Exhibit 10.1

EXECUTION VERSION

 

 

 

MYERS INDUSTRIES, INC.

  

 

FIRST AMENDMENT

Dated as of July 21, 2015

to the

NOTE PURCHASE AGREEMENT

Dated as of OCTOBER 22, 2013

 

 

Re: $40,000,000 4.67% SENIOR NOTES, SERIES A, DUE JANUARY 15, 2021

$11,000,000 5.25% SENIOR NOTES, SERIES B, DUE JANUARY 15, 2024

$29,000,000 5.30% SENIOR NOTES, SERIES C, DUE JANUARY 15, 2024

AND

$20,000,000 5.45% SENIOR NOTES, SERIES D, DUE JANUARY 15, 2026

 

 

 

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Myers Industries, Inc.

FIRST AMENDMENT TO THE NOTE PURCHASE AGREEMENT

THIS FIRST AMENDMENT dated as of July 21, 2015 (the or this “First Amendment”)
to the Note Purchase Agreement dated as of October 22, 2013 is between MYERS
INDUSTRIES, INC., an Ohio corporation (the “Company”), the Subsidiary Guarantors
party hereto and each of the institutions which is a signatory to this First
Amendment (collectively, the “Noteholders”).

R E C I T A L S:

A. The Company and each of the Noteholders have heretofore entered into the Note
Purchase Agreement dated as of October 22, 2013 (the “Note Purchase Agreement”).
Pursuant to the Note Purchase Agreement, the Company has heretofore issued
(i) $40,000,000 of the Company’s 4.67% Senior Notes, Series A, due January 15,
2021 (the “Series A Notes”), (ii) $11,000,000 of the Company’s 5.25% Senior
Notes, Series B, due January 15, 2024 (the “Series B Notes”), (iii) $29,000,000
of the Company’s 5.30% Senior Notes, Series C, due January 15, 2024 (the “Series
C Notes’) and (iv) $20,000,000 of the Company’s 5.45% Senior Notes, Series D,
due January 15, 2026 (the “Series D Notes”; together with the Series A Notes,
the Series B Notes and the Series C Notes, the “Notes”). The Noteholders are the
holders of 100% of the outstanding principal amount of the Notes as required by
Section 17.1 of the Note Purchase Agreement.

B. The Company and the Noteholders now desire to amend the Note Purchase
Agreement in the respects, but only in the respects, hereinafter set forth.

C. Capitalized terms used herein shall have the respective meanings ascribed
thereto in the Note Purchase Agreement unless herein defined or the context
shall otherwise require.

D. All requirements of law have been fully complied with and all other acts and
things necessary to make this First Amendment a valid, legal and binding
instrument according to its terms for the purposes herein expressed have been
done or performed.

NOW, THEREFORE, upon the full and complete satisfaction of the conditions
precedent to the effectiveness of this First Amendment set forth in Section 3.1
hereof, and in consideration of good and valuable consideration the receipt and
sufficiency of which is hereby acknowledged, the Company and the Noteholders do
hereby agree as follows:

 

SECTION 1. AMENDMENTS.

Section 1.1. Effective as of November 1, 2014, Section 8.8(f) of the Note
Purchase Agreement shall be and is hereby amended in its entirety to read as
follows:

“(f) Certain Definitions. “Change in Control” shall mean (i) a majority of the
members of the Board of Directors of the Company shall not be Continuing
Directors; or (ii) any Person including a “group” (within the meaning of
Sections 13(d) and 14(d)(2) of the

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Securities Exchange Act of 1934, as amended) which includes such Person, shall
purchase or otherwise acquire, directly or indirectly, beneficial ownership of
Voting Stock of the Company and, as a result of such purchase or acquisition,
any such Person (together with its Affiliates), shall directly or indirectly
beneficially own in the aggregate Voting Stock representing more than 30% of the
combined voting power of the Company’s Voting Stock.”

Section 1.2. Section 10.7 of the Note Purchase Agreement shall be and is hereby
amended by replacing the phrase “within 18 months” with the phrase “within 18
months (starting 9 months prior to such sale and ending 9 months after such
sale)” in the first paragraph thereof.

 

SECTION 2. REPRESENTATIONS AND WARRANTIES OF THE COMPANY.

Section 2.1. To induce the Noteholders to execute and deliver this First
Amendment (which representations shall survive the execution and delivery of
this First Amendment), the Company represents and warrants to the Noteholders
that:

(a) this First Amendment has been duly authorized, executed and delivered by it
and this First Amendment constitutes the legal, valid and binding obligation,
contract and agreement of the Company enforceable against it in accordance with
its terms, except as enforcement may be limited by bankruptcy, insolvency,
reorganization, moratorium or similar laws or equitable principles relating to
or limiting creditors’ rights generally;

(b) the Note Purchase Agreement, as amended by this First Amendment, constitute
the legal, valid and binding obligations, contracts and agreements of the
Company enforceable against it in accordance with their respective terms, except
as enforcement may be limited by bankruptcy, insolvency, reorganization,
moratorium or similar laws or equitable principles relating to or limiting
creditors’ rights generally;

(c) the execution, delivery and performance by the Company of this First
Amendment (i) has been duly authorized by all requisite corporate action and, if
required, shareholder action, (ii) does not require the consent or approval of
any governmental or regulatory body or agency and (iii) will not (A) violate
(1) any provision of law, statute, rule or regulation or the Company’s
certificate of incorporation or bylaws, (2) any order of any court or any rule,
regulation or order of any other agency or government binding upon the Company
or (3) any provision of any material indenture, agreement or other instrument to
which the Company is a party or by which its properties or assets are or may be
bound, including, without limitation, the Material Credit Facility, or
(B) result in a breach or constitute (alone or with due notice or lapse of time
or both) a default under any indenture, agreement or other instrument referred
to in clause (iii)(A)(3) of this Section 2.1(c);

(d) neither the Company nor any of its Affiliates, in connection with amending
the terms of the change of control provisions in any agreement evidencing

 

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indebtedness or security of the Company or any Affiliate, has paid or agreed to
pay any fees or other consideration, or given any additional security or
collateral, or shortened the maturity or average life of any indebtedness or
permanently reduced any borrowing capacity, in each case, in favor of or for the
benefit of any holders of such indebtedness or security of the Company or any
Affiliate;

(e) all Subsidiary Guarantors and all Pledgors have agreed to this First
Amendment and are parties hereto;

(f) after giving effect to this First Amendment, no lender or holder of
securities of the Company has rights in connection with a change of control that
are more favorable to such lender or holder than the rights of the holders of
the Notes; and

(g) as of the date hereof and after giving effect to this First Amendment, no
Default or Event of Default has occurred which is continuing.

 

SECTION 3. CONDITIONS TO EFFECTIVENESS OF THIS FIRST AMENDMENT.

Section 3.1. This First Amendment shall not become effective until, and shall
become effective when, each and every one of the following conditions shall have
been satisfied:

(a) executed counterparts of this First Amendment, duly executed by the Company
and the holders of 100% of the outstanding principal of the Notes, shall have
been delivered to the Noteholders;

(c) the Noteholders shall have a copy of the Second Amendment to the Fourth
Amended and Restated Loan Agreement dated as of May 19, 2015, between the
Company, the foreign subsidiary borrowers party thereto, the lenders party
thereto and JP Morgan Chase Bank, N.A., which is attached hereto as Exhibit A;

(d) the representations and warranties of the Company set forth in Section 2
hereof are true and correct on and with respect to the date hereof; and

(e) the fees and expenses of Chapman and Cutler, LLP, counsel to the
Noteholders, shall have been paid by the Company, in connection with the
negotiation, preparation, approval, execution and delivery of this First
Amendment.

Upon receipt of all of the foregoing, this First Amendment shall become
effective.

 

SECTION 4. MISCELLANEOUS.

Section 4.1. This First Amendment shall be construed in connection with and as
part of the Note Purchase Agreement, and except as modified and expressly
amended by this First Amendment, all terms, conditions and covenants contained
in the Note Purchase Agreement and the Notes are hereby ratified and shall be
and remain in full force and effect.

 

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Section 4.2. Any and all notices, requests, certificates and other instruments
executed and delivered after the execution and delivery of this First Amendment
may refer to the Note Purchase Agreement without making specific reference to
this First Amendment but nevertheless all such references shall include this
First Amendment unless the context otherwise requires.

Section 4.3. The descriptive headings of the various Sections or parts of this
First Amendment are for convenience only and shall not affect the meaning or
construction of any of the provisions hereof.

Section 4.4. This First Amendment shall be governed by and construed in
accordance with the law of the State of New York, excluding choice-of-law
principles of the law of such State that would permit or require the application
of the laws of a jurisdiction other than such State.

[Rest of page left intentionally blank.]

 

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Myers Industries, Inc.

 

Section 4.5. The execution hereof by you shall constitute a contract between us
for the uses and purposes hereinabove set forth, and this First Amendment may be
executed in any number of counterparts, each executed counterpart constituting
an original, but all together only one agreement. The undersigned also confirms
and ratifies all obligations it has under all Financing Agreements.

 

MYERS INDUSTRIES, INC. By /s/ Greggory W. Branning Its Senior Vice President,
Chief Financial Officer and Secretary

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Myers Industries, Inc.

 

This Agreement is hereby accepted and agreed to as of the date hereof. THE
PRUDENTIAL INSURANCE COMPANY OF AMERICA By: /s/ Jason Boe Vice President
PRUDENTIAL RETIREMENT INSURANCE AND ANNUITY COMPANY PRUDENTIAL ARIZONA
REINSURANCE UNIVERSAL COMPANY PRUDENTIAL LEGACY INSURANCE COMPANY OF NEW JERSEY
By: Prudential Investment Management, Inc. (as Investment Manager) By: /s/ Jason
Boe Vice President PAR U HARTFORD LIFE & ANNUITY COMFORT TRUST By: Prudential
Arizona Reinsurance Universal Company, Inc. (as Grantor) By: Prudential
Investment Management, Inc. (as Investment Manager) By: /s/ Jason Boe Vice
President PHYSICIANS MUTUAL INSURANCE COMPANY BCBSM, INC. DBA BLUE CROSS AND
BLUE SHIELD OF MINNESOTA ZURICH AMERICAN INSURANCE COMPANY By: Prudential
Private Placement Investors, L.P. (as Investment Advisor) By: Prudential Private
Placement Investors, Inc. (as its General Partner) By: /s/ Jason Boe Vice
President

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Myers Industries, Inc.

 

This Agreement is hereby accepted and agreed to as of the date thereof.
CONNECTICUT GENERAL LIFE INSURANCE COMPANY By: CIGNA Investments, Inc.
(authorized agent) By /s/ Elisabeth V. Piker Name: Elisabeth V. Piker Title:
Managing Director LIFE INSURANCE COMPANY OF NORTH AMERICA By: CIGNA Investments,
Inc. (authorized agent) By /s/ Elisabeth V. Piker Name: Elisabeth V. Piker
Title: Managing Director CIGNA HEALTH AND LIFE INSURANCE COMPANY By: CIGNA
Investments, Inc. (authorized agent) By /s/ Elisabeth V. Piker Name: Elisabeth
V. Piker Title: Managing Director

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Myers Industries, Inc.

 

This Agreement is hereby accepted and agreed to as of the date thereof. THE
GUARDIAN LIFE INSURANCE COMPANY OF AMERICA By /s/ Brian Keating Name: Brian
Keating Title: Managing Director THE GUARDIAN INSURANCE & ANNUITY COMPANY, INC.
By /s/ Brian Keating Name: Brian Keating Title: Managing Director

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Myers Industries, Inc.

 

This Agreement is hereby accepted and agreed to as of the date thereof. AMERICAN
FAMILY LIFE INSURANCE COMPANY By: /s/ David L. Voge Name: David L. Voge Title:
Fixed Income Portfolio Manager

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Myers Industries, Inc.

 

Each of the undersigned approve and agree to the foregoing and confirm and
ratify all obligations under all Financing Agreements to which it is a party as
of the date first written above:

 

BUCKHORN INC. By: /s/ Greggory W. Branning Name: Title: AMERI-KART CORP. By: /s/
Greggory W. Branning Name: Title: PATCH RUBBER COMPANY By: /s/ Greggory W.
Branning Name: Title: MYERS TIRE SUPPLY DISTRIBUTION, INC. By: /s/ Greggory W.
Branning Name: Title:

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Myers Industries, Inc.

 

Each of the undersigned approve and agree to the foregoing and confirm and
ratify all obligations under all Financing Agreements to which it is a party as
of the date first written above:

 

SCEPTER US HOLDING COMPANY By: /s/ Greggory W. Branning Name: Title: AMERI-KART
(MI) CORP. By: /s/ Greggory W. Branning Name: Title: