Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On December 11, 2018, Myers Industries, Inc. (the “Company”), issued a press release announcing the promotion of Kevin L. Brackman, the Company’s current Vice President and Chief Accounting Officer, to Executive Vice President and Chief Financial Officer effective December 11, 2018 (“Effective Date”). Mr. Brackman succeeds Matteo Anversa, the Company’s current Executive Vice President and Chief Financial Officer, whose resignation was also announced by the Company on December 11, 2018.
Mr. Brackman, age 46, was appointed to his current position with the Company on March 2, 2017. He previously served as Vice President, Corporate Controller, since he joined the Company in March 2015; he also acted as Interim Chief Financial Officer and Corporate Secretary from March 18, 2016 until December 1, 2016 when Mr. Anversa was appointed to the position of Chief Financial Officer. Prior to joining the Company, Mr. Brackman spent six years at Ingersoll Rand, where he oversaw the technical accounting and financial reporting group and later the financial planning and analysis division.
The following is a summary of the material compensatory arrangements being provided to Mr. Brackman.
| | • | | Mr. Brackman’s new base annual salary will be $350,000 effective immediately. |
| | • | | Mr. Brackman will be eligible for apro-rated bonus based on the Effective Date at a target level of 60% of his annual base salary, with payout based upon objective metrics established by the Compensation Committee. |
| | • | | Mr. Brackman will participate in the Company’s key management long-term incentive plan at a target level of 100% of his annual base salary, target composition of 30% stock options, 20% restricted stock units, and 50% performance restricted stock units based upon objective metrics established by the Compensation Committee. |
| | • | | Mr. Brackman will continue to be eligible to receive other benefits and to participate in other benefit plans made generally available to the Company’s executive officers in accordance with Company policies at levels appropriate for his position. |
| | • | | Mr. Brackman remains subject to aNon-Disclosure,Non-Solicitation andNon-Competition Agreement entered into in 2015 when he joined the Company. |
Information regarding any additional changes to Mr. Brackman’s compensatory arrangements will be provided by an amendment to this Form8-K when that information is determinable by the Company.
| Item 9.01 | Financial Statements and Exhibits. |
