ADDENDUM TO SENIOR OFFICER SEVERANCE PLAN
THIS ADDENDUM TO SENIOR OFFICER SEVERANCE PLAN (this Addendum) is entered into effective as of April 6, 2020 between MYERS INDUSTRIES, INC., an Ohio corporation (the Company), and MICHAEL MCGAUGH (the Executive).
A. Effective February 21, 2020, the Company adopted the Senior Officer Severance Plan (the Plan) to provide severance benefits for senior officers eligible to participate in the Plan in the event of certain terminations of employment, including in connection with a Change in Control of the Company.
B. Executive has been appointed as the President and Chief Executive Officer of the Company effective April 6, 2020.
C. The Company and Executive desire to modify certain provisions of the Plan applicable to Executive.
NOW, THEREFORE, the Company and Executive agree as follows:
1. Certain Defined Terms.
1.1 Good Reason. In addition to the conditions set forth in Section 2.24 of the Plan, the occurrence of either of the following conditions arising without the consent of Executive shall constitute Good Reason:
(a) a requirement that Executive report other than to the Board of Directors; or
(b) Executive ceases to serve as the principal executive officer of the Company.
1.2 All other defined terms that are used in this Addendum and not otherwise defined herein shall have the meanings ascribed to them in the Plan.
2. Amendment, Termination.
If the Plan is terminated or amended in a manner that materially reduces the severance benefits provided under the Plan, the Company shall enter into a severance agreement with Executive providing for severance benefits on the same substantive terms and conditions as the Plan prior to such termination or amendment.