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                                                                   EXHIBIT 10.45

                                CHASE CORPORATION
                             Incentive Stock Option

     CHASE CORPORATION (the "Company"), a Massachusetts corporation, as an
incentive and inducement to ____________ (the "Optionee"), who is presently an
employee of the Company, to devote his best efforts to the affairs of the
Company, which incentive and inducement the Company has determined to be
sufficient consideration for the grant of this Option, hereby grants to the
Optionee the right and option (the "Option") to purchase from the Company up to
28,569 shares of its Common Stock, $.10 par value (the "Stock"). This Option is
granted under, and is subject to the provisions of, the Company's 2001 Senior
Management Stock Plan (the "Plan") and shall be exercisable only on the
following terms and conditions:

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

     2.   This Option may be exercised,

at any time after October 9, 2001, as to 9,523 shares,
at any time after October 9, 2002, as to 9,523 additional shares,
at any time after October 9, 2003, as to 9,523 additional shares;

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

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

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

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

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

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

     8.   If the Optionee's status as an employee of (i) the Company, or (ii) a
corporation (or a parent or subsidiary corporation of such corporation) issuing
or assuming a stock option in a transaction to which Section 424(a) of the
Internal Revenue Code, as amended (the "Code") applies, is terminated for any
reason other than by his death or disability (within the meaning of Section
22(e)(3) of the Code), he may exercise the rights which he had hereunder at the
time of such termination only within three months from the date of termination.
If his status as an employee is terminated for reason of disability, such rights
may be exercised within six months from the date of termination. Upon the death
of the Optionee, those entitled to do so by the Optionee's will or the laws of
descent and distribution shall have the right, at any time within six months
after the date of death, to exercise in whole or in part any rights which were
available to the Optionee at the time of his death. This Option shall terminate,
and no rights hereunder may be exercised, after the expiration of the applicable
exercise period. Notwithstanding the foregoing provisions of this Section 8, no
rights under this Option may be exercised after the expiration of the ten years
from the date of grant of this Option.

     9.   It shall be a condition to the Optionee's right to purchase shares
hereunder that the Company may, in its discretion, require that in the opinion
of counsel for the Company the proposed purchase shall be exempt from
registration under the Securities Act of 1933, as amended, and the Optionee
shall have made such undertakings and agreements with the Company as the Company
may reasonably require, and that such other steps, if any, as counsel

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for the Company shall deem necessary to comply with any law, rule or regulation
applicable to the issue of such shares by the Company shall have been taken by
the Company or the Optionee, or both. The certificates representing the shares
purchased under this Option may contain such legends as counsel for the Company
shall deem necessary to comply with the applicable law, rule or regulation.

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

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

     12.  This Option is intended to be treated as an Incentive Stock Option
under Section 422 of the Code. The Optionee agrees to notify the Company in
writing within 30 days of the disposition of one or more shares of Stock which
were transferred to him pursuant to his exercise of this Option if such
disposition occurs within two years from the date of this Option or within one
year after the transfer of such shares to him.

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

                                         CHASE CORPORATION

                                         By: Title: President

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                                                                   Exhibit 10.46

                                Chase Corporation
                  2001 Non-Employee Director Stock Option Plan

       This 2001 Non-Employee Director Stock Option Plan (the "Plan") provides
for ownership of Common Stock. $.10 par value (the "Stock") of Chase Corporation
(the "Company") by non-employee directors so as to provide additional incentives
to promote the success of the Company through the grant of Nonstatutory Stock
Options ("Options").

       1.     Administration of the Plan.

       The administration of the Plan shall be under the general supervision of
the Board of Directors of the Company (the "Board"). Within the limits of the
Plan, the Directors shall determine the individuals to whom, and the times at
which, Options will be granted, the duration of each Option, the price and
method of payment for each Option, and the time or times within which (during
its term) all or portions of each Option may be exercised. The Board may
establish such rules as it deems necessary for the proper administration of the
Plan, make such determinations and interpretations with respect to the Plan and
Options granted under it as may be necessary or desirable and include such
further provisions or conditions in Options granted under the Plan as it deems
advisable.

       2.     Shares Subject to the Plan.

       (a)    Number and Type of Shares. The aggregate number of shares of Stock
of the Company that may he optioned under the Plan is 90,000 shares. In the
event that the Board in its discretion determines that any stock dividend,
split-up, combination or reclassification of shares, recapitalization or other
similar capital change affects the Stock such that adjustment is required in
order to preserve benefits of the Plan or any Option granted under the Plan, the
maximum aggregate and kind of shares or securities of the Company as to which
Options may be granted under the Plan and as to which Options then outstanding
shall be exercisable, and the option price of such Options, shall be
appropriately adjusted by the Board (whose determination shall be conclusive) so
that the proportionate number of shares or other securities as to which Options
may be granted and the proportionate interest of holders of outstanding Options
shall be maintained as before the occurrence of such event.

       (b)    Effect of Certain Transactions. In the event of a consolidation or
merger of the Company with another corporation, or the sale or exchange of all
or substantially all of the assets of the Company, or a reorganization or
liquidation of the Company, each holder of an outstanding Option shall be
entitled to receive upon exercise and payment in accordance with the terms of
the Option the same shares as he would have been entitled to receive upon the
occurrence of such event had he exercised the Option immediately prior to such
events provided however, that in lieu of the foregoing the Board of Directors of
the Company may upon written notice to each holder provide that such Option
shall terminate on a date not less than 20 days after the date of such notice
unless theretofore exercised. In addition, prior to or after such an event, the
Board may accelerate awards and waive conditions and restrictions on any award
to the extent it may determine appropriate.

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       (c)    Reservation of Shares. The Company shall at all times while the
Plan is in force reserve such number of shares of Stock as will be sufficient to
satisfy the requirements of the Plan. Shares issued under the Plan may consist
of authorized but unissued shares or treasury shares.

       3.     Grant of Options: Eligible Persons.

       (a)    Types of Options. Options shall be granted under the Plan as
Options which do not meet the requirements of Section 422 ("Nonstatutory Stock
Options"). Options may be granted by the Directors, within the limits set forth
in Sections 1 and 2 of the Plan, to all non-employee Directors of the Company.

       (b)    Date of Grant. The date of grant for each Option shall be the date
on which it is approved, or such later date as the Directors may specify. No
options shall be granted hereunder after ten years from the date on which the
Plan was approved by the Board.

       4.     Form of Options.

       Options granted hereunder shall be evidenced by a writing delivered to
the optionee specifying the terms and conditions thereof and containing such
other terms and conditions not inconsistent with the provisions of the Plan as
the Board considers necessary or advisable to achieve the purposes of the Plan
or comply with applicable tax and regulatory laws and accounting principles. The
form of such Options may vary among optionees.

       5.     Option Price.

       The price at which shares may from time to time be optioned shall be
determined by the Board, provided that such price shall not be less that the
fair market value of the Stock on the date of granting as determined in good
faith by the Board.

       The Board may in its discretion permit the option price to be paid in
whole or in part by a note or in installments or with shares of Stock or such
other lawful consideration as the Board may determine.

       6.     Term of Option and Dates of Exercise.

       (a)    Exercisability. The Board shall determine the term of all Options,
the time or times that Options are exercisable and whether they are exercisable
in installments; provided, however, that the term of stock option granted under
the Plan shall not exceed a period of ten years from the date of its grant. In
the absence of such determination, the Option shall be exercisable at any time
or from time to time, in whole or in part. during a period of ten years from the
date of its grant.

       (b)    Effect of Disability. Death or 'termination of Employment. The
Board shall determine the effect on an Option of the disability, death,
retirement or other termination as a member of the Board of an optionee and
during the period which, the optionee's estate, legal representative, on death
may exercise rights thereunder. Any beneficiary on death shall be designated by
the optionee, in the manner determined by the Board, to exercise the rights of
the optionee in the case of the optionee's death.

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       (c)    Other Conditions. The Board may impose such other conditions with
respect to the exercise of Options, including conditions relating to applicable
federal or state securities laws, as it considers necessary or advisable.

       (d)    Amendment of Options. The Board may amend, modify or terminate any
outstanding Option, including substituting therefore another Option of the same
or different type, changing the date of exercise or realization, provided that
the optionee's consent to such action shall be required unless the Board
determines that the action, taking into account any related action, would not
materially and adversely affect the optionee, and provided further that,
notwithstanding the foregoing, the Board may not either amend any outstanding
Option to reduce the exercise price thereof or terminate an Option and
substitute therefor another Option having a lower per share exercise price.

       7.     Non-transferability.

       No Option shall be transferable by the holder thereof other than by will
or the laws of decent and distribution, and shall be exercisable during the
holder's lifetime, only by the holder thereof; provided, however, that the Board
may provide that an Option is transferable by the holder thereof and exercisable
by persons other than the holder thereof upon such terms and conditions as the
Board shall determine.

       8.     No Rights as a Shareholder.

       Subject to the provisions of the applicable Option, no optionee or any
person claiming through an optionee shall have any rights as a shareholder with
respect to any shares of stock to be distributed under the Plan until he or she
becomes the holder thereof.

       9.     Amendment or Termination. The Board may

       amend or terminate the Plan at any time.

       10.    Stockholder Approval.

       The Plan is subject to approval by the stockholders of the Company by the
affirmative vote of the holders of a majority of the shares of capital stock of
the Company entitled to vote thereon and present or represented at a meeting
duly held in accordance with the laws of the Commonwealth of Massachusetts, or
by any other action that would be given the same effect under the laws of such
jurisdiction, which action in either case shall be taken within twelve (12)
months from the date the Plan was adopted by the Board. In the event such
approval is not obtained, all Options granted under the Plan shall be void and
without effect.

       11.    Governing Law.

       The provisions of the Plan shall be governed by and interpreted in
accordance with the laws of the Commonwealth of Massachusetts.

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