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 Fidelity NetBenefits.
Who is eligible to participate in the ESPP?
All employees of Myers Industries working 20 hours minimum every week and 30 days of service by the enrollment window start date.
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?
| Enrollment Period | Payroll Contribution Period |
| Mid November – Mid December | Jan 1 – March 31 |
| Mid February – Mid March | April 1 – June 30 |
| Mid May – Mid June | July 1 – Sept 30 |
| Mid August – Mid September | Oct 1 – Dec 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 Account at Fidelity 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.
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 Fidelity NetBenefits to access important plan documents.
Don’t Forget to Designate Your Beneficiary
In the event of your death, your ESPP Account will be paid to your designated beneficiary. Login to your Fidelity NetBenefits account to elect your beneficiary.
Where can I enroll?
The ESPP is managed through Fidelity NetBenefits.
- Visit Fidelity NetBenefits.
- Log in and make your ESPP contribution election during open enrollment windows.
Currently, any dividends paid on fully vested Myers shares in Shareworks are paid to you in cash; however, now you can choose to receive the dividends in shares!
| 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 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) |