STOCK UNIT AWARD AGREEMENT
This Stock Unit Award Agreement (the Agreement) is made as of the 16th day of October, 2019 between Myers Industries, Inc., an Ohio corporation (the Company), and ____________________, an officer and employee (the Employee) of the Company or one or more of its Subsidiaries.
WHEREAS, the Company has heretofore adopted the 2017 Incentive Stock Plan of Myers Industries, Inc. as amended and restated (the Plan); and
WHEREAS, it is a requirement of the Plan that a Stock Unit Award Agreement be executed to evidence the Stock Units awarded to the Employee.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree as follows:
1. Grant of Stock Units. The Company hereby grants to the Employee an Award of 6,112 Stock Units on the terms and conditions set forth herein and in the Plan. Each Stock Unit represents the right of the Employee to receive an amount equal to the Fair Market Value of a Share on the date that payment is made with respect to the Stock Unit.
2. Rights with Respect to Stock Units. The Stock Units granted pursuant to this Agreement represent an unfunded and unsecured obligation of the Company, and the Employee shall have no rights with respect to the Stock Units other than those of a general creditor of the Company. Prior to the issuance of Shares as payment with respect to the Stock Units, the Employee shall have no rights of ownership in or to the Shares underlying the Stock Units and shall not be deemed the beneficial owner of such Shares.
3. Restrictions on and Vesting of the Stock Units.
(a) Except as otherwise provided in this Agreement, none of the Stock Units may be sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of; provided, however, the right to receive payment with respect to the Stock Units may be transferred upon the death of the Employee to the Employees Successor.
(b) The Stock Units subject to this Agreement shall vest in equal installments on each of the first three anniversaries of the date of this Agreement (each such anniversary, a Vesting Date) or, if earlier, upon the termination of the Employees employment with the Company and its Subsidiaries by reason of his or her death or disability, or the termination of the Employees employment with the Company and its Subsidiaries without Cause if by the Company or for Good Reason if by the Employee (an Acceleration Event).