Exhibit 10.1


2022 Long Term Incentive Compensation Award
Agreement


for the Senior Leadership Team under the


Waste Management, Inc. 2014 Stock Incentive
Plan


 


This
Award Agreement (this “Agreement”) is entered
into effective as of March 1, 2022 (the “Grant Date”), by and between Waste
Management, Inc., a Delaware corporation (the “Company”) (together with its
Subsidiaries and Affiliates, “WM”), and you (“Employee”).
At all times, the Awards under this Agreement are subject to the terms and conditions of the Waste Management, Inc. 2014 Stock Incentive
Plan (the “Plan”), this Agreement, and all applicable administrative interpretations
and practices. A copy of the Plan is available online at http://visor.wm.com
under the Legal tab. Once there, scroll to the bottom of the Legal page, then choose Documents, Stock Incentive Plan and choose “2014
Stock Incentive Plan.” A description of the Plan appears on the same page under “2014 Stock Incentive Plan Prospectus”
(the “Prospectus”). Please also see the Company’s Form 10-K included in its most recent Annual Report, available on
the Investor Relations page of www.wm.com under
Financial Reporting – Annual Reports, for information about the Company. By executing this Agreement, you consent to receipt of
the Plan, the Prospectus, and the Annual Reports by electronic access as set forth in this paragraph.





 

You
must execute this Agreement in full, online in accordance with the instructions below, prior to April 1, 2022, in order for this Agreement
to become effective. If you do not execute this Agreement by correctly following the instructions below, your Awards may
be cancelled.


 


Important Instructions
for Executing this Agreement


 


If you have previously received a stock-based incentive
award, simply log on to www.mywmtotalrewards.com using your My WM Total Rewards user ID and password. If you have forgotten your
user ID or password, there are instructions on the site to help you.  Under the “My Compensation” section, click on the
link to view your grants at the website maintained by the third party stock administrator appointed by the Company. Follow the online
instructions and complete all of the steps required to accept the award.


 


If you are a new Plan participant, you must open
a Limited Individual Investor Account (LIIA) before you can accept your awards. This account is separate from any other brokerage account
you may have at the third party stock administrator. To open your LIIA, log on to www.mywmtotalrewards.com using your My WM Total
Rewards user ID and password. If you have forgotten your user ID or password, there are instructions on the site to help you.  Under
the “My Compensation” section, click on the link to the secure website maintained by the third party stock administrator appointed
by the Company. You may also log in directly at www.benefits.ml.com. Once logged in, follow the prompts to “Open a Brokerage
Account”. When you have successfully created your account, follow the online instructions and complete all of the steps required
to accept the award.


 


Performance Share
Units


 


		1.	PSU Grant. The Company grants to Employee a Performance Share Unit Award (a “PSU Award”),
as provided in the Notice of Long-Term Incentive Award dated March 1, 2022(the “Notice”). Each Performance Share
Unit (“PSU”) is a notational unit of measurement denominated in shares of common stock of the Company, $.01
par value (“Common Stock”).



 


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		2.	PSU Metrics.



 


		a.	The “Performance Period” for this PSU Award is the 36-month period beginning
January 1, 2022, and ending on December 31, 2024. Vesting and payout of your PSU Award is based upon the level of achievement of the Performance
Goals that have been set by the Management Development and Compensation Committee of the Board of Directors of the Company (the
 “Committee”). The Performance Goals set by the Committee for your PSU Awards are described in paragraph 3 below.



 


		b.	The performance measure selected by the Committee to serve as the Performance Goal for half (50%) of your
Target PSU Award is Cash Flow Generation (defined in paragraph 2.c. below). The performance measure selected by the Committee
to serve as the Performance Goal for the other half (50%) of your Target PSU Award is Total Shareholder Return Relative to the S&P
500, or “TSR” (as defined in paragraph 2.d. below). To determine the payout (if any) under your PSU
Award, the Committee will determine the level of the Performance Goal reached (“Achievement”) and the corresponding
payout percentage applicable to each half of your Target PSU Award under paragraph 3 below. The Committee’s determinations, and
the related calculations, including the calculation of Cash Flow Generation and TSR, are made by, and in the sole discretion of, the Committee,
and are final and not subject to appeal.



 


		c.	Cash Flow Generation is the net cash flow provided by operating activities of WM for the Performance
Period, less capital expenditures, with the following adjustments:



		i.	Payments related to costs (including legal costs) associated with labor disruptions (e.g., strikes) and actual
or potential multiemployer plan withdrawal liability(ies) are excluded as expenditures required as a result of past labor commitments
combined with changing economic conditions of the present business climate;
		ii.	Strategic acquisition, restructuring, transformation and reorganization costs are excluded in recognition
of WM’s goals to increase customer and business base while minimizing operating costs; and
		iii.	Cash proceeds from the normal course of business divestiture of assets and businesses are included. Cash
proceeds from strategic divestitures of assets and businesses are excluded; and
		iv.	If any accounting rule or tax law change occurs that was not anticipated in setting the Cash Flow Generation
target, any material impact of that change will be disregarded in calculating the Cash Flow Generation result.



 


The Committee, solely in its discretion,
is permitted to make other adjustments to reflect management’s performance consistent with maximizing shareholder value; provided
that such other adjustments shall not reduce the Cash Flow Generation amount.


 


		d.	Total Shareholder Return Relative to the S&P 500 or “TSR” is the percentile
performance of the Company as compared to the other S&P 500 Companies for the Performance Period. For these purposes:



i. S&P
500 Companies means all of the entities listed on the Standard & Poor’s 500 Composite Index, including the Company,
on the date which is 30 trading days prior to the commencement of the Performance Period, with the following modifications:


A. except as provided
in paragraph 2.d.i.B. below, only those entities that continue to trade throughout the Performance Period without interruption on a National
Exchange shall be included; and


B. any such entity
that files for bankruptcy (“Bankrupt Peer”) during the Performance Period shall continue to be included.


For these purposes “National
Exchange” shall mean a securities exchange that has registered with the SEC under Section 6 of the Securities Exchange Act
of 1934.


ii. Total
Shareholder Return is the result of dividing (1) the sum of the cumulative value of an entity’s dividends for the Performance
Period, plus the entity’s Ending Price, minus the Beginning Price, by (2) the Beginning Price. For purposes of determining the cumulative
value of an entity’s dividends during the Performance Period, it will be assumed that all dividends declared and paid with respect
to a particular entity during the Performance Period were reinvested in such entity at the ex-dividend date, using the closing price on
such date. The aggregate shares, or fractional shares thereof, that will be assumed to be


 


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purchased as part of the reinvestment calculation
will be multiplied by the Ending Price to determine the cumulative value of an entity’s dividends for the Performance Period. For
these purposes:


		A.	Price is the per share closing price, as reported by the Bloomberg L.P. (or any other publicly
available reporting service that the Committee may designate from time to time) of a share or share equivalent on the applicable stock
exchange.



		B.	Beginning Price is the average Price for the period of 20 trading days immediately preceding
the first day of the Performance Period.



		C.	Ending Price is the average Price for the period of 20 trading days immediately preceding and
including the final day of the Performance Period.



		D.	Bankrupt Peer: Notwithstanding anything in the foregoing to the contrary, any Bankrupt Peer
shall have a Total Shareholder return of negative one hundred percent (-100%).



iii. Relative
TSR Percentile Rank is the percentile performance of the Company as compared to the S&P 500 Companies. Relative TSR Percentile
Rank is determined by ranking the Company and all other S&P 500 Companies according to their respective Total Shareholder Return for
the Performance Period. The ranking is in order from minimum-to-maximum, with the lowest performing entity assigned a rank of one. The
Company’s ranking is then divided by the total number of entities within the S&P 500 Companies to get the Relative TSR Percentile
Rank.


 


		3.	PSU Payout Percentage.



 


		a.	The Performance Goals are the levels of performance set by the Committee on the Grant Date
with respect to each measure of performance.



 


		b.	The “Target PSU Award” for this Agreement is based on the target number of PSUs
granted by the Committee and announced in the Notice. If Achievement falls between two levels of Achievement, the resulting payout percentage
will be straight–line interpolated (rounding to the nearest 0.1 percent) between the payout percentages for those two levels of
Achievement.



 


Achievement Levels and Corresponding Payouts
for PSUs Dependent on Cash Flow Generation Performance Measure


 


	Level of Achievement	Cash Flow

Generation Over

the Performance 

Period	Payout Percentage for the

 applicable half of your

Target PSU Award 
	Threshold Performance (the minimum level of Achievement to qualify for any payout of the Cash Flow Generation half of your Target PSU Award.)	$6.034 Billion	50%
	Target Performance (the level of Achievement to qualify for 100% payout of the Cash Flow Generation half of your Target PSU Award.)	$6.634 Billion	100%
	Maximum Performance (the maximum level of Achievement that results in an increased number of PSUs paid out under the Cash Flow Generation half of your Target PSU Award.)	$7.234 Billion	200%


 


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Achievement Levels and Corresponding Payouts
for PSUs Dependent on TSR


 


	Total Shareholder Return Relative to the S&P 500 over the Performance Period
	
    Level of Achievement 

     
	Relative TSR

 Percentile Rank	Payout Percentage for the

applicable half of your Target

PSU Award
	Threshold Performance (the minimum level of Achievement to qualify for any payout of the TSR half of your Target PSU Award.)	25th	50%
	Target Performance (the level of Achievement to qualify for 100% payout of the TSR half of your Target PSU Award.)	50th	100%
	Maximum Performance (the maximum level of Achievement that results in an increased number of PSUs paid out under the TSR half of your Target PSU Award.)	75th	200%


 


 


		4.	Timing
                                            and Form of Payment of PSU Award. After the close of the Performance Period, the Committee
                                            will certify (with respect to each portion of your Target PSU Award relating to the separate
                                            Performance Goals) Achievement and determine the corresponding payout percentage of the PSU
                                            Award by multiplying the applicable half of the PSU Award by the applicable payout percentage.
                                            The results will sum to the total number of shares of Common Stock that you are entitled
                                            to receive (the “PSU
                                            Awarded Shares”). Unless you have a valid Deferral
                                            Election in place for your PSU Award (see paragraph 8 under “Important Award Details”
                                            for further information on permitted deferrals), the Company will deliver the PSU Awarded
                                            Shares and payment of the corresponding Dividend Equivalents (as
                                            defined in paragraph 7 under “Important Award Details”) as soon as administratively
                                            feasible (and no later than 74 days after the end of the Performance Period) after the Committee’s
                                            certification and determination. 



 


Stock Options


 


		1.	Stock Option Grant. The Company grants to Employee a stock option award (the “Stock Option
Award”) for the number of shares (“Stock Options”) of Common Stock provided in the Notice. This
Stock Option Award grants Employee the right to purchase shares of Common Stock at the Grant Price. The “Grant Price”
is the Fair Market Value (as defined in the Plan) of a share of Common Stock on the Grant Date.



 


		2.	Term. Notwithstanding any other provisions of this Agreement, the maximum term of the Stock Option
Award is the 10th anniversary of the Grant Date.



 


		3.	Right to Exercise. Provided Employee remains employed by WM continuously through the applicable exercise
dates, the Stock Option Award is exercisable as follows:



 


	Exercise Date	
    Cumulative Percentage of Stock

    Option Award Exercisable

	Prior to the first anniversary of the Grant Date	0%
	On or after the first anniversary of the Grant Date	34%
	On or after the second anniversary of the Grant Date	67%
	On or after the third anniversary of the Grant Date	100%


 


		4.	Manner of Exercise. In order to exercise all or a portion of the Stock Option Award, Employee must
contact (either by phone or online) the third-party stock plan administrator designated by the Company and follow the procedures established
by the Company for exercising a Stock Option Award.



 


		5.	Payment of Grant Price. The Grant Price
is payable in full to the Company either (a) in cash or its equivalent; (b) by tendering previously acquired shares of Common Stock held
for at least six months and with an aggregate fair



 


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	 	 	market
value at the time of exercise equal to the aggregate Grant Price; (c) to the extent Employee is an executive officer at the time of exercise,
by withholding shares of Common Stock that otherwise would be acquired pursuant to the Stock Option Award; or (d) any combination of the
foregoing. The Grant Price may also be paid by cashless exercise through delivery of irrevocable instructions to a broker to promptly
deliver to the Company the amount of proceeds from a sale of shares having fair market value equal to the Grant Price, provided that such
instructions are delivered by no later than the close of the New York Stock Exchange on the last Trading Day prior to the
10th anniversary of the Grant Date. Payment by cashless exercise shall not be considered to have occurred until the broker has issued
confirmation of the transaction. For these purposes, Trading Day means a day on which the New York Stock Exchange is open
for trading for its regular trading sessions.



 


Important Award
Details


 


Your Awards under this Agreement are subject
to important terms and conditions set forth below. Please read them carefully and seek advice from your own legal and tax advisors before
executing this Agreement.


 


		1.	Death or Disability. Upon Employee’s death or disability (as determined by the Committee and
within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations issued thereunder (“Section
409A”) and specifically Section 409A(a)(2)(C) (“Disability”)), Employee (or in the case of Employee’s
death, Employee’s beneficiary) shall, subject to paragraph 2.e below, be entitled to:



 


		a.	receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to
under this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement
through the end of the Performance Period, which shall be paid to no later than 74 days following the end of the Performance Period; and



 


		b.	exercise all Stock Options outstanding under the Stock Option Award (whether or not previously exercisable)
for one year following such event. Provided however, if Employee was eligible for Retirement (as defined in paragraph 2.d.i.
below) at the time of his death or Disability, the Stock Option Award will remain exercisable for three years following the date of such
event.



 


		2.	Treatment of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by WM.



 


		a.	Upon an involuntary Termination of Employment by WM without Cause (as defined in paragraph 6.d.iii. below),
Employee shall, subject to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee
would have been entitled to under this Agreement if Employee had remained employed until the last day of the Performance Period and determined
based upon actual Achievement through the end of the Performance Period multiplied by the fraction which has as its numerator the total
number of days that Employee was employed by WM during the Performance Period and has as its denominator 1096 (which amount shall be issued
and paid as soon as practicable and no later than 74 days following the end of the Performance Period).



 


		b.	Upon Employee’s Retirement (as defined in paragraph 2.d.i below), Employee shall, subject to paragraph
2.e below, be entitled to receive the PSU Awarded Shares and related Dividend Equivalents that Employee would have been entitled to under
this Agreement if Employee had remained employed until the last day of the Performance Period and determined based upon actual Achievement
through the end of the Performance Period multiplied by the fraction which has as its numerator the total number of days that Employee
was employed by WM during the first 12 months of the Performance Period and has as its denominator 365 (which amount shall be issued and
paid as soon as practicable and no later than 74 days following the end of the Performance Period). To illustrate the application of the
preceding sentence, if Employee’s Retirement is on or after December 31, 2022, subject to paragraph 2.e below, he or she shall be
eligible to receive a full payout at the end of the Performance Period (based upon actual Achievement).



 


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		c.	In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction
(i) that would not constitute a Change in Control of the Company within the meaning of paragraph 6.c.i. below, but (ii) that would constitute
a Change in Control of the subsidiary within the meaning of paragraph 6.c.i. with the subsidiary substituted for Company thereunder, such
transaction shall be deemed to constitute an involuntary Termination of Employment by WM without Cause for purposes of this paragraph
2 as of the effective date of such Transaction. 



 


		d.	The following terms shall have the meanings set forth below for purposes of this Agreement:



 


		i.	Retirement means Termination of Employment due to the voluntary resignation of employment by
Employee, after Employee (1) has reached age 55 or greater; (2) has a sum of age plus years of Service (as defined in paragraph ii. below)
with WM equal to 65 or greater; and (3) has completed at least 5 consecutive full years of Service with WM during the 5 year period immediately
preceding the resignation; provided, that Employee is not receiving severance benefits pursuant to the severance pay plans of WM
in connection with such Termination of Employment.



 


		ii.	Service is measured from Employee’s original date of hire by WM, except as provided below.
In the case of a break of employment by Employee from WM of one year or more in length, Employee’s service before the break of employment
is not considered Service. Service with an entity acquired by WM is considered Service so long as Employee remained continuously employed
with such predecessor company(ies) and WM. In the case of a break of employment between a predecessor company and WM of any length, Employee’s
Service shall be measured from the original date of hire by WM and shall not include any service with any predecessor company.



 


		e.	In order to receive any of the vesting or exercisability benefits upon termination described in paragraphs
1, 2.a, 2.b or 3.b, Employee (or, if applicable, Employee’s estate) must (x) to the extent requested by WM, execute and not revoke
a general release of claims in favor of WM and its affiliates in a form that is acceptable to WM and which has become effective and irrevocable
prior to the payment date set forth above (or such earlier deadline set by WM) and (y) continue to abide by all ongoing obligations to
WM under any restrictive covenant agreement.



 


		3.	Treatment of Stock Option Award upon Involuntary Termination; Resignation; Retirement.



 


		a.	Involuntary Termination of Employment Without Cause or Resignation by Employee. Upon an involuntary
Termination of Employment without Cause by WM or a Termination of Employment due to a voluntary resignation by Employee that is accepted
by WM that is not a Retirement (as defined above), for a period of 90 days following such Termination of Employment, Employee shall be
entitled to exercise all of the Stock Options then outstanding and exercisable under the Stock Option Award. Any Stock Options that are
not outstanding and exercisable shall be forfeited.



 


		b.	Retirement. Upon Employee’s Retirement, the Stock Option Award shall, subject to paragraph 2.e
above, continue to become exercisable under the applicable exercise schedule for three years following Employee’s Retirement and
once exercisable shall remain exercisable for the three-year period following Employee’s Retirement.



 


		4.	Termination of Employment for Other Reasons.



 


		a.	PSU Award in the Event of Involuntary Termination with Cause or Resignation by Employee. Except as
provided in paragraphs 1 through 2 above and 6 below, Employee must be an employee of WM continuously from the Grant Date through the
close of business on last day of the Performance Period to be entitled to receive payment of any PSU Award. Upon Termination of Employment
on or before December 31, 2024, for any reason other than any termination that would qualify Employee for payout under paragraphs 1 through
2 above and 6 



 


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	 	 	below, Employee shall immediately forfeit the PSU Award and any related Dividend Equivalents without payment of any consideration
by WM.



 


		b.	Stock Option Award in the Event of Involuntary Termination with Cause. Upon Termination of Employment
by WM with Cause, Employee shall forfeit all Stock Options under the Stock Option Award, whether or not exercisable, without the payment
of any consideration by WM.



 


		5.	Repayment of Award in the Event of Misconduct.



 


		a.	Overriding any other inconsistent terms of this Agreement, if the Committee, in its sole discretion, determines
that Employee either engaged in or benefited from Misconduct (as defined below), then, to the fullest extent permitted by law, Employee
shall refund and pay to WM any Common Stock and/or amounts (including Dividend Equivalents), plus interest, received by Employee under
this Agreement. Misconduct means any act or failure to act by any employee of WM that (i) caused or was intended to cause
a violation of WM’s policies or the WM code of conduct, generally accepted accounting principles or any applicable laws in effect
at the time of the act or failure to act in question and that (ii) materially increased the value of the payment or Award received by
Employee under this Agreement. The Committee may, in its sole discretion, delegate the determination of Misconduct to an independent third
party (either a law firm or an accounting firm, hereinafter referred to as Independent Third Party) appointed by the Committee.



 


		b.	Following a determination of Misconduct
                                            by Employee, Employee may dispute such determination pursuant to binding arbitration as set
                                            forth in paragraph 18 under “General Terms” provided, however, that if
                                            Employee is determined to have benefited from, but not engaged in, Misconduct, Employee will
                                            have no right to dispute such determination and such determination shall be conclusive and
                                            binding.



 


		c.	WM must initiate recovery pursuant to this paragraph 5 by the earliest of (i) one year after discovery of
alleged Misconduct, or (ii) the second anniversary of Employee’s Termination of Employment.



 


		d.	The provisions of this paragraph 5, without any implication as to any other provision of this Agreement,
shall survive the expiration or termination of this Agreement and Employee’s employment.



 


		6.	Acceleration upon Change in Control. Overriding any other inconsistent terms of this Agreement:



 


		a.	PSU Award. If there is a Change in Control (as defined in paragraph 6.c.i. below) before
the close of the Performance Period, Employee is entitled to receive both i. and ii., as follows:



 


		i.	For each half of the PSU Award, the result of an equation with a numerator of



 


		(x)	the respective number of PSUs Employee would have otherwise received based upon achievement of the applicable
Performance Goal after reducing the Performance Period so that it ends on the last day of the quarter preceding the Change in Control
(the “Early Measurement Date”) and, for the Cash Flow Generation half of the PSU Award, after adjusting the
Threshold, Target and Maximum Achievement Levels to reflect budgeted performance in the shorter Performance Period, multiplied by



		(y)	a fraction equal to (1) the number of days occurring between the beginning of the Performance Period and
the Early Measurement Date (including the Early Measurement Date) divided by (2) 1096.



 


Payout of the PSUs shall be an immediate cash payment (in
all events paid within 74 days following the Change in Control) equal to the number of PSUs earned under this paragraph 6.a. multiplied
by the closing stock price of the Common Stock on the Early Measurement Date and will be accompanied by a cash payment of the associated
Dividend Equivalents through the Early Measurement Date; and


 


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		ii.	As a substitute award for the lost opportunity to continue to earn PSUs for the entire length of the original
Performance Period:



 


		1.	If the successor entity is a publicly traded company as of the Early Measurement Date, an award of restricted
stock units in the successor entity equal to the number of shares of common stock of the successor entity that could have been purchased
on the Early Measurement Date with an amount of cash equal to the quotient obtained from the following equation:



 


TAP X
(1095 – EMD) x CP


		 	1095



where


TAP is the
number of PSUs represented by the Target PSU Award;


EMD is the
number of days during the Performance Period which occur prior to and including the Early Measurement Date; and


CP is the
closing price of a share of Common Stock of the Company on the Early Measurement Date.


 


Any restricted stock units in the successor
entity awarded under this paragraph 6.a.ii.1. will vest completely on December 31, 2024 (and be paid within 74 days thereof), provided
that Employee remains continuously employed with the successor entity until then. Provided however, in the event of Employee’s involuntary
Termination of Employment without Cause during the Window Period (as defined in paragraph c.iv. below) or upon Employee’s
Retirement, death or Disability, Employee shall become immediately vested in full in the restricted stock units in the successor entity
awarded pursuant to this paragraph 6.a.ii.1 and paid (i) in the case of death or Disability, within 74 days of such time or (ii) in the
case of Retirement or involuntary Termination of Employment without Cause, within 74 days following December 31, 2024.


 


		2.	If the successor entity is not a publicly traded company as of the Early Measurement Date, an amount of cash
equal to the quotient obtained from the equation in paragraph 6.a.ii.1. above.



 


Any cash payment awarded under this paragraph
6.a.ii.2. will be paid to Employee as soon as administratively feasible (and no later than 74 days) following December 31, 2024, provided
that Employee remains continuously employed with the successor entity until such date. Provided however, in the event of Employee’s
involuntary Termination of Employment without Cause during the Window Period or upon Employee’s Retirement, death or Disability,
Employee shall become vested and be paid such cash payment by the successor entity (i) in the case of death or Disability, within 74 days
of such time or (ii) in the case of Retirement or involuntary Termination of Employment without Cause, within 74 days following December
31, 2024.


 


		b.	Stock Option Award. In the event of Employee’s involuntary Termination of Employment without
Cause or Termination of Employment due to a resignation by Employee for Good Reason that, in either case, occurs on or before the second
anniversary of a Change in Control, the Stock Option Award shall become exercisable immediately (whether or not previously exercisable)
and shall remain exercisable for the three year period following such Termination of Employment. For this purpose, “Good Reason”
has the same meaning determined by Employee’s written employment agreement in effect on the Grant Date. In the event there is no
such agreement or definition, then Good Reason means the initial existence of one or more of the following conditions, arising without
the consent of the Employee: (1) a material diminution in Employee’s base compensation; (2) a material diminution in Employee’s
authority, duties, or responsibilities, so as to effectively cause Employee to no longer be performing the duties of his position; (3)
a material diminution in the authority, duties, or responsibilities of the supervisor to whom Employee is required to report.



 


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		c.	The following terms shall have the meanings set forth below for purposes of this Agreement:



 


		i.	Change in Control means the first to occur of any of the following:



 


		1.	any Person, or Persons acting as a group (within the meaning of Section 409A), acquires, directly or indirectly,
including by purchase, merger, consolidation or otherwise, ownership of securities of the Company that, together with securities held
by such Person or Persons, represents fifty percent (50%) or more of the total voting power or total fair market value of the Company’s
then outstanding securities;



 


		2.	any Person, or Persons acting as a group (within the meaning of Section 409A), acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such Person or Persons), directly or indirectly, including
by purchase, merger, consolidation or otherwise, ownership of securities of the Company that represents thirty percent (30%) or more of
the total voting power of the Company’s then outstanding voting securities;



 


		3.	the following individuals cease for any reason to constitute a majority of the number of directors then serving:
individuals who, at the Grant Date, constitute the Board of Directors of the Company (the “Board”) and any new
director (other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including
but not limited to a consent solicitation, relating to the election of directors of the Company) whose appointment or election by the
Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least a majority of the
directors before the date of such appointment or election or whose appointment, election or nomination for election was previously so
approved or recommended; or



 


		4.	the stockholders of the Company approve a plan of complete liquidation of the Company and such liquidation
is actually commenced or there is consummated an agreement for the sale or disposition by the Company of all or substantially all of the
Company’s assets (or any transaction having a similar effect), other than a sale or disposition by the Company of all or substantially
all of the Company’s assets to an entity, at least fifty percent (50%) of the combined voting power of the voting securities of
which are owned by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior
to such sale. For purposes hereof, a “sale or other disposition by the Company of all or substantially all of the Company’s
assets” will not be deemed to have occurred if the sale involves assets having a total gross fair market value of less than forty
percent (40%) of the total gross fair market value of all assets of the Company immediately prior to such sale;



 


provided, in each of cases 1 through 4, that
in the event the award or portion of the award is determined to constitute a non-exempt “deferral of compensation” pursuant
to Section 409A, to the extent necessary to avoid the imposition of any penalties or additional tax under Section 409A, with respect to
such award or portion of award the Change of Control event must also constitute a “change
in the ownership of a corporation,” a “change in the effective control of a corporation,” or a “change in the
ownership of a substantial portion of a corporation’s assets,” in each case, within the meaning of Section 409A.


 


 


For purposes of
this definition, the following terms shall have the following meanings:


 


(A)         “Exchange
Act” means the Securities and Exchange Act of 1934, as amended from time to time; and


 


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(B)       “Person”
shall have the meaning set forth in Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d) thereof, except
that such term shall not include (1) the Company, (2) a trustee or other fiduciary holding securities under an employee benefit plan of
the Company, (3) an employee benefit plan of the Company, (4) an underwriter temporarily holding securities pursuant to an offering of
such securities or (5) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions
as their ownership of shares of Common Stock.


 


		ii.	Termination of Employment means the termination of Employee’s employment or other service
relationship with WM as determined by the Committee. Temporary absences from employment because of illness, vacation or leave of absence
and transfers among the Company and its Subsidiaries and Affiliates will not be considered a Termination of Employment. Any question as
to whether and when there has been a Termination of Employment, and the cause of such termination, shall be determined by and in the sole
discretion of the Committee and such determination shall be final.



 


		iii.	Cause means any of the following: (1) willful or deliberate and continual refusal to materially
perform Employee’s duties reasonably requested by WM after receipt of written notice to Employee of such failure to perform, specifying
such failure (other than as a result of Employee’s sickness, illness, injury, death or disability) and Employee fails to cure such
nonperformance within ten (10) days of receipt of said written notice; (2) breach of any statutory or common law duty of loyalty to WM;
(3) Employee has been convicted of, or pleaded nolo contendre to, any felony; (4) Employee willfully or intentionally caused material
injury to WM, its property, or its assets; (5) Employee disclosed to unauthorized person(s) proprietary or confidential information of
WM that causes a material injury to WM; or (6) any material violation or a repeated and willful violation of WM’s policies or procedures,
including but not limited to, WM’s Code of Business Conduct and Ethics (or any successor policy) then in effect.



 


		iv.	Window Period means the period beginning on the date occurring six (6) months immediately prior
to the date on which a Change in Control first occurs and ending on the second anniversary of the date on which a Change in Control occurs.



 


		7.	Dividend Equivalents on PSUs. Dividend Equivalents mean an amount of cash equal to all
dividends and distributions (or their economic equivalent) that are payable by the Company on one share of Common Stock to the stockholders
of record. The Company will pay Dividend Equivalents with respect to the PSUs when (i) the Performance Period has ended; (ii) Employee
has vested in the Award; and (iii) the PSU Awarded Shares have been certified by the Committee based on actual Achievement during the
Performance Period (or otherwise determined pursuant to paragraph 6.a.i. above). As soon as administratively feasible after these events
(and no later than 74 days following the end of the Performance Period), the Company will pay Employee a lump-sum cash amount for PSU
Award Dividend Equivalents based on the number of PSU Awarded Shares multiplied by the per share quarterly dividend payments made to stockholders
of the Company’s Common Stock during the Performance Period (without any interest or compounding). Any accumulated and unpaid Dividend
Equivalents attributable to PSUs that are cancelled or forfeited will not be paid and are immediately forfeited upon cancellation of the
PSUs.



 


		8.	Deferral Elections.



 


		a.	The Committee may establish procedures for Employee to elect to defer, until a time or times later than the
vesting of PSU Awards, receipt of all or a portion of the shares of Common Stock deliverable under the Awards. Any such deferral election
(“Deferral Election”) must be under the terms and conditions determined in the sole discretion of the
Committee (or its designee) and the Waste Management, Inc. 409A Deferral Savings Plan, As Amended and Restated Effective January 1, 2014
and as further amended, restated or supplemented from time to time (the “WM 409A Plan”). The Committee further
retains the authority and discretion to modify and/or terminate existing Deferral Elections, procedures and distribution options. Common
Stock subject to a Deferral



 


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	 	 	Election does not confer any shareholder rights to Employee unless and until the date the deferral expires
and certificates representing such shares are delivered to Employee.



 


		b.	No deferrals of Dividend Equivalents are permitted. In the event shares of Common Stock received upon vesting
of PSU Awards are deferred pursuant to a valid Deferral Election, then the Company will pay Dividend Equivalents to Employee in cash on
such deferred shares of Common Stock, as soon as administratively feasible following the payment of such dividends to stockholders of
record.



 


		c.	If the Committee permits deferral of the PSU Awards under this Agreement, then each provision of this Agreement
shall be interpreted to permit deferral only (i) in accordance with the terms of the WM 409A Plan and (ii) as allowed in compliance with
Section 409A. Any provision that would conflict with such requirements is not valid or enforceable. Employee acknowledges, without limitation,
and consents that the application of Section 409A to this Agreement may require additional delay of payments otherwise payable under this
Agreement or the WM 409A Plan. Employee and the Company agree to execute any instruments and take any action as reasonably may be necessary
to comply with Section 409A.



 


General Terms


 


		1.	Restrictions on Transfer.



 


		a.	Absent prior written consent of the Committee, Awards may not be sold, assigned, transferred, pledged or
otherwise encumbered, whether voluntarily or involuntarily, by operation of law or otherwise, other than pursuant to a domestic relations
order; provided, however, that the transfer of any shares of Common Stock issued under the Awards shall not be restricted by virtue of
this Agreement once such shares have been paid out.



 


		b.	Consistent with paragraph 1.a. above and except as provided in paragraph 3. below, no right or benefit under
this Agreement shall be subject to transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or charge, whether voluntary,
involuntary, by operation of law or otherwise, and any attempt to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge
the same shall be void. No right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities
or torts of the person entitled to such benefits. If Employee or his Beneficiary shall attempt to transfer, anticipate, alienate, assign,
sell, pledge, encumber or charge any right or benefit hereunder (other than pursuant to a domestic relations order), or if any creditor
shall attempt to subject the same to a writ of garnishment, attachment, execution sequestration, or any other form of process or involuntary
lien or seizure, then such attempt shall have no effect and shall be void.



 


		2.	Fractional Shares. No fractional shares of Common Stock will be issued under the Plan or this Agreement.



 


		3.	Withholding Tax. Employee agrees that Employee is responsible for federal, state and local tax consequences
associated with the Awards (and any associated Dividend Equivalents) under this Agreement. Upon the occurrence of a taxable event with
respect to any Award under this Agreement, Employee shall deliver to WM at such time, (i) such amount of money or shares of Common Stock
earned or owned by Employee or (ii) if employee is an executive officer at the time of such tax event and so elects (or, otherwise, with
WM’s approval), shares deliverable to Employee at such time pursuant to the applicable Award, in each case, as WM may require to
meet its obligation under applicable tax laws or regulations, and, if Employee fails to do so, WM is authorized to withhold from any shares
of Common Stock deliverable to Employee, cash, or other form of remuneration then or thereafter payable to Employee, any tax required
to be withheld.



 


		4.	Compliance with Securities Laws. WM is not required to deliver any shares of Common Stock under this
Agreement, if, in the opinion of counsel for the Company, such issuance would violate the Securities Act of 1933 or any other applicable
federal or state securities laws or regulations. Prior to the issuance of any shares, WM may require 



 


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	 	 	Employee (or Employee’s legal
representative upon Employee’s death or disability) to enter into such written representations, warranties and agreements as WM
may reasonably request in order to comply with applicable laws, including an agreement (in such form as the Committee may specify) under
which Employee represents that the shares of Common Stock acquired under an Award are being acquired for investment and not with a view
to sale or distribution.



 


Further, WM may postpone issuing and/or
delivering any Common Stock for so long as WM, in its complete and sole discretion, reasonably determines is necessary to satisfy any
of the following conditions: (a) the Company completing or amending any securities registration or qualification of the Common Stock,
(b) receipt of proof satisfactory to WM that a person seeking to exercise the Award after the Employee’s death is entitled to do
so; (c) establishment of Employee’s compliance with any necessary representations or terms and conditions of the Plan or this Agreement,
or (d) compliance with any federal, state, or local tax withholding obligations.


 


		5.	Employee to Have no Rights as a Stockholder.
                                            Employee shall have no rights as a stockholder with respect to any shares of Common Stock
                                            subject to this Award prior to the date on which Employee is recorded as the holder of such
                                            shares of Common Stock on the records of the Company, including no right to dividends declared
                                            on the Common Stock underlying the Award. Notwithstanding the foregoing, Dividend Equivalents
                                            shall be paid to Employee in accordance with and subject to the terms of paragraph 7 under
                                            “Important Award Details.”



 


		6.	Successors and Assigns. This Agreement
                                            shall bind and inure to the benefit of and be enforceable by Employee, WM and their respective
                                            permitted successors or assigns (including personal representatives, heirs and legatees),
                                            except that Employee may not assign any rights or obligations under this Agreement except
                                            to the extent, and in the manner, expressly permitted herein. The Company shall require any
                                            successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to
                                            all or substantially all of the business and/or assets of the Company to assume expressly
                                            and agree to perform this Agreement in the same manner and to the same extent that WM would
                                            be required to perform it if no such succession had taken place, except as otherwise expressly
                                            provided in paragraph 6.b. under “Important Award Details.”



 


		7.	Limitation of Rights. Nothing in this Agreement or the Plan may be construed to:



 


		a.	give Employee any right to be awarded any further Awards other than in the sole discretion of the Committee;



 


		b.	give Employee or any other person any interest in any fund or in any specified asset or assets of WM (other
than the Awards made by this Agreement, the related Dividend Equivalents awarded under this Agreement, and any Common Stock issuable under
the terms and conditions of such Awards); or



 


		c.	confer upon Employee the right to continue in the employment or service of WM.



 


		8.	Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Texas,
without reference to principles of conflict of laws.



 


		9.	Severability/Entire Agreement. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement.



 


		a.	Employee understands and agrees that the Awards granted under this Agreement are granted under the authority of the Plan and these
Awards and this Agreement are in all ways governed by the terms and conditions of the Plan and its administrative practices and interpretations.
Any inconsistency between the Agreement and the Plan shall be resolved in favor of the Plan. Employee also agrees the terms and conditions
of the Plan, this Agreement and related administrative practices and interpretations control, even if there is a conflict with any other
terms and conditions in any employment agreement or in any prior awards. Without limiting the generality of the foregoing, as a condition
to receipt of this Award, Employee agrees that the provisions relating to vesting and/or forfeiture of this Award upon a Termination of
Employment set forth in this Agreement



 


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	 	 	supersede and replace any provisions relating to vesting of the Award upon termination or other
event set forth in any employment agreement, offer letter or similar document.



 


		b.	Employee understands and agrees that he or she is to consult with and rely upon only Employee’s
own tax, legal, and financial advisors regarding the consequences and risks of this Agreement and the awards made under this Agreement.



 


		c.	Except as provided in paragraph 13 below, this Agreement may not be amended except in writing (including
by electronic writing) signed by all the parties to this Agreement (or their respective successors and legal representatives). The captions
are not a part of the Agreement and for that reason shall have no force or effect.



 


10. No Waiver. In the event
the Employee or WM fails to insist on strict compliance with any term or condition of this Agreement or fails to assert any right under
this Agreement, such failure is not a waiver of that term, condition or right.


 


11. Covenant
Requirement Essential Part of Award. An overriding condition (even if any other provision of the Plan and this Agreement are conflicting)
for Employee to receive any benefit from or payment of any Award under this Agreement, is that Employee must also have entered into an
agreement containing restrictive covenants concerning limitations on Employee’s behavior following termination of employment that
is satisfactory to WM.


 


12. Definitions.
If not defined in this Agreement, capitalized terms have the meanings set forth in the Plan.


 


		13.	Compliance with Section 409A. Both WM and Employee intend that this Agreement not result in unfavorable
tax consequences to Employee under Section 409A. Accordingly, Employee consents to any amendment of this Agreement WM may reasonably make
consistent to achieve that intention and WM may, disregarding any other provision in this Agreement to the contrary, unilaterally execute
such amendment to this Agreement. WM shall promptly provide, or make available to, Employee a copy of any such amendment. WM agrees to
make any such amendments to preserve the intended benefits to the Employee to the maximum extent possible. This paragraph does not create
an obligation on the part of WM to modify this Agreement and does not guarantee that the amounts or benefits owed under the Agreement
will not be subject to interest and penalties under Section 409A. Each cash and/or stock payment and/or benefit provided under the Plan
and this Agreement and/or pursuant to the terms of WM’s benefit plans, programs and policies shall be considered a separate payment
for purposes of Section 409A. Notwithstanding the foregoing, it is intended that Stock Option Awards not be subject to Section 409A. For
purposes of Section 409A, to the extent that Employee is a “specified employee” within the meaning of the Treasury Regulations
issued pursuant to Section 409A as of Employee’s separation from service and to the limited extent necessary to avoid the imputation
of any tax, penalty or interest pursuant to Section 409A, notwithstanding anything to the contrary in this Agreement, no amount which
is subject to Section 409A of the Code and is payable on account of Employee’s separation from service shall be paid to Employee
before the date (the “Delayed Payment Date”) which is the first day of the seventh month after the Employee’s separation
from service or, if earlier, the date of the Employee’s death following such separation from service. All such amounts that would,
but for the immediately preceding sentence, become payable prior to the Delayed Payment Date will be accumulated and paid without interest
on the Delayed Payment Date.



 


		14.	Use of Personal Data. Employee agrees to the collection, use, processing and transfer of certain personal data, including name,
salary, nationality, job title, position, social security number (or other tax identification number) and details of all past Awards and
current Awards outstanding under the Plan (“Data”), for the purpose of managing and administering the Plan. Employee is not
obliged to consent to such collection, use, processing and transfer of personal data, but a refusal to provide such consent may affect
the ability to participate in the Plan. WM may transfer Data among themselves or to third parties as necessary for the purpose of implementation,
administration and management of the Plan. These various recipients of Data may be located throughout the world. Employee authorizes these
various recipients of Data to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing,
administering and managing the Plan. Employee may, at any time,



 


13


 







     


     


    

 


	 	 	review Data with respect to Employee and require any necessary amendments
to such Data. Employee may withdraw his or her consent to use Data herein by notifying WM in writing (according to the provisions of paragraph
15 below); however, Employee understands that by withdrawing his or her consent to use Data, Employee may affect his or her ability to
participate in the Plan.



 


		15.	Notices. Any notice given by one party under this Agreement to the other shall be in writing and may be delivered personally
or by mail, postage prepaid, addressed to the Secretary of the Company, at its then corporate headquarters, and Employee at Employee’s
address as shown on WM’s records, or to such other address as Employee, by notice to the Company, may designate in writing from
time to time.



 


		16.	Electronic Delivery.    WM may, in its sole discretion, deliver any documents related to the Awards under
this Agreement, the Plan, and/or the WM 409A Plan, by electronic means or request Employee’s consent to participate in the administration
of this Agreement, the Plan, and/or the WM 409A Plan by electronic means.  Employee hereby consents to receive such documents by
electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by WM or
another third party designated by WM.



 


17. Clawback.
Notwithstanding any provisions in the Plan or this Agreement to the contrary, any portion of the payments and benefits provided under
this Agreement or the sale of any shares of Common Stock issued hereunder shall be subject to any clawback or other recovery policy adopted
by the Committee from time to time, including, without limitation, any such policy adopted in accordance with the requirements of the
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 or any SEC rule.


 


		18.	Binding Arbitration. Except as otherwise
                                            specifically provided herein, the Committee’s findings, calculations and determinations
                                            under this Agreement are made in the sole discretion of the Committee, and Employee expressly
                                            agrees that such determinations shall be final and not subject to dispute. In the event,
                                            however, that Employee has a right to dispute a matter hereunder (including, but not limited
                                            to the right to dispute set forth in paragraph 5 under “Important Award Details”),
                                            the Company and Employee agree that such dispute shall be settled exclusively by final and
                                            binding arbitration, as governed by the Federal Arbitration Act (9 U.S.C. 1 et seq.).
                                             The arbitration proceeding, including the rendering of an award, if any, shall be administered
                                            by JAMS pursuant to its Employment Arbitration Rules and Procedures, which may be found on
                                            the JAMS Website www.jamsadr.com. All expenses associated with the arbitration shall
                                            be borne by WM; provided however, that such arbitration expenses will not include attorney
                                            fees incurred by the respective parties. Judgment on any arbitration award may be entered
                                            in any court having jurisdiction.



 


		19.	Counterparts. This Agreement may be executed in counterparts, which together shall constitute one and the same original.



 


Execution


 


IN WITNESS
WHEREOF, the Company has caused this Agreement to be duly executed by one of its officers thereunto duly authorized and Employee
has executed this Agreement, effective as of March 1, 2022.


 


 


	WASTE MANAGEMENT,
    INC.	Employee

     

	 

     
	 

    Accepted
    by Electronic Communication



Tamla D. Oates-Forney


 


Date: March 1, 2022


 


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