EXHIBIT 10.2
SIGN-ON BONUS AGREEMENT
This Sign-On Bonus Agreement (the “Agreement”) is made effective as of September 22, 2025 by and between Myers Industries, Inc., an Ohio corporation (the “Company”), and Samantha Rutty (the “Employee”).
WHEREAS, the Employee’s employment with the Company shall begin on September 22, 2025 (the “Start Date”); and
WHEREAS, the Company has agreed to pay the Employee a sign-on bonus, subject to the terms and conditions set forth in this Agreement.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto have agreed, and do hereby agree as follows:
1. Sign-On Bonus. Subject to the terms and conditions set forth in this Agreement, the Company agrees to pay the Employee a one-time sign-on cash bonus of $580,000 (the “Sign-On Bonus”), subject to all applicable taxes and withholdings. The Sign-On Bonus shall be paid in two equal installments of $290,000 as follows: (a) the first installment shall be paid on the first regular payroll date of the Company following the Start Date; and (b) the second installment shall be paid on the first regular payroll date of the Company following the six month anniversary of the Start Date (each such payroll date, a “Payment Date”); provided, however, that each installment shall be subject to the Employee’s continued employment on the applicable Payment Date.
2. Repayment of Sign-On Bonus. If, within one year following the Start Date, the Employee’s employment with the Company is terminated by the Company for Cause or by the Employee without Good Reason, the Employee shall repay to the Company, within ten days following the date of the Employee’s termination of employment, the entire Sign-On Bonus amount received by the Employee as of the date of the Employee’s termination of employment (the “Repayment Amount”). The Employee hereby authorizes the Company to withhold the Repayment Amount from any other amounts the Company may owe to the Employee (but, for the avoidance of doubt, the Employee shall be required to directly repay the Company to the extent such withheld amounts do not fully satisfy the Repayment Amount). For purposes of this Agreement, “Cause” and “Good Reason” shall have the meanings set forth in the Myers Industries, Inc. Senior Officer Severance Plan, as may be amended and/or restated from time to time (the “Severance Plan”).
3. Entire Agreement. This Agreement contains the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings, written or oral, with respect thereto.
4. No Right to Employment. Nothing in this Agreement shall confer upon the Employee any right to continue in the employ of the Company or any of its Affiliates (as defined in the Severance Plan) or interfere with or restrict in any way the right of the Company or any such Affiliate to terminate the Employee’s employment at any time for any reason whatsoever, with or without Cause.
5. Invalidity of Provisions. The invalidity or unenforceability of any provision of this Agreement as a result of a violation of any state or federal law, or of the rules or regulations of any governmental regulatory body, shall not affect the validity or enforceability of the remainder of this Agreement.