Document:

Exhibit 10.12 Form/Endorsmt Method Split Dollar Ag

 

EXHIBIT 10.12

ENDORSEMENT METHOD SPLIT DOLLAR AGREEMENT

THIS AGREEMENT (the “Agreement”) is made as of this          day of     ,
by and between the following parties:          (the “Bank”) and          
(the “Executive”).

This Agreement between the Bank and the Executive sets forth the terms under
which the Bank will purchase and own a life insurance policy (the “Policy”)
insuring the life of the Executive, and the death proceeds of the Policy will
be divided between the Bank and the beneficiary designated by the Executive.
This Agreement is made in consideration of the mutual promises contained herein
and other good and valuable consideration, the receipt and adequacy of which
hereby are acknowledged.

This Agreement amends, restates, and completely replaces a prior agreement
concerning a split dollar life insurance policy between the Bank and the
Executive executed as of .

	I.	 	POLICY TITLE AND OWNERSHIP
	 
	 	 	The Bank has applied for one or more life insurance policies, hereinafter
collectively referred to as the “Policy,” insuring the life of the
Executive. Schedule A, which is attached hereto and incorporated herein
by reference as if fully rewritten, provides the following information
with regard to the Policy: the issuer thereof (the “Insurer”), the death
benefit amount, the policy number, and such other information as therein
set forth. The Bank and the Executive agree to take all necessary action
to cause the Insurer to issue the Policy and to cause the Policy to
conform to the provisions of this Agreement. The Bank and the Executive
further agree that the Policy shall be subject to the terms and
conditions of this Agreement. If the Bank and the Executive mutually
agree to increase the coverage under the Policy, the rights, duties, and
benefits of the parties to such increased coverage shall continue to be
subject to the terms of this Agreement.
	 
	 	 	The Bank shall be the sole and absolute owner of and shall possess all
incidents of ownership in the Policy and may exercise all ownership
rights granted to the owner thereof by the terms of the Policy except as
may be otherwise provided in this Agreement.
	 
	 	 	The Bank alone may, to the extent of its interest, exercise the right to
borrow from or withdraw the Policy cash values. The amount of such loans
and withdrawals and any unpaid interest thereon shall at no time exceed
the Part One Share of the Bank as defined in Section VI of this
Agreement. The interest due on any such Policy loans shall be a debt of
the Bank owed to the Insurer.
	 
	 	 	This Agreement is effective as to a Policy upon execution of this
Agreement or upon issuance of such Policy, whichever is later. The Bank
shall be responsible for safeguarding the Policy.
	 
	II.	 	BENEFICIARY DESIGNATION RIGHTS
	 
	 	 	The Executive shall have the right and power to instruct the Bank from
time to time to designate a beneficiary or beneficiaries (collectively
referred to herein as the “Executive’s Beneficiary”) to receive the Part
Two Share of the proceeds payable under this Agreement upon the death of
the Executive, and to elect a payment option for such Executive’s
Beneficiary, subject to any right or

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	 	 	interest the Bank may have in such proceeds, as provided in this
Agreement. The Bank agrees to designate the Executive’s Beneficiary for
the Part Two Share in such Policy in accordance with the written
direction of the Executive. The parties to this Agreement shall execute
and forward promptly and without unreasonable delay, changes in
beneficiary designation forms and documents, including the Policy, as
required by the Insurer, to effectuate the exercise of any rights of the
parties hereto. If the Executive does not designate a Beneficiary or if
no Beneficiary survives the Executive, the Executive’s Beneficiary shall
be his or her estate.
	 
	III.	 	PREMIUM PAYMENT METHOD
	 
	 	 	The Bank shall pay amounts equal to the planned premiums and any other
premium payments that might become necessary to keep the Policy in force.
	 
	IV.	 	USE OF DIVIDENDS
	 
	 	 	Dividends declared on the Policy shall be applied as the Bank elects on the Policy application.
	 
	V.	 	TAXABLE BENEFIT
	 
	 	 	The Executive will receive an annual taxable benefit equal to the assumed
cost of insurance to the extent required by the Internal Revenue Service.
The Bank will cause the amount of imputed income received annually to be
reported to the Executive on Form W-2 or its equivalent.
	 
	VI.	 	DIVISION OF DEATH PROCEEDS
	 
	 	 	Upon the death of the Executive, the Bank shall cooperate with the
Executive’s Beneficiary to take whatever action is necessary to collect
the death benefit provided under the Policy. Subject to Section VII of
this Agreement, the death proceeds of the Policy shall be divided as
follows and paid in the following order to the extent that such proceeds
permit. All payments of proceeds under the Part One Share and the Part
Three Share will be reduced by outstanding policy loans or withdrawals
made to or by the Bank. When such death benefit has been collected and
paid as provided herein, this Agreement shall thereupon terminate.

	 	A.	 	Part One Share. First the Bank shall be entitled to an
amount known herein as the “Part One Share” which is equal to the
premiums which the Bank has paid for the Policy.
	 
	 	B.	 	Part Two Share. Second, the Executive’s Beneficiary shall be
entitled to an amount known herein as the “Part Two Share” which is
equal to the following:

	(i)	 	If the Executive is employed by the Bank or an
Affiliated Employer at the time of his or her death, the Part
Two Share shall be equal to three (3) times the Executive’s
base salary in effect at the time of his or her death. For
purposes of this Agreement, “Affiliated Employer” means First
Financial Bancorp and any employer which is a direct or
indirect subsidiary of First Financial Bancorp, but only
during the period it is such a subsidiary.
	 
	(ii)	 	If the Executive is not employed by the Bank or
an Affiliated Employer at the time of his or her death, and
if, when the Executive’s employment with the Bank and all
Affiliated Employers terminated, the Executive: (a) was then
eligible to receive an immediate retirement benefit under the
Early Retirement, Normal Retirement, Late Retirement, or
Disability Retirement provisions of the First

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	 	 	Financial Bancorp Employees’ Pension Plan and Trust as in
effect from time to time, and (b) had been employed by First
Financial Bancorp and/or an Affiliated Employer for at least
five years, the Part Two Share shall be equal to three (3)
times the Executive’s base salary at the time of his or her
termination of employment. For purposes of clause (b) of
this subparagraph, employment with an Affiliated Employer
other than First Financial Bancorp (or the successor or
predecessor of that Affiliated Employer) during any period
during which that employer is not a subsidiary or affiliate
of First Financial Bancorp shall be disregarded.
	 
	(iii)	 	For purposes of this Agreement, an Executive’s
base salary shall be his or her base annual rate of
compensation not including fringe benefits, bonuses, incentive
compensation, severance pay, contributions to or benefits paid
under qualified or nonqualified retirement or deferred
compensation plans, stock options, expense reimbursements, or
other forms of special compensation. Notwithstanding the
prior sentence, the Executive’s base salary shall include any
pre-tax elective deferral contributions made at the
Executive’s election under a cash or deferred arrangement that
is qualified under section 401(k) of the Internal Revenue Code
and any elective contributions made by the Executive under a
Code section 125 cafeteria plan or flexible spending
arrangement.

	 	C.	 	Part Three Share. Third, the Bank shall be entitled to an
amount known herein as the “Part Three Share” which is equal to the
remainder of the proceeds.
	 
	 	D.	 	If there is interest due on the death benefit proceeds, the
Bank and the Executive’s Beneficiary shall share in such interest in
proportion to the amount each party receives from the death
proceeds.

	VII.	 	OTHER DISPOSITION OF THE POLICY
	 
	 	 	Subject to the Executive’s option to purchase an assignment of the Policy
under Section IX below, if this Agreement terminates for any reason
(except due to the death of the Executive if such death entitles the
Executive’s Beneficiary to a Part Two Share under Section VI hereof), the
Bank may surrender or cancel the Policy for its cash surrender value and
retain all such value, or the Bank may change the beneficiary designation
provisions of the Policy, naming itself or any other person or entity as
beneficiary thereof, or exercise any other ownership rights in and to the
Policy, without regard to the provisions of this Agreement. Thereafter,
neither the Executive nor any person claiming for or through him or her
shall have any further interest in and to the Policy, either under the
terms thereof or this Agreement.
	 
	VIII.	 	PREMIUM WAIVER
	 
	 	 	If the Policy contains a premium waiver provision and such waiver becomes
operative, such waived premium amounts shall be considered for all
purposes of this Agreement as having been paid by the Bank.

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	IX.	 	TERMINATION OF AGREEMENT
	 
	 	 	This Agreement shall terminate upon the final payment of death benefits
as provided under Section VI hereof. This Agreement also shall terminate
upon the happening of any one of the following:

	 	A.	 	The Executive shall leave the employ of the Bank and all
Affiliated Employers (voluntarily or involuntarily) for a reason
other than his or her death and prior to having met all of the
requirements in Section VI(B)(ii) above.
	 
	 	B.	 	The Executive shall be discharged from employment with the
Bank or an Affiliated Employer for cause. Solely for purposes of
this Agreement, “cause” shall mean gross negligence or gross neglect
or the commission of a felony or gross misdemeanor involving moral
turpitude, fraud, dishonesty, or willful violation of any law that
results in any adverse effect on the Bank or an Affiliated Employer.
	 
	 	C.	 	The Executive shall notify the Bank in writing that he or she
irrevocably elects to terminate this Agreement and relinquish all of
his or her rights thereunder.

	 	 	If the Executive’s employment is terminated for cause or if the Executive
elects to terminate this Agreement, this Agreement shall terminate as of
the date of termination of employment or the date that the termination
election is received by the Bank, respectively, and neither the Executive
nor any person claiming for or through him shall have any further rights
under this Agreement or under the Policy. If the Executive’s employment
terminates for any reason except cause or the Executive’s death, the Bank
shall promptly notify the Executive that he or she has an assignable
option to receive from the Bank an absolute assignment of the Policy in
consideration of a cash payment to the Bank, equal to the greater of:

	 	A.	 	The cash value of the Policy as of the date of such
assignment, or
	 
	 	B.	 	The amount of the premiums paid by the Bank prior to the date
of such assignment plus interest at the annual rate of six percent
(6%).

	 	 	The amounts in items A and B above shall be reduced by any outstanding
loans or withdrawals from the Policy made by the Bank.
	 
	 	 	If the Executive does not provide written notice to the Bank that he or
she elects to exercise this option within fourteen (14) calendar days
after the Bank sends notice of such option, this Agreement and all of the
Executive’s rights, interest, and claims hereunder and in the Policy
shall terminate and be irrevocably forfeited as of the end of such 14 day
period.
	 
	 	 	If the Executive provides timely written notice of the exercise of such
option, he or she shall have thirty (30) calendar days from the date the
Bank first notifies him or her of such option to make the required cash
payment to the Bank or to notify the Bank in writing that he or she
irrevocably elects to have such payment deducted from any amounts then
owed to him or her by the Bank. If the Executive timely pays for such
assignment, this Agreement shall terminate as of the date of the
assignment of the Policy. If the Executive does not timely pay, this
Agreement and all of the Executive’ rights, interest, and claims
hereunder and in the Policy shall terminate and be irrevocably forfeited
as of the end of such 30 day period.

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	X.	 	ASSIGNMENT
	 
	 	 	Notwithstanding any provision hereof to the contrary, the Executive may,
with the Bank’s written consent, absolutely and irrevocably assign by
gift all of his or her right, title, and interest in and to this
Agreement and the Policy to an assignee. This right shall be exercisable
by the execution and delivery to the Bank of a written assignment, on a
form prepared or approved by the Bank. Upon the Bank’s consent to such
written assignment executed by the Executive and duly accepted by the
assignee thereof, the Bank shall indicate its consent thereto in writing
and shall thereafter treat the Executive’s assignee as the sole owner of
all of the Executive’s right, title, and interest in and to this
Agreement and in and to the Policy. Thereafter, the Employee shall have
no right, title, or interest in and to this Agreement or the Policy.
Notwithstanding the foregoing, the provisions of Section VI(B)(i) and
(ii) shall be applied by determining the employment status and/or pension
eligibility of the Executive (the assignor), not the assignee.
	 
	 	 	The Bank may pledge or assign the Policy, subject to the terms and
conditions of this Agreement, for the sole purpose of securing a loan
from the Insurer or from a third party. The amount of such loan together
with accumulated interest thereon shall not exceed the lesser of the
amount of premiums paid by the Bank on the Policy or the cash surrender
value of the Policy.
	 
	XI.	 	AGREEMENT BINDING
	 
	 	 	This Agreement shall be binding upon and inure to the benefit of the Bank
and its successors and assigns, and the Executive and his or her heirs,
successors, personal representatives, executors, administrators, assigns,
and beneficiaries.
	 
	XII.	 	NAMED FIDUCIARY AND PLAN ADMINISTRATOR
	 
	 	 	The Bank is hereby designated the “Named Fiduciary” under this Agreement.
As Named Fiduciary, the Bank shall be responsible for the management,
control, and administration of the split dollar life insurance plan
established herein. The Named Fiduciary may allocate to others certain
aspects of the management and operational responsibilities of the plan
including the employment of advisors and the delegation of any
ministerial duties to qualified individuals.
	 
	XIII.	 	CLAIMS PROCEDURE
	 
	 	 	The Named Fiduciary will establish a claims procedure which is consistent
with the requirements of Section 503 of the Employee Retirement Income
Security Act (“ERISA”) and the Executive or any Beneficiary claiming any
benefit under this Agreement must exhaust such claims procedure before
commencing action in any judicial or administrative forum.
	 
	XIV.	 	GOVERNING LAW
	 
	 	 	The law of the State of Ohio shall govern this Agreement.
	 
	XV.	 	AMENDMENT OF AGREEMENT
	 
	 	 	This Agreement may be altered, amended, or modified only by a written
agreement signed by the Bank and the Executive. It shall be the
obligation of the Bank to notify the Insurer of any amendments or changes
to this Agreement.

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	XVI.	 	INTERPRETATION OF AGREEMENT
	 
	 	 	The Bank, as the Named Fiduciary, shall have sole discretion to interpret
each and all provisions of this Agreement and to determine the
eligibility of any person for benefits under this Agreement. All such
determinations of the Bank shall be binding on all persons concerned.
Where appropriate in this Agreement, words used in the singular shall
include the plural and works used in the masculine shall include the
feminine and vice versa.
	 
	XVII.	 	INSURER NOT A PARTY TO THIS AGREEMENT
	 
	 	 	The Insurer shall not be deemed a party to this Agreement. The Insurer
shall be fully discharged from its obligations under the Policy by
payment of the Policy death benefit to the beneficiary or beneficiaries
named in the Policy, subject to the terms and conditions of the Policy.
No provision of this Agreement or any amendment or modification thereto
shall in any way be construed as enlarging, changing, varying, or in any
other way affecting the obligations of the Insurer except insofar as the
provisions hereof are made a part of the Policy by the beneficiary
designation executed by the Bank and filed with the Insurer in connection
herewith.

Executed at (City, State)              this             day of                        ,
20              .

	 	 	 
	Witness:
	 	
By:

	 	 	

	 	 	
Title:

	 	 	

	Witness:
	 	
Signed:

		 	

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ENDORSEMENT METHOD SPLIT DOLLAR AGREEMENT

SCHEDULE A

Insurer:

Policy Number:

Bank:

Executive:

	 	 	 
	Relationship of
Bank to Executive:	 	
Employer
	 	 	 
	Agent:	 	
Dr. Rodney L. Bartels

First Financial Resources

70 Dennis Road

Longmeadow, MA 01106

Telephone: 413-567-6339

FAX: 413-567-8918

Email: bartels@mediaone.net
	 	 	 
	Contact:	 	
Mark A. Willis

Flagstone Life Insurance and Financial Services, Inc.

300 High St.

Hamilton, OH 45011

Telephone: 513-867-4771

FAX: 513-867-3112

mark.willis@flagstone-insurance.com

ENDORSEMENT METHOD SPLIT DOLLAR AGREEMENT

BENEFICIARY DESIGNATION FORM

Instructions: The Executive (hereafter, “you”) should complete this form in
order to direct the Bank to designate your beneficiaries for purposes of the
Endorsement Method Split Dollar Agreement (the “Agreement”). If you designate
more than one primary beneficiary, please indicate below what percent of the
policy proceeds you want each surviving primary beneficiary to receive. If you
designate more than one contingent beneficiary, please indicate what percent of
the policy proceeds you want each surviving contingent beneficiary to receive
if no primary beneficiary survives you. If you designate more than one
beneficiary but you do not indicate what percent each one should receive, the
proceeds will be divided equally among each surviving primary beneficiary (or
equally among each surviving contingent beneficiary if no primary beneficiary
survives you) Any percentages that you designate for primary beneficiaries
will be increased proportionately for surviving primary beneficiaries if some
primary beneficiaries die before you die and you do not file a new form. The
same rule will apply to contingent beneficiaries if no primary beneficiaries
survive you. When you die, the proceeds will be distributed to the primary
beneficiaries you designated who survive you. If no primary beneficiary
survives you, the proceeds will be distributed to the

 

 

contingent beneficiaries you designated who survive you. If no designated
primary or contingent beneficiary survives you, the proceeds will be
distributed according to the applicable terms of the Agreement.

	 	 	 	 	 
	Primary Beneficiary:	 	 	 	 
	Name:	 	
Relationship
	 	Percentage
	 	 	 	 	 
	
	 	

	 	

	 	 	 	 	 
	
	 	

	 	

	 	 	 	 	 
	
	 	

	 	

	 	 	 	 	 
	
	 	

	 	

	 	 	 	 	 
	Contingent Beneficiary:	 	 	 	 
	Name	 	
Relationship
	 	Percentage
	 	 	 	 	 
	
	 	

	 	

	 	 	 	 	 
	
	 	

	 	

	 	 	 	 	 
	
	 	

	 	

	 	 	 	 	 
	
	 	

	 	

I direct the Bank to designate the person(s) or entity named above to be my
beneficiary for purposes of the Agreement. I hereby revoke all prior
directions regarding designations of primary and contingent beneficiaries for
purposes of the Agreement. I understand that this form applies only if I
properly complete it and file it with the Bank before my death. I reserve the
right to revoke or change my beneficiary designation directions by filing a new
properly completed form with the Bank before my death.

	 	 	 
	Name of Executive:	 	 
	 	 	 
	 
	
	 	

	Signature of Executive	 	
              Date<PAGE>

                                                                   EXHIBIT 10(g)

                             Myers Industries, Inc.
                     Executive Supplemental Retirement Plan

         Myers Industries, Inc, a corporation organized under the laws of the
state of Ohio, hereby adopts the following plan in order to provide supplemental
retirement benefits for its President, Chief Executive Officer and such other
management employees who may, in the future, be selected by the Board of
Directors for participation in the Plan.

                                    ARTICLE I
                            TITLE AND EFFECTIVE DATE

         Section 1.1 This Plan shall be known as the Myers Industries, Inc.
Executive Supplemental Retirement Plan.

         Section 1.2 The effective date of the Plan is January 1, 1997.

                                   ARTICLE II
                                   DEFINITIONS

         As used herein, the following words and phrases shall have the meanings
specified below unless a different meaning is clearly required by the context:

         Section 2.1 The terms "Actuarial Equivalent" or "Actuarially
Determined" shall mean a benefit of equivalent value when computed using an
interest rate of eight percent (8%) per annum and the UP-1984 Table of Pensioner
Mortality.

         Section 2.2 The term "Attained Age" shall mean the age of a Participant
as of his last birthday.

         Section 2.3 The term "Beneficiary" shall mean any person, persons,
trust, or the estate of a Participant who or which is designated by the
Participant to receive any Death Benefits payable under this Plan.

         Section 2.4 The term "Benefit Amount" shall mean an amount determined
according to the following:

        (a) in the case of a Participant, who is an officer of the Employer, the
        lesser of (i) One Thousand Six Hundred Sixty-Six and 67/100 Dollars
        ($1,666.67) multiplied by the Participant's Years of Service or (ii)
        $50,000; and

        (b) in the case of each other Participant, the lesser of (i) One
        Thousand and no/100 Dollars ($1,000.00) multiplied by the Participant's
        Years of Service or (ii) $30,000. Notwithstanding the foregoing, the
        Committee may, at any time and from time to time, in its sole
        discretion, revise the Benefit Amount assigned to any Participant
        provided, however, that a Participant's Benefit Amount may not be
        reduced without his written consent.

                                       1
<PAGE>

         Section 2.5 The term "Board of Directors" shall mean the Board of
Directors of Myers Industries, Inc.

         Section 2.6 The term "Cause" means termination of employment upon the
occurrence of one or more of the following acts of the Participant:

         (a) Felonious criminal activity whether or not affecting the Employer;

         (b) Dishonesty or breach of any contract with, or violation of any
         legal obligation to, the Employer;

         (c) Disclosure to unauthorized person of Employer information which is
         believed by the Board of Directors to be confidential; or

         (d) Gross negligence or insubordination in the performance of the
         duties assigned to the Participant.

         Section 2.7 The term "Change in Control" means a change in control of a
nature that would be required to be reported by persons or entities subject to
the reporting requirements of Section 14(a) of the Securities Exchange Act of
1934 in response to item 5(f) of Schedule 14A of Regulation 14(A) as in effect
on the date hereof, or successor provisions thereto, provided that, without
limitation, such a change in control shall be deemed to have occurred if (a) any
unaffiliated "person," "entity," or "group" (as defined in Rule 13(d)-3 issued
under the Securities Exchange Act of 1934) directly or indirectly becomes the
owner of securities of the Employer representing 30% or more of the combined
voting power of the Employer's then outstanding securities or (b) the Employer
merges or consolidates with another entity where the Employer is not the
surviving entity; (c) the Employer sells or transfers all or substantially all
of its assets to a third party or entity that is not controlled by the Employer;
or (d) at any time during any period of two consecutive calendar years,
individuals, who at the beginning of such period constitute the Board of
Directors, cease, for any reason, to constitute at least a majority of the Board
of Directors, unless the election, or the nomination for election, by the
Employer's shareholders of each new director was approved by the vote of at
least two-thirds of the directors who were directors still in office who were
directors of the Employer at the beginning of such two-year period.

         Section 2.8 The term "Committee" shall mean the Compensation Committee
of the Board of Directors.

         Section 2.9 The term "Death Benefit" shall mean any benefit paid to a
Beneficiary upon the death of a Participant as provided under Article VI of this
Plan.

         Section 2.10 A Participant shall be "Disabled" if he is eligible for
disability benefits under the terms of the Employer's Group Long-Term Disability
Plan in effect from time to time.

         Section 2.11 The term "Early Retirement Date" shall mean the date of a
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) and has earned ten (10) Years of
Service.

         Section 2.12 The term "Effective Date" shall mean January 1, 1997.

                                       2
<PAGE>

         Section 2.13 The term "Employer" shall mean Myers Industries, Inc., its
successors, any subsidiary or affiliated organizations authorized by the Board
of Directors or the Committee to participate in this Plan with respect to their
employees, and any organization into which or with which the Employer may merge
or consolidate or to which all or substantially all of its assets may be
transferred.

         Section 2.14 The term "Good Reason" means voluntary termination of
employment by a Participant, other than as a result of retirement, based upon
the occurrence of any of the following:

         (a) Involuntary reduction in the Participant's base salary, as in
effect immediately prior to a Change in Control, unless such reduction occurs
simultaneously with an Employer-wide reduction in officers' salaries;

         (b) Significant reduction in the Participant's responsibilities and
status within the Employer's organization or change in the Employee's title or
office, without the prior written consent of the Employee;

         (c) Involuntary discontinuance of the Participant's participation in
any employee benefit plans maintained by the Employer, unless such plans are
discontinued by reason of law or loss of tax deductibility to the Employer with
respect to contributions to such plans, or are discontinued as a matter of the
Employer's policy applied equally to all participants in such plans;

         (d) Involuntary assignment to a place of business or office located
more than 150 miles from the Participant's place of business or office at the
time that the Change in Control occurs; or

         (e) Failure to obtain an assumption of the Employer's obligations under
this Plan by any successor of the Employer following a Change in Control,
regardless of whether such entity becomes a successor to the Employer as a
result of a merger, consolidation, sale of the assets of the Employer, or other
form of reorganization.

         Section 2.15 The term "Participant" shall mean an employee of the
Employer who is part of a select group of management and has become a
Participant as provided in Article III hereof.

         Section 2.16 The term "Normal Retirement Date" shall mean the first day
of the month coinciding with or immediately following the Participant's
sixty-fifty (65) birthday.

         Section 2.17 The term "Plan" shall mean the Myers Industries, Inc.
Executive Supplemental Retirement Plan.

         Section 2.18 The term "Plan Year" shall mean the calendar year.

         Section 2.19 The term "Retired Participant" shall mean any Participant
in the Plan who has qualified for retirement and has retired and who is eligible
to receive a Supplemental Pension by direction of the Committee.

         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 due to retirement.

                                       3
<PAGE>

         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, or a Supplemental Vested Pension payable
under Section 4.4.

         Section 2.22 A "Year of Service" shall mean a Plan Year commencing with
the calendar year beginning on the Effective Date provided that the Participant
is continuously employed by the Employer as a full-time employee throughout such
Plan Year and that the Committee determines, in its sole discretion, to award a
Year of Service to the Participant with respect to such Plan Year. 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. Notwithstanding the
foregoing, the Committee, in its sole discretion, may credit a Participant with
Years of Service with respect to any Plan Year prior to the Effective Date.
Further, upon the occurrence of a Change in Control, the Committee may award
such additional Years of Service to any or all Participants as the Committee may
determine in its sole discretion.

                                   ARTICLE III
                            PARTICIPATION IN THE PLAN

         Section 3.1 Eligibility for participation in this Plan shall be
determined by the Board of Directors, in its sole discretion, on an individual
basis; provided, however, that no employee shall be eligible to participate in
this Plan unless he is a "highly compensated employee" or is part of a "select
group of management" as those terms are defined in Department of Labor
Regulation Section 2520.104-23.

                                   ARTICLE IV
                          MONTHLY SUPPLEMENTAL PENSIONS

         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 monthly Supplemental Normal
Retirement Pension equal to one-twelfth (1/12th) of the Benefit Amount assigned
to him by the Committee.

         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 monthly Supplemental Early
Retirement Pension equal to one-twelfth (1/12th) of the Benefit Amount assigned
to him by the Committee multiplied by the percentage determined from the
following table based upon the Participant's Attained Age as of his Retirement
Date:

                                       4
<PAGE>

                                       SUPPLEMENTAL EARLY
                                       RETIREMENT PENSION
    ATTAINED AGE                        AS A PERCENT OF
   AT RETIREMENT                         BASIC BENEFIT

         55                                   50%
         56                                   55%
         57                                   60%
         58                                   65%
         59                                   70%
         60                                   75%
         61                                   80%
         62                                   85%
         63                                   90%
         64                                   95%

         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 Supplemental Late Retirement Pension
equal to one-twelfth (1/12th) of the Basic Benefit assigned to him by the
Committee.

         Section 4.4 Supplemental Vested Pension. Subject to the provisions of
Article XI, if, prior to the Participant's Normal or Early Retirement Dates, the
Participant's employment with the Employer is terminated (a) by the Employer
without Cause, or (b) by the Employee for Good Reason and within one (1) year
after the occurrence of a Change in Control, the Participant shall be entitled
to receive a Supplemental Vested Pension equal to one-twelfth (1/12th) of his
Basic Benefit multiplied by the percentage determined from the following table
based upon his Years of Service as of the date of termination of his employment:

      YEARS OF SERVICE                         PERCENTAGE
       Less than one                                 0%
           One                                      10%
           Two                                      20%
           Three                                    30%
           Four                                     40%
           Five                                     50%
           Six                                      60%
           Seven                                    70%
           Eight                                    80%
           Nine                                     90%
        Ten or more                                100%

Such Supplemental Vested Pension shall be paid commencing on the Participant's
Normal Retirement Date. Notwithstanding the foregoing, the Participant may elect
to receive his Supplemental Vested Pension commencing on or after his
fifty-fifth (55th) birthday provided, however, that his Supplemental Vested
Pension shall be further reduced by multiplying the amount that would otherwise
be payable to him on his Normal Retirement Date under this Section 4.4 by the
percentage determined from the table set forth in Section 4.2 based upon his
Attained Age as of the date that his Supplemental Vested Pension commences.

                                       5

<PAGE>

         Section 4.5 A Participant shall not be entitled to receive any
Supplemental Pension under this Plan if (a) 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 for Good
Reason within one (1) year after the occurrence of a Change in Control, or (b)
the Employer terminates the Participant's employment with Cause.

                                    ARTICLE V
                               PAYMENT OF PENSIONS

         Section 5.1 A Participant's Supplemental Pension shall be paid monthly
commencing on 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 and twenty (120) monthly payments. Alternatively, the Participant may
elect to have his Supplemental Pension paid in any form that is the Actuarial
Equivalent of the normal form of payment prescribed in the preceding sentence
provided that such election is expressly approved in writing by the Committee.
If the Committee shall not approve such election in writing, then the form of
payment of the Participant's Supplemental Pension under this Plan shall be the
normal form set forth in the first sentence of this Section 5.1.

                                   ARTICLE VI
                                  DEATH BENEFIT

         Section 6.1 If a Retired Participant dies before he has received 120
monthly pension payments, his Beneficiary shall continue to receive the same
Supplemental Pension 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 monthly pension 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 Pension that the Participant
would have been eligible to receive if he had retired on the day before his
death. Such Death Benefit shall be calculated under Section 4.1, if the
Participant's death occurs on or after his Normal Retirement Date, and under
Section 4.2, if the Participant's death occurs on or after the date that the
Participant would be eligible to elect Early Retirement but prior to his Normal
Retirement Date. If the Participant's death occurs prior to his attainment of
age 55, the death benefit provided under this Section 6.2 shall be determined
under Section 4.4 as if the Participant had attained age 55 on the day before
his death and had elected to begin receiving a Supplemental Vested Pension as of
such date. Such death benefit shall be paid to the Participant's Beneficiary in
accordance with the provisions of Section 5.1, except that it shall commence on
the first day of the second month following the month in which the Participant's
death occurs.

                                   ARTICLE VII
                                   DISABILITY

         Section 7.1 Subject to the provisions of Article XI, if a Participant
is determined to be Disabled prior to his Normal Retirement Date, the
Participant shall be entitled to receive a Supplemental Normal Retirement
Pension calculated pursuant to Section 4.1 commencing on the first to occur of
(a) the Participant's sixty-fifth birthday, or (b) the date upon which the
Participant ceases to receive any disability benefits under the Employer's Group
Long-Term Disability Plan (other than as the result of the cessation of the
Participant's disability). Such Supplemental Normal Retirement Pension shall be
paid to the Participant in accordance with the provisions of Section 5.1.

                                        6
<PAGE>

                                  ARTICLE VIII
                               PLAN ADMINISTRATION

         Section 8.1 The Committee shall administer the Plan and keep records of
individual Participant benefits.

         Section 8.2 The Committee shall have the authority to interpret the
Plan, to adopt and review rules relating to the Plan and to make any other
determinations required for the administration of the Plan.

         Section 8.3 Subject to the terms of the Plan, the Committee shall have
exclusive jurisdiction (a) to determine the form and method of any benefit
payments, (b) to establish the timing of benefit distributions, and (c) to
settle claims according to the provisions in Article IX.

                                   ARTICLE IX
                      NAMED FIDUCIARY AND CLAIMS PROCEDURE

         Section 9.1 (a) The Named Fiduciary of the Plan is the Chief Financial
Officer of Myers Industries, Inc.

         (b) The Board of Directors shall have the right to change the Named
Fiduciary at any time and from time to time. The Employer shall give the
Participants written notice of any change of the Named Fiduciary or any change
in the address of the Named Fiduciary.

         Section 9.2 Benefits shall be paid in accordance with the provisions of
this Plan. The Participant, or his Beneficiary or contingent Beneficiary
(hereinafter collectively referred to as the "Claimant") shall make a written
request for the benefits provided under this Plan. Such written claim shall be
mailed or delivered to the Named Fiduciary by registered mail.

         Section 9.3 If the claim is denied, either wholly or partially, notice
of the decision shall be sent by registered mail to the Claimant within a
reasonable time period. Such time period shall not exceed ninety (90) days after
the receipt of the claim by the Named Fiduciary.

                                    ARTICLE X
                                  MISCELLANEOUS

         Section 10.1 Nothing contained in this Plan shall be deemed to give any
Participant or employee the right to be retained in the service of the Employer
or to interfere with the right of the Employer to discharge any Participant or
employee at any time, regardless of the effect which such discharge shall have
upon him as a Participant of the Plan.

         Section 10.2 The rights of the Participant, the Beneficiary of the
Participant, or any other person claiming through the Participant under this
Plan, shall be solely those of an unsecured general creditor of the Employer.
The Employer is not obligated to separately fund the benefits to be provided by
this Plan and such benefits shall be paid out of the operating funds of the
Employer as such benefits become due. The Employer may, in its sole discretion,
establish a grantor or "rabbi trust" for the purpose of segregating a portion of
its operating funds in order to pay the benefits provided under this Plan or
purchase life insurance on the lives of Participants in order to insure the
payment of the Death Benefits provided hereunder.

         Section 10.3 The Plan does not involve a reduction in salary for the
Participant or the foregoing of an increase in future salary by the Participant.

                                       7
<PAGE>

         Section 10.4 A Retired Participant shall not be considered an employee
for any purpose under the law.

         Section 10.5 If no Beneficiary has been designated or survives a
Participant, any amounts to be paid to the Participant's Beneficiary shall be
paid to the Participant's estate.

         Section 10.6 Except insofar as this provision may be contrary to
applicable law, no sale, transfer, alienation, assignment, pledge,
collateralization, or attachment of any benefits under this Plan shall be valid
or recognized by the Committee.

         Section 10.7 The Employer reserves the right at any time and from time
to time, by action its Board of Directors, to terminate, modify or amend, in
whole or in part, any or all of the provisions of the Plan, including
specifically the right to make any such amendments effective retroactively;
provided that no such action shall reduce the benefits or rights of any
Participant or his Beneficiary accrued prior to the date of any such amendment,
modification or termination. In addition, the Employer may amend or modify any
provision of this Plan as to any particular Participant 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. The provisions
of any amendment or modification made by agreement between a Participant and the
Employer shall apply only to the Participant so agreeing and no other.

         Section 10.8 A Participant shall have the right to change his
Beneficiary by notifying the Committee of such in writing. Such change shall
become effective upon written acknowledgment of same by the Committee. Any
payments made by the Employer to a Beneficiary in good faith and under the terms
of the Plan shall fully discharge the Employer from all further obligations with
respect to such Beneficiary.

         Section 10.9 This Plan shall be binding upon and inure to the benefit
of the Employer, its successors and assigns and each Participant and his heirs,
executors, administrators, legal representatives, successors and assigns,
provided however that a Participant may not assign his rights hereunder without
the express written consent of the Employer.

         Section 10.10 This Plan shall be governed by the laws of Ohio. This
Plan is solely between the Employer and the Participant. The Participant, his
Beneficiary or other persons claiming through the Participant shall have
recourse only against the Employer for enforcement of the Plan.

         Section 10.11 Any words herein used in the masculine shall be read and
construed in the feminine where they would so apply. Words in the singular shall
be read and construed as though used in the plural in all cases where they would
so apply.

         Section 10.12 The obligations of the Employer under this Plan shall be
subject to all applicable laws, rules and regulations, and such approvals by
governmental agencies as may be required or as the Employer deems advisable.

                                   ARTICLE XI
                             FORFEITURE OF BENEFITS

         Section 11.1 If a Participant competes against the Employer within a
period of two (2) years immediately following the Participant's Retirement Date
or termination of employment, the Committee shall suspend the continued payment
of any Supplemental Pension to such Participant and the Participant shall
forfeit any benefits to which he or his Beneficiary would otherwise be, or
become, entitled to under this Plan.

                                       8

<PAGE>

         A Participant will be deemed to be competing with the Employer if he
engages or becomes interested in or connected with any business or venture that
is competitive with the business of the Employer.

         (a) A business or venture will be considered competitive with that of
the Employer:

               (i) If it is conducted in whole or in part within the North
          American continent; and

               (ii) If it involves the manufacture, sale, or distribution of any
          of the products, which are manufactured, sold, or distributed by the
          Employer or being developed by the Employer for manufacture, sale or
          distribution, at any time on or prior to the second anniversary of the
          Participant's Retirement Date or the date that the Participant
          terminated his employment with the Employer.

         (b) A Participant will be deemed to be directly or indirectly engaged,
interested or participating in a business or venture if he is a stockholder,
partner, proprietor, officer, director, consultant, agent or employee of such
business or venture or an investor who, directly or indirectly, has advanced on
loan, contributed to capital or expended for the purchase of stock an amount or
amounts constituting five percent (5%) or more of the capital or assets of such
business or venture.

         (c) If a court of competent jurisdiction shall refuse to enforce the
provisions of this Section 11.1 because it deems the length of time or the
geographical areas to be too broad, the court shall have the right to modify the
length of time or geographical area to such length of time or geographical area
as the court deems to be enforceable.

                                       9

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