Document:

Exhibit

Exhibit 4.13
DESCRIPTION OF SECURITIES REGISTERED PURSUANT TO
SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934

REINSURANCE GROUP OF AMERICA, INCORPORATED

As of the end of our most recent fiscal year, Reinsurance Group of America, Incorporated (“RGA,” “we,” “us” or “our”) had three classes of securities registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”): (i) our common stock, par value $0.01 per share (“Common Stock”); (ii) our 6.20% fixed-to-floating rate subordinated debentures due 2042 (the “2042 Debentures”); and (iii) our 5.75% fixed-to-floating rate subordinated debentures due 2056 (the “2056 Debentures”).  

Description of Common Stock

The following description of our Common Stock is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to our Amended and Restated Articles of Incorporation, as amended (the “Articles of Incorporation”) and our Amended and Restated Bylaws (the “Bylaws”), each of which are incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.13 is a part.  We encourage you to read our Articles of Incorporation, our Bylaws and the applicable provisions of The General and Business Corporation Law of Missouri for additional information.
Authorized Capital Stock
RGA’s authorized capital stock consists of 150 million shares of capital stock, of which 140 million shares are designated as Common Stock and 10 million shares are designated as preferred stock, par value $0.01 per share.  The outstanding shares of Common Stock are validly issued, fully paid and nonassessable.
Dividend and Liquidation Rights 
Subject to the prior rights of the holders of any shares of preferred stock which may be issued and outstanding, holders of Common Stock are entitled to receive dividends as and when declared by RGA out of legally available funds, and, if RGA liquidates, dissolves, or winds up, to share ratably in all remaining assets after RGA pays its liabilities.     
Voting Rights 
Each holder of Common Stock is entitled to one vote for each share held of record on all matters presented to a vote of shareholders, including the election of directors.  Holders of Common Stock do not have cumulative voting rights.
Other Rights 
Holders of Common Stock do not have preemptive rights to purchase or subscribe for any stock or other securities and there are no conversion rights or redemption or sinking fund provisions for the Common Stock.  
Listing
Our Common Stock is traded on the New York Stock Exchange (“NYSE”) under the symbol “RGA.”

Registrar and Transfer Agent
Computershare is the registrar and transfer agent for our Common Stock.
Certain Effects of Authorized but Unissued Stock
We may issue additional shares of Common Stock or preferred stock without shareholder approval, subject to applicable rules of the NYSE, for a variety of corporate purposes, including raising additional capital, corporate acquisitions, and employee benefit plans.  The existence of unissued and unreserved Common Stock and preferred stock may enable us to issue shares to persons who are friendly to current management, which could discourage an attempt to obtain control of RGA through a merger, tender offer, proxy contest, or otherwise, and protect the continuity of management and possibly deprive holders of Common Stock of opportunities to sell shares at prices higher than the prevailing market prices.  We could also use additional shares to dilute the stock ownership of persons seeking to obtain control of RGA.  See also “Anti-Takeover Provisions in the RGA Articles of Incorporation and Bylaws” below.
Limitation on Liability of Directors; Indemnification
Our Articles of Incorporation limit the liability of our directors to RGA and its shareholders for monetary damages for breach of fiduciary duty as a director to the fullest extent permitted by Missouri law.  Our Articles of Incorporation provide that RGA will indemnify each person (other than a party plaintiff suing on his own behalf or in the right of RGA) who at any time is serving or has served as a director or officer of RGA against any claim, liability or expense incurred as a result of this service, or as a result of any other service on behalf of RGA, or service at the request of RGA as a director, officer, employee, member or agent of another corporation, partnership, joint venture, trust, trade or industry association or other enterprise (whether incorporated or unincorporated, for-profit or not-for-profit), to the maximum extent permitted by law.  Without limiting the generality of the foregoing, RGA will indemnify any such person who was or is a party (other than a party plaintiff suing on his own behalf or in the right of RGA), or is threatened to be made a party, to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (including, but not limited to, an action by or in the right of RGA) by reason of such service against expenses (including, without limitation, attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection with such action, suit or proceeding.  We have entered into indemnification agreements with our officers and directors providing for indemnification to the fullest extent permitted by law.
The inclusion of these provisions in our Articles of Incorporation may have the effect of reducing the likelihood of derivative litigation against our directors and may discourage or deter RGA or its shareholders from bringing a lawsuit against our directors for breach of their duty of care, even though such an action, if successful, might otherwise have benefited RGA and its shareholders.
Anti-Takeover Provisions in the RGA Articles of Incorporation and Bylaws
Some of the provisions in our Articles of Incorporation and Bylaws and The General and Business Corporation Law of Missouri could have the following effects, among others:
	
				
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	delaying, deferring or preventing a change in control of RGA;

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	delaying, deferring or preventing the removal of our existing management or directors;

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	deterring potential acquirors from making an offer to our shareholders; and

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	limiting our shareholders’ opportunity to realize premiums over prevailing market prices of our Common Stock in connection with offers by potential acquirors.

The following is a summary of some of the provisions in our Articles of Incorporation and Bylaws that could have the effects described above.
Directors, and Not Shareholders, Fix the Size of the Board of Directors of RGA.  Our Articles of Incorporation and Bylaws provide that the number of directors will be fixed from time to time exclusively pursuant to a resolution adopted by a majority of our board of directors, but in no event will it consist of less than three directors. 
Directors are Removed for Cause Only.  Missouri law provides that, unless a corporation’s articles of incorporation provide otherwise, the holders of a majority of the corporation’s voting stock may remove any director from office.  Our Articles of Incorporation provide that shareholders may remove a director only “for cause” and with the approval of the holders of 85% of RGA’s voting stock.  Our board of directors may remove a director, with or without cause, only in the event the director fails to meet the qualifications stated in the Bylaws for election as a director or in the event the director is in breach of any agreement between such director and RGA relating to such director’s service as RGA’s director or employee.
Board Vacancies to Be Filled by Remaining Directors and Not Shareholders.  Any vacancy created by any reason, including vacancies which occur by reason of an increase in the number of directors, will be filled by a majority of the remaining directors, even if less than a quorum.  A director elected to fill a vacancy will be elected for a term expiring at the next annual meeting of shareholders held immediately following such person being elected to fill the vacancy.  
Shareholders May Only Act by Written Consent Upon Unanimous Written Consent.  As required by Missouri law, our Articles of Incorporation and Bylaws provide for shareholder action by unanimous written consent only.
No Special Meetings Called by Shareholders. Our Articles of Incorporation and Bylaws provide that special meetings may only be called by the chairman of our board of directors, our president, or a majority of our board of directors.  Only such business will be conducted, and only such proposals acted upon, as are specified in the notice of the special meeting.
Advance Notice for Shareholder Proposals and Director Nominations. Our Articles of Incorporation contain provisions requiring that advance notice be delivered to RGA of any business to be brought by a shareholder before an annual meeting and providing for procedures to be followed by shareholders in nominating persons for election to our board of directors. Ordinarily, the shareholder must give notice at least 60 days but not more than 90 days before the meeting, but if we give less than 70 days’ notice of the meeting, then the shareholder must give notice within ten days after we mail notice of the meeting or make other public disclosure of the meeting.  The notice must include a description of the proposal, the reasons for the proposal, and other specified matters.  Additionally, our Bylaws supplement the advance notice requirements included in our Articles of Incorporation by, among other things, requiring shareholder proponents to disclose all ownership interests in us, certain information about proposed director nominees and any material interest of the shareholder proponent or beneficial owner in the business proposed for the meeting.  The Bylaws also require that these disclosures be updated and supplemented, if necessary and that the shareholder proposing business or making a nomination must appear at the meeting for the proposal to be considered.  Our board of directors may reject any proposals that have not followed these procedures or that are not a proper subject for shareholder action in accordance with the provisions of applicable law.
Exclusive Forum Provision.  Our Bylaws provide for the designation of any state court located in St. Louis County, Missouri, or the United States District Court for the Eastern District of Missouri as the exclusive forum for certain shareholder litigation such as derivative claims, breach of fiduciary duty claims, claims pursuant to The General and Business Corporation Law of Missouri, 

our Articles of Incorporation or Bylaws, claims governed by the internal affairs doctrine and actions to interpret, enforce or determine the validity of our Articles of Incorporation or Bylaws, unless we otherwise consent to another jurisdiction.
Missouri Statutory Provisions
Missouri law also contains certain provisions which may have an anti-takeover effect and otherwise discourage third parties from effecting transactions with us, including control share acquisition and business combination statutes.
Business Combination Statute. Missouri law contains a “business combination statute” which restricts certain “business combinations” between us and an “interested shareholder,” or affiliates of the interested shareholder, for a period of five years after the date of the transaction in which the person becomes an interested shareholder, unless either such transaction or the interested shareholder’s acquisition of stock is approved by our board of directors on or before the date the interested shareholder obtains such status.
The statute also provides that, after the expiration of such initial five-year period, business combinations are prohibited unless:
	
				
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	the business combination or the interested shareholder’s acquisition of stock is approved by our board of directors on or before the date the interested shareholder obtains such status;

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	the holders of a majority of the outstanding voting stock, other than the stock owned by the interested shareholder, or any affiliate or associate of such interested shareholder, approve the business combination; or

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	the business combination satisfies certain detailed fairness and procedural requirements.

A “business combination” for this purpose includes a merger or consolidation, some sales, leases, exchanges, pledges and similar dispositions of corporate assets or stock and any reclassifications or recapitalizations that generally increase the proportionate voting power of the interested shareholder.  An “interested shareholder” for this purpose generally means any person who, together with his or her affiliates and associates, owns or controls 20% or more of the outstanding shares of the corporation’s voting stock.
A Missouri corporation may opt out of coverage by the business combination statute by including a provision to that effect in its governing corporate documents.  We have not done so.
The business combination statute may make it more difficult for a 20% beneficial owner to effect other transactions with us and may encourage persons that seek to acquire us to negotiate with our board of directors prior to acquiring a 20% interest.  It is possible that such a provision could make it more difficult to accomplish a transaction which shareholders may otherwise deem to be in their best interest.
Control Share Acquisition Statute. Missouri also has a “control share acquisition statute” that would limit the rights of a shareholder to vote some or all of the shares that it holds, in case of a shareholder whose acquisition of shares results in that shareholder having voting power, when added to the shares previously held by such shareholder, to exercise or direct the exercise of more than a specified percentage of RGA’s outstanding stock (beginning at 20%).  The statute exempts some types of acquisitions and provides a procedure for an acquiring shareholder to obtain shareholder approval to permit such shareholder to vote these shares.  However, as permitted by the statute, RGA previously amended our Bylaws to provide that the control share acquisition statute will not apply to control share acquisitions of RGA’s stock, but may elect to become subject to such statute by a further amendment to our Bylaws.
Takeover Bid Disclosure Statute. Missouri’s “takeover bid disclosure statute” requires that, under some circumstances, before making a tender offer that would result in the offeror acquiring control of us, the offeror must file certain disclosure materials with the Commissioner of the Missouri Department of Securities.

Insurance Holding Companies Act.  We are regulated in Missouri as an insurance holding company.  Under the Missouri Insurance Holding Companies Act and related regulations, the acquisition of control of a domestic insurer must receive prior approval by the Missouri Department of Commerce and Insurance, which we refer to as the “Department.”  Missouri law provides that a transaction will be approved if the Department finds that the transaction would, among other things, not violate the law or be contrary to the interests of the insureds of any participating domestic insurance corporations.  The Department may approve any proposed change of control subject to conditions.

Description of Subordinated Debentures

The following description of our 2042 Debentures and our 2056 Debentures (collectively, the “Debentures”) is a summary and does not purport to be complete.  It is subject to and qualified in its entirety by reference to the Indenture, dated as of August 21, 2012 (the “Base Indenture”), between RGA and The Bank of New York Mellon Trust Company, N.A., as trustee, as supplemented in the case of the 2042 Debentures, by the First Supplemental Indenture, dated as of August 21, 2012, and, as supplemented in the case of the 2056 Debentures, by the Fourth Supplemental Indenture, dated as of June 8, 2016 (the Base Indenture, as supplemented by either the First Supplemental Indenture for the 2042 Debentures or the Fourth Supplemental Indenture for the 2056 Debentures, the “indenture”), which are incorporated by reference as exhibits to the Annual Report on Form 10-K of which this Exhibit 4.13 is a part.  
We encourage you to read the above referenced indenture, as supplemented, for additional information.
General
The 2042 Debentures were initially issued in $400 million aggregate principal amount and the 2056 Debentures were initially issued in $400 million aggregate principal amount.  The amount outstanding of each of the 2042 Debentures and 2056 Debentures as of the end of our most recent fiscal year is reflected in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K of which this Exhibit 4.13 is a part.  
We may from time to time, without the consent of the existing holders, create and issue additional debentures having the same terms and conditions as the Debentures in all respects, except for issue date, issue price and, if applicable, the initial interest accrual date and the first payment of interest thereon.  Additional debentures issued in this manner will be consolidated with, and will form a single series with, the Debentures, unless such additional subordinated debt will not be treated as fungible with the Debentures for U.S. federal income tax purposes.  The Debentures and any additional debentures would rank equally and ratably. 
The 2042 Debentures have a maturity date of September 15, 2042 (or if such day is not a business day, the following business day).  The 2056 Debentures have a maturity date of June 15, 2056 (or if such day is not a business day, the following business day).
The indenture does not require the maintenance of any financial ratios or specified levels of net worth or liquidity.  The indenture does not contain provisions that would afford holders of Debentures protection in the event of a decline in our credit quality resulting from any highly leveraged transaction, reorganization, restructuring, merger or similar transaction involving us that may adversely affect such holders.
The Debentures do not have a sinking fund.
Interest rates
The Debentures bear interest from the date issued until their maturity date or earlier acceleration or redemption, payable on each interest payment date.  
For the 2042 Debentures, interest due with respect to any interest period (as defined below) accrues as follows:

	
				
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	for any interest period ending on or prior to September 15, 2022, or any earlier redemption date, at an annual rate equal to 6.20%, computed on the basis of a 360-day year consisting of twelve 30 day months, or a “30/360 Basis,” payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2012 to and including September 15, 2022, or if any such interest payment date is not a business day, the next business day, without adjustment, to the record holders at the close of business on the preceding March 1, June 1, September 1 or December 1, as applicable (whether or not a business day); and

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	for any interest period commencing on or after September 15, 2022 to but excluding the maturity date unless redeemed or repaid earlier, at an annual rate equal to three-month LIBOR for the applicable interest period, plus 4.37%, computed on the basis of a 360-day year and the actual number of days elapsed, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on December 15, 2022, or if any such interest payment date is not a business day, the next business day, except that if such business day is in the next succeeding calendar month, interest will be payable on the immediately preceding business day, to the record holders at the close of business on the preceding March 1, June 1, September 1 or December 1, as applicable (whether or not a business day).

 
 For the 2056 Debentures, interest due with respect to any interest period (as defined below) accrues as follows: 
	
				
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	for any interest period ending on or prior to June 15, 2026, or any earlier redemption date, at an annual rate equal to 5.75%, computed on the basis of a 360-day year consisting of twelve 30 day months, or a “30/360 Basis,” payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2016 to and including June 15, 2026, or if any such interest payment date is not a business day, the next business day, without adjustment, to the record holders at the close of business on the preceding March 1, June 1, September 1 or December 1, as applicable (whether or not a business day); and

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	for any interest period commencing on or after June 15, 2026 to but excluding the maturity date unless redeemed or repaid earlier, at an annual rate equal to the sum of three-month LIBOR for the applicable interest period, plus 4.04% (provided that such sum shall not be less than zero), computed on the basis of a 360-day year and the actual number of days elapsed, payable quarterly in arrears on March 15, June 15, September 15 and December 15 of each year, commencing on September 15, 2026, or if any such interest payment date is not a business day, the next business day, except that if such business day is in the next succeeding calendar month, interest will be payable on the immediately preceding business day, to the record holders at the close of business on the preceding March 1, June 1, September 1 or December 1, as applicable (whether or not a business day).

Interest payments not paid when due as the result of the deferral of interest payments or otherwise will themselves accrue additional interest at the rate per annum then applicable to the Debentures. References in this prospectus to “interest” include interest accruing on the principal balance of the Debentures, interest on deferred interest payments and other unpaid amounts and compounded interest, as applicable.
“Business day” means any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in New York City are authorized or required by law or executive order to remain closed, (iii) a day on which the corporate trust office of the trustee is closed for business or (iv) on or after September 15, 2022, in the case of the 2042 Debentures, or June 15, 2026, in the case of the 2056 Debentures, a day that is not a London banking day.
“Interest period” means a period beginning on an interest payment date or, in the case of the first interest period for the 2042 Debentures, August 21, 2012, and in the case of the first interest period for the 2056 Debentures, June 8, 2016, and ending on the day immediately preceding the next interest payment date.
“Three-month LIBOR” means the rate (expressed as a percentage per annum) for deposits in U.S. dollars for a three-month period commencing on the first day of the relevant interest period that appears on Reuters Page LIBOR01 as of 11:00 a.m., London time, on the LIBOR determination date (as defined below) for that interest period.  If such rate does not appear on Reuters Page LIBOR01, three-month LIBOR will be determined on the basis of the rates at which deposits in U.S. dollars for a three-month period commencing on the first day of that interest period and in a principal amount of not less than $1,000,000 are offered to prime banks in the London interbank market by four major banks in the London interbank market selected by the calculation agent (as defined below) after consultation with us, at approximately 11:00 a.m., London time, on the LIBOR determination date for that interest period.  The calculation agent will request the principal London office of each of these banks to provide a quotation of such bank’s rate.  If at least two such quotations are provided, three-month LIBOR with respect to that interest period will be the 

arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of such quotations.  If fewer than two quotations are provided, three-month LIBOR with respect to that interest period will be the arithmetic mean (rounded upward if necessary to the nearest whole multiple of 0.00001%) of the rates quoted by three major banks in New York City selected by the calculation agent after consultation with us, at approximately 11:00 a.m., New York City time, on the first day of that interest period for loans in U.S. dollars to leading European banks for a three-month period commencing on the first day of that interest period and in a principal amount of not less than $1,000,000.  However, if fewer than three banks selected by the calculation agent to provide quotations are quoting as described above, three-month LIBOR for that interest period will be the same as three-month LIBOR as determined for the previous interest period or, in the case of the interest period beginning on September 15, 2022 for the 2042 Debentures, 0.4365%, and in the case of the interest period beginning on June 15, 2026 for the 2056 Debentures, 0.6813%.  The establishment of three-month LIBOR for each interest period by the calculation agent will (in the absence of manifest error) be final and binding.
“Calculation agent” means The Bank of New York Mellon Trust Company, N.A. or any other successor, acting as calculation agent.
“Reuters Page LIBOR01” means the display so designated on the Reuters 3000 Xtra (or such other page as may replace that page on that service, or such other service as may be nominated by us as the information vendor, for the purpose of displaying rates or prices comparable to the London Interbank Offered rate for U.S. dollar deposits).
“LIBOR determination date” means the second London banking day (as defined below) immediately preceding the first day of the relevant interest period.
“London banking day” means any day on which commercial banks are open for general business (including dealings in deposits in U.S. dollars) in London.
Ranking
The payment of the principal of, and interest on, the Debentures is expressly subordinated, to the extent and in the manner set forth in the indenture, to the prior payment in full of all of our senior indebtedness.
Subject to the qualifications described below, the term “senior indebtedness” is defined in the indenture to include principal of, premium, if any, and interest on, and any other payment due pursuant to any of the following, whether incurred prior to, on or after the date of this prospectus supplement:

	
				
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	all of our obligations for money borrowed (other than obligations relating to the Debentures and our Variable Rate Junior Subordinated Debentures due 2065 (the “2065 Junior Subordinated Debentures”)); 

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	all of our obligations evidenced by notes, debentures, bonds or other similar instruments (other than obligations relating to the Debentures and our 2065 Junior Subordinated Debentures), including obligations incurred in connection with the acquisition of property, assets or businesses and including all other debt securities issued by us to any trust or a trustee of such trust, or to a partnership or other affiliate that acts as a financing vehicle for us, in connection with the issuance of securities by such vehicles;

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	all of our obligations under leases required or permitted to be capitalized under generally accepted accounting principles;

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	all of our reimbursement obligations with respect to letters of credit, bankers’ acceptances or similar facilities issued for our account;

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	all of our obligations issued or assumed as the deferred purchase price of property or services, including all obligations under master lease transactions pursuant to which we or any of our subsidiaries have agreed to be treated as owner of the subject property for federal income tax purposes (including trade accounts payable or accrued liabilities arising in the ordinary course of business);

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	all of our payment obligations under interest rate swap or similar agreements or foreign currency hedge, exchange or similar agreements at the time of determination, including any such obligations we incurred solely to act as a hedge against increases in interest rates that may occur under the terms of other outstanding variable or floating rate indebtedness of ours;

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	all obligations of the types referred to in the preceding bullet points of another person and all dividends of another person the payment of which, in either case, we have assumed or guaranteed or for which we are responsible or liable, directly or indirectly, jointly or severally, as obligor, guarantor or otherwise;

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	all compensation, reimbursement and indemnification obligations of ours to the trustee pursuant to the indenture; and

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	all amendments, modifications, renewals, extensions, refinancings, replacements and refundings of any of the above types of indebtedness.

The Debentures rank senior to all of our equity securities.
The senior indebtedness will continue to be senior indebtedness and entitled to the benefits of the subordination provisions of the indenture irrespective of any amendment, modification or waiver of any term of the senior indebtedness or extension or renewal of the senior indebtedness.  Notwithstanding anything to the contrary in the foregoing, senior indebtedness will not include (1) any indebtedness that by its terms expressly provides that it is subordinated, or not senior in right of payment to the Debentures, (2) any indebtedness that by its terms expressly provides that it will rank equal in right of payment with the Debentures, (3) obligations of RGA owed to its subsidiaries or (4) our existing 2065 Junior Subordinated Debentures, which debentures are subordinated to the Debentures, subject, in any such case, to the provisions described below under “-Certain limitations during a deferral period”.
All liabilities of our subsidiaries, including their trade accounts payable and other liabilities arising in the ordinary course of business (including obligations to policyholders), are effectively senior to the Debentures to the extent of the assets of such subsidiaries, as we are a holding company.  Because we are a holding company, we rely primarily on dividends and other payments from our direct and indirect subsidiaries, which are generally regulated insurance companies, to pay interest and principal on our outstanding debt obligations.  Regulatory rules may restrict our ability to withdraw capital from our subsidiaries by dividends, loans or other means.  
No direct or indirect payment, in cash, property or securities, by set-off or otherwise, may be made or agreed to be made on account of the Debentures or interest thereon, or in respect of any repayment, redemption, retirement, purchase or other acquisition of the Debentures, if:
	
				
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	RGA defaults in the payment of any principal, premium (if any) or interest on any senior indebtedness, whether at maturity or at a date fixed for prepayment or declaration or otherwise; or 

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	an event of default occurs with respect to any senior indebtedness permitting the holders thereof to accelerate the maturity and written notice of such event of default, requesting that payments on the Debentures cease, is given to RGA by the holders of senior indebtedness,

 
 until such default in payment or event of default has been cured, is waived or ceases to exist.

All present and future senior indebtedness, which includes, without limitation, interest accruing after the commencement of any proceeding, assignment or marshaling of assets described below, will first be fully paid before any payment, whether in cash, securities or other property, will be made by RGA on account of the Debentures in the event of:
	
				
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	any insolvency, bankruptcy, receivership, liquidation, reorganization, readjustment, composition or other similar proceeding relating to RGA, its creditors or its property; 

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	any proceeding for the liquidation, dissolution or other winding-up of RGA, voluntary or involuntary, whether or not involving insolvency or bankruptcy proceedings,

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	any assignment by RGA for the benefit of creditors; or

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	any other marshaling of the assets of RGA.

In any such event, payments which would otherwise be made on the Debentures will generally be paid to the holders of senior indebtedness, or their representatives, in accordance with the priorities existing among these creditors at that time until the senior indebtedness is fully paid.  If payments on the Debentures are in the form of RGA’s securities or those of any other corporation under a plan of reorganization or readjustment and such payments are subordinated to outstanding senior indebtedness and to any securities issued with respect thereto under a plan of reorganization or readjustment, such payments will be made to the holders of senior indebtedness and then, if any amounts remain, to the holders of the Debentures.  No present or future holder of any senior indebtedness will be prejudiced in the right to enforce the subordination of the Debentures by any act or failure to act on the part of RGA.
If, notwithstanding any of the foregoing prohibitions, the indenture trustee or the holders of the Debentures receive any payment with respect to the Debentures when a responsible officer of the indenture trustee or such holder has actual knowledge that such payment should not have been made to it, the trustee or such holder will hold such payment in trust for the benefit of, and, upon written request, will pay it over to, the holders of the senior indebtedness or their agents or representatives, for application to the payment of all principal, premium, if any, and interest then payable with respect to any senior indebtedness.
Senior indebtedness will only be deemed to have been paid in full if the holders of such indebtedness have received cash, securities or other property which is equal to the amount of the outstanding senior indebtedness.
After full payment of all present and future senior indebtedness, holders of the Debentures will be subrogated to the rights of any holders of senior indebtedness to receive any further payments that are applicable to the senior indebtedness until all the Debentures are fully paid.  In matters between holders of the Debentures and any other RGA creditor, any payments that would otherwise be paid to holders of senior indebtedness and are made to holders of the Debentures because of this subrogation will be deemed a payment by RGA on account of senior indebtedness and not on account of the Debentures.
If such events of bankruptcy, insolvency or receivership occur, after we have paid in full all amounts owed on senior indebtedness, the holders of Debentures together with the holders of any of our other obligations that rank equally with the Debentures will be entitled to receive from our remaining assets any principal, premium or interest due at that time on the Debentures and such other obligations before we make any payment or other distribution on account of any of our capital stock or obligations ranking junior to the Debentures.
If we violate the indenture by making a payment or distribution to holders of the Debentures before we have paid all the senior indebtedness in full, then such holders of the Debentures will have to pay or transfer the payments or distributions to the trustee in bankruptcy, receiver, liquidating trustee or other person distributing our assets for payment of the senior indebtedness.

Because of the subordination provisions of the indenture, if we become insolvent, holders of senior indebtedness may receive more, ratably, and holders of the Debentures having a claim pursuant to those securities may receive less, ratably, than our other creditors.  This type of subordination will not prevent an event of default from occurring under the indenture in connection with the Debentures.
The Debentures do not limit our or our subsidiaries’ ability to incur additional debt, including debt that ranks senior to the Debentures.  RGA expects from time to time to incur additional indebtedness constituting senior indebtedness. In addition, the holders of our senior indebtedness may, under certain circumstances, restrict or prohibit us from making payments on the Debentures.  
The amount of our short- and long-term debt outstanding as of the end of our most recent fiscal year is reflected in the Notes to Consolidated Financial Statements in our Annual Report on Form 10-K of which this Exhibit 4.13 is a part, including the amount of any outstanding senior notes, which rank senior in right of payment to the Debentures, and the amount of any outstanding junior subordinated debentures, which rank junior in right of payment to the Debentures.  
Option to defer interest payments
So long as no event of default with respect to the Debentures has occurred and is continuing, we may, on one or more occasions, in our sole discretion, defer interest payments on the Debentures for one or more interest periods (each, a “deferral period”) of up to five consecutive years without giving rise to an event of default under the terms of the Debentures.  A deferral of interest payments cannot extend, however, beyond the maturity date or the earlier acceleration or redemption of the Debentures.  During a deferral period, interest will continue to accrue on the Debentures, and deferred interest payments will accrue additional interest at the then applicable interest rate on the Debentures, compounded quarterly as of each interest payment date to the extent permitted by applicable law. No interest otherwise due during a deferral period will be due and payable on the Debentures until the end of such deferral period except upon an acceleration or redemption of the Debentures during such deferral period.
At the end of five years following the commencement of a deferral period, we must pay all accrued and unpaid deferred interest, including compounded interest, and our failure to pay all accrued and unpaid deferred interest, including compounded interest, for a period of 30 days after the conclusion of such five-year period will result in an event of default giving rise to a right of acceleration.  If, at the end of any deferral period, we have paid all deferred interest due on the Debentures, including compounded interest, we can again defer interest payments on the Debentures as described above.
We will provide to the trustee and the holders of Debentures written notice of any deferral of interest at least one and not more than 60 business days prior to the applicable interest payment date, provided that the failure to provide such notice will not constitute an event of default.  In addition, whether or not such notice is given, our failure to pay interest on the Debentures on any interest payment date will itself constitute the commencement of a deferral period unless we pay such interest within five business days after any such interest payment date, whether or not we provide a notice of deferral.
Certain limitations during a deferral period
After the commencement of a deferral period until we have paid all accrued and unpaid interest on the Debentures, we will agree not to, and not to permit any of our subsidiaries to:

	
					
	  
	 
	 
	declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a liquidation payment with respect to, any shares of our capital stock other than:

	 
	(i)
	purchases, redemptions or other acquisitions of our Common Stock in connection with any employment contract, benefit plan or other similar arrangement with or for the benefit of employees, officers, directors or consultants or under any dividend reinvestment plan or shareholder purchase plan;

	  
	(ii)
	purchases of our Common Stock pursuant to a contractually binding requirement to buy or acquire Common Stock entered into prior to the beginning of the related deferral period, including under a contractually binding stock repurchase plan;

	  
	(iii)
	as a result of any reclassification of any class or series of our capital stock, or the exchange, redemption or conversion of any class or series of our capital stock (or any capital stock of one of our subsidiaries) for any class or series of our capital stock or of any class or series of our indebtedness for any class or series of our capital stock;

	  
	(iv)
	the purchase of or payment of cash in lieu of fractional interests in our capital stock in accordance with the conversion or exchange provisions of such capital stock or the security being converted or exchanged;

	  
	(v)
	acquisitions of our Common Stock in connection with acquisitions of businesses made by RGA (which acquisitions are made by RGA in connection with the satisfaction of indemnification obligations of the sellers of such businesses);

	  
	(vi)
	dividends or distributions payable solely in our capital stock, or rights to acquire Common Stock, or repurchases or redemptions of Common Stock made solely from the issuance or exchange of Common Stock; or

	  
	(vii)
	the distribution, declaration, redemption or repurchase of rights in accordance with any stockholders’ rights plan or the issuance of rights, stock or other property under any shareholder rights plan, or the redemption or purchase of rights pursuant thereto;

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	make any payment of principal of or interest or premium, if any, on or repay, repurchase or redeem any of our debt securities or guarantees that rank equal in right of payment with the Debentures (“parity securities”) or junior to the Debentures other than any payment of principal on parity securities necessary to avoid a breach of the instrument governing such parity securities or payment, repurchase or redemption in respect of parity securities made ratably and in proportion to the respective amount of (1) accrued and unpaid amounts on such parity securities, on the one hand, and (2) accrued and unpaid amounts on the Debentures, on the other hand.

For the avoidance of doubt, no terms of the Debentures restrict in any manner the ability of any of our subsidiaries to pay dividends or make any distributions to us or to any of our other subsidiaries.
Optional redemption
We may redeem the 2042 Debentures in $25 increments: 
	
				
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	in whole at any time or in part from time to time on or after September 15, 2022, at a redemption price equal to their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption; provided that if the Debentures are not redeemed in whole, at least $25 million aggregate principal amount of the Debentures must remain outstanding after giving effect to such redemption; or

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	in whole, but not in part, at any time prior to September 15, 2022, within 90 days of the occurrence of a “tax event” or “rating agency event,” at a redemption price equal to their principal amount, or, if greater, the “make-whole redemption” amount described below, in each case, plus accrued and unpaid interest to, but excluding, the date of redemption.

We may redeem the 2056 Debentures in $25 increments: 
	
				
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	in whole at any time or in part from time to time on or after June 15, 2026, at a redemption price equal to their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption; provided that if the Debentures are not redeemed in whole, at least $25 million aggregate principal amount of the Debentures must remain outstanding after giving effect to such redemption;

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	in whole, but not in part, at any time prior to June 15, 2026, within 90 days of the occurrence of a “rating agency event,” at a redemption price equal to their principal amount or, if greater, the “make-whole redemption amount” described below, in each case, plus accrued and unpaid interest to, but excluding, the date of redemption; or

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	in whole, but not in part, at any time prior to June 15, 2026, within 90 days of the occurrence of a “tax event” or “regulatory capital event,” at a redemption price equal to their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption.

The indenture includes the following definitions applicable to the calculation of the redemption price for the Debentures:

“Make-whole redemption amount” means, with respect to any principal amount of any Debentures to be redeemed, the sum, as determined by the treasury dealer, of the present value of the outstanding principal (discounted from September 15, 2022 for the 2042 Debentures and June 15, 2026 for the 2056 Debentures to, but excluding, the redemption date) and remaining scheduled payments of interest that would have been payable from the redemption date to and including September 15, 2022 for the 2042 Debentures and June 15, 2026 for the 2056 Debentures (discounted from their respective interest payment dates to, but excluding, the redemption date) on the Debentures to be redeemed (not including any portion of such payments of interest accrued and unpaid to, but excluding, the date of redemption) on a 30/360 Basis at a discount rate equal to the treasury rate plus a spread of 50 basis points.
“Rating agency event” means an amendment, clarification, or change by any nationally recognized statistical rating organization (each an “NRSRO”) within the meaning of Section 3(a)(62) of the Exchange Act in its criteria for awarding equity credit to securities such as the Debentures, which amendment, clarification, or change results in (i) the shortening of the length of time the Debentures are assigned a particular level of equity credit by that NRSRO as compared to the length of time they would have been assigned that level of equity credit by such NRSRO or its predecessor on the issue date or (ii) the lowering of the equity credit (including up to a lesser amount) assigned to the Debentures by that NRSRO as compared to the equity credit that such NRSRO or its predecessor assigned the Debentures on the issuance date of the Debentures.
“Regulatory capital event” means that we become subject to capital adequacy supervision by a capital regulator and the capital adequacy guidelines that apply to us as a result of being so subject set forth criteria pursuant to which the full principal amount of the Debentures would not qualify as capital under such capital adequacy guidelines, as we may determine at any time, in our sole discretion.
“Tax event” means that we will have received an opinion of counsel, rendered by a law firm of nationally recognized standing that is experienced in such matters, stating that, as a result of any:
	
				
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	amendment to, or change in (including any promulgation, enactment, execution or modification of) the laws (or any regulations under those laws) of the United States or any political subdivision thereof or therein affecting taxation;

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	official administrative pronouncement (including a private letter ruling, technical advice memorandum or similar pronouncement) or judicial decision or administrative action or other official pronouncement interpreting or applying the laws or regulations enumerated in the preceding bullet point, by any court, governmental agency or regulatory authority; or

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	threatened challenge asserted in connection with an audit of us or any of our subsidiaries, or a threatened challenge asserted in writing against any taxpayer that has raised capital through the issuance of securities that are substantially similar to the Debentures,

which amendment or change is enacted or effective or which pronouncement or decision is announced or which challenge is asserted against us or becomes publicly known on or after the date of initial issuance of the Debentures, there is more than an insubstantial increase in the risk that interest accruable or payable by us on the Debentures is not, or will not be, deductible by us in whole or in part, for U.S. federal income tax purposes.
“Trading day” means a day on which our Common Stock is traded on the NYSE, or if not then listed on the NYSE, a day on which our Common Stock is traded or quoted on the principal U.S. securities exchange on which it is listed or quoted, or if not then listed or quoted on a U.S. securities exchange, a day on which our Common Stock is quoted in the over-the-counter market.
“Treasury dealer” means, with respect to the 2042 Debentures, one of Barclays Capital Inc., UBS Securities LLC, and Wells Fargo Securities, LLC (or their respective successors), and, with respect to the 2056 Debentures, one of J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC (or their respective successors), in each case 

as selected by us, or, if such dealers (or their respective successors) refuse to act as treasury dealer for this purpose or cease to be a primary U.S. Government securities dealer, another nationally recognized investment banking firm that is a primary U.S. Government securities dealer specified by us for these purposes.
“Treasury price” means the bid-side price for the treasury security as of the third trading day preceding the redemption date, as set forth in the daily statistical release (or any successor release) published by The Wall Street Journal (or its successor or, in its absence, any recognized daily national publication) on that trading day and designated “Treasury Bonds, Notes and Bills,” as determined by the treasury dealer except that: (i) if that release (or any successor release) is not published or does not contain that price information on that trading day; or (ii) if the treasury dealer determines that the price information is not reasonably reflective of the actual bid-side price of the treasury security prevailing at 3:30 P.M., New York City time, on that trading day, then treasury price will instead mean the bid-side price for the treasury security at or around 3:30 P.M., New York City time, on that trading day (expressed on a next trading day settlement basis) as determined by the treasury dealer through such alternative means as the treasury dealer considers to be appropriate under the circumstances.
“Treasury rate” means the semi-annual equivalent yield to maturity of the treasury security that corresponds to the treasury price thereof (calculated by the treasury dealer in accordance with standard market practice and computed as of the second trading day preceding the redemption date).
“Treasury security” means the United States treasury security that the treasury dealer determines would be appropriate to use, at the time of determination and in accordance with standard market practice, in pricing the Debentures being redeemed in a tender offer based on a spread to United States Treasury yields.
Redemption procedures
If we give a notice of redemption in respect of any Debentures, then prior to the redemption date, we will:
	
				
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	irrevocably deposit with the trustee or a paying agent for the Debentures funds sufficient to pay the applicable redemption price of, and (except if the redemption date is an interest payment date) accrued interest on, the Debentures to be redeemed; and

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	give the trustee or such paying agent, as applicable, irrevocable instructions and authority to pay the redemption price to the holders upon surrender of the global certificate or such other certificates as we may have issued evidencing the Debentures.

Notwithstanding the above, interest payable on or prior to the redemption date for any Debentures called for redemption will be payable to the holders of the Debentures on the relevant record dates for the related interest payment dates.
Once notice of redemption has been given and funds deposited as required, then upon the date of the deposit, all rights of the holders of the Debentures so called for redemption will cease, except the right of the holders of the Debentures to receive the redemption price and any interest payable in respect of the Debentures on or prior to the redemption date and the Debentures will cease to be outstanding.  In the event that payment of the redemption price in respect of Debentures called for redemption is improperly withheld or refused and not paid by us, interest on the Debentures will continue to accrue at the then applicable rate from the redemption date originally established by us for the Debentures to the date the redemption price is actually paid, in which case the actual payment date will be the date fixed for redemption for purposes of calculating the redemption price.
Subject to applicable law (including, without limitation, U.S. federal securities law), we or our subsidiaries may at any time and from time to time purchase outstanding Debentures by tender, in the open market or by private agreement.

If less than all of the Debentures are to be redeemed, the particular Debentures to be redeemed will be selected not more than 60 days prior to the redemption date by the trustee, from the outstanding Debentures not previously called for redemption, by such method as the trustee in its sole discretion deems fair and appropriate and which may provide for the selection for redemption of a portion of the principal amount of any Debentures, provided that, so long as the Debentures are in the form of global certificates, such selection shall be made by The Depository Trust Company (“DTC”) in accordance with its applicable procedures, and provided further that the portion of the principal amount of any Debenture selected for redemption shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Debenture.  The trustee will promptly notify us in writing of the Debentures selected for redemption and, in the case of any Debentures selected for partial redemption, the principal amount thereof to be redeemed.
We may not redeem the Debentures in part if the principal amount has been accelerated and such acceleration has not been rescinded or unless all accrued and unpaid interest, including deferred interest (and compounded interest thereon), has been paid in full on all outstanding Debentures for all interest periods terminating on or before the redemption date.
Notice of any redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each holder of Debentures to be redeemed at its registered address.  Unless we default in payment of the redemption price on the Debentures, on and after the redemption date, interest will cease to accrue on the Debentures or portions called for redemption.
Denominations
The Debentures were issued only in registered form in denominations of $25 each and integral multiples of $25 in excess thereof.  The Debentures are held in book-entry form only and are held in the name of DTC or its nominee.
Events of default
The indenture provides that any one or more of the following events with respect to the Debentures that has occurred and is continuing constitutes an event of default: 
	
				
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	the failure to pay interest in full, including compounded interest, on any Debenture for a period of 30 days after the conclusion of a five-year period following the commencement of any deferral period or on the maturity date;

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	the failure to pay principal of or premium, if any, on any Debenture on the maturity date or upon redemption; or

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	certain events of our bankruptcy, insolvency or receivership.

If an event of default under the indenture arising from a default in the payment of interest, principal or premium has occurred and is continuing, the trustee or the holders of at least 25% in outstanding principal amount of the Debentures will have the right to declare the principal of and accrued but unpaid interest on the Debentures to be due and payable immediately.  If an event of default under the indenture arising from an event of our bankruptcy, insolvency or receivership has occurred, the principal of and accrued but unpaid interest on the Debentures will automatically, and without any declaration or other action on the part of the trustee or any holder of Debentures, become immediately due and payable.  In case of any default that is not an event of default, there is no right to declare the principal amount of and accrued but unpaid interest on the Debentures immediately payable.
In cases specified in the indenture, the holders of a majority in principal amount of the Debentures may waive any default on behalf of all holders of the Debentures, except a default in the payment of principal or interest or a default in the performance of a covenant or provision of the indenture which cannot be modified without the consent of each holder.  We are required to file annually with the trustee a certificate as to whether or not we are in compliance with all the conditions and covenants applicable to us under the indenture.

Within 90 days after actual knowledge by a responsible officer of the trustee of the occurrence of any default (the term “default” to include the events specified above without grace or notice) with respect to the Debentures, the trustee shall transmit by mail to all holders of Debentures, notice of such default unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the payment of the principal of or interest on any Debentures, the trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors and/or responsible officers of the trustee in good faith determines that the withholding of such notice is in the interests of the holders of the Debentures.
Subject to certain limitations under the indenture, the holders of a majority of the aggregate outstanding principal amount of the Debentures have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee with respect to the Debentures.
Defeasance, Satisfaction and Discharge
Legal or Covenant Defeasance.  The indenture provides that we may be discharged from our obligations in respect of the debt securities of any series, including the Debentures, as described below.  
At our option, we may choose either one of the following alternatives:
	
				
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	We may elect to be discharged from any and all of our obligations in respect of the Debentures, except for, among other things, certain obligations to register the transfer or exchange of the Debentures, to replace stolen, lost or mutilated Debentures, and to maintain paying agencies and certain provisions relating to the treatment of funds held by the trustee for defeasance.  We refer to this as “legal defeasance.”

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	Alternatively, we may omit to comply with certain covenants relating to consolidation, mergers, conveyance, transfers or leases, and any omission to comply with those covenants will not constitute a default or an event of default with respect to the Debentures.  We refer to this as “covenant defeasance.”

In either case, we will be so discharged upon the deposit with the trustee, in trust, of money and/or U.S. Government Obligations (as defined below) that, through the payment of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally recognized firm of independent public accountants to pay and discharge each installment of principal, premium, if any, and interest on the Debentures on the stated maturity of those payments in accordance with the terms of the indenture.  This discharge may occur only if, among other things, we have delivered to the trustee an opinion of counsel or an Internal Revenue Service ruling to the effect that the holders of the Debentures will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the defeasance.
Covenant Defeasance and Events of Default.  In the event we exercise our option to effect covenant defeasance with respect to the Debentures and the Debentures are declared due and payable because of the occurrence of any event of default, the amount of money and/or U.S. Government Obligations on deposit with the trustee will be sufficient to pay amounts due on the Debentures at the time of their stated maturity but may not be sufficient to pay amounts due on the Debentures at the time of the acceleration resulting from the event of default.  However, we will remain liable for those payments.
“U.S. Government Obligations” means securities which are (1) direct obligations of the United States for the payment of which its full faith and credit is pledged, or (2) obligations of a person controlled or supervised by and acting as an agency or instrumentality of the United States, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case, are not callable or redeemable at the option of the issuer thereof, and will also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository 

receipt, provided that, except as required by law, such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 
We may exercise our legal defeasance option even if we have already exercised our covenant defeasance option. 
Voting rights
The Debentures are not entitled to voting rights, subject to any required consents in connection with a modification or amendment of the indenture, as described below.
Modification or Amendment of the Indenture
Supplemental Indentures Without Consent of Holders. Without the consent of any holders, we and the trustee may enter into one or supplemental indentures for certain purposes, including:
		
	(1)
	to evidence the succession of another corporation to our rights and the assumption by such successor of the covenants contained in the indenture;

		
	(2)
	to add to our covenants for the benefit of all or any series of debt securities, or to surrender any of our rights or powers;

		
	(3)
	to add any additional events of default;

		
	(4)
	to change or eliminate any provisions, as long as any such change or elimination is effective only when there are no outstanding debt securities of any series created before the execution of such supplemental indenture which is entitled to the benefit of the provisions being changed or eliminated;

		
	(5)
	to provide security for or guarantee of the debt securities;

		
	(6)
	to supplement any of the provisions to permit or facilitate the defeasance and discharge of any series of debt securities in accordance with the indenture;

		
	(7)
	to establish the form or terms of debt securities in accordance with the indenture;

		
	(8)
	to provide for the acceptance of the appointment of a successor trustee for any series of debt securities or to provide for or facilitate the administration of the trusts under the indenture by more than one trustee;

		
	(9)
	to cure any ambiguity, to correct or supplement any provision of the indenture which may be defective or inconsistent with any other provision, to eliminate any conflict with the Trust Indenture Act or to make any other provisions with respect to matters or questions arising under the indenture which are not inconsistent with any provision of the indenture, as long as the additional provisions do not adversely affect the interests of the holders in any material respect;

		
	(10)
	to change the conversion rights; or

		
	(11)
	to make any change that does not adversely affect the interests of the holders in any material respect. 

Supplemental Indentures With Consent of Holders.  If we receive the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series affected, we may enter into supplemental indentures with the trustee for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the indenture or of modifying in any manner the rights of the holders under the indenture of such debt securities.  
However, unless we receive the consent of all of the affected holders, we may not enter into supplemental indentures that would, with respect to the debt securities of such holders:
		
	(1)
	conflict with the required provisions of the Trust Indenture Act;

		
	(2)
	except as described in any prospectus supplement or other offering material: 

	
				
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	change the stated maturity of the principal of, or installment of interest, if any, on, any debt security,

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	reduce the principal amount thereof or the interest thereon or any premium payable upon redemption thereof; provided, however, that a requirement to offer to repurchase debt securities will not be deemed a redemption for this purpose,

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	change the currency or currencies in which the principal of, and premium, if any, or interest on such debt security is denominated or payable,

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	reduce the amount of the principal of a discount security that would be due and payable upon a declaration of acceleration of the maturity thereof or reduce the amount of, or postpone the date fixed for, any payment under any sinking fund or analogous provisions for any debt security,

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	impair the right to institute suit for the enforcement of any payment on or after the stated maturity thereof, or, in the case of redemption, on or after the redemption date, or

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	adversely affect the right to convert any debt security into shares of our common stock if so provided;

		
	(3)
	reduce the requirement for majority approval of supplemental indentures, or for waiver of compliance with certain provisions of the indenture or certain defaults; or

		
	(4)
	modify any provisions of the indenture relating to waiver of past defaults with respect to that series, except to increase any such percentage or to provide that certain other provisions of the indenture cannot be modified or waived without the consent of the holders of each such debt security of each series affected thereby.

It is not necessary for holders of the debt securities to approve the particular form of any proposed supplemental indenture, but it is sufficient if the holders approve the substance thereof.
A supplemental indenture which changes or eliminates any covenant or other provision of the indenture to which it relates with respect to one or more particular series of debt securities or which modifies the rights of the holders of debt securities of such series with respect to such covenant or other provision, will be deemed not to affect the rights under such indenture of the holders of debt securities of any other series. 
Listing
The 2042 Debentures and 2056 Debentures are each traded on the NYSE under the trading symbols of “RZA” and “RZB,” respectively.
Reports
We must file with the trustee copies of our annual reports and the information and other documents which we may be required to file with the SEC under Section 13 or Section 15(d) of the Exchange Act, unless they have been filed on EDGAR, after they are filed with the SEC.  We must also file with the trustee and the SEC, in accordance with rules and regulations prescribed from time to time by the SEC, additional information, documents and reports with respect to compliance by RGA with the conditions and covenants of the indenture, as may be required from time to time by such rules and regulations.
 About the trustee

The Bank of New York Mellon Trust Company, N.A. is the indenture trustee and the principal paying agent and registrar for the Debentures.  We have entered, and from time to time may continue to enter, into banking or other relationships with The Bank of New York Mellon Trust Company, N.A. or its affiliates.  For example, The Bank of New York Mellon Trust Company, N.A. acts as the trustee or successor trustee under the indentures relating to other series of our outstanding debt securities and provides other banking and financial services to us.
If the trustee is or becomes one of our creditors, the indenture limits the right of the trustee to obtain payment of claims in certain cases, or to realize on certain property received in respect of any such claims as security or otherwise.  The trustee is permitted to 

engage in other transactions.  However, if after a specified default has occurred and is continuing, it acquires or has a conflicting interest (such as continuing to serve as trustee with respect to outstanding senior notes or junior subordinated debentures or continuing to be a creditor of RGA in certain circumstances), it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as a trustee, or resign.
The trustee may resign or be removed with respect to one or more series of debt securities under the indenture, and a successor trustee may be appointed to act with respect to such series.EX-10.1

 Exhibit 10.1 

MYERS INDUSTRIES, INC. 

SENIOR OFFICER SEVERANCE PLAN 

(Adopted Effective February 21, 2020) 

 Myers Industries, Inc. 

Senior Officer Severance Plan 

Adopted effective February 21, 2020 

WHEREAS, Myers Industries, Inc., a corporation organized and existing under the laws of the State of Ohio (the
“Company”), recognizes that one of its most valuable assets are the members of its senior leadership team; 

WHEREAS, the Company desires to establish the Myers Industries, Inc. Senior Officer Severance Plan (the “Plan”)
to provide certain severance benefits for senior officers eligible to participate in the Plan, including severance benefits in the event of certain terminations of employment, including in connection with a Change in Control of the Company; 

WHEREAS, the Plan is intended to replace and supersede the Severance and Change in Control Agreements and Change in Control Agreements
previously entered into between the Company and certain of its senior officers; and 
 WHEREAS, to the extent that an otherwise
eligible senior officer remains covered by a previously executed Severance and Change in Control Agreement or Change in Control Agreement on the Effective Date of this Plan, such officer shall not be entitled to any benefit under this Plan until
that individual has agreed to terminate such agreement; 
 NOW, THEREFORE, the Company hereby adopts the Plan effective as of
February 21, 2020. 

 MYERS INDUSTRIES, INC. 

SENIOR OFICER SEVERANCE PLAN 
 1.
ADOPTION AND OBJECTIVE 
 1.1 Adoption. Myers Industries, Inc., an Ohio, hereby adopts, assumes and establishes this plan
for certain of its senior officers to be known as the “Myers Industries, Inc. Senior Officer Severance Plan” (as it may be amended from time to time, the “Plan”). 

1.2 Objective. The Plan is designed to attract and retain certain senior officers of the Company and the Company’s
Affiliates and to reward such employees by providing replacement income and certain benefits if such an individual’s employment with the Company or the Company’s Affiliates is terminated in certain circumstances, including in connection
with a Change in Control of the Company. 
 1.3 Purpose. The Plan is intended to constitute the type of arrangement identified
as a “severance pay arrangement” within the meaning of Section 3(2)(B)(i) of ERISA, as further elaborated in regulations promulgated by the Secretary of Labor at Title 29, Code of Federal Regulations, § 2510.3-2(b), and which qualifies as a “top hat” plan for a select group of management or highly compensated employees. No Covered Officer shall have a vested right to the benefits under the Plan. The Plan
is intended to constitute the type of arrangement identified as a “severance pay arrangement” within the meaning of Section 3(2)(B)(i) of ERISA, as further elaborated in regulations promulgated by the Secretary of Labor at Title 29,
Code of Federal Regulations, § 2510.3-2(b), which is subject to ERISA. No Covered Officer shall have a vested right to the benefits under the Plan. The benefits paid by the Plan are not intended as
deferred compensation nor is the Plan intended to be an “employee pension benefit plan or “pension plan” as those terms are defined in Section 3(2) of ERISA. 

2. DEFINITIONS 
 As used in the Plan, the
following terms and phrases shall have the meanings set forth below: 
 2.1 “Accrued Obligations” means the
portion of the Base Salary accrued but unpaid through the Termination Date and earned but unused vacation time, in each case to the extent not theretofore paid. 

2.2 “Affiliate” and “Affiliates” mean, when used with respect to any entity,
individual, or other person, any other entity, individual, or other person which, directly or indirectly, through one or more intermediaries controls, or is controlled by, or is under common control with such entity, individual or person. 

2.3 “Annual Bonus” means the cash bonus payable to the Covered Officer pursuant to a formal or informal Company
annual bonus plan or individual bonus arrangement on a calendar year basis; provided that the Annual Bonus shall not include any long-term cash award under any Company long-term performance bonus plan. 

 2.4 “Assets” means assets of any
kind owned by the Company, including but not limited to securities of the Company’s direct and indirect subsidiaries. 
 2.5
“Base Salary” means a Covered Officer’s annual base salary as in effect from time to time. 
 2.6
“Beneficial Owner” shall have the meaning ascribed to the term in Rule 13d-3 of the General Rules and Regulations under the Exchange Act or any successor act. 

2.7 “Benefit Plans” means any bonus, incentive, profit sharing, performance, savings, retirement or pension
policy, plan, program or arrangement, including, but not limited to, any deferred compensation, supplemental executive retirement or other retirement income, stock option, stock purchase, stock appreciation, restricted stock, deferred stock unit,
employee stock ownership or similar policy, plan, program or arrangement of the Company (or any substitute or alternative plan) or any employee welfare benefit plan (within the meaning of Section 3(1) or ERISA) maintained by the Company. 

2.8 “Board” means the Board of the Company. 

2.9 “Cause” means 

(a) commission by the Covered Officer (evidenced by a conviction or written, voluntary and freely given confession) of a
felony, crime of moral turpitude or any crime involving fraud, breach of trust or misappropriation; 
 (b) any breach by the
Covered Officer of the Covered Officer’s fiduciary duties; 
 (c) continued failure by the Covered Officer to perform
the Covered Officer’s Duties in any material respect (other than any failure resulting from the Covered Officer’s incapacity due to physical or mental illness), or the commission by the Covered Officer of a breach or default of any
agreement relating to Covered Officer’s employment with the Company or the code of conduct or any other policy of the Company which breach or default results in material economic harm to the Company or has a materially adverse effect on the
Company’s reputation, operations, properties or business relationships, in each case which continued failure or breach or default is not substantially cured in all material respects within thirty (30) days after the Board gives written
notice thereof to the Covered Officer; or 
 (d) commission by the Covered Officer, when carrying out the Covered
Officer’s Duties, of acts or the omission of any act, which both (A) constitutes gross negligence or willful misconduct and (B) results in material economic harm to the Company or has a materially adverse effect on the Company’s
reputation, operations, properties or business relationships. 

  
 2 

 2.10 “Change in Control” means a change in control of the
Company of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Exchange Act as in effect on the date of this Agreement, whether or not the Company is then subject to such
reporting requirement; provided that, without limitation, a Change in Control shall be deemed to have occurred if: 
 (a) any
“person” (as defined in Sections 13(d) and 14(d) of the Exchange Act) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities
of the Company representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding securities; provided that a Change in Control shall not be deemed to occur under this clause (i) by reason of the
acquisition of securities by the Company or an employee benefit plan (or any trust funding such a plan) maintained by the Company; 

(b) during any period of one (1) year there shall cease to be a majority of the Board comprised of “Continuing
Directors” as hereinafter defined; or 
 (c) there occurs (i) a Merger of the Company with any other corporation,
other than a Merger which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) more
than fifty percent (50%) of the combined voting power of the Voting Securities of the Company or such surviving entity outstanding immediately after such Merger, (ii) the approval by the stockholders of the Company of a plan of complete
liquidation of the Company, or (iii) the sale or disposition by the Company of more than fifty percent (50%) of the Company’s assets. For purposes of this Section 2.10(c), a sale of more than
fifty percent (50%) of the Company’s assets includes a sale of more than fifty percent (50%) of the aggregate value of the assets of the Company and its subsidiaries or the sale of stock of one or more of the Company’s subsidiaries with an
aggregate value in excess of fifty percent (50%) of the aggregate value of the Company and its subsidiaries or any combination of methods by which more than fifty percent (50%) of the aggregate value of the Company and its subsidiaries is sold. 

(d) For purposes of this Agreement, a “Change in Control” will be deemed to occur on: 

(i) the day on which a thirty percent (30%) or greater ownership interest described in Subsection 2.10(a) is acquired, provided
that a subsequent increase in such ownership interest after it first equals or exceeds thirty percent (30%) shall not be deemed a separate Change in Control; 

(ii) on the day on which “Continuing Directors”, as hereinafter defined, cease to be a majority of the Board as
described in Section 2.10(b); 
 (iii) on the day of a Merger or sale of
assets as described in Section 2.10(c); or 
 (iv) on the day of the approval
of a plan of complete liquidation as described in Section 2.10(c). 
 For purposes herein, the
words “Continuing Directors” mean individuals who at the beginning of any period (not including any period prior to the date of this Agreement) of one (1) year constitute the Board and any new Director(s) whose election by the Board
or nomination for election by the Company’s stockholders was approved by a vote of at least a majority of the Directors then still in office who either were Directors at the beginning of the period or whose election or nomination for election
was previously so approved. 

  
 3 

 2.11 “Code” means the Internal Revenue Code of 1986, as
amended, or any successor act. 
 2.12 “Company” means Myers Industries, Inc., an Ohio corporation, and any
Successor by Merger or otherwise. 
 2.13 “Compensation Committee” means the Compensation Committee of the
Board or its successor. After a Change in Control, “Compensation Committee” means (a) the individuals (not fewer than three (3) in number) who, on the date six months prior to the Change in Control constitute the
Compensation Committee of the Board, plus, (b) in the event that fewer than three (3) individuals are available from the group specified in clause (a) above for any reason, such individuals as may be appointed by the individual or
individuals so available (including for this purpose any individual or individuals previously so appointed under this clause (b)); provided, however, that the maximum number of individuals constituting the Compensation Committee after
a Change in Control shall not exceed six (6). 
 2.14 “Covered Officer” means a senior officer of the
Employer designated as eligible to participate in the Plan under the provisions of Section 3, and shall include, as of the Effective Date of the Plan the individuals holding the positions of:
(a) President/Chief Executive Officer, (b) Chief Financial Officer, (c) Chief Legal Officer, (d) Chief Human Resource Officer, and (e) Group Presidents. 

2.15 “Director” means a member of the Board. 

2.16 “Disability” means a physical or mental incapacity that prevents the Covered Officer from performing his
duties for a total of one hundred eighty (180) days in any twenty four (24) month period. 
 2.17
“Duties” means the duties and responsibilities customarily required of a similar officer of a major corporation as the position held by a Covered Officer or such additional duties as may be assigned from time to time to the
Covered Officer by the Chief Executive Officer of the Company or, with respect to the Chief Executive Officer, as may be assigned from time to time by the Board, and which are consistent with the position held by such Covered Officer. 

2.18 “Effective Date” means February 21, 2020, the date as of which the Plan is adopted. 

2.19 “Employer” means the Company or any Affiliate that adopts the Plan pursuant to the provisions of
Section 17. 
 2.20 “Entity” means any corporation,
partnership, association, joint-stock company, limited liability company, trust, unincorporated organization or other business entity. 

2.21 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended, or any successor act. 

2.22 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  
 4 

 2.23 “Fiscal Year” means the fiscal year of the Company. 

2.24 “Good Reason” means the occurrence of one or more of the following conditions arising without the consent
of the Covered Officer: 
 (a) a material diminution in the Covered Officer’s annual Base Salary or a material
diminution in the Covered Officer’s aggregate compensation package, in either case, below the level in effect on the Effective Date; provided, however, that for purposes of this Section 2.24(a) a
material diminution will not be deemed to have occurred (i) solely because of changes to the allocation among compensation components such as the Company’s long-term incentive plan, Annual Bonus, Base Salary, or other cash or equity
awards, or (ii) from the failure to achieve applicable performance targets under a short-term or long-term performance based plan or program; 

(b) a reduction or series of reductions in the aggregate value of the life insurance, accidental death, long term disability,
short term disability, medical, dental and vision benefits and expense reimbursement policy available to the Covered Officer as of the Effective Date which, in the aggregate is material, unless such reduction or series of reductions is consistent
with reductions applicable to all employees of the Company or its Affiliates; 
 (c) a material diminution in the Covered
Officer’s Duties; 
 (d) a change of more than fifty (50) miles in the geographic location at which the Covered
Officer must perform the Covered Officer’s Duties; or 
 (e) any other action or inaction that constitutes a material
breach by the Company of this Agreement or any other agreements under which the Covered Officer provides services to the Company or its Affiliates (specifically including a failure of the purchaser in a Change in Control transaction, to assume this
Agreement in accordance with Section 19 hereof). 
 In order for a condition to constitute a
Good Reason, the Covered Officer must provide written notification to the Company of the existence of the condition within forty-five (45) days of the initial existence of the condition (or within forty-five (45) days following the Covered
Officer actually becoming aware of such condition, if later), upon the notice of which the Company shall have a period of thirty (30) days during which it may remedy the condition. Furthermore, to constitute a Good Reason, the Covered Officer
must voluntarily terminate employment with the Company within ninety (90) days following the initial existence of the condition or within ninety (90) days following the date the Covered Officer actually becomes aware of such condition, if
later. 
 2.25 “Group Presidents” means the President of the Material Handling business segment of the
Company and the President of the Distribution business segment of the Company. 
 2.26 “Merger” means a
merger, consolidation or similar transaction. 

  
 5 

 2.27 “Person” shall have the meaning ascribed to the term in
Section 3(a)(9) of the Securities Exchange Act of 1934, as amended, or any successor act, and used in Sections 13(d) and 14(d) thereof, including a “group” as defined in Section 13(d) thereof, except that the term shall not
include (a) the Company, the Employer or any of their Affiliates, (b) a trustee or other fiduciary holding Company securities under an employee benefit plan of the Company or any of its Affiliates, (c) an underwriter temporarily
holding securities pursuant to an offering of those securities or (d) a corporation owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

2.28 “Section 409A” means Section 409A of the Code and the rules and
regulations issued thereunder by the Internal Revenue Service and the Department of Treasury. 
 2.29 “Separation From
Service” means a Covered Officer’s termination of employment with the Company or Employer, provided that such termination constitutes a separation from service within the meaning ascribed to such term under Section 409A. 

2.30 “Specified Employee” means a Covered Officer who, as of the date of his Separation from Service, is deemed
to be a “specified employee” within the meaning ascribed to that term under Section 409A. 
 2.31
“Specified Owner” means any of the following: 
 (a) the Company; 

(b) an Affiliate of the Company; 

(c) an employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate of the Company; 

(d) a Person that becomes a Beneficial Owner of the Company’s outstanding Voting Securities representing 30 percent
or more of the combined voting power of the Company’s then outstanding Voting Securities as a result of the acquisition of securities directly from the Company and/or its Affiliates; or 

(e) a Person that becomes a Beneficial Owner of the Company’s outstanding Voting Securities representing 30 percent
or more of the combined voting power of the Company’s then outstanding Voting Securities as a result of a Merger if the individuals and Entities who were the Beneficial Owners of the Voting Securities of the Company outstanding immediately
prior to such Merger own, directly or indirectly, at least 50 percent of the combined voting power of the Voting Securities of any of the Company, the surviving Entity or the parent of the Company or the surviving Entity outstanding immediately
after such Merger in substantially the same proportions as their ownership of the Voting Securities of the Company outstanding immediately prior to such Merger. 

2.32 “Successor” means a person with or into which the Company shall have been merged or consolidated or to
which the Company shall have transferred its assets as an entirety or substantially as an entirety. 
 2.33 “Target
Bonus” means a Covered Officer’s Annual Bonus at the target level in effect during the applicable calendar year. 

  
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 2.34 “Term” means the period commencing on the Effective Date
and ending on the date on which the Plan is terminated by the Board as provided in Section 16. 

2.35 “Termination Date” means the date as of which a Covered Officer incurs a Separation From Service. 

2.36 “Voting Securities” means the outstanding securities entitled to vote generally in the election of
Directors or other governing body. 
 2.37 “Wholly-Owned Subsidiary” means an Entity that is, directly or
indirectly, wholly owned by the Company. 
 3. ELIGIBILITY 

The Company shall notify an individual officer of his or her eligibility to participate in the Plan as a Covered Officer by furnishing such
officer a written notification of participation. 
 Notwithstanding any other provision of the Plan, the Committee may discontinue an
individual’s participation in the Plan at any time by providing written notice (the “Notice”) that the individual shall no longer be eligible to participate in the Plan; provided, however, that a Change in Control has
not occurred. If a Change in Control occurs within ninety (90) days after the date a Notice is provided, then the applicable individual may be eligible to receive a benefit under Section 5 of the Plan in connection with that Change in
Control. 
 Participation in the Plan shall supersede, be in lieu of, and terminate any and all agreements and rights that the Covered
Officer has under any prior employment, severance, or change in control agreements between the Covered Officer and the Company or its Affiliates other than the Non-Competition and Non-Disclosure Agreements described in Sections 10 and 11; provided, however, that participation in the Plan shall not prevent or limit a Covered Officer’s eligibility to participate
in any benefit, bonus, incentive or other plan, program, policy or practice provided by the Company or its Affiliates for its senior officers. Notwithstanding a Covered Officer’s participation in the Plan, the Covered Officer’s employment
shall continue to be “at-will” as described in Section 14. 

4. SEVERANCE BENEFITS 
 4.1 If the
Covered Officer’s employment is terminated by the Company other than for Cause or is terminated by the Covered Officer for Good Reason, but not in connection with a Change in Control as set forth in
Section 5 below, and provided such termination constitutes a Separation From Service, and further provided that Covered Officer delivers an effective release of claims as required under
Section 6 below, the Covered Officer will be entitled to the following severance benefits (the “Severance Benefits”): 

(a) a single lump sum payment, within thirty (30) days following the later of the Termination Date and the Release
Effective Date, in an amount equal to the Accrued Obligations, plus 
 (1) for the President/Chief Executive Officer, one and
one-half (1.5) times his or her Base Salary in effect on the Termination Date (or, if such Base Salary has decreased during the one (1) year period ending on the Termination Date, at the highest rate in
effect during such period); 

  
 7 

 (2) for a Covered Officer other than the President/Chief Executive Officer,
one (1) times his or her Base Salary in effect on the Termination Date (or if such Base Salary has decreased during the one (1) year period ending on the Termination Date, at the highest rate in effect during such period); or 

(3) for a Covered Officer other than the President/Chief Executive Officer who had entered into a Severance and Change in
Control Agreement with the Company that was effective on the day preceding the Effective Date but was superseded by this Plan, one (1) times (A) his or her Base Salary in effect on the Termination Date (or if such Base Salary has decreased
during the one (1) year period ending on the Termination Date, at the highest rate in effect during such period), and (B), his or her Target Bonus, plus the pro rata portion of the Target Bonus for the period commencing on the first day of the
Fiscal Year in which the employment of the Covered Officer is terminated and ending on the Termination Date; 
 (b) for the
applicable period under Code Section 4980B (the “COBRA Period”), but in no event more than twelve (12) months following the Termination Date, coverage under the Company’s group medical and dental plans (the
“Health Care Plans” all at the levels being provided to the Covered Officer immediately prior to the Termination Date (the “Health Care Coverage”) and the Company shall pay the entire cost of the premiums for such
continued Health Care Coverage, provided that if Covered Officer shall become eligible to participate in medical and dental plans provided by another employer, the Company shall be relieved of the requirement to provide such continued coverage under
this Plan; 
 (c) for a period of one (1) year, beginning with the month following the Termination Date, provide
long-term disability coverage, including long-term disability protection under policies that are the same or substantially similar to those in effect as of the date hereof (the “Disability Coverage”); and 

(d) for a period of one (1) year, beginning with the month following the Termination Date, provide life insurance
protection under policies that are the same or substantially similar to those in effect as of the date hereof (the “Life Insurance Coverage”); 

(e) for a one (1) year period commencing on the Termination Date, the Company pay for executive outplacement services for
the Covered Officer from a nationally recognized executive outplacement firm at a level appropriate for the most senior officers; 

(f) any other amounts or benefits provided under any plan, policy, practice, program, contract or arrangement of or provided by
the Company, including, but not limited to, the Benefit Plans, which shall be governed by the terms thereof (except as explicitly modified by this Plan); and 

  
 8 

 (g) the treatment of all outstanding stock options, restricted stock,
restricted stock units, or similar awards granted to the Covered Officer under the Company’s long-term incentive plan or any successor or replacement equity-based incentive plan shall be subject to the terms and conditions of the respective
award or option agreement. 
 4.2 With respect to Section 4.1(b), the Health Care
Coverage provided to the Covered Officer during any calendar year during the Term will not affect the Health Care Coverage provided to him or her in any other calendar year. The Covered Officer’s right to receive the Health Care Coverage is not
subject to liquidation or exchange for any other benefit, whether under this Agreement or otherwise. With respect to Section 4.1(c), the Disability Coverage provided to the Covered Officer during any
calendar year during the Term will not affect the Disability Coverage provided to him or her in any other calendar year. The Covered Officer’s right to receive the Disability Coverage is not subject to liquidation or exchange for any other
benefit, whether under this Agreement or otherwise. With respect to Section 4.1(d), the Life Insurance Coverage provided to the Covered Officer during any calendar year during the Term will not affect
the Life Insurance Coverage provided to him or her in any other calendar year. The Covered Officer’s right to receive the Life Insurance Coverage is not subject to liquidation or exchange for any other benefit, whether under this Agreement or
otherwise. Notwithstanding the foregoing, Covered Officer shall be entitled to receive the same Disability Coverage, Life Insurance Coverage and Health Care Coverage as is made available to Company employees generally. 

4.3 If the Covered Officer’s employment with the Company is terminated by reason of the Covered Officer’s death or Disability
during the Term, the Covered Officer or his or her surviving spouse shall be entitled to receive: 
 (a) the Accrued
Obligations and a pro rata portion of the Target Bonus for the period commencing on the first day of the Fiscal Year in which the death or Disability occurs and ending on the date of death or Disability, within 30 days; 

(b) any other amounts or benefits provided under any plan, policy, practice, program, contract or arrangement of or provided by
the Company, including, but not limited to, the Benefit Plans, which shall be governed by the terms thereof (except as explicitly modified by this Plan); 

  
 9 

 (c) if the Covered Officer and/or his or her surviving spouse and dependents
properly elect continued medical coverage in accordance with Code Section 4980B (“COBRA”), the Company shall pay the entire cost of the premiums for such continued medical coverage (the “Medical
Coverage”) for the longer of (A) the maximum required period of coverage under Code Section 4980B(f) or (B) twelve (12) months, provided, however, that such Medical Coverage provided to the Covered Officer in any calendar
year during such period will not affect the Medical Coverage provided to him in any other calendar year and the Covered Officer’s right to receive the Medical Coverage is not subject to liquidation or exchange for any other benefit, whether
under this Agreement or otherwise; and 
 (d) the Covered Officer will become immediately and fully vested in all outstanding
stock options, restricted stock, restricted stock units, or similar awards under the Company’s long-term incentive plan or any successor or replacement equity-based incentive plan, and any such award or options shall be then and thereafter
fully exercisable until the termination of such award or options pursuant to the terms of the respective award or option agreement. 

4.4 If the Covered Officer’s employment hereunder is terminated by the Company for Cause or by the Covered Officer other than for
Good Reason, then no further compensation or benefits will be provided to the Covered Officer by the Company under this Agreement following the Termination Date other than payment of (a) the Accrued Obligations within 30 days after the
Termination Date, and (b) any other amounts or benefits provided under any plan, policy, practice, program, contract or arrangement of or provided by the Company, including, but not limited to, the Benefit Plans, which shall be governed by the
terms thereof (except as explicitly modified by this Plan). 
 4.5 Notwithstanding anything contained in this Agreement to the
contrary, if the Covered Officer breaches any of the obligations under Sections 10 or 11 hereof, and such breach is not substantially cured in all material respects within thirty (30) days after the Company or the
Board gives written notice thereof to the Covered Officer, no further severance payments or other benefits will be payable to the Covered Officer under this Section 4. 

4.6 The Company shall be entitled to set-off any amounts owed to the Company by the Covered
Officer against Severance Benefits payable by the Company to the Covered Officer pursuant to this Plan. 
 5. Termination in Connection with a Change in
Control. 
 5.1 If at any time within ninety (90) days prior to a Change in Control or one hundred eighty (180) days
following a Change in Control, the Covered Officer’s employment is terminated by the Company without Cause or by the Covered Officer for Good Reason, or because in connection with a Change in Control the liabilities, obligations and duties of
the Company under this Plan are required pursuant to Section 19 hereof to be assumed by an assignee or transferee that is the successor to all or substantially all of the assets of the Company and this
Plan is not so assumed or replaced with a substituted award or right having substantially equivalent economic value and substantially equivalent or better terms and conditions by such assignee or transferee that is the successor to all or
substantially all of the assets of the Company, 

  
 10 

 
and provided such termination constitutes a Separation From Service, and further provided that the Covered Officer delivers an effective release of claims as required under
Section 6 below, the Covered Officer will be entitled to the following payments and benefits (the “Change in Control Benefits”), in lieu of the Severance Benefits outlined in
Section 4 hereof: 
 (a) a single lump sum payment, within thirty
(30) days following the later of the Termination Date and the Release Effective Date, in an amount equal to the Accrued Obligations, plus the pro rata portion of the Target Bonus for the period commencing on the first day of the Fiscal Year in
which the employment of the Covered Officer is terminated and ending on the Termination Date, plus 
 (1) for the
President/Chief Executive Officer, two (2) times (A) his or her Base Salary in effect on the Termination Date (or, if such Base Salary has decreased during the one (1) year period ending on the Termination Date, at the highest rate in
effect during such period), plus (B) his or her Target Bonus; 
 (2) for a Covered Officer other than the
President/Chief Executive Officer or a Group President, one and one-half (1.5) times (A) his or her Base Salary in effect on the Termination Date (or if such Base Salary has decreased during the one
(1) year period ending on the Termination Date, at the highest rate in effect during such period), plus (B) his or her Target Bonus; 

(3) for a Covered Officer other than the President/Chief Executive Officer or a Group President who had entered into a Change
in Control Agreement with the Company that was effective on the day preceding the Effective Date but was superseded by this Plan, two (2) times (X) his or her Base Salary in effect on the Termination Date (or if such Base Salary has decreased
during the one (1) year period ending on the Termination Date, at the highest rate in effect during such period), plus (Y) his or her Target Bonus; or 

(4) for a Group President, one (1) times (A) his or her Base Salary in effect on the Termination Date (or if such Base
Salary has decreased during the one (1) year period ending on the Termination Date, at the highest rate in effect during such period), plus (B) his or her Target Bonus. 

(b) for up to eighteen (18) months following the Termination Date, continued Health Care Coverage and the Company shall
pay the entire cost of the premiums for such continued Health Care Coverage, provided that if Covered Officer shall become eligible to participate in Health Care Plans provided by another employer, the Company shall be relieved of the requirement to
provide such continued Health Care Coverage under this Plan; 
 (c) for a period of two (2) years, beginning with the
month following the Termination Date, Disability Coverage; 
 (d) for a period of two (2) years, beginning with the
month following the Termination Date, Life Insurance Coverage; 
 (e) for a one (1) year period commencing on the
Termination Date, the Company pay for executive outplacement services for the Covered Officer from a nationally recognized executive outplacement firm at a level appropriate for the most senior officers; 

  
 11 

 (f) any other amounts or benefits provided under any plan, policy, practice,
program, contract or arrangement of or provided by the Company, including, but not limited to, the Benefit Plans, which shall be governed by the terms thereof (except as explicitly modified by this Plan); and 

(g) the treatment of all outstanding stock options, restricted stock, restricted stock units, or similar awards granted to the
Covered Officer under the Company’s long-term incentive plan or any successor or replacement equity-based incentive plan shall be subject to the terms and conditions of the respective award or option agreement. 

5.2 With respect to Section 5.1(b), the Health Care Coverage provided to the Covered Officer during any calendar year during the
Term will not affect the Health Care Coverage provided to him or her in any other calendar year. The Covered Officer’s right to receive the Health Care Coverage is not subject to liquidation or exchange for any other benefit, whether under this
Agreement or otherwise. With respect to Section 5.1(c), the Disability Coverage provided to the Covered Officer during any calendar year during the Term will not affect the Disability Coverage provided to him or her in any other calendar year.
The Covered Officer’s right to receive the Disability Coverage is not subject to liquidation or exchange for any other benefit, whether under this Agreement or otherwise. With respect to Section 5.1(d), the Life Insurance Coverage provided
to the Covered Officer during any calendar year during the Term will not affect the Life Insurance Coverage provided to him or her in any other calendar year. The Covered Officer’s right to receive the Life Insurance Coverage is not subject to
liquidation or exchange for any other benefit, whether under this Agreement or otherwise. Notwithstanding the foregoing, Covered Officer shall be entitled to receive the same Disability Coverage, Life Insurance Coverage and Health Care Coverage as
is made available to Company employees generally. 
 5.3 Notwithstanding anything contained in this Agreement to the contrary, if the
Covered Officer breaches any of the obligations under Sections 10 or 11 hereof, and such breach is not substantially cured in all material respects within thirty (30) days after the Company or the Board gives
written notice thereof to the Covered Officer, no further payments or other benefits will be payable to the Covered Officer under this Section 5. 

5.4 The Company shall be entitled to set-off any amounts owed to the Company by the Covered
Officer against any Change in Control Benefits payable by the Company to the Covered Officer pursuant to this Plan. 
 6. Release Required; Timing of
Payments. 
 6.1 Prior to the payment of any Severance Benefits or Change in Control Benefits, a Covered Officer shall execute and
allow to become effective a standard employment release agreement (the “Release”) releasing the Company (and the other Released Parties named in the Release) from any and all claims Covered Officer (or any other Releasors, as defined in
the Release) may have against such entities related to or arising in connection with events occurring prior to signing the release, including relating to or in connection with a Covered Officer’s

  
 12 

 
employment, the terms of such employment, and termination thereof within the time frame set forth therein, but not later than sixty (60) days following a Covered Officer’s Separation
from Service (the date such Release becomes effective, the “Release Effective Date”). No Severance Benefits shall be paid or provided prior to the Release Effective Date. 

6.2 The Release shall be in substantially the form attached hereto as Exhibit A, and shall specifically relate to all of a Covered
Officer’s rights and claims in existence at the time of such execution and shall confirm a Covered Officer’s continuing obligations to the Company (including but not limited to obligations under any confidentiality, non-compete and/or non-solicitation agreement with the Company). Unless a Change in Control has occurred, the Board, in its sole discretion, may modify the form of the
required Release to comply with applicable law and shall determine the form of the required Release, which may be incorporated into a termination agreement or other agreement with the Covered Officer. 

6.3 Within five (5) days following the Release Effective Date, the Company will pay (or commence payment of) the Severance
Benefits or Change in Control Benefits, as the case may be, a Covered Officer would otherwise have received on or prior to such date but for the delay in payment related to the effectiveness of the Release, with the balance of benefits being paid as
originally scheduled. Notwithstanding the foregoing, if the Company (or, if applicable, the successor entity thereto) determines that any of the Severance Benefits or Change in Control Benefits constitute “deferred compensation” under
Section 409A (defined below), then, solely to the extent necessary to avoid the incurrence of the adverse personal tax consequences under Section 409A, no Severance Benefits or Change in Control Benefits will be paid prior to the 60th day
following a Covered Officer’s Separation from Service. On the 60th day following the date of Separation from Service, the Company will pay to a Covered Officer the Severance Benefits or Change in Control Benefits that the Covered Officer would
otherwise have received on or prior to such date, with the balance of the Severance Benefits or Change in Control Benefits being paid as originally scheduled. 
  

	7.	 Expenses of Enforcement. 

A Covered Officer shall not be required to incur the expenses associated with the enforcement of the Covered Officer’s rights under this
Agreement by litigation or other legal action. Therefore, the Company shall pay, or cause to be paid, on a current basis, reasonable attorney fees and expenses incurred by a Covered Officer to enforce the provisions of this Agreement. The Covered
Officer shall be required to repay any such amounts to the Company to the extent that a court of competent jurisdiction issues a final and non-appealable order setting forth the determination that the claims
of the Covered Officer were frivolous. 
  

	8.	 Limitation on Benefits Payable. 

8.1 Notwithstanding anything herein to the contrary, if the amounts payable to a Covered Officer, either alone or together with other
payments and benefits that the Covered Officer has the right to receive from the Company or any of its Affiliates, would constitute a “parachute payment” under Section 280G of the Code, 

  
 13 

 (a) such payments and benefits shall be reduced by the amount, if any, that
is the minimum necessary to result in no portion of the payments or benefits constituting a parachute payment under Section 280G of the Code. 

(b) to the extent that the Covered Officer has been employed with the Company and its Affiliates in the Covered Officer’s
current position for less than three full calendar years, such payments and benefits shall be reduced as described in section 8.1(a) if the Company’s then current independent registered public accounting firm (the “Accounting Firm”)
determines that such reduction would result in the Covered Officer retaining, on an after-tax basis (taking into account federal, state and local income taxes, employment, social security and Medicare taxes,
the imposition of the excise tax imposed by Section 4999 of Code or any interest or penalties with respect to such excise tax (such excise tax, together with any such interest or penalties, are collectively referred to as the “Excise
Tax”), and all other taxes, determined by applying the highest marginal rate under Section 1 of the Code and under state and local laws which applied (or is likely to apply) to the Covered Officer’s taxable income for the tax year in
which the transaction which causes the application of Section 280G of the Code occurs, or such other rate(s) as the Accounting Firm determines to be likely to apply to the Covered Officer in the relevant tax year(s) in which any of the payments
and benefits is expected to be made taxable) a larger amount as a result of such reduction than the Covered Officer would receive, on a similar after tax basis, if the Covered Officer received all of such payments and benefits. 

If the payments and benefits are to be reduced, the reduction shall occur in the following order: (1) reduction of cash payments for which the full
amount is treated as a “parachute payment” (as defined under Section 280G of the Code and the regulations thereunder); (2) cancellation of accelerated vesting (or, if necessary, payment) of cash awards for which the full amount is not
treated as a parachute payment; (3) reduction of any continued employee benefits; and (4) cancellation or reduction of any accelerated vesting of equity awards. In selecting the equity awards (if any) for which vesting will be cancelled or
reduced under clause (4) of the preceding sentence, awards shall be selected in a manner that maximizes the after-tax aggregate amount of reduced payments and benefits provided to the Covered Officer,
provided that if (and only if) necessary in order to avoid the imposition of an additional tax under Section 409A, awards instead shall be selected in the reverse order of the date of grant. If two or more equity awards are granted on the same
date, each award will be reduced on a pro-rata basis. 
 The Covered Officer and the Company shall furnish such
documentation and documents as may be necessary for the Accounting Firm to perform the requisite Section 280G of the Code computations and analysis, and the Accounting Firm shall provide a written report of its determinations, hereunder,
including detailed supporting calculations. If the Accounting Firm determines that aggregate payments and benefits should be reduced as described above, it shall promptly notify the Covered Officer and the Company to that effect. In the absence of
manifest error, all determinations made by the Accounting Firm under this Section 8.1 shall be binding on the Covered Officer and the Company and shall be made as soon as reasonably practicable and in
no event later than thirty (30) days following the later of the Covered Officer’s Termination Date or the date of the transaction which causes the application of Section 280G of the Code. The Company shall bear all costs, fees and
expenses of the Accounting Firm. 

  
 14 

 8.2 To the extent requested by the Covered Officer, the Company shall cooperate with
the Covered Officer in good faith in valuing, and the Accounting Firm shall take into account the value of, services to be provided by the Covered Officer (including the Covered Officer agreeing to refrain from performing services pursuant to a
covenant not to compete under any Non-Competition and Non-Disclosure Agreement) before, on or after the date of the transaction which causes the application of
Section 280G of the Code such that payments in respect of such services may be considered to be “reasonable compensation” within the meaning of Q&A-9 and
Q&A-40 to Q&A-44 of the final regulations under Section 280G of the Code and/or exempt from the definition of the term “parachute payment” within
the meaning of Q&A-2(a) of such final regulations in accordance with Q&A-5(a) of such final regulations. 

8.3 If it is ultimately determined (by IRS private letter ruling or closing agreement, court decision or otherwise) that the Covered
Officer’s payments and benefits were reduced by too much or by too little in order to accomplish the purpose of this Section 8, the Covered Officer and the Company shall promptly cooperate to
correct such underpayment or overpayment in a manner consistent with the purpose of this Section 8. 
  

	9.	 Withholding of Taxes; Tax Year. 

9.1 The Company may withhold from any amounts payable under this Plan all federal, state, city, or other taxes as the Company is
required to withhold pursuant to any applicable law, regulation or ruling. 
 9.2 If a payment under any provision of the Plan is
payable during a period that includes more than one taxable year a Covered Officer shall have no right to specify the taxable year during which such payment shall be made. 
  

	10.	 Confidential Information. 

Each Covered Officer agrees that the Covered Officer will not, during the Term or at any time thereafter, either directly or indirectly,
disclose or make known to any other person, firm, or corporation any confidential information, trade secret or proprietary information of the Company in violation of the Non-Disclosure and Non-Competition Agreement between the Company and the Covered Officer, the continued effectiveness of which shall be a condition to participation in this Plan (each, the
“Non-Competition and Non-Disclosure Agreement”). 
  

	11.	 Non-Competition. 

Payment of any Severance Benefits or Change in Control Benefits under this Plan is contingent upon a Covered Officer’s compliance with the
Non-Competition and Non-Disclosure Agreement, and each Covered Officer hereby acknowledges and reaffirms that, during the Term, and for the period set forth in the Non-Competition and Non-Disclosure Agreement, the Covered Officer shall not compete with the Company, as more fully set forth in the
Non-Competition and Non-Disclosure Agreement. 

  
 15 

	12.	 Death of Covered Officer. 

A Covered Officer shall be entitled, to the extent permitted under any applicable law, to select and change a beneficiary or beneficiaries to
receive any compensation or benefits payable hereunder following the Covered Officer’s death by giving the Company written notice thereof. In the absence of such a selection, any compensation or benefit payable under this Plan following the
death of the Covered Officer shall be payable to the Covered Officer’s spouse or, if the Covered Officer does not have a surviving spouse, to the Covered Officer’s estate. In the event of a Covered Officer’s death or a judicial
determination of a Covered Officer’s incompetence, reference in this Plan to the Covered Officer shall be deemed, where appropriate, to refer to the Covered Officer’s beneficiary, estate or other legal representative. 

 

	13.	 Arbitration. 

The following arbitration rules shall apply to this Agreement: 

13.1 In the event that a Covered Officer’s employment shall be terminated by the Company during the Term or the Company shall
withhold payments or provision of benefits because the Covered Officer is alleged to be engaged in activities prohibited by Section 10 or 11 hereof or for any other reason, the Covered
Officer shall have the right, in addition to all other rights and remedies provided by law, at Covered Officer’s election either to seek arbitration in the metropolitan area of Akron, Ohio, under the Commercial Arbitration Rules of the American
Arbitration Association by serving a notice to arbitrate upon the Company or to institute a judicial proceeding, in either case within one hundred and twenty (120) days after having received notice of termination of Covered Officer’s
employment. 
 13.2 Without limiting the generality of Section 13.1, this
Section 13.2 shall apply to termination asserted to be for “Cause” or for “Good Reason”. In the event that (i) the Company terminates a Covered Officer’s employment for
Cause, or (ii) a Covered Officer resigns employment for Good Reason, the Company and the Covered Officer each shall have thirty (30) days to demand of the American Arbitration Association in writing (with a copy to the other party hereto)
that arbitration be commenced to determine whether Cause or Good Reason, as the case may be, existed with respect to such termination or resignation. The parties shall have thirty (30) days from the date of such written request to select such
third party arbitrator. Upon the expiration of such thirty (30) day period, the parties shall have an additional thirty (30) days in which to present to such third party arbitrator such arguments, evidence or other material (oral or
written) as may be permitted and in accordance with such procedures as may be established by such third party arbitrator. The third party arbitrator shall furnish a written summary of his findings to the parties hereto not later than thirty
(30) days following the last day on which the parties were entitled to present arguments, evidence or other material to the third party arbitrator. 

During the period of resolution of a dispute under this Section 13.2, a Covered Officer shall receive no compensation by the Company
(other than payment by the Company of premiums due before or during such period on any insurance coverage applicable to the Covered Officer hereunder) and the Covered Officer shall have no duties to perform for the Company. If the arbitrator
determines that the Company did not have Cause to terminate the Covered Officer’s employment or that the Covered Officer had Good Reason to resign his or her employment, as the case may be, the Company shall promptly pay the Covered Officer in
a lump sum any compensation to which the Covered Officer would have been entitled, for the period commencing with the date of the Covered Officer’s termination or resignation and ending on the date of such determination, had his or her
employment not been terminated or had he or she not resigned. 

  
 16 

	14.	 Employment at Will. 

The adoption and maintenance of the Plan is not a contract between the Company and its employees that gives any employee the right to be
retained in its employment. Likewise, it is not intended to interfere with the rights of an Employer to terminate an employee’s employment at any time with or without notice and with or without cause or to interfere with an employee’s
right to terminate his employment at any time. Each Covered Officer acknowledges and confirms that such Covered Officer’s employment by the Company is
employment-at-will, and that such employment-at-will status cannot be modified except in
a specific writing that has been authorized or ratified by the Board. 
  

	15.	 Employment Actions. 

This Plan is not intended to create, and will not be construed as creating, an express or implied contract of employment. Nothing contained
herein will prevent the Company at any time from terminating a Covered Officer’s right and obligation to perform services to the Company or prevent the Company from removing a Covered Officer from any position which the Covered Officer holds
with the Company, provided, however, that no such action shall affect the obligation of the Company to make payments and provide benefits if and to the extent required under this Plan. The payments and benefits provided in this Plan will be full and
complete liquidated damages for any such employment action taken by the Company. 
  

	16.	 Amendment, Termination. 

Subject to the restrictions set forth in this Section 16, the Board of Directors may amend or
terminate the Plan at any time, provided, however, that (i) no amendment or Plan termination shall have effect to the extent that it would reduce the benefit otherwise payable under the Plan to a Covered Officer whose employment is terminated
within 180 days after the date of such amendment or Plan termination, and (ii) if a Covered Officer had entered into a Severance and Change in Control Agreement or a Change in Control Agreement with the Company that was effective on the day
preceding the Effective Date but was superseded by this Plan, the Company shall re-enter into such an agreement with the Covered Officer on the same substantive terms and conditions. 

 

	17.	 Adoption of Plan by Affiliates. 

17.1 With the written approval of the Compensation Committee, any entity that is an Affiliate may adopt the Plan by appropriate action
of its board of directors or noncorporate counterpart, as evidenced by a written instrument executed by an authorized officer of such entity or an executed adoption agreement (approved by the board of directors or noncorporate counterpart of the
Affiliate), agreeing to be bound by all the terms, conditions and limitations of the Plan and providing all information required by the Compensation Committee. 

17.2 The provisions of the Plan shall apply separately and equally to each adopting Affiliate in the same manner as is expressly
provided for the Company, except that the power to appoint the Compensation Committee and the power to amend or terminate the Plan shall be exercised by the Company. 

  
 17 

 17.3 For purposes of the Code and ERISA, the Plan as adopted by the Affiliates shall
constitute a single plan rather than a separate plan of each Affiliate. 
  

	18.	 Notices. 

For purposes of this Plan, all communications provided for herein shall be in writing and shall be deemed to have been duly given when hand
delivered or mailed by United States Express mail, postage prepaid, addressed as follows: 
 If the notice is to the Company: 

Myers Industries, Inc. 
 1293
South Main Street 
 Akron, OH 44301 

Attn: Chair of the Compensation Committee 

With a copy to: 
 Myers
Industries, Inc. 
 1293 South Main Street 

Akron, OH 44301 
 Attn: Chief
Legal Officer 
 If the notice is to a Covered Officer: 

The residential address reflected in the Company’s employment files for the Covered Officer 

Or, to such other address as the Company or a Covered Officer may furnish in writing to the other in accordance herewith, provided that such notice of change
of address shall be effective only upon actual receipt. 
  

	19.	 Assignment; Binding Effect. 

This Plan shall be binding up and inure to the benefit of the Company and the Covered Officers and their respective successors, heirs (in the
case of Covered Officers) and permitted assigns. The Plan shall be binding upon any successor of the Company. Further, the Board shall not authorize a Change in Control that is a Merger or a sale transaction unless the Company’s successor or
purchaser agrees to take such actions as are necessary to expressly assume the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law, and cause all Covered Officers to be paid
or provided all benefits under the terms of the Plan as in effect immediately prior to the Change in Control. The Company further agrees that, in the event of a Merger or sale or transfer of assets constituting a Change in Control, it shall be a
condition precedent to the consummation of any such transaction that the successor, assignee or transferee expressly assume the liabilities, obligations, and duties of the Company hereunder. 

  
 18 

 No rights, benefits, or obligations of a Covered Officer under this Agreement may be
assigned or transferred by the Covered Officer other than the Covered Officer’s rights to compensation and benefits transferred by will or operation of law, and except as provided in this
Section 19. No benefits hereunder shall be subject to anticipation by a Covered Officer, to attachment by, interference with, or control of any creditor of a Covered Officer, or to being taken or
reached by any legal or equitable process in satisfaction of any debt or liability of a Covered Officer prior to its actual receipt by the Covered Officer. Any attempted conveyance, transfer, assignment, mortgage, pledge, or encumbrance of the
benefits hereunder prior to payment thereof shall be void. 
  

	20.	 Invalid Provisions. 

Any provision of this Plan that is prohibited or unenforceable shall be ineffective to the extent, but only to the extent, of such prohibition
or unenforceability without invalidating the remaining portions hereof and such remaining portions of this Plan shall continue to be in full force and effect. In the event that any provision of this Plan shall be determined to be invalid or
unenforceable, the Company will in good faith seek to replace such provision with another provision that will be valid or enforceable and that is as close as practicable to the provisions held invalid or unenforceable. 

 

	21.	 Alternate Satisfaction of Company’s Obligations. 

In the event this Plan provides for payments or benefits to or on behalf of a Covered Officer which cannot be provided under the Company’s
benefit plans, policies or arrangements either because such plans, policies or arrangements no longer exist or no longer provide such benefits or because provision of such benefits to a Covered Officer would adversely affect the tax qualified or tax
advantaged status of such plans, policies or arrangements for the Covered Officer or other participants therein, the Company may provide the Covered Officer with an “Alternative Benefit”, as defined in this
Section 21, in lieu thereof. The Alternative Benefit is a benefit or payment which places the Covered Officer and the Covered Officer’s dependents or beneficiaries, as the case may be, in at least
as good of an economic position as if the benefit promised by this Plan (a) were provided exactly as called for by this Plan, and (b) had the favorable economic, tax and legal characteristics customary for plans, policies or arrangements
of that type. Furthermore, if such adverse consequence would affect a Covered Officer or the Covered Officer’s dependents, the Covered Officer shall have the right to require that the Company provide such an Alternative Benefit. Notwithstanding
the foregoing, if provision of an alternative benefit would constitute a violation of Internal Revenue Code Section 409A, the parties will be left to their legal remedies. 

 

	22.	 Administration of Plan. 

22.1 The general administration of the Plan on behalf of the Company (as plan administrator under Section 3(16)(A) of ERISA) shall
be placed with the Compensation Committee. The Compensation Committee shall have the full discretionary power and authority to construe, interpret and administer the Plan, to make eligibility determinations, to correct deficiencies in the Plan and
to supply omissions. All decisions, actions and interpretations of the Compensation Committee shall be final, binding and conclusive upon the parties. 

  
 19 

 22.2 The Compensation Committee shall maintain such records regarding the fiscal and
other transactions of the Plan and such other data as may be required to carry out its function under the Plan and to comply with applicable laws. The Company shall prepare and file as required by law or regulation all reports, forms, documents, and
other items required by ERISA, the Code and other relevant statutes, each as amended from time to time, and all regulations thereunder. 

22.3 The Plan shall be “unfunded” for the purposes of ERISA and the Code and the benefits and payments to be paid under the
plan shall be paid out of the general assets of the Company as and when payable under the Plan. All Covered Officers shall be solely unsecured creditors of the Company. If the Company decides in its sole discretion to establish any advance reserve
on its books against the future expense of the potential payments hereunder, or, if the Company decides in its sole discretion to fund a trust under the Plan, such reserve or trust shall not under any circumstances be deemed to be an asset of the
Plan. 
  

	23.	 Entire Agreement; Integration 

Except for the Non-Competition and Non-Disclosure Agreement
between each Covered Officer and the Company or an Affiliate, and subject to the provisions of Section 24 hereof, this Plan supersedes all prior and contemporaneous agreements, representations, and
understandings, whether oral or written, with regard to the terms and conditions applicable to a Covered Officer’s separation from the Company, including the provision of any Severance Benefits or Change in Control Benefits in connection
therewith. 
  

	24.	 Non-Exclusivity of Rights. 

Notwithstanding the foregoing provisions of Section 23, nothing in this Plan shall prevent or
limit a Covered Officer’s continuing or future participation in any benefit, bonus, incentive or other plan, program, policy or practice provided by the Company or its Affiliates for senior officers. Amounts which a Covered Officer or a Covered
Officer’s dependents or beneficiaries, as the case may be, are otherwise entitled to receive under any such plan, policy, practice or program shall not be reduced by this Plan unless specifically provided. 

 

	25.	 Claims Procedure 

25.1 Claims Review. Any Covered Officer or Beneficiary (the claimant) who wishes to request a review of a claim for benefits
under the Plan or who wishes an explanation of a benefit or its denial may direct to the Compensation Committee a written request for such review within 120 days of the denial. The Compensation Committee or its delegate shall respond to the
request by issuing a notice to the claimant as soon as possible, but in no event later than 90 days (45 days for disability claims) from the date of receipt of the request, subject to an extension of an additional 90 days (60 days for a
disability claim) in special cases. This notice furnished by the claims reviewer shall be written in a manner calculated to be understood by the claimant, shall be posted by first-class mail to the address of record of the claimant and shall include
the following: 
 (a) The specific reason or reasons for any denial of benefits; 

  
 20 

 (b) The specific Plan provisions on which any denial is based; 

(c) A description of any further material or information which is necessary for the claimant to perfect his or her claim and an
explanation of why the material or information is needed; 
 (d) To the extent that the appeal relates to a Disability claim,
a discussion of the decision, including an explanation of the basis for disagreeing with or not following (1) the views presented by the claimant to the Plan of the health care professionals treating the claimant and vocational professionals
who evaluated the claimant; (2) the views of medical or vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant’s adverse benefit determination, without regard to whether the advice was relied upon
in making the benefit determination; and (3) any disability determination regarding the claimant presented by the claimant to the Plan made by the Social Security Administration; 

(e) An explanation of the Plan’s claim appeals procedure; and 

If the Compensation Committee or its delegate denies the claim or fails to respond to the claimant’s written request for a review within 180 days of
its receipt, the claimant shall be entitled to proceed to the claim appeals procedure described in Section 25.2. If the claimant does not respond to the notice within 60 days from receipt of the notice, the claimant shall be considered
satisfied in all respects. 
 25.2 Appeals Procedure. In the event that the claimant wishes to appeal the claim review denial,
the claimant or his or her duly authorized representative may submit to the Compensation Committee, within 60 days of his or her receipt of the notice, a written notification of appeal of the claim denial. The notification of appeal of the
claim denial shall permit the claimant or his or her duly authorized representative to utilize the following claim appeals procedures: 

(a) To review pertinent documents; 

(b) To submit issues and comments in writing to which the Compensation Committee or its delegate shall respond; 

(c) To the extent that the appeal relates to a Disability claim, a discussion of the decision, including an explanation of the
basis for disagreeing with or not following (1) the views presented by the claimant to the Plan of the health care professionals treating the claimant and vocational professionals who evaluated the claimant; (2) the views of medical or
vocational experts whose advice was obtained on behalf of the Plan in connection with a claimant’s adverse benefit determination, without regard to whether the advice was relied upon in making the benefit determination; and (3) any
disability determination regarding the claimant presented by the claimant to the Plan made by the Social Security Administration; and 

  
 21 

 (d) A statement of the Covered Officer’s right to bring a civil action
under Section 502(a) of ERISA. 
 The Compensation Committee or its delegate shall furnish a final written decision on formal review not later than
60 days after receipt of the notification of appeal, unless special circumstances require an extension of the time for processing the appeal or the appeal relates to a Disability claim. In no event, however, shall the Compensation Committee or
its delegate respond later than 120 days after a request for an appeal. The decision on the appeal shall be written in a manner calculated to be understood by the claimant, shall include specific reasons for the decision, shall contain specific
references to the pertinent Plan provisions on which the decision is based, and shall include any other topics required to be addressed for a Disability claim. 

25.3 Discretion Regarding Claims and Appeals. The Compensation Committee, or any individual or committee to whom responsibility for
claims and appeals has been delegated, shall have complete discretion in deciding such claims and appeals and any such decision shall be final, conclusive and binding upon the claimant. 

 

	26.	 Compliance with Section 409A of the Code. 

Certain payments contemplated by this Plan may be considered “deferred compensation” for purposes of Section 409A of the Code.
Accordingly, the following provisions shall be in effect for purposes of avoiding or mitigating any adverse tax consequences to the Covered Officer under Section 409A: 

26.1 A termination of employment will not be deemed to have occurred for purposes of any provision of this Plan providing for the
payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A, for purposes of any such provision of this Plan,
references herein to “termination”, “termination of employment” or similar terms will mean “separation from service”. 

26.2 The intent of the Company and the Covered Officers is that payments and benefits under this Plan comply with or be exempt from
Code Section 409A and the regulations and guidance promulgated thereunder and, accordingly, to the maximum extent permitted, this Plan will be interpreted to be in compliance therewith or exempt therefrom. In no event whatsoever will the
Company be liable for any additional tax, interest or penalty that may be imposed on a Covered Officer by Code Section 409A or damages for failing to comply with Code Section 409A. 

26.3 To the extent any provisions of this Plan would otherwise contravene one or more requirements or limitations of Code
Section 409A, then the Company and a Covered Officer may, within any applicable time period provided under the Treasury Regulations issued under Code Section 409A, effect through mutual agreement the appropriate amendments to those
provisions which are necessary in order to bring the provisions of this Plan into compliance with Code Section 409A, provided such amendments shall not reduce the dollar amount of any such item of deferred compensation or adversely affect the
vesting provisions applicable to such item or otherwise reduce the present value of that item. If any legislation is enacted during the term of this Plan which imposes a dollar limit on deferred compensation, then a Covered Officer will cooperate
with the Company in restructuring any items of compensation under this Plan that are deemed to be deferred compensation subject to such limitation, provided such restructuring shall not reduce the dollar amount of any such item or adversely affect
the vesting provisions applicable to such item or otherwise reduce the present value of that item. 

  
 22 

 26.4 Notwithstanding any provision to the contrary in this Plan, if (i) the
Company, in its good faith discretion, determines that any payments or benefits described in this Plan would constitute non-exempt deferred compensation for purposes of Section 409A of the Code, and
(ii) a Covered Officer is a “specified employee” (within the meaning of Section 409A of the Code and the Treasury Regulations thereunder) at the time of his or her termination of employment, then such payments or benefits shall
not be made or paid to the Covered Officer prior to the earlier of (A) the expiration of the six (6) month period measured from the date of such “separation from service” or (B) the date of his death (the “Delay Period”). Upon the expiration of the Delay Period, all payments deferred pursuant to this Section 26.4 shall be paid in a lump
sum to the Covered Officer, and any remaining payments due under this Plan shall be paid in accordance with the normal payment dates specified for them herein. 

26.5 For purposes of Code Section 409A, a Covered Officer’s right to receive any installment payment pursuant to this Plan
will be treated as a right to receive a series of separate and distinct payments. 
 26.6 Whenever a payment under this Plan
specifies a payment period with reference to a number of days (e.g., “payment will be made within thirty (30) days following the Termination Date”), the actual date of payment within the specified period will be determined solely by
the Company. 
 26.7 Notwithstanding any other provision herein to the contrary, in no event will any payment that constitutes non-exempt deferred compensation subject to Code Section 409A, as determined in good faith by the Company, be subject to offset, counterclaim, or recoupment by any other amount payable to a Covered Officer
unless otherwise permitted by Code Section 409A. 
 To the extent that reimbursements or other in-kind benefits
under this Plan constitute non-exempt deferred compensation for purposes of Code Section 409A, (i) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the
taxable year following the taxable year in which such expenses were incurred by a Covered Officer, (ii) any right to such reimbursement or in-kind benefits shall not be subject to liquidation or exchange
for another benefit, and (iii) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other taxable year. 
  

	27.	 Miscellaneous. 

27.1 Number and Gender. As used in the Plan, unless the context otherwise expressly requires to the contrary, references to the
singular include the plural, and vice versa; references to the masculine include the feminine and neuter; references to “including” means “including (without limitation)”; and references to Sections and clauses mean the sections
and clauses of the Plan. 

  
 23 

 27.2 Headings. The headings of Sections herein are included solely for
convenience, and if there is any conflict between such headings and the text of the Plan, the text shall control. 
 27.3
Severability. Each provision of the Plan may be severed. If any provision is determined to be invalid or unenforceable, that determination shall not affect the validity or enforceability of any other provision. 

27.4 Waiver of Breach. The failure at any time to enforce any of the provisions of this Plan or to require performance of any of
the provisions of this Plan shall in no way be construed to be a waiver of such provisions or to affect either the validity of this Plan or any part of this Plan or the right to enforce each and every provision of this Plan in accordance with the
terms of this Plan. 
 27.5 Governing Law. To the extent legally required, the Code and ERISA shall govern the Plan and, if
any provision hereof is in violation of any applicable requirement thereof, the Company reserves the right to retroactively amend the Plan to comply therewith. To the extent not governed by the Code and ERISA, the provisions of the Plan shall be
governed by the laws of the State of Ohio, without reference to rules relating to conflicts of law. 
 27.6 No Mitigation or
Offset. The Company agrees that if a Covered Officer’s employment with the Company or any Affiliate terminates during the Term of the Plan, the Covered Officer is not required to seek other employment. Except as provided in
Section 4.1(b) and Section 5.1(b) with respect to the Health Care Coverage, amounts due the Covered Officer pursuant to this Plan shall not be offset by
any remuneration attributable to any subsequent employment a Covered Officer may obtain. 

  
 24 

 IN WITNESS WHEREOF, the Company has caused the Plan to be executed by its undersigned
officer, as duly authorized by the Board and the Compensation Committee, effective as of February 21, 2020. 
  

			
	MYERS INDUSTRIES, INC.
		
	By:	 	/s/ Andrean R. Horton

 
			
	Name:	 	Andrean R. Horton
	Title:	 	Interim CEO and President

  
 25 

 EXHIBIT A 

FORM OF RELEASE AGREEMENT 

In consideration of receiving certain benefits under the Myers Industries, Inc. Senior Officer Severance Plan adopted effective
February 21, 2020 (the “Plan”), I have agreed to sign this Release. I understand that I am not entitled to benefits under the Plan unless I sign this Release. 

I understand that this Release, together with the Agreement, constitutes the complete, final and exclusive embodiment of the entire agreement
between Myers Industries, Inc. (the “Company”), affiliates of the Company, and me with regard to the subject matter hereof. I am not relying on any promise or representation by the Company that is not expressly stated therein. Certain
capitalized terms used in this Release and not defined herein are defined in the Plan. 
 Except as otherwise set forth in this Release, I,
on behalf of myself and my heirs, executors, representatives, administrators, agents, insurers, and assigns (collectively, the “Releasors”) hereby generally, completely and irrevocably waive, release, and discharge the Company and its
current and former directors, officers, employees, stockholders, partners, agents, attorneys, predecessors, successors, parent and subsidiary entities, insurers, affiliates, and assigns (collectively, the “Released Parties”) from any and
all claims, liabilities obligations, and expenses (including attorneys’ fees), both known and unknown, that arise out of or are in any way related to events, acts, conduct, or omissions occurring prior to my signing this Release (collectively,
the “Released Claims”). The Released Claims include, but are not limited to: (1) all claims arising out of or in any way related to my employment with the Company or its affiliates, or the termination of that employment; (2) all
claims related to my compensation or benefits, including salary, bonuses, commissions, vacation pay, expense reimbursements, severance pay, fringe benefits, stock, stock options, or any other ownership interests in the Company or its affiliates;
(3) all claims for breach of contract, wrongful termination, and breach of the implied covenant of good faith and fair dealing; (4) all tort claims, including claims for fraud, defamation, emotional distress, and discharge in violation of
public policy; and (5) all federal, state, and local statutory claims, including claims for discrimination, harassment, retaliation, attorneys’ fees, or other claims arising under the federal Civil Rights Act of 1964, the federal Americans
with Disabilities Act of 1990, the federal Age Discrimination in Employment Act of 1967 (“ADEA”), the federal Employee Retirement Income Security Act of 1974 (ERISA), the federal Family and Medical Leave Act (FMLA), the federal Equal Pay
Act, the federal Civil Rights Act of 1991, Section 1981 of U.S.C. Title 42, the federal Worker Adjustment and Retraining Notification (WARN) Act, the federal National Labor Relations Act (NLRA), the federal Older Workers Benefit Protection Act,
the federal Fair Labor Standards Act, or any Ohio labor and employment law (including any law concerning unlawful and unfair labor and employment practices), all including any amendments and their respective implementing regulations. 

  
 26 

 Notwithstanding the foregoing, the following are not included in the Released Claims (the
“Excluded Claims”): (1) any rights or claims for indemnification I may have pursuant to any written indemnification agreement with the Company to which I am a party, the Articles of Incorporation, Code of Regulations, or other
organizational charter of the Company, or under applicable law; (2) any rights related to vested securities of the Company that were granted to me during the course of my employment with the Company or any shares of capital stock or other
securities of the Company that I purchased other than pursuant to a Company stock option or stock plan; or (3) any rights which are not waivable as a matter of law. In addition, nothing in this Release prevents me from filing, cooperating with,
or participating in any proceeding before the Equal Employment Opportunity Commission, the Department of Labor, or any other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related
to employment, against the Company, except that I hereby waive my right to any monetary benefits in connection with any such claim, charge or proceeding. I hereby represent and warrant that, other than the Excluded Claims, I am not aware of any
claims I have or might have against any of the Released Parties that are not included in the Released Claims. 
 I acknowledge that I am
knowingly and voluntarily agreeing to all of the terms and conditions set forth in this Release, including waiving and releasing any rights I may have under the ADEA. I also acknowledge that the consideration given for the Released Claims is in
addition to anything of value to which I was already entitled. I further acknowledge that I have been advised by this writing, as required by the ADEA, that: (a) the Released Claims do not apply to any rights or claims that arise after the date
I sign this Release; (b) I should consult with an attorney prior to signing this Release (although I may choose voluntarily not to do so); (c) I have twenty-one (21) days to consider this Release
(although I may choose to voluntarily sign it sooner); (d) I have seven (7) days following the date I sign this Release to revoke the Release by providing written notice to an officer of the Company; and (e) the Release will not be
effective until the date upon which the revocation period has expired unexercised, which will be the eighth day after I sign this Release (the “Effective Date”). 

I hereby represent that I have been paid all compensation owed (except for any Severance Benefits or Change in Control Benefits I may be owed
under the Plan) and for all hours worked, I have received all the leave and leave benefits and protections for which I am eligible, and I have not suffered any
on-the-job injury for which I have not already filed a workers’ compensation claim. 

I hereby agree not to disparage the Company, or any other Released Party, in any manner likely to be harmful to its or their business,
business reputation, or personal reputation; provided, however, that I will respond accurately and fully to any question, inquiry or request for information when required by legal process. 

I acknowledge that to become effective, I must sign and return this Release to the Company so that it is received not later than twenty-one (21) days following the date it is provided to me, and I must not revoke it thereafter. 
 I HAVE READ
THIS RELEASE AGREEMENT IN ITS ENTIRETY AND UNDERSTAND ALL OF ITS TERMS. I UNDERSTAND THAT THIS RELEASE AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, EVEN THOSE UNKNOWN CLAIMS THAT, IF KNOWN BY ME, WOULD AFFECT MY DECISION TO ACCEPT
THIS RELEASE AGREEMENT. 
  

			
	   
	 	   

		 	
	Name:	 	
	Date:	 	 

  

  
 27

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