Offer letter dated January 28, 2021 by and between Chase Corporation and Michael J. Bourque
Exhibit 10.1
| A Leading Manufacturer of Protective Materials for High Reliability Applications | Global Operations Center 295 University Avenue Westwood, MA 02324 Phone: 781 ###-###-#### Fax: 781 ###-###-#### www.chasecorp.com |
January 28, 2021
Michael J. Bourque
Dear Mike,
It is with great pleasure that we extend to you an offer of employment with Chase Corporation as Treasurer and Chief Financial Officer in our Westwood office. Your start date will be mutually agreed to on or about February 2, 2021 pending a vote by our Board of Directors.
This position is an exempt position reporting to Adam Chase, President & CEO. The details of the offer are outlined below:
Base Salary | $ | 310,000 | |
Auto Allowance | $ | 12,000 | $1,000/mo paid in first paycheck of month |
Financial Planning | $ | 5,000 | Reimbursement |
Total Pay | $ | 327,000 | |
Cash Bonus at Target | $ | 186,000 | 60% of base |
Target Total Cash | $ | 513,000 | |
LTIP at Target | $ | 186,000 | 60% of base |
Target Total Direct Compensation | $ | 699,000 | |
Other Benefits:
Executive Life Insurance at three times your annual salary
18 days PTO per calendar year
13 Paid holidays
Severance in the event of a change in control
Eligibility for the Executive Non-Qualified Deferred Savings Plan
Your base salary will be reviewed annually. Any increase, if awarded, will be effective on September 1, 2021 after the completion of a formal performance evaluation. Your salary and performance will be reviewed on an annual basis thereafter.
We offer a comprehensive benefits package which will be reviewed during your new hire orientation. This offer is contingent upon a successful background check and your execution of an Employee Confidentiality, Non-Competition, Non-Solicitation, Patents and Inventions Agreement.
Bourque Offer
This offer is not a contract and supersedes any previous offer or representation. Your employment with Chase Corporation will be “at will”.
We look forward to you joining the team and supporting the growing Chase Corporation businesses. We are confident that your past experience and expertise will provide a solid foundation for our mutual benefit.
Please indicate your acceptance of this offer by signing below.
Yours truly,
Paula Eckel
Vice President, Human Resources
Accepted: Michael J. Bourque ___________________________ Date: ______________
