may be modified or suspended at any time by the board.

 

Upon
approval by the Board of Directors, the CFO will administer the plan.

 

It
is the intent of the Board of Directors to exclude the effect of unusual events
and expenses from the calculation.  The
Compensation and Management Development Committee is given the authority by the
Board to use its discretion in determining relevant exclusions.

 

Targets,
awards, opportunities and associated performance award methodology and
eligibility requirements will be established by the Compensation and Management
Development Committee for the Chief Executive Officer, Chief Operating Officer
and Chief Financial Officer and approved by the Board of Directors.  For senior management, the CEO will make
recommendations to be approved by the Compensation and Management Development
Committee.  For all other employees the
CEO will be the approval authority.  See
schedule below for award opportunities for the executive officers:

 

Budgeted
EBITDA is the target.  Payment threshold
is 90% which yields 50% of individual award opportunity.  From 90% to 100% performance — award
increases proportionately between 50 and 100%. 
Between 100 and 120% of target award is proportionate between 100% and
200%.

 

	
  Actual v. Target

  	
   

  	
  Award Earned

  	
   

  
	
  90

  	
  %

  	
  50

  	
  %

  
	
  95

  	
  %

  	
  75

  	
  %

  
	
  100

  	
  %

  	
  100

  	
  %

  
	
  105

  	
  %

  	
  125

  	
  %

  
	
  110

  	
  %

  	
  150

  	
  %

  
	
  115

  	
  %

  	
  175

  	
  %

  
	
  120

  	
  %

  	
  200

  	
  %

  

 

In
order for any amounts to be payable under this Annual Incentive Plan, actual
results must meet a threshold level of 90% of the target.  There is a cap on the incentive payments of
200% achieved at 120% of target.

 

Payment
is made in cash no later than 75 days from the close of the fiscal year.

 

 

Award
Opportunity

 

	
  Chief
  Executive Officer

  	
   

  	
  50%
  of base salary for 100% achievement of target. At 90% of target award is 25%
  of base salary. For results in excess of target, award increases to 100% of
  base salary at 120% of target.

  
	
   

  	
   

  	
   

  
	
  Chief
  Operating Officer

  	
   

  	
  40%
  of base salary for 100% achievement of target. At 90% of target award is 20%
  of base salary. For results in excess of target, award increases to 80% of
  base salary at 120% of target.

  
	
   

  	
   

  	
   

  
	
  Chief
  Financial Officer

  	
   

  	
  30%
  of base salary for 100% achievement of target. At 90% of target award is 15%
  of base salary. For results in excess of target, award increases to 60% of
  base salary at 120% of target.

  

 

In
addition to the financial targets the Compensation and Management Development
Committee may choose to establish qualitative measurement criteria.  Together with the financial measures these
are referred to as critical success factors (CSF).  When utilized, the CEO’s CSF and appropriate
weighting is approved by the board.  The
CEO will approve all others.

 

Other
management and non-union bonus participants will have opportunities established
by the CEO.

 

To
be eligible an employee must be on the active payroll when the bonus is paid
and for at least 6 months prior to the end of the fiscal year.

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