EMPLOYEE STOCK PURCHASE PLAN
As a Myers employee, you have the exclusive opportunity to invest in Myers’ common stock. The Employee Stock Purchase Plan (“ESPP”) allows you the convenience of purchasing Myers stock through payroll deductions and without brokerage fees, and at a discount of 15% off the market price. Purchasing shares at a discount provides you:
- A valuable opportunity to save for your future and reach your financial goals, and
- An opportunity for you to have an ownership stake in the Company you work so hard to make successful.
How does the ESPP work?
There are four opportunities to enroll in the ESPP during the year. When you enroll, you elect to contribute a percentage of your eligible pay – from 1% to 5% – in after-tax payroll deductions. Your contributions accumulate throughout the offering period, and at the end of the offering period, are used to purchase the maximum number of whole shares of Myers Industries’ common stock.
Participation is entirely voluntary. Eligible employees must enroll to participate. To enroll, each employee must complete the enrollment which is available on Solium Shareworks.
Who is eligible to participate in the ESPP?
All employees of Myers Industries with at least 30 days of service and working at least 20 hours per week.
How Is the Discount Determined?
The fair market values (the closing price per share) of Myers Industries’ common stock on the first day of the offering period and the last business day of the offering period are compared at the end of the offering period. Then, the 15% discount is applied to the lower of those 2 values which determines the purchase price of your shares.
When can I enroll in the ESPP?
| Enroll between… | For this offering period |
| November 18 – December 17, by 4 p.m. | January 1 – March 31 |
| February 16 – March 16, by 4 p.m. | April 1 – June 30 |
| May 17 – June 15, by 4 p.m. | July 1 – September 30 |
| August 17 – September 15, by 4 p.m. | October 1 – December 31 |
What happens to purchased shares?
Once purchased, you own the shares; there is no vesting. In other words, once the shares are purchased, they will be posted to your ESPP Share Account at Shareworks and they belong to you. Please note that taxes will apply when you sell your shares. You should always consult your tax advisor, as the tax rules relevant to employee stock purchase plans can be complex.
What is Shareworks?
Myers Industries has partnered with Solium Shareworks to help administer the ESPP. This robust website offers you a wealth of information and capabilities. You will enroll in the plan in Shareworks, review your account value and it’s also easy to navigate!
Where can I learn more about the ESPP?
You can always visit your human resources department to learn about this, and all of your benefits. You can also visit Shareworks to access important plan documents, including the Summary Plan Description.
The information in this book is a summary of the ESPP. To help you better understand the ESPP, you should read the plan documents carefully before enrolling.
Don’t Forget to Designate Your Beneficiary
In the event of your death, your ESPP Share Account will be paid to your designated beneficiary, or if no beneficiary is named to your surviving spouse (or your estate if there is no surviving spouse). Login to your Shareworks account to elect your beneficiary.
| Example: | |
| Offering period | October 1st – December 31st |
| Weekly pay | $577.00 |
| ESPP contribution % | 4% (choice of 1% – 5%) |
| Weekly investment | $23.08 |
| Quarterly investment | $300.04 (13 weeks) |
| Price on October 1st | $19.00 |
| Price on December 31st | $22.50 |
| Purchase price w/15% discount | $16.15 (lowest price receives discount) |
| ($19.00 *85% = $2.85/share gain!) | |
| Shares purchased and put into my Solium account | 18 |
| Investment reserved for next purchase | $9.34 ((18 shares X $16.15) – $300.04) |
| TOTAL IMMEDIATE GAIN ON SHARES | $51.30 (18 shares X $2.85) |
