Document:

Exhibit
10.15

 

DESCRIPTION OF CEO SEVERANCE
AGREEMENT

 

The Company is party to an agreement with Mr.
Creighton Early dated March 18, 2004, providing that should Mr. Early be
terminated as Chief Executive Officer of the Company anytime after June 1,
2004, for any reason other than for cause, he will be entitled to severance pay
equivalent to one year of salary. His current annual salary is $180,000.Exhibit 10.1

 

Life Insurance Reimbursement Agreement

 

In connection with the
non-qualified EMPLOYEE’S SUPPLEMENTAL PENSION AND SAVINGS PLAN (the “SERP”)
established by Chase Corporation (the “Company”), the Company structured a
split dollar life insurance program for its President, Peter R. Chase (the “Executive”)
in 1997. The program was restructured as a result of the enactment of
Sarbanes-Oxley and the issuance by the Internal Revenue Service of regulations
relating to the treatment of so-called “equity” split dollar arrangements.
Under the restructured arrangement the Company has entered into the SPLIT
DOLLAR AGREEMENT dated January 10, 2005 with the Executive (the “Split Dollar
Agreement”). The Company is entering into this agreement in recognition of the
Executive’s valuable services to the Company and the voluntary transfer as part
of the restructuring program by the Executive to the Company of life insurance
policies, which were owned by the Executive and subject to a collateral
assignment split dollar agreement with the Company. The Company agrees to
reimburse the Executive, as hereinafter provided, for the cost of premiums to
be incurred by him under Travelers policies, 7443053 and 7443054, which
policies are owned by the Executive and which provide a $5,000,000 death
benefit to the beneficiaries specified therein.

 

The
Company hereby agrees to pay the Executive annual or semi-annual bonus payments
for a period of nine years commencing January 10, 2005. The amount of each
bonus will be calculated so as to provide an amount such that the after tax
proceeds to the Executive will be sufficient to pay the premiums of the
foregoing life insurance benefit.

 

The
timing of payments hereunder will be coordinated between the Executive and the
Company’s Compensation and Management Development Committee so that the
premiums may be paid on or before their due dates or any applicable grace
period. Notwithstanding the foregoing, the timing of payments hereunder shall
be automatically amended to the extent necessary to comply with regulations
that may be adopted by the Internal Revenue service pursuant to IRC s. 409A.

 

Subject
to the preceding sentence, this Agreement may not be amended, altered or
modified, except by a written instrument signed by the parties hereto, or their
respective successors or assigns, and may not be otherwise terminated except as
provided herein.

 

This
Agreement shall be binding upon and inure to the benefit of the Company and its
successors and assigns, and the Executive, his successors, assigns, heirs,
executors, administrators and beneficiaries.

 

Any
notice, consent or demand required or permitted to be given under the
provisions of this Agreement shall be in writing, and shall be signed by the
party giving or making the same.  If such
notice, consent or demand is mailed to a party hereto, it shall be sent by
United States certified mail, postage prepaid, addressed to such party’s last
known address as shown on the records of the Company.  The date of such mailing shall be deemed the
date of notice, consent or demand.

 

This
Agreement, and the rights of the parties hereunder,
shall be governed by and construed in accordance with the laws of the
Commonwealth of Massachusetts.

 

IN WITNESS WHEREOF, the
parties hereto have executed this Agreement, under seal, in duplicate, as of
the day and year first above written.

 

	
   

  	
  CHASE
  CORPORATION

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  January
  10, 2005

  	
   

  	
  By:

  	
  /s/
  Everett Chadwick

  	
   

  
	
   

  	
   

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  /s/
  Peter R. Chase

  	
   

  
	
   

  	
  ExecutiveExhibit
10.2

 

SPLIT-DOLLAR AGREEMENT

 

BETWEEN

 

CHASE CORPORATION AND PETER R.
CHASE

 

THIS
AGREEMENT made and entered into this 10th day of January, 2005,
effective as of the 23rd day of June, 2004, by and between Chase
Corporation, a Massachusetts corporation, with principal offices and place of
business in the State of Massachusetts (the “Corporation”), and Peter R. Chase,
an individual residing in the State of Massachusetts (the “Employee”),

 

WITNESSETH
THAT:

 

WHEREAS,
the Employee is employed by the Corporation; and

 

WHEREAS,
the Employee wishes to provide life insurance protection for his family in the
event of his death, under the Policy; and

 

WHEREAS,
the Corporation is willing to pay the premiums due on the Policy as an
additional employment benefit for the Employee, on the terms and conditions
hereinafter set forth; and

 

WHEREAS,
the Corporation is the owner of the Policy and, as such, possesses all
incidents of ownership in and to the Policy; and

 

WHEREAS,
the Corporation wishes to retain such ownership rights, in order to secure
payment of the amount due it hereunder;

 

NOW,
THEREFORE, in consideration of the premises and of the mutual promises
contained herein, the parties hereto agree as follows:

 

ARTICLE 1

 

Definitions

 

Except as may otherwise be provided in the
Policies, the following terms shall have the meaning hereinafter indicated
whenever used in this Plan with initial capital letters:

 

Agreement.                                “Agreement”
means this Split-Dollar Agreement between Chase Corporation and Peter R. Chase.

 

Corporation.  “Corporation” means the Chase Corporation or
any successor in interest.

 

 

Corporation’s Cumulative Costs.  “Corporation’s Cumulative Costs” means, as of
the date of determination, the sum of (1) the premiums paid by the Corporation
on the Policy under this Agreement; (2) the total premiums paid by the
Corporation on policy number 610005816 and 610027318, issued by ING Security
Life Insurance Company under the split-dollar agreement between the Corporation
and the Employee entered into as of June 23, 1997, as amended, which is
$1,273,507; and (3) the additional amounts as outlined on Schedule 1 attached
hereto and by reference made a part hereof.

 

Corporation’s
Policy Interest. 
“Corporation’s Policy Interest” means, as of the date of determination,
greater of (1) the Cash Value of the Policy, less any outstanding indebtedness
incurred by the Company and secured by such Policy, including any unpaid
interest on such indebtedness, and (2) the sum of the Corporation’s Cumulative
Costs.

 

Cash
Surrender Value.  The “Cash Value” shall have the meaning
stated in the Policy, but shall be determined without regard to surrender
charges or other similar charges or reductions.

 

Death
Benefit Option.  “Death Benefit Option” shall have the meaning
stated in the Policy.

 

Employee.  “Employee” means Peter R. Chase.

 

Face
Amount of Insurance.  “Face Amount of Insurance” shall have the
meaning stated in the Policy.

 

Insurer.  “Insurer” means John Hancock Variable Life
Insurance Company.

 

Policy.  “Policy” means the policy of life insurance
on the Employee’s life acquired from the Insurer to provide the life insurance
benefits under the Agreement, which is described in Exhibit A attached hereto
and by this reference made a part hereof.

 

Planned
Annual Premium.  “Planned Annual Premium” shall have the
meaning stated in the Policy.

 

ARTICLE 2

 

Rights and
Obligations with Respect to Policies

 

2.1                               Purchase of Policy.

 

The Corporation has purchased the Policy from the Insurer
in the total face amount of $7,500,000 and level Death Benefit Option.  The parties hereto have taken all necessary
action to cause the Insurer to issue the Policy, and shall take any further
action which may be necessary to cause the Policy to conform to the provisions
of this Agreement.  The parties hereto
agree that the Policy shall be subject to the terms and conditions of this
Agreement and of the endorsement to the Policy or beneficiary designation filed
with the Insurer.

 

2.2                               Payment of Premiums.

 

On or before the due date of each Policy premium, or within
the grace period provided therein, the Corporation shall pay the full amount of
the Planned Annual Premium to the Insurer, and shall, upon request, promptly
furnish the Employee evidence of timely payment of such premium.  Except with the consent of the Employee, the
Corporation shall not pay less than such Planned Annual Premium for any year,
but may, in its discretion, at anytime and from time to time,

 

 

pay
more than the Planned Annual Premium. 
The Corporation shall annually furnish the Employee a statement of the
amount of income reportable by the Employee for federal and state income tax
purposes as a result of the insurance protection provided the Employee as the
Policy beneficiary.

 

2.3                               Corporation’s Rights in Policy.

 

2.3.1                     Ownership of Policy.  The
Corporation shall be the sole and absolute owner of the Policy, and may
exercise all ownership rights granted to the owner thereof by the terms of the
Policy, including, but not limited to, the right to elect and to change the
Death Benefit Option and the Face Amount of Insurance, except as may otherwise
be provided herein.

 

2.3.2                        Limitations
on Corporation’s Rights in Policy.  Except
as otherwise provided herein, the Corporation shall not sell, assign, transfer,
surrender or cancel the Policy, change the beneficiary designation provisions
of the Policy applicable to the Employee’s share of the Policy death benefit,
change the Death Benefit Option of the Policy, nor decrease the Face Amount of
Insurance of the Policy without, in any such case, the express written consent
of the Employee.

 

2.3.3                        Policy Loans. 
The Corporation may pledge or assign the Policy, subject to the terms
and conditions of this Agreement, for the sole purpose of securing a loan from
the Insurer or from a third party. 
Interest charges on such loan shall be paid by the Corporation.  If the Corporation so encumbers the Policy,
other than by a policy loan from the Insurer, then, upon the death of the
Employee, the Corporation shall promptly take all action necessary to secure
the release or discharge of such encumbrance.

 

 

2.4                               Employee’s Rights in Policy.

 

2.4.1                     Election of Settlement Option and Beneficiary Designation By Employee.  The Employee may select the settlement option
for payment of the death benefit provided under the Policy and the beneficiary
or beneficiaries to receive the portion of policy proceeds to which the
Employee is entitled hereunder, by specifying the same in a written notice to
the Corporation.  Upon receipt of such
notice, the Corporation shall promptly execute and deliver to the Insurer the
forms necessary to elect the requested settlement option and to designate the
requested person, persons or entity as the beneficiary or beneficiaries to
receive the death proceeds of the Policy in excess of the amount to which the
Corporation is entitled hereunder.  The
parties hereto agree to take all action necessary to cause the beneficiary
designation and settlement option provisions of the Policy to conform to the
provisions hereof.  The Corporation shall
not terminate, alter or amend such designation or election without the express
written consent of the Employee.

 

2.4.2                     Assignment by Employee.  The
Employee shall have the right to absolutely and irrevocably assign by gift all
of his right, title and interest in and to this Agreement and to the Policy to
an assignee.  This right shall be
exercisable by the execution and delivery to the Corporation of a written
assignment, in substantially the form attached hereto as Exhibit B, which by
this reference is made a part hereof. 
Upon receipt of such written assignment executed by the Employee and
duly accepted by the assignee thereof, the Corporation shall consent thereto in
writing, and shall thereafter treat the Employee’s assignee as the sole owner
of all of the Employee’s right, title and interest in and to this Agreement and
in and to the Policy.  Thereafter, the
Employee shall have no right, title or interest in and to this Agreement or the
Policy, all such rights being vested in and exercisable only by such assignee.

 

2.5                               Collection and Payment of Policy Death Benefit.

 

2.5.1                     Collection of Death Proceeds.  Upon
the death of the Employee, the Corporation shall cooperate with the beneficiary
or beneficiaries designated by the Corporation at the direction of the Employee
to take whatever action is necessary to collect the death benefit provided
under the Policy; when such benefit has been collected and paid as provided
herein, this Agreement shall terminate.

 

2.5.2                        Payment of Death
Benefit. 
Upon the death of the Employee, the Corporation shall have the
unqualified right to receive a portion of such death benefit equal to the
Corporation’s Policy Interest.  The
balance of the death benefit provided under the Policy, if any, shall be paid
directly to the beneficiary or beneficiaries designated by the Corporation at
the direction of the Employee, in the manner and in the amount or amounts
provided in the beneficiary designation provision of the Policy.  In no event shall the amount payable to the
Corporation hereunder exceed the death proceeds payable under the Policy at the
death of the Employee.  No amount shall
be paid from such death benefit to the beneficiary or beneficiaries designated
by the Corporation at the direction of the Employee, until the full amount due
the Corporation hereunder has been paid. 
The parties hereto agree that the beneficiary designation provision of
the Policy shall conform to the provisions hereof.

 

2.5.3                        Refund of Premiums.  Notwithstanding any provision hereof to the
contrary, in the event that, for any reason whatsoever, no death benefit is
payable under the Policy upon the death of the Employee and in lieu thereof the
Insurer refunds all or any part of the premiums paid for the Policy, the
Corporation and the Employee’s beneficiary or beneficiaries shall have the
unqualified right to share such premiums based on their respective cumulative
contributions thereto.

 

 

2.6                               Termination of the Agreement During the
Employee’s Lifetime.

 

2.6.1                        Automatic Termination
Events. 
This Agreement shall terminate, during the Employee’s lifetime, without
notice, upon the occurrence of any of the following events:  (a) total cessation of the Corporation’s
business; (b) bankruptcy, receivership or dissolution of the Corporation; (c)
or termination of Employee’s employment by the Corporation (other than by
reason of his death).

 

2.6.2                        Termination by Parties.  In addition, the either the Corporation or
the Employee may terminate this Agreement, by written notice to the other
party; provided, however, that any termination as to rights of either party
accrued prior to the date of termination shall require the written agreement of
both parties.  Any such termination shall
be effective as of the date of such notice or agreement.

 

2.6.3                        Disposition of the
Policy on Termination of the Agreement During the
Employee’s Lifetime.  If
the Agreement terminates during the Employee’s lifetime as provided herein,
then following such termination, neither the Employee, his
assignee, heirs, or beneficiaries shall have any further interest in and
to the Policy insuring the life of the Employee, either under the terms thereof
or under the Agreement.

 

ARTICLE 3

 

Named
Fiduciary, Determination of Benefits, Claims Procedure and Administration.

 

3.1                                 Named Fiduciary.  The Corporation is hereby designated as the
named fiduciary under this Agreement. 
The named fiduciary shall have authority to control and manage the
operation and administration of this Agreement, and it shall be responsible for
establishing and carrying out a funding policy and method consistent with the
objectives of this Agreement.

 

3.2                                 Claim.  A Participant, beneficiary or other person
who believes that he or she is being denied a benefit to which he or she is
entitled (“Claimant”), or his or her duly authorized representative, may file a
written request for such benefit with the President of the Corporation (the “First
Level Reviewer”) setting forth his or her claim.  Such claim must be addressed to the President
of the Corporation, at its then principal place of business.

 

3.2.1                        Claim Decision   Upon receipt of a claim, the First Level
Reviewer shall advise the Claimant that a reply will be forthcoming within a
reasonable period of time, but ordinarily not later than ninety (90) days, and
shall, in fact, deliver such reply within such period.  However, the First Level Reviewer may extend
the reply period for an additional ninety (90) days for reasonable cause.  If the reply period will be extended, the
First Level Reviewer shall advise the Claimant in writing during the initial
ninety (90) day period indicating the special circumstances requiring an
extension and the date by which the First Level Reviewer expects to render the
benefit determination.

 

If the
claim is denied in whole or in part, the First Level Reviewer will render a
written opinion, using language calculated to be understood by the Claimant,
setting forth:

 

(1) the specific reason or reasons for the denial;

 

(2) the specific references to pertinent Plan provisions on
which the denial is based;

 

 

(3) a description of any additional material or information
necessary for the Claimant to perfect the claim and an explanation as to why
such material or such information is necessary;

 

(4)
appropriate information as to the steps to be taken if the Claimant wishes to
submit the claim for review, including a statement of the Claimant’s right to
bring a civil action under Section 502(a) of ERISA following an adverse benefit
determination on review; and

 

(5) the time limits for requesting a review of the denial under
Subsection C hereof and for the actual review of the denial under
Subsection D hereof.

 

3.2.2                        Request for Review   Within sixty (60) days after the receipt by
the Claimant of the written opinion described above, the Claimant may request
in writing that the Secretary of the Corporation ( the
“Second Level Reviewer”) review the First Level Reviewer’s prior
determination.  Such request must be
addressed to the Secretary of the Corporation, at its then principal place of
business.  The Claimant or his or her
duly authorized representative may submit written comments, documents, records
or other information relating to the denied claim, which such information shall
be considered in the review under this subsection without regard to whether
such information was submitted or considered in the initial benefit
determination.

 

The
Claimant or his or her duly authorized representative shall be provided, upon
request and free of charge, reasonable access to, and copies of, all documents,
records and other information which (i) was relied upon by the First Level
Reviewer in making its initial claims decision, (ii) was submitted, considered
or generated in the course of the First Level Reviewer making its initial
claims decision, without regard to whether such instrument was actually relied
upon by the First Level Reviewer in making its decision or (iii) demonstrates
compliance by the First Level Reviewer with its administrative processes and
safeguards designed to ensure and to verify that benefit claims determinations
are made in accordance with this Agreement and that, where appropriate, the
provisions of this Agreement have been applied consistently with respect to
similarly situated claimants.  If the
Claimant does not request a review of the First Level Reviewer’s determination
within such sixty (60) day period, he or she shall be barred and stopped from
challenging such determination.

 

3.2.3                        Review of Decision.  Within a reasonable period of
time, ordinarily not later than sixty (60) days, after the Second Level
Reviewer’s receipt of a request for review, it will review the First Level
Reviewer’s prior determination.  If
special circumstances require that the sixty (60) day time period be extended,
the Second Level Reviewer will so notify the Claimant within the initial sixty
(60) day period indicating the special circumstances requiring an extension and
the date by which the Second Level Reviewer expects to render its decision on
review, which shall be as soon as possible but not later than 120 days after
receipt of the request for review.  In
the event that the Second Level Reviewer extends the determination period on
review due to a Claimant’s failure to submit information necessary to decide a
claim, the period for making the benefit determination on review shall not take
into account the period beginning on the date on which notification of
extension is sent to the Claimant and ending on the date on which the Claimant
responds to the request for additional information.

 

The
Second Level Reviewer has discretionary authority to determine a Claimant’s
eligibility for benefits and to interpret the terms of this Agreement.  Benefits under this Agreement will be paid
only if the Second Level Reviewer decides in its discretion that the Claimant
is entitled to such benefits.  The decision
of the Second Level Reviewer shall be final and non-reviewable, unless

 

 

found
to be arbitrary and capricious by a court of competent review.  Such decision will be binding upon the
Employer and the Claimant.

 

If the
Second Level Reviewer makes an adverse benefit determination on review, the
Second Level Reviewer will render a written opinion, using language calculated
to be understood by the Claimant, setting forth:

 

(1) the specific reason
or reasons for the denial;

 

(2) the specific references to pertinent Plan provisions on
which the denial is based;

 

(3) a statement
that the Claimant is entitled to receive, upon request and free of charge,
reasonable access to, and copies of, all documents, records and other
information which (i) was relied upon by the Second Level Reviewer in making
its decision, (ii) was submitted, considered or generated in the course of the
Second Level Reviewer making its decision, without regard to whether such
instrument was actually relied upon by the Second Level Reviewer in making its
decision or (iii) demonstrates compliance by the Second Level Reviewer with its
administrative processes and safeguards designed to ensure and to verify that
benefit claims determinations are made in accordance with this Agreement, and
that, where appropriate, the provisions of 
this Agreement have been applied consistently with respect to similarly
situated claimants; and

 

(4) a statement of the Claimant’s right to bring a civil action
under Section 502(a) of ERISA following the adverse benefit determination on
such review.

 

ARTICLE
4

 

Miscellaneous

 

4.1                                 Insurer Not a Party.  The Insurer shall be fully discharged from
its obligations under the Policy by payment of the Policy death benefit to the
beneficiary or beneficiaries named in the Policy, subject to the terms and
conditions of the Policy.  In no event
shall the Insurer be considered a party to this Agreement, or any modification
or amendment hereof.  No provision of
this Agreement, nor of any modification or amendment hereof, shall in any way
be construed as enlarging, changing, varying, or in any other way affecting the
obligations of the Insurer as expressly provided in the Policy, except insofar
as the provisions hereof are made a part of the Policy by the beneficiary
designation executed by the Corporation and filed with the Insurer in
connection herewith.

 

4.2                                 Amendment.  This Agreement may not be amended, altered or
modified, except by a written instrument signed by the parties hereto, or their
respective successors or assigns, and may not be otherwise terminated except as
provided herein.

 

4.3                                 Binding Effect.  This Agreement shall be binding upon and
inure to the benefit of the Corporation and its successors and assigns, and the
Employee, his successors, assigns, heirs, executors, administrators and
beneficiaries.

 

4.4                                 Notices.  Any notice, consent or demand required or
permitted to be given under the provisions of this Agreement shall be in
writing, and shall be signed by the party giving or making the same.  If such notice, consent or demand is mailed
to a party hereto, it shall be sent by United States certified mail, postage
prepaid, addressed to such party’s last known address as shown on the

 

 

records
of the Corporation.  The date of such
mailing shall be deemed the date of notice, consent or demand.

 

4.5                                 Governing Law.  This Agreement, and
the rights of the parties hereunder, shall be governed by and construed in
accordance with the laws of the Commonwealth of Massachusetts.

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement, in
duplicate, as of the day and year first above written.

 

	
   

  	
   

  	
  CHASE CORPORATION

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Everett Chadwick

  	
   

  	
   

  
	
   

  	
   

  	
  Treasurer & CFO

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  /s/ Peter R. Chase

  	
   

  	
   

  
	
   

  	
   

  	
  Peter R. Chase

  	
      Employee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Witness:

  	
  /s/ Paula M Myers

  	
   

  	
   

  
									

 

 

EXHIBIT A

 

The
following life insurance Policy is subject to the Split-Dollar Agreement to
which this Exhibit is attached:

 

 

	
  Insurer:

  	
  John Hancock Variable Life Insurance Company

  
	
   

  	
   

  
	
  Insured:

  	
  Peter R. Chase

  
	
   

  	
   

  
	
  Policy Number:

  	
  52860001

  
	
   

  	
   

  
	
  Date of Issue:

  	
  June 23, 2004

  
	
   

  	
   

  
	
  Face Amount:

  	
  $7,500,000

  
	
   

  	
   

  
	
  Death Benefit Option:

  	
  Level

  

 

 

EXHIBIT B

 

THIS ASSIGNMENT, dated this          day
of                                    ,
20     .

 

WITNESSETH THAT:

 

WHEREAS, the undersigned (the “Assignor”) is the
Employee under that certain Split-Dollar Agreement between Chase Corporation, a
Massachusetts corporation (the “Corporation”) and Peter R. Chase, dated January
10,,2005, effective as of June 23, 2004 (the “Split-Dollar
Agreement”), which Split-Dollar Agreement confers upon the undersigned certain
rights and benefits with regard to one or more policies of insurance insuring
the Assignor’s life; and

 

WHEREAS, pursuant to the provisions of said
Split-Dollar Agreement, the Assignor retained the right, exercisable by the
execution and delivery to the Corporation of a written form of assignment, to
absolutely and irrevocably assign all of the Assignor’s right, title and
interest in and to said Split-Dollar Agreement to an assignee; and

 

WHEREAS, the Assignor desires to exercise said right;

 

NOW, THEREFORE, the Assignor, without consideration,
and intending to make a gift, hereby absolutely and irrevocably assigns, gives,
grants and transfers to                                     (the
“Assignee”), all of the Assignor’s right, title and interest in and to the
Split-Dollar Agreement and said policies of insurance, intending that, from and
after this date, the Split-Dollar Agreement be solely between the Corporation
and the Assignee and that hereafter the Assignor shall neither have nor retain
any right, title or interest therein.

 

	
   

  	
   

  	
   

  
	
   

  	
  Peter R. Chase,
  Assignor

  

 

 

ACCEPTANCE OF ASSIGNMENT

 

The
undersigned Assignee hereby accepts the above assignment of all right, title
and interest of the Assignor therein in and to the Split-Dollar Agreement, and
the undersigned hereby agrees to be bound by all of the terms and conditions of
said Split-Dollar Agreement, as if the original Employee
thereunder.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Trustee, Assignee

  
	
   

  	
   

  
	
  Dated:                              ,
  20    

  	
   

  

 

CONSENT TO ASSIGNMENT

 

The undersigned Corporation hereby consents to the
foregoing assignment of all of the right, title and interest of the Assignor in
and to the Split-Dollar Agreement, to the Assignee designated therein.  The undersigned Corporation hereby agrees
that, from and after the date hereof, the undersigned Corporation
shall look solely to such Assignee for the performance of all obligations under
said Split-Dollar Agreement which were heretofore the responsibility of the
Assignor, shall allow all rights and benefits provided therein to the Assignor
to be exercised only by said Assignee, and shall hereafter treat said Assignee
in all respects as if the original Employee thereunder.

 

 

	
   

  	
  CHASE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:                              ,
  20    

  	
   

  

 

2

 

Schedule 1

 

Additional
Amount Added to Corporation’s Cumulative Costs

 

	
  Policy Year

  	
   

  	
  Amount

  	
   

  
	
  1

  	
   

  	
  $

  	
  182,406

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  2

  	
   

  	
  $

  	
  364,812

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  3

  	
   

  	
  $

  	
  547,218

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  4

  	
   

  	
  $

  	
  729,624

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  5

  	
   

  	
  $

  	
  912,030

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  6

  	
   

  	
  $

  	
  1,094,436

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  7

  	
   

  	
  $

  	
  1,276,842

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  8

  	
   

  	
  $

  	
  1,459,248

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  9 and
  thereafter

  	
   

  	
  $

  	
  1,641,654

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