Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
On January 27, 2021, Myers Industries, Inc. (the "Company") issued a press
release announcing the appointment of Sonal P. Robinson as Executive Vice
President of Finance effective February 1, 2021. The Company also announced that
Ms. Robinson will assume the role of Executive Vice President and Chief
Financial Officer in March 2021. The full text of the Company's press release is
attached as Exhibit 99.1 to this Current Report on Form 8-K.
Ms. Robinson, age 52, most recently served as Vice President and Treasurer of
The J.M. Smucker Company ("Smucker") from 2016 through 2020. Ms. Robinson's
prior roles during her 27-year tenure at Smucker included Vice President,
Finance for the U.S. Retail Coffee segment and Vice President, Investor
Relations.
Ms. Robinson's base salary initially will be $435,000, subject to annual review.
Ms. Robinson will be eligible to participate in the Company's annual incentive
program at a target benefit of 60% of her annual base salary on a pro-rated
basis for the 2021 calendar year. Ms. Robinson will also be eligible to
participate in the Company's long-term incentive program at a target award value
of 90% of her annual base salary. Ms. Robinson is also eligible to participate
in the Company's Senior Officer Severance Plan ("Severance Plan") which provides
severance benefits under certain events of termination as described in the
Company's Current Report on Form 8-K filed February 27, 2020, and as amended
effective April 6, 2020 as described in the Company's Current Report on Form 8-K
filed April 6, 2020. The Company has also entered into a Non-Competition and
Confidentiality Agreement with Ms. Robinson effective February 1, 2021 as a
condition of her participation in the Severance Plan, under terms and conditions
substantively consistent with agreements entered into with other executive
officers, including a noncompete period of 12 months following any termination
and restrictive covenants prohibiting solicitation of Company customers and
employees. The foregoing summary is not complete and is qualified in its
entirety by reference to the full and complete terms of the Non-Competition and
Confidentiality Agreement, a copy of which is attached as Exhibit 10.1 to this
Current Report on Form 8-K and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
As described in "Item 5.02 Departure of Directors or Certain Officers; Election
of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers" above, on January 27, 2021, the Company issued a press release
announcing the appointment of Sonal P. Robinson as Executive Vice President of
Finance effective February 1, 2021 and announcing that Ms. Robinson will assume
the role of Executive Vice President and Chief Financial Officer in March 2021.
The full text of the Company's press release is attached as Exhibit 99.1 to this
Current Report on Form 8-K.
Pursuant to General Instruction B.2 of Current Report on Form 8-K, the
information in this Item 7.01 is being furnished and shall not be deemed to be
"filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to
the liability of that section. Furthermore, the information in this Item 7.01
shall not be deemed to be incorporated by reference into the filings of the
Company under the Securities Act except as may be expressly set forth by
specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
10.1 Non-Competition and Confidentiality Agreement dated January 26, 2021
and effective February 1, 2021
99.1 Press Release dated January 27, 2021
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses