# EDGAR Filing Document

**Accession Number:** 0000823768
**File Stem:** 0001104659-23-030666
**Filing Date:** 2023-3
**Character Count:** 72251
**Document Hash:** 2d3a0e937564862fe28b1a30b8b64185
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-030666.hdr.sgml**: 20230310

**ACCESSION NUMBER**: 0001104659-23-030666

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20230307

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230310

**DATE AS OF CHANGE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** WASTE MANAGEMENT INC
- **CENTRAL INDEX KEY:** 0000823768
- **STANDARD INDUSTRIAL CLASSIFICATION:** REFUSE SYSTEMS [4953]
- **IRS NUMBER:** 731309529
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12154
- **FILM NUMBER:** 23720852

**BUSINESS ADDRESS:**
- **STREET 1:** 800 CAPITOL STREET, STE 3000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002
- **BUSINESS PHONE:** 7135126200

**MAIL ADDRESS:**
- **STREET 1:** 800 CAPITOL STREET, STE 3000
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77002

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** USA WASTE SERVICES INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8"?

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 7, 2023**

**Waste Management, Inc.**

**(Exact Name of Registrant as Specified in Charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-12154** | **73-1309529** |
| (State or Other Jurisdiction<br> of Incorporation) | (Commission File Number) | (IRS Employer<br> Identification No.) |

---

---

| | |
|:---|:---|
| **800 Capitol Street, Suite 3000, Houston, Texas** | **77002** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

Registrant's Telephone number, including area code: **(713) 512-6200**

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

◻&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

◻&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

◻&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

◻&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, $0.01 par value | &nbsp;&nbsp;WM | &nbsp;&nbsp;New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ◻

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ◻

**Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.**

*<u>Change in Chief Accounting Officer</u>*

On March 7, 2023, the Board of Directors (the "Board") of Waste Management, Inc. (the "Company") elected Mr. John A. Carroll to succeed Ms. Leslie K. Nagy as Vice President and Chief Accounting Officer. The Board elected Ms. Nagy to succeed Mr. David L. Reed as Vice President and Treasurer. Mr. Reed is now serving as Vice President, Business Partner – Western Tier Field Operations.

Mr. Carroll, age 50, joined the Company in 2018 as Vice President, Internal Audit & Controls. Mr. Carroll was previously employed as Director of Internal Audit at Newfield Exploration. Mr. Carroll began his career at Arthur Andersen, a public accounting firm, in Houston, Texas. Mr. Carroll earned a Master of Science degree in accounting from Louisiana State University, and he is a certified public accountant licensed in Texas.

In connection with his election as Chief Accounting Officer and designation as an executive officer of the Company, Mr. Carroll's annual base salary was increased to $330,400. Mr. Carroll's additional cash and equity incentive compensation opportunities were not modified.

There were no understandings or arrangements between Mr. Carroll and any other person pursuant to which he was elected as an officer of the Company. There are no family relationships between Mr. Carroll and any director or executive officer of the Company, and there are no transactions between Mr. Carroll and the Company that would be required to be reported under Item 404(a) of Regulation S-K.

*<u>Grant of Equity Awards to Named Executive Officers</u>*

On March 7, 2023, the Management Development and Compensation Committee (the "Committee") of the Board granted equity awards under the Company's 2014 Stock Incentive Plan to each of the Company's named executive officers, as identified in the Company's most recent proxy statement (collectively, the "Executives").

Each of the Executives, which includes James C. Fish, Jr., President and Chief Executive Officer; John J. Morris, Jr., Executive Vice President and Chief Operating Officer; Devina A. Rankin, Executive Vice President and Chief Financial Officer; Mr. Charles C. Boettcher, Executive Vice President, Corporate Development and Chief Legal Officer and Ms. Tara J. Hemmer, Senior Vice President and Chief Sustainability Officer, received performance share units ("PSUs") and stock options. The number of PSUs granted to each of the Executives is as follows: Mr. Fish — 51,316; Mr. Morris — 14,210; Ms. Rankin — 12,106; Mr. Boettcher — 8,948 and Ms. Hemmer — 9,474. The material terms of the PSUs are described below.

---

| | |
|:---|:---|
| **<u>PSUs</u>** |  |
| Performance Calculation Date ("PCD") | As of December 31, 2025; award (if any) paid out after certification by the Committee of actual level of achievement ("payment date"). |
| Performance Measure | 50% of the PSUs will have a cash flow generation performance measure, and 50% of the PSUs will have a total shareholder return relative to the S&P 500 performance measure, in each case as set forth in the award agreement filed as Exhibit 10.1 hereto. |
| Range of Possible Awards | 0 — 200% of targeted amount, plus accrued dividend equivalents, based on actual results achieved. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Termination of Employment<br>Death or Disability before PCD  | <br>Payable in full on payment date based on actual results as if participant had remained an active employee through PCD.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Involuntary Termination for Cause or <br> Voluntary Resignation before PCD  | Immediate forfeiture. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Involuntary Termination other than <br> for Cause before PCD<br>Retirement (as defined in the award <br> agreement) before PCD<br>| Payable on payment date based on actual results, prorated based on portion of performance period completed prior to termination of employment.<br>If Retirement occurs on or after December 31, 2023, payable in full on payment date based on actual results as if participant had remained an active employee through PCD. If Retirement occurs before December 31, 2023, payable on payment date based on actual results, prorated based on the number of days worked during 2023 (the first year of the performance period) divided by 365.  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in Control before PCD | Performance measured prior to the change in control and paid on prorated basis on actual results achieved up to such date. Thereafter, participant also generally receives a replacement award of restricted stock units in the successor entity generally equal to the number of PSUs that would have been earned had no change in control occurred and target performance levels had been met from the time of the change of control through December 31, 2025, adjusted for any conversion factors in the change in control transaction. The new restricted stock units in the successor entity would vest on December 31, 2025.  |

---

The Committee granted stock options to the Executives to purchase the following number of shares of the Company's common stock: Mr. Fish — 59,415; Mr. Morris — 16,453; Ms. Rankin — 14,016; Mr. Boettcher – 10,360 and Ms. Hemmer – 10,969. The material terms of the stock options are described below.

---

| | |
|:---|:---|
| **<u>Stock Options</u>** |  |
| Vesting Schedule | 34% on first anniversary; <br> 33% on second anniversary; and <br> 33% on third anniversary. |
| Term | 10 years from date of grant. |
| Exercise Price | Fair Market Value on date of grant - $150.115&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; . |
| Termination of Employment  |  |

---

---

| | |
|:---|:---|
| Death or Disability | All options immediately vest and remain exercisable for one year, but in no event later than the original term. |
| Qualifying Retirement | Continued vesting and exercisability for three years, but in no event later than the original term. |
| Involuntary Termination other than for Cause or Voluntary Resignation | All vested options remain exercisable for 90 days, but in no event later than the original term. |
| Involuntary Termination for Cause | All options are forfeited, whether or not exercisable.<br>|
| Involuntary Termination or Resignation for Good Reason following a Change in Control  | All options immediately vest and remain exercisable for three years, but in no event later than the original term.  |

---

The form of award agreement for the PSUs and stock options granted to the Executives is filed as Exhibit 10.1 to this report. The descriptions of the material terms of the awards are qualified in their entirety by reference to the appropriate award agreement, incorporated herein by reference.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| [10.1](tm238966d1_ex10-1.htm) | [Form of 2023 Long Term Incentive Compensation Award Agreement for Senior Leadership Team](tm238966d1_ex10-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | WASTE MANAGEMENT, INC. | WASTE MANAGEMENT, INC. |
| Date: March 9, 2023 | By: | */s/ Charles C. Boettcher* |
|  |  | Charles C. Boettcher |
|  |  | Executive Vice President, Corporate Development and Chief Legal Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**2023 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 7, 2023 (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.

**<u>You must execute this Agreement in full, online in accordance with the instructions below, prior to April 7, 2023, in order for this Agreement to become effective.</u> 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. <u>PSU Grant</u>. 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
 7, 2023(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*** ").

2. <u>PSU Metrics.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;a. The
 "  ***Performance Period*** *"* for this PSU Award is the 36-month
 period beginning January 1, 2023, and ending on December 31, 2025. 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; <u>provided</u> that such other adjustments shall not reduce the Cash Flow Generation amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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%).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. <u>PSU Payout Percentage</u>.

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

&nbsp;&nbsp;&nbsp;&nbsp;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.

**<u>Achievement Levels and Corresponding Payouts for PSUs Dependent on Cash Flow Generation Performance Measure</u>**

---

| | | |
|:---|:---|:---|
| **Level of Achievement** | **Cash Flow<br> Generation Over<br> the Performance<br> Period** | **Payout Percentage for the <br> applicable half of your<br> 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.) | $6.600 Billion | 50% |
| ***Target Performance*** (the level of Achievement to qualify for 100% payout of the Cash Flow Generation half of your Target PSU Award.) | $7.300 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.) | $8.000 Billion | 200% |

---

**<u>Achievement Levels and Corresponding Payouts for PSUs Dependent on TSR</u>**

---

| | |
|:---|:---|
| **Total Shareholder Return Relative to the S&P 500 over the Performance Period** | **Total Shareholder Return Relative to the S&P 500 over the Performance Period** |
| **Level of Achievement**  | **Payout Percentage for the<br> applicable half of your Target<br> 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. <u>Timing and Form of Payment of PSU Award</u>. 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. <u>Stock Option Grant</u>. 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. <u>Term</u>.
 Notwithstanding any other provisions of this Agreement, the maximum term of the Stock Option
 Award is the 10<sup>th</sup> anniversary of the Grant Date.

3. <u>Right to Exercise</u>. 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***<br> ***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. <u>Manner of Exercise</u>. 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. <u>Payment of Grant Price</u>. 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 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. <u>Death or Disability</u>. 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:

&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;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. <u>Treatment of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by WM</u>.

&nbsp;&nbsp;&nbsp;&nbsp;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 1095 (which amount shall be
 issued and paid as soon as practicable and no later than 74 days following the end of the
 Performance Period).

&nbsp;&nbsp;&nbsp;&nbsp;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, 2023, 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).

&nbsp;&nbsp;&nbsp;&nbsp;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.

 ****

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

 ****

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; <u>provided</u>, that Employee is not receiving severance benefits
 pursuant to the severance pay plans of WM in connection with such Termination of Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. <u>Treatment of Stock Option Award upon Involuntary Termination; Resignation; Retirement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Involuntary Termination of Employment Without Cause or Resignation by Employee</u>. 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.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Retirement</u>.
 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. <u>Termination of Employment for Other Reasons</u>.

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>PSU Award in the Event of Involuntary Termination with Cause or Resignation by Employee</u>.
 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, 2025, for any reason other than any termination that would qualify
 Employee for payout under paragraphs 1 through 2 above and 6 below,
Employee shall immediately forfeit the PSU Award and any related Dividend Equivalents without payment of any consideration by WM.

&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Stock Option Award in the Event of Involuntary Termination with Cause</u>. 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. <u>Repayment of Award in the Event of Misconduct</u>.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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. <u>Acceleration upon Change in Control</u>. Overriding any other inconsistent terms of this Agreement:

&nbsp;&nbsp;&nbsp;&nbsp;a. <u>PSU Award</u>. 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:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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)
 1095.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

**<u>TAP X (1095 – EMD) x CP</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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, 2025 (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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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, 2025, 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, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Stock Option Award</u>. 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.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.  ***Change in Control*** means the first to occur of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

<u>provided</u>, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) "***Exchange Act***" means the Securities and Exchange Act of 1934, as amended from time to time; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. <u>Dividend Equivalents on PSUs</u>.  ***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. <u>Deferral Elections</u>.

&nbsp;&nbsp;&nbsp;&nbsp;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 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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. <u>Restrictions on Transfer</u>.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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. <u>Fractional Shares</u>. No fractional shares of Common Stock will be issued under the Plan or this Agreement.

3. <u>Withholding Tax</u>. 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. <u>Compliance with Securities Laws.</u> 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 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. <u>Employee to Have no Rights as a Stockholder.</u> 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. <u>Successors and Assigns</u>. 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. <u>Limitation of Rights</u>. Nothing in this Agreement or the Plan may be construed to:

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

&nbsp;&nbsp;&nbsp;&nbsp;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

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

8. <u>Governing Law</u>. 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. <u>Severability/Entire Agreement</u>. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;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 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.

&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;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. <u>No Waiver</u>. 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. <u>Covenant Requirement Essential Part of Award</u>. 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. <u>Definitions</u>.
If not defined in this Agreement, capitalized terms have the meanings set forth in the Plan.

13. <u>Compliance with Section 409A</u>. 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. <u>Use of Personal Data</u>. 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, 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. <u>Notices</u>.
 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. <u>Electronic Delivery</u>. 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. <u>Clawback</u>. 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. <u>Binding Arbitration</u>. 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. <u>Counterparts</u>.
 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 **<u>March 7, 2023</u>**.

---

| | |
|:---|:---|
| **WASTE MANAGEMENT, INC.** | **Employee**<br>|

---

Date: March 7, 2023