Document:

EXHIBIT 10.1

 

RESTRICTED STOCK NOTICE

 

CHASE CORPORATION

 

Restricted Stock Notice

 

CHASE CORPORATION (the ”Company”) hereby
awards to you (the “Shareholder”) shares of Common Stock of the Company
as follows:

 

 

	
  Name of Shareholder:

  	
   

  
	
   

  	
   

  
	
  Total Number of Shares Awarded:

  	
   

  
	
   

  	
   

  
	
  Purchase Price per Share:

  	
   

  
	
   

  	
   

  
	
  Award Date:

  	
   

  
	
   

  	
   

  
	
  Vesting Commencement Date:

  	
   

  
	
   

  	
   

  
	
  Number of Shares Subject to Vesting
  Schedule:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Vesting Schedule:

  	
   

  
	
   

  	
   

  
	
  Other Terms:

  	
   

  
	
   

  	
   

  
	
  Acceleration:

  	
   

  

 

 

By your signature and the signature of the Company’s
representative below, you and the Company agree that this Award is made under
and governed by the terms of the Company’s [2005] Equity Incentive Plan and
this Restricted Stock Agreement (this “Agreement”), which includes the
incorporated terms, conditions and agreements attached to and made a part of
this Agreement.

 

	
  SHAREHOLDER

  	
  CHASE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
  Print Name:

  	
   

  	
   

  	
  Print Name:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
									

 

 

CHASE CORPORATION

 

Restricted Stock Agreement

under the 2005 Equity Incentive Plan

 

Incorporated Terms and Conditions

 

1.             Issuance of Shares. On the terms and conditions set forth in this Agreement, the Company is
issuing to the Shareholder on the Award Date, at the purchase price per share
set forth on the signature page of this Agreement (the “Purchase Price”),
the number of Shares of the Company’s Common Stock set forth on said signature
page (the “Shares”). The award of the Shares is made pursuant to and is
governed by the Company’s 2005 Equity Incentive Plan (the “Plan”), the
terms of which are incorporated into this Agreement by this reference, and have
the respective meanings assigned to them in the Plan. Unless the context
otherwise requires, capitalized terms used herein without definitions shall
have the respective meanings assigned to them in the Plan. By signing this
Agreement, the Shareholder acknowledges receipt of a copy of the Plan.

 

2.             Purpose and Waiver. The purpose of the Award of the Shares to the Shareholder is to encourage
the Shareholder to enter into and/or maintain a continuing and long-term
relationship with the Company. It is not a purpose
of this Award to reward the Shareholder for the completion of any specific
project or of any discrete period of service which may fall between consecutive
vesting periods.

 

3.             Waiver. By
signing this Agreement, the Shareholder hereby waives any claim to any Shares
that are subject to repurchase upon the exercise of the Repurchase Option (as
defined herein).

 

4.             Award Restrictions. [The Shares covered by this restricted
stock award shall be subject to the vesting schedule set forth on the signature
page.]  The Company shall cause a stock
certificate covering the requisite number of Shares in the name of the
Shareholder or beneficiary(ies) to be distributed as soon as administratively feasible
but within a reasonable period of time.

 

Upon receipt of such
stock certificate(s), the Shareholder or beneficiary(ies) are free to hold or
dispose of such certificate at will, subject to the requirements of Section 5. During
the restriction period, the Shares covered by the restricted stock award are
not transferable by the Shareholder by means of sale, assignment, exchange,
pledge, or otherwise, except by will or the laws of descent and distribution as
provided in Section 5. The naming of a designated beneficiary under the Plan
does not constitute a transfer.

 

5.             Transfer Rights and Restrictions.

 

(a)           Restrictions on Transfer. The Shareholder shall not sell, assign, transfer,
pledge, hypothecate or otherwise dispose of, by operation of law or otherwise
(collectively “transfer”), any of the Shares, or any interest therein, unless
such transfer is made in compliance with the terms and conditions of this
Agreement.

 

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(b)           Permitted Transfers. The Shareholder shall have the right to make Permitted Transfers of
Shares that have vested. For purposes of this Agreement, “Permitted Transfer”
shall mean any transfer of all or any portion of the vested Shares by will or
the laws of descent and distribution and any transfer by the Shareholder during
his or her lifetime of all or any portion of his or her vested Shares to or for
the benefit of any spouse, child or grandchild (including any natural born,
adopted or step-child or step-grandchild) of the Shareholder, or to a trust for
the benefit of the Shareholder and/or any of the foregoing or to a partnership
or limited liability company, the partners or members of which include only the
Shareholder and/or any of the foregoing or any other person or entity determined
by the Board; provided, however, that it shall
be a condition of each such Permitted Transfer that (i) the transferee agrees
to be bound by the terms of this Agreement, and (ii) the Shareholder has
complied with all applicable laws in connection with such Permitted Transfer. For
purposes of this Agreement, any donee or transferee of the Shareholder’s Shares
shall be treated as the “Shareholder.”

 

(c)           Effect of Prohibited Transfer. Any transfer of Shares in violation of this Agreement
shall be void. The Company shall not be required (i) to transfer on its books
any of the Shares which shall have been transferred in violation of this
Agreement or (ii) to treat as the owner of such Shares or pay dividends to any
transferee to whom any such Shares shall have been so transferred.

 

6.             No Retention Rights. Nothing in the Plan or this Agreement confers upon the Shareholder any
right to continue in the service of the Company for any period of specific
duration or shall be construed to interfere with or otherwise restrict in any
way the rights of the Company or of the Shareholder, which rights are expressly
reserved by each, to terminate the Shareholder’s service at any time and for
any reason, with or without cause.

 

7.             Taxes. As a
condition to the issuance of any Shares hereunder, the Shareholder hereby
agrees that, if the Company in its discretion determines that it is or could be
obligated to withhold any tax in connection with the issuance, vesting or
transfer of such Shares, the Company may, in its discretion, withhold the
appropriate amount of tax (i) in cash from the Shareholder’s wages or other
remuneration or (ii) in kind from the Shares or other property otherwise
deliverable to the Shareholder. The Shareholder further agrees that, if the
Company has not previously withheld an amount sufficient to satisfy the
withholding obligation of the Company, the Shareholder will on demand make
reimbursement in cash for the amount underwithheld or, if permitted by the
Board, provide such cash or other security as the Board deems adequate to meet
the liability or potential liability of the Company for the withholding of tax,
and to augment such cash or other security from time to time in any amount
reasonably deemed necessary by the Board to preserve the adequacy of such cash
or other security.

 

8.             Amendments. The
Board may at any time or times amend the Plan or this Agreement for the purpose
of satisfying the requirements of any changes in applicable laws or regulations
or for any other purpose which at the time may be permitted by law. No
termination or amendment of the Plan or amendment of this Agreement shall,
without the Shareholder’s consent, materially adversely affect the Shareholder’s
rights under this Agreement. Notwithstanding the foregoing, this Agreement
shall be amended as required by Section 11(g) below to the extent required by
regulatory or statutory guidance.

 

9.             Adjustments for Stock Splits, Stock Dividends, Etc. If from time to time while this Agreement remains in
force and effect there is any stock split-up, stock dividend, stock

 

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distribution
or other reclassification of the Common Stock of the Company, (a) any and all
new, substituted or additional securities to which the Shareholder is entitled
by reason of his or her ownership of Shares shall be immediately subject to the
restrictions on transfer and other provisions of this Agreement in the same
manner and to the same extent as such Shares and (b) appropriate
adjustment shall be made to the Purchase Price, subject to compliance with
section 409A of the Code, if applicable.

 

10.           Consistency with Plan. If there is any inconsistency between the provisions of this Agreement
and the provisions of the Plan, the latter shall control.

 

11.           Miscellaneous.

 

(a)           Severability; Governing Law. If any provisions of this Agreement shall be
determined to be illegal or unenforceable by any court of law, the remaining
provisions shall be severable and enforceable in accordance with their terms. This
Agreement shall be governed by, and construed in accordance with, the internal
laws of the Commonwealth of Massachusetts, without giving effect to the
principles of the conflicts of laws thereof.

 

(b)           Injunctive Relief. It is acknowledged that it will be impossible to measure the damages that
would be suffered by the Company if the Shareholder fails to comply with the
provisions of this Agreement and that, in the event of any such failure, the
Company will not have an adequate remedy at law. The Company shall, therefore,
be entitled to obtain specific performance of each of the Shareholder’s
obligations hereunder and to obtain immediate injunctive relief. The
Shareholder shall not urge, as a defense to any proceeding for such specific
performance or injunctive relief, that the Company has an adequate remedy at
law.

 

(c)           Binding Effect. This Agreement shall be binding upon and inure to the benefit of the
parties and their respective heirs, executors, administrators, successors and
permitted assigns.

 

(d)           Notices. All
notices required or permitted hereunder shall be in writing and be effective
upon personal delivery, upon deposit with the United States Post Office, by
registered or certified mail, postage prepaid, or upon deposit with a
recognized express overnight courier service, addressed, if to the Company, to
its principal executive office at the time, Attention: President, and if to the
Shareholder, to the address shown beneath his or her signature on the signature
page of this Agreement, or at such other address or addresses as either party
shall designate to the other in accordance with this Section 11(d).

 

(e)           Entire Agreement. This Agreement, together with the Plan, constitutes the entire agreement
between the parties hereto pertaining to the subject matter hereof and
supersedes all prior and contemporaneous agreements and understandings, whether
oral or written, of the parties hereto concerning the subject matter hereof. In
particular, the Shares granted hereunder satisfy all outstanding claims which
the Shareholder has with respect to the equity of the Company.

 

(f)            Waivers. Any
provision contained in this Agreement may be waived, either generally or in any
particular instance, by the Board or by the Shareholder, but no such waiver by
the Board shall operate to the detriment of the Shareholder without the
Shareholder’s consent.

 

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(g)           Statutory Requirements and Subsequent Amendment. This Agreement and the award of Restricted Stock
hereunder is intended, to the extent applicable, to constitute good faith
compliance with the requirements of the American Jobs Creation Act,
specifically with respect to the definition of deferred compensation and the
provisions of section 409A of the Code. To the extent required by subsequent
guidance, whether statutory or regulatory, the Company and Shareholder agree
that any Restricted Stock awarded hereunder may be modified, rescinded or
substituted with an award of equal economic value as required to maintain
compliance with the provisions of section 409A of the Code.

 

(h)           Administration. The Committee shall have full authority and discretion to decide all
matters relating to the administration and interpretation of this Agreement. The
Committee shall have full power and authority to pass and decide upon cases in
conformity with the objectives of this Agreement under such rules as the Board
of the Company may establish. Any decision made or action taken by the Company,
the Board, or the Committee arising out of, or in connection with, the
administration, interpretation, and effect of this Agreement shall be at their
absolute discretion and will be conclusive and binding on all parties. No
member of the Board, the Committee, or employee of the Company shall be liable
for any act or action hereunder, whether of omission or commission, by the
Recipient or by any agent to whom duties in connection with the administration
of this Agreement have been delegated in accordance with the provision of this
Agreement.

 

4EXHIBIT 10.2

 

February 3, 2006

 

Everett Chadwick

20 South Drive

Bridgewater, MA  02324

 

Re: 
Consulting Agreement

 

Dear Chad:

 

Following our recent conversation, this
letter sets out the terms of our agreement with respect to your independent
consulting services following your retirement from Chase Corporation on
February 24, 2006.

 

Services: 
To include but not be
limited to being reasonably available from time to time to assist the company’s
chief executive officer whether by phone, e-mail or in person with respect to
budget preparation, insurance negotiations, shareholder relations, banking
matters, quarterly financial reviews, strategic planning, acquisitions and
serve as a question and reference resource for general financial and accounting
matters.  We anticipate that your
services will be required for an estimated 5 to 7 days per month.  The company will furnish you regular
financial and operations reports and you will keep adequately informed as to
company affairs so as to ensure appropriate performance hereunder.

 

Compensation:  A
retainer of $10,000 per month shall be paid to you on the first of each month
for the month following.  The first
payment will be made March 1, 2006.

 

Expense Reimbursement: 
All previously
authorized travel and entertainment shall be reimbursed following the submittal
and approval of receipts.

 

Term: 
Services shall be
provided for a period of 12 months and may be extended upon mutual
agreement.  In consideration of the
provisions of this agreement you agree to be bound by all of the terms and
conditions set forth on Exhibit A attached hereto.

 

This letter agreement will take effect under
seal and shall be governed by the substantive laws of the Commonwealth of
Massachusetts.

 

Please indicate your acceptance of this offer
by signing below and returning by mail.

 

	
  Best regards,

  
	
   

  
	
   

  
	
    /s/ Peter R.
  Chase

  	
   

  
	
  Peter R. Chase, President

  
	
  Chase Corporation

  
	
   

  
	
   

  
	
    /s/ Everett
  Chadwick, Jr.

  	
   

  
	
  Accepted: Everett
  Chadwick, Jr.

  
	
  Date: February 3, 2006

  

 

 

Exhibit A

 

Confidentiality

 

I, Everett
Chadwick, Jr., understand that Chase Corporation including its divisions,
subsidiaries and licensees (the Company) continually obtains and develops
valuable proprietary and confidential information concerning its business,
business relationships and financial affairs (the “Confidential Information”)
which became known to me during my employment and may further become known to
me in connection with my consulting services.

 

I acknowledge
that all Confidential Information whether or not in writing and whether or not
labeled or identified as confidential or proprietary, is and shall remain the
exclusive property of the Company or the third party providing such information
to myself or the Company.  By way of
illustration, but not limitation, Confidential Information may include
Inventions (as hereafter defined), trade secrets, technical information,
formulations, product testing, qualifications and other know-how, research and
development activities of the Company, product and marketing plans, financials,
customer and supplier information and information disclosed to the Company or
to me by third parties of a proprietary or confidential nature or under an
obligation of confidence.  Confidential
information is contained in various media, including without limitation, patent
applications, computer programs in object and/or source code, flow charts and
other program documentation,  manuals,
plans, drawings, designs, technical specifications, laboratory notebooks,
supplier and customer lists, internal financial data and other documents and
records of the Company.

 

I agree that I
shall not during the term of my employment and consulting and thereafter,
publish, disclose or otherwise make available to any third party, other than
employees of the Company, any Confidential Information except as expressly
authorized in writing by the Company.  I
agree that I shall use such Confidential Information only in the performance of
my duties for the Company and in accordance with any Company policies with
respect to the protection of Confidential Information.  I agree not to use such Confidential
Information for my own benefit or for the benefit of any other person or
business entity.

 

I agree to
exercise all reasonable precautions to protect the integrity and
confidentiality of Confidential Information in my possession and not to remove
any materials containing Confidential Information from the Company’s premises
except to the extent necessary to my employment.  Upon the termination of my consulting, or at
any time upon the Company’s request, I shall return immediately to the Company
any and all materials containing any Confidential Information then in my
possession or under my control.

 

Confidential
Information shall not include information which (a) is or becomes generally
known within the Company’s industry through no fault of mine, (b) was known to
me at the time was disclosed as evidenced by my written records at the time of
disclosure, (c) is lawfully and in good faith made available to me by a third
party who did not derive it from the Company and who imposes no obligation of
confidence on me, or (d) is required to be disclosed by a governmental
authority or by order of a court of competent jurisdiction, provided that such
disclosure is subject to all applicable governmental or judicial protection
available for like material and reasonable advance notice is given to the
Company.

 

 

Non-Competition

 

I agree that while I am
employed by the Company and for a period of two years after termination or
cessation of my employment or consulting for any reason, I shall not, without
the Company’s prior written consent, directly or indirectly, as a principal,
employee, consultant, partner, or stockholder of, or in any other capacity
with, any business enterprise (other than in my capacity as a holder of not
more than 1% of the combined voting power of the outstanding stock of a
publicly held company) (a) engage in direct or indirect competition with the
Company, (b) conduct a business of the type or character engaged in by the
Company at the time of termination or cessation of my consulting or (c) develop
products or services competitive with those of the Company.

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