SEPARATION AGREEMENT

Exhibit 10.2

SEPARATION AGREEMENT

This SEPARATION AGREEMENT (this “Agreement”) is entered into as of August 31, 2012, between Myers Industries, Inc., an Ohio corporation (“Company”), and Donald A. Merril (“Executive”).

RECITALS

A. Executive has been employed by the Company as its Executive Vice President, Chief Financial Officer and Secretary.

B. Executive and the Company are parties to an Employment Agreement dated January 24, 2006 (“Employment Agreement”) and a Non-Disclosure and Non-Competition Agreement dated January 24, 2006 (“Non-Disclosure Agreement”).

C. Executive and the Company have mutually agreed to terminate the employment relationship effective on August 31, 2012 (the “Termination Date”).

D. Executive and the Company desire to provide for a smooth transition of Executive’s responsibilities and to resolve all issues regarding his employment with and separation from the Company. Accordingly, and without admitting any liability or wrongdoing whatsoever, they are entering into this Agreement.

In consideration of the promises and mutual agreements, provisions and covenants contained in this Agreement and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties agree as follows:

AGREEMENTS

1.1 Executive hereby acknowledges, covenants and agrees:

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2.1 The Company hereby acknowledges and agrees that upon Executive’s prior execution of this Agreement the Company shall, following the Effective Date (as defined in Section 3.7):

i) Severance pay in a lump sum amount equal to the sum of one times Executive’s base salary in effect on the Effective Date (total amount of $342,750).

ii) Severance pay in a lump sum amount equal to one times Executive’s annual bonus at the highest rate in effect during the prior three year period ($351,244) plus any annual bonus earned but unpaid as of the Termination Date ($219,105).

iii) Tax gross-up payment in a lump sum of $608,763 to cover federal, state and local income taxes on (i) and (ii) above and this clause (iii).

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(ii) Pay Executive, on the first regular payroll date following the Effective Date, a lump sum amount of 26,422 as payment in full for the remaining 11 months of car expense, maintenance and fuel reimbursement pursuant to the terms of the Employment Agreement.

2.2 Executive’s coverage under the Company’s medical, dental, long term and short term disability, life and any other insurance plans or policies in which Executive participated immediately prior to the Effective Date, as well as any such insurance obtained by Executive and reimbursed by the Company immediately prior to the Effective Date will cease on the Effective Date, subject to Executive’s right to continue medical and dental coverage pursuant to COBRA. The Company will provide any notices regarding the foregoing as required by law. The Company will pay Executive an amount equal to twelve (12) months COBRA premiums for medical and dental coverage equal to $15,101 plus an amount equal to twelve (12) months premiums for long-term disability, short-term disability and life insurance coverage commensurate with that provided to employees of the Company equal to $3,803. Such payment will be made in the first regular payroll date following the Effective Date.

2.3 The Company and Executive acknowledge that Executive has a vested right under the Company’s Executive Supplemental Retirement Plan, as amended, and pursuant to the Amendment to the Company’s Executive Supplemental Retirement Plan between the Executive and the Company effective December 15, 2008 (the “SERP”), that Executive currently is vested in eight (8) years of service under the SERP and that he is entitled to a Supplemental Vested Pension based upon commencement of the benefit upon his attainment of age 55, pursuant to Sections 4.2 and 4.4 of the SERP. The parties agree that such Supplemental Vested Pension to be paid Executive at age 55 is $1,666.66 per month payable for a period of 120 months ($200,000 total benefit).

2.4 The Company and Executive acknowledge that nothing herein shall affect the stock options granted to Executive by the Company which are now vested, being a total of 112,067 shares, and that Executive shall have a right to exercise such vested options until January 31, 2013 pursuant to the terms of the Stock Option Grant Agreements or

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Option Agreements pursuant to which they were granted, subject to any restrictions under law. To the extent that the exercise period set forth in this Section 2.4 is inconsistent with any Stock Option Grant Agreement or Option Agreement evidencing such vested options, such Stock Option Grant Agreement or Option Agreement is hereby amended to conform with this Section 2.4. The Company agrees to assist Executive in the exercise of such options and agrees to facilitate Executive’s filing of any Form 4s as necessary with the SEC in the same manner it does for other executives. Executive acknowledges that the filing of the Form 4s is ultimately his responsibility. Executive further acknowledges (i) that if he is in possession of material non-public information concerning the Company’s business and operations there may exist restrictions under law regarding the manner or ability to exercise any options and sell the underlying securities and (ii) that compliance with any such restrictions is solely Executive’s responsibility.

2.5 The Company and Executive acknowledge that Executive is entitled to payments aggregating $333,000 pursuant to the terms of those certain Performance Based Cash Award Agreements between the Company and Executive dated as of March 4, 2010, March 3, 2011 and March 2, 2012.

2.6 The Company acknowledges that Executive has certain personal effects, which are his personal possessions and which Executive shall (other than the office furniture and certain other items which shall be professionally moved), have a right to remove from the Company on or before the Termination Date. Executive and the Company will cooperate in good faith in the review of the Company’s files and documents to determine those items which Executive may retain. Executive’s retention of any such items shall be subject to his confidentiality and nondisclosure obligations under this Agreement and his ethical duty to maintain client confidences.

2.7 The Company agrees to provide Executive in advance with sufficient time for review and comment (which shall be deemed to be no less than 24-hours by e-mail), any press release or filing to be made publicly, or with the SEC or NYSE, which has as its subject the termination of Executive’s relationship with the Company. Company need only provide the portion which deals with Executive.

2.8 The Company releases and forever discharges Executive, his heirs, attorneys, successors and assigns from all liabilities, claims, causes of action, charges, complaints, obligations, costs, losses, damages, injuries and attorneys’ fees and other legal responsibilities, whether known or unknown, foreseen or unforeseen, anticipated or unanticipated, suspected or unsuspected, manifest or latent, which the Company now holds, has at any time heretofore owned or held, or may at any time own or hold by reason of any matter or thing arising from any cause whatsoever prior to the Effective Date of this Agreement.

2.9 That (i) the Company has made no assignment and will make no assignment of the claims, demands, causes of action or other rights released herein; and (ii) it will not institute or legal or administrative proceedings or, absent an order from a court of competent jurisdiction, participate in any manner in any civil lawsuit or administrative proceeding based upon, arising out of or relating to any claim, demand, cause of action or other right released herein.

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3.0 Executive shall fully cooperate with the Company in the transition of his duties and responsibilities by being reasonably available to answer questions and other inquiries by telephone.

3.1 Subject to paragraph 2.1(d), Executive covenants and represents that he has returned, or will return before the Effective Date of this Agreement, to the Company all of the Company’s property of any kind in his possession or the possession of his agents including, without limitation, all keys, credit cards, files, papers, documents, and devices for holding electronic information. Executive further agrees that he will not, without prior written consent of the Company, directly or indirectly, disclose, reveal or communicate, or cause or allow to be disclosed, revealed or communicated, to any third party any confidential matters, non-public information concerning the Company, proprietary information or trade secrets of the Company or its affiliates.

3.2 All provisions of this Agreement will be binding on and inure to the benefit of the dependents, successors, heirs, executors, representatives, administrators and assigns of Executive, the Company and All Related Parties.

3.3 With the exception of the Non-Disclosure Agreement, the SERP, the indemnification rights and Indemnification Agreement, the Performance Based Cash Award Agreements, the vested stock options, the conversion rights to any insurance benefits, the vested rights in the Company’s profit sharing or other retirement plan, the vested rights in Company’s 401(k) Plan, and the COBRA rights, which all shall remain in full force and effect, this Agreement constitutes the entire agreement among the parties and supersedes and extinguishes all prior negotiations and agreements among the parties. It is further agreed that, other than the payments and entitlements specifically referenced in this Agreement, all payments due Executive as a result of his employment or pursuant to the Employment Agreement, whether salary, severance, bonus, commission, stock options, membership interest, stock grant or other payments, have been made and that Executive is due no other payments whatsoever except those specifically provided for herein.

3.4 Executive and the Company further acknowledge and agree:

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3.5 Executive and the Company acknowledge that they understand the terms of this Agreement, that they have had the opportunity to review it with legal counsel of their own choosing and that they are relying solely on the contents of this Agreement and are not relying on any other representation whatsoever as an inducement to enter into this Agreement.

3.6 This Agreement will be construed and enforced in accordance with the laws of the State of Ohio. This Agreement may not be varied, altered, modified, canceled, changed or in any way amended except by written agreement of the parties. However, by signing this Agreement, Executive agrees, without any further consideration, to consent to any amendment necessary to avoid penalties or excise taxes under code § 409A. The Company shall have no affirmative obligation to amend (or propose an amendment to) this Agreement to the extent necessary to avoid any such penalties or interest, except that it agrees to consent to any such amendment proposed by Executive to the extent such amendment would not materially increase the Company’s obligations hereunder.

3.7 Executive acknowledges that he is aware of his right to revoke this Agreement at any time within the seven (7) day period following the date this Agreement is signed by him and that, unless so revoked by written notice to the Company, this Agreement will become effective and enforceable upon the expiration of the seven (7) day revocation

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period (“Effective Date”). Executive further acknowledges that the payments to him specified in this Agreement will be paid only after the expiration of such seven (7) day revocation period.

3.8 Company and Executive further acknowledge that (a) they have read this Agreement, (b) the Company has offered Executive a period of 21 days to consider whether to enter into it and has either considered this Agreement and its terms for that period of time or has knowingly and voluntarily waived his right to do so, (c) they have been advised in writing to consult with an attorney prior to signing, (d) they are each signing it voluntarily with full knowledge that it is intended, to the maximum extent permitted by law, as a complete release and waiver of all claims, and without any coercion, undue influence, threat or intimidation of any kind or type whatsoever, and (e) nothing herein constitutes any admission of liability or wrongdoing on the part of the Executive or the Company. Company represents that it has the full authority to enter into this Agreement and that the terms and conditions are fully binding upon it.

3.9. NOTICES. For purposes of this Agreement, all communications provided for herein shall be in writing and shall be deemed to have been duly given when hand delivered or mailed by United States Express mail, postage prepaid, addressed as follows:

or to such other address as either party hereto may have furnished to the other in writing and in accordance herewith; except that notices of change of address shall be effective only upon receipt.

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IN WITNESS WHEREOF, this Agreement has been executed by or on behalf of each of the parties hereto as of the date first written above.

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