Document:

EX-10.2

Exhibit 10.2

AMENDMENT TO THE

MYERS INDUSTRIES, INC.

EXECUTIVE SUPPLEMENTAL RETIREMENT PLAN

JOHN C. ORR

     Amendment to the Myers Industries, Inc. Executive Supplemental Retirement Plan (the “Plan”),
is entered into as of the 20th day of June, 2008, by and between Myers Industries, Inc.
(the “Employer”) and John C. Orr (the “Executive”).

     WHEREAS, the Employer established the Plan, effective January 1, 1997;

     WHEREAS, the Executive is a Participant in the Plan;

     WHEREAS, pursuant to Section 10.7 of the Plan, the Employer may amend or modify any provision
of the Plan as to any particular Participant (as defined in the Plan) by agreement with such
Participant, provided that such agreement is in writing, is executed by both the Employer and the
Participant, and is filed with the Plan records;

     WHEREAS, the Employer has previously amended the Plan with respect to the Executive as
documented by that certain Amendment to the Myers Industries, Inc. Executive Supplemental
Retirement Plan for John C. Orr effective as of May 1, 2005 (the “First Amendment”); and

     WHEREAS, the Employer wants to further amend certain provisions of the Plan as to the
Executive; and

     WHEREAS, this Amendment shall amend, restate and supersede the First Amendment in its entirety
and shall apply only to the Executive and not to any other Participants.

     NOW, THEREFORE, the Plan is hereby amended effective June 1, 2008 as to the Executive as
follows:

	 	1.	 	Section 2.4 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.4 The term “Benefit Amount” shall mean $275,000 and, for distribution
purposes, shall consist of two portions, the “Lump Sum Benefit Amount” and the
“Periodic Benefit Amount.” The Lump Sum Benefit Amount shall mean $75,000 and the
Periodic Benefit Amount shall mean $200,000. Notwithstanding the foregoing, the
Committee may, at any time and from time to time, in its sole discretion, revise the
Benefit Amount, including the Lump Sum
Benefit Amount and the Periodic Benefit Amount; provided, however, that none of the
Benefit Amount, Lump Sum Benefit Amount or Periodic Benefit Amount may be reduced
without the Participant’s written consent.”

 

 

	 	2.	 	Section 2.6 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.6 The term “Cause” shall mean “Cause” as defined in the Amended and
Restated Employment Agreement Between Myers Industries, Inc. and John C. Orr
Effective as of June 1, 2008 (the “Employment Agreement”).”
	 
	 	3.	 	Section 2.7 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.7 The term “Change in Control” shall mean a “Change in Control” as
defined in the Employment Agreement.”
	 
	 	4.	 	Section 2.10 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.10 The term “Disability” shall mean “Disability” as defined in the
Employment Agreement.”
	 
	 	5.	 	Section 2.11 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.11 The term “Early Retirement Date” shall mean the date of the
Participant’s retirement during the period commencing on the first day of the month
coincident with or immediately following the date as of which the Participant has
attained age fifty-five(55).”
	 
	 	6.	 	Section 2.14 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.14 The term “Good Reason” shall mean “Good Reason” as defined in the
Employment Agreement.”
	 
	 	7.	 	Section 2.20 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.20 The term “Retirement Date” shall mean the first day of the month
coinciding with or immediately following the month in which the Participant
terminates employment.”
	 
	 	8.	 	Section 2.21 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.21 The term “Supplemental Pension” shall mean a Supplemental Normal
Retirement Pension payable under Section 4.1, a Supplemental Early Retirement
Pension payable under Section 4.2, a Supplemental Late Retirement Pension payable
under Section 4.3, a Supplemental Vested Pension payable under Section 4.4, or a
Supplemental Termination Pension payable under Section 4.6.”
	 
	 	9.	 	Section 2.22 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 2.22 The term “Year of Service” shall mean a Plan Year commencing with the
calendar year beginning on the Effective Date, provided that the Participant is
employed by the Employer as a full-time employee on at least one day during such
Plan Year. Notwithstanding anything in the Plan to the contrary,

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	 	 	 	for purposes of determining the Participant’s Supplemental Vested Pension under Section 4.4, the
Participant shall be deemed to have ten (10) Years of Service as of May 1, 2005. If
a Participant terminates employment with the Employer and is subsequently
re-employed by the Employer, he shall forfeit all Years of Service earned under this
Plan prior to the termination of his employment.”
	 
	 	10.	 	Article II of the Plan shall be amended by the addition of the following new
Section 2.23 at the end thereof:
	 
	 	 	 	“Section 2.23 The term “Specified Employee” shall mean a Participant who:

	 	(a)	 	owns more than five percent (5%) of the stock of the Employer
or any member of the Employer’s controlled group;
	 
	 	(b)	 	owns more than one percent (1%) of the stock of the Employer
and has compensation from the employer in excess of $150,000 per year; or
	 
	 	(c)	 	is an officer of the Employer with compensation in excess of
$145,000 per year.”

	 	11.	 	Section 4.1 of the Plan is hereby amended in its entirety to read as follows:
	 
	 	 	 	“Section 4.1 Supplemental Normal Retirement Pension. Subject to the provisions of
Article XI, a Participant who retires on or after his Normal Retirement Date shall
be entitled to receive a lump sum Supplemental Normal Retirement Pension equal to
the “Lump Sum Payment” as defined in Section 5.1, and a monthly Supplemental Normal
Retirement Pension equal to one-twelfth (1/12th) of the Periodic Benefit
Amount.”
	 
	 	12.	 	Section 4.2 of the Plan is hereby amended by replacing the first paragraph,
which precedes the table, with the following:
	 
	 	 	 	“Section 4.2 Supplemental Early Retirement Pension. Subject to the provisions of
Article XI, a Participant who retires on or after his Early Retirement Date, shall
be entitled to receive a lump sum Supplemental Early Retirement Pension equal to the
“Lump Sum Payment” as defined in Section 5.1, and a monthly Supplemental Early
Retirement Pension equal to one-twelfth (1/12th) of the Periodic Benefit
Amount multiplied by the percentage determined from the following table based upon
the Participant’s Attained Age as of his Retirement Date”:
	 
	 	13.	 	Section 4.3 of the Plan is hereby amended in its entirety to read as follows:
	 
	 	 	 	“Section 4.3 Supplemental Late Retirement Pension. If a Participant remains in the
employ of the Employer subsequent to his Normal Retirement Date, no
Supplemental Normal Retirement Pension shall be paid until his actual Retirement
Date. At that time, subject to the provisions of Article XI, the Participant shall
be entitled to receive a lump sum Supplemental Late Retirement Pension equal to the
“Lump Sum Payment” as defined in Section 5.1, and a

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	 	 	 	monthly Supplemental Late Retirement Pension equal to one-twelfth (1/12th) of the Periodic Benefit
Amount.”
	 
	 	14.	 	Section 4.4 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 4.4 Supplemental Vested Pension. Subject to the provisions of Article XI,
if, prior to the Participant’s Normal Retirement Date, the Participant’s employment
with the Employer is terminated (a) by the Employer other than for Cause, (b) by the
Participant for Good Reason, or (c) in the event of a Change in Control, by the
Participant at any time prior to February 13 of the year following the Change in
Control, the Participant shall be entitled to receive a lump sum Supplemental Vested
Pension equal to the “Lump Sum Payment” as defined in Section 5.1, and a monthly
Supplemental Vested Retirement Pension equal to one-twelfth (1/12th) of
the Periodic Benefit Amount.”
	 
	 	15.	 	Section 4.5 of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 4.5 Forfeiture of Supplemental Pension. The Participant shall not be
entitled to receive any Supplemental Pension under this Plan if (a) the Employer
terminates the Participant’s employment for Cause, or (b) the Participant terminates
his employment with the Employer prior to the date that he is eligible to elect
Early Retirement, unless the Participant terminates his employment (i) for Good
Reason, or (ii) in the event of a Change in Control, at any time prior to
February 13 of the year following the Change in Control.”
	 
	 	16.	 	Article IV of the Plan shall be amended by the addition of the following new
Section 4.6:
	 
	 	 	 	“Section 4.6 Supplemental Termination Pension. Subject to the provisions of
Article XI, if the Company elects to renew the Employment Term (as defined in the
Employment Agreement) for an additional three-year period pursuant to Section 3(b)
of the Employment Agreement, and the Participant terminates employment at the end of
such three-year period due to expiration of the Employment Term, the Participant
shall be entitled to receive a lump sum Supplemental Termination Pension equal to
the “Lump Sum Payment” as defined in Section 5.1, and a monthly Supplemental
Termination Pension equal to one-twelfth (1/12th) of the Periodic Benefit
Amount.”
	 
	 	17.	 	Article V of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Section 5.1 Subject to Sections 4.5 and 5.2, the Participant’s Supplemental
Pension shall be paid as follows: (i) a lump sum that is the Actuarial Equivalent
of one hundred twenty (120) monthly payments of the Supplemental Pension determined
based on the Lump Sum Benefit Amount, pursuant to Section 4.1, 4.2,
4.3, 4.4, 4.6 or Article VII (the “Lump Sum Payment”), paid within thirty (30) days
of the Participant’s Retirement Date; plus (ii) one hundred twenty (120) monthly
payments determined based on the Periodic Benefit Amount, pursuant to Section 4.1,
4.2, 4.3, 4.4, 4.6 or Article VII (the “Periodic Payments”),

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	 	 	 	commencing within thirty (30) days of the Participant’s Retirement Date and continuing on the same day
of each month thereafter until such time as the Participant has received one hundred
twenty (120) monthly payments.
	 
	 	 	 	Section 5.2 Notwithstanding anything contained herein to the contrary, any payment
of a Participant’s Supplemental Pension pursuant to Sections 4.1, 4.2, 4.3, 4.4, 4.6
or Article VII, to a Participant who is a Specified Employee upon separation from
service will commence not earlier than the date that is six (6) months following the
date the Participant separates from service, or, if earlier, his date of death.”
	 
	 	18.	 	Article VI of the Plan is hereby amended in its entirety to read as follows:
	 
	 	 	 	“Section 6.1 If a Retired Participant dies before he has received the Lump Sum
Payment, his Beneficiary shall receive the Lump Sum Payment within thirty (30) days
of his death, and shall commence to receive one hundred twenty (120) Periodic
Payments within thirty (30) days of the Participant’s death, in the same amount that
the Retired Participant was entitled to receive prior to his death as the Periodic
Benefit Amount pursuant to Section 4.1, 4.2 , 4.3, 4.4, 4.6 or Article VII, as
applicable. If a Retired Participant dies after he has received the Lump Sum
Payment, but before he has received one hundred twenty (120) Periodic Payments, his
Beneficiary shall continue to receive the Periodic Payments in the same amount that
was paid to the Retired Participant immediately prior to his death until such time
as the Retired Participant and his Beneficiary have received a total of 120 Periodic
Payments.
	 
	 	 	 	Section 6.2 If a Participant dies prior to his Retirement Date, the Participant’s
Beneficiary shall be entitled to receive a Death Benefit equal to one hundred
percent (100%) of the Supplemental Normal Retirement Pension calculated pursuant to
Section 4.1, as if the Participant had attained his Normal Retirement Date and
retired on the day before his death. The Participant’s Beneficiary shall receive
the Lump Sum Payment within thirty (30) days of the Participant’s death and shall
commence to receive one hundred twenty (120) Periodic Payments within thirty (30)
days of the Participant’s death.
	 
	 	19.	 	Article VII of the Plan shall be amended in its entirety to read as follows:
	 
	 	 	 	“Subject to the provisions of Article XI, if a Participant has incurred a Disability
prior to his Normal Retirement Date, the Participant shall be entitled to receive a
Supplemental Normal Retirement Pension calculated pursuant to Section 4.1, and
payable upon separation from service at the times specified in Section 5.1.
Notwithstanding the preceding sentence, if the Participant is a Specified Employee
at the time he separates from service, any payment made pursuant to
this Article VII shall not commence earlier than the date that is six (6) months
following the date the Participant separates from service, or, if earlier, his date
of death.”

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	 	20.	 	Article X of the Plan shall be amended by the addition of the following new
Sections 10.13 and 10.14 at the end thereof:
	 
	 	 	 	“Section 10.13 Notwithstanding anything in this Plan to the contrary, the Employer
shall have the right, subject to the Participant’s consent (which shall not be
unreasonably withheld), to amend the Plan without any additional consideration to
the affected Participant to the extent necessary to avoid penalties arising under
Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), even if
the amendment reduces, restricts or eliminates the benefits or rights of the
Participant or his Beneficiary under the Plan. Any amendment under this Section
10.13 shall otherwise be consistent with the intent of this Plan.
	 
	 	 	 	Section 10.14 The Employer agrees that it shall not knowingly or negligently take
any action or fail to take any action that causes the Participant to incur any
excise tax under Code Section 409A and that, if it does, the Employer shall
reimburse the Participant in the amount of the excise tax and will fully gross up
the Participant for the federal, state and local income, employment, wage and excise
taxes (including any additional excise taxes under Code Section 409A) associated
with that reimbursement.”

     All other provisions of the Plan are unchanged and shall continue in full force and effect.

     IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Amendment as of
the date first written above.

	 	 	 	 	 
	 

	 	“EMPLOYER”	 	 
	 

	 	MYERS INDUSTRIES, INC.	 	 
	 
	 	 	 	 
	 

	 	/s/ Jon H. Outcalt
	 	 
	 
	 	By: Jon H.
Outcalt, Chair of the Compensation Committee
	 
	 	 	 	 
	 

	 	“EXECUTIVE”	 	 
	 

	 	JOHN C. ORR	 	 
	 
	 	 	 	 
	 

	 	/s/ John C. Orr	 	 
	 

	 	By:  John C. Orr	 	 

6exv10w34

Exhibit 10.34

AMENDMENT TO DIRECTED ELECTRONICS, INC.

2005 INCENTIVE COMPENSATION PLAN

     THIS AMENDMENT to the Directed Electronics, Inc. 2005 Incentive Compensation Plan (this
“Amendment”) is entered into as of June 19, 2008, by Directed Electronics, Inc., a Florida
corporation (the “Company”).

RECITALS

     A. The Company adopted the Directed Electronics, Inc. 2005 Incentive Compensation Plan
effective as of November 23, 2005, as amended (the “Plan”).

     B. Section 10(e) of the Plan provides that the Company’s Board of Directors may amend, alter,
suspend, discontinue, or terminate the Plan.

     C. On June 19, 2008, the shareholders of the Company approved an amendment to the Plan
increasing the maximum number of shares of the Company’s common stock reserved and available for
delivery in connection with Awards (as defined in the Plan) under the Plan from 2,750,000 shares to
4,750,000 shares.

     D. Pursuant to the authority contained in Section 10(e) of the Plan, the Company now desires
to further amend the Plan as set forth herein.

AGREEMENT

     NOW, THEREFORE, in consideration of the premises and mutual covenants set forth in the Plan,
the Company agrees as follows:

     1. Section 4(a) of the Plan is deleted in its entirety and the following is substituted in
lieu thereof:

     (a) Limitation on Overall Number of Shares Subject to Awards.
Subject to adjustment as provided in Section 10(c) hereof, the total number of
Shares that may be issued in connection with Awards under the Plan shall not
exceed in the aggregate 4,750,000 Shares. Any Shares issued under the Plan may
consist, in whole or in part, of authorized and unissued shares or treasury shares.

     Except to the extent expressly amended or modified in this Amendment, the Plan shall remain in
full force and effect as originally executed.

     IN WITNESS WHEREOF, the undersigned has executed this Amendment as of the day and year first
above written.

	 	 	 	 	 
	 	DIRECTED ELECTRONICS, INC.

 	 
	 	By:  	/s/ James E. Minarik
 	 
	 	 	James E. Minarik 	 
	 	 	President and Chief Executive Officer

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