Document:

Exhibit 10.1

 

AMENDMENT TO 

SEPARATION BENEFITS PLAN AND EMPLOYMENT
AGREEMENT

 

This Amendment to Separation
Benefits Plan and Employment Agreement (this “Amendment”) is dated December 17, 2015 (the “Execution
Date”), and is by and between Waste Connections, Inc., a Delaware corporation (the “Company”), and
Ronald J. Mittelstaedt (“Executive”). The Company and Executive are referred to together herein as the “Parties.”
All capitalized terms not otherwise defined in this Amendment shall have the meaning set forth in the Employment Agreement (as
hereinafter defined).

 

RECITALS

 

WHEREAS, the Parties
entered into that certain Separation Benefits Plan and Employment Agreement, effective as of February 13, 2012 (the “Employment
Agreement”); and

 

WHEREAS, the Parties
desire to amend the Employment Agreement by this Amendment.

 

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Parties hereby agree as follows:

 

 

1.Payments on
Change in Control. Section 10(a) of the Employment Agreement is hereby deleted and replaced in its entirety with the following:

 

“(a) Payments
on Change in Control. Notwithstanding any agreement evidencing an equity award held by Executive entered into prior to, on
or after the Effective Date to the contrary, no equity award held by Executive shall be subject to accelerated vesting based solely
upon the occurrence of a Change in Control (as defined below) unless the Compensation Committee of the Company, prior to the Change
in Control, reasonably determines in good faith that Executive’s equity awards will not be honored or assumed, or new rights
that substantially preserve the terms of Executive’s equity awards will not be substituted therefor, by Executive’s
employer (or the parent of such employer) immediately following the Change in Control (a “Change in Control Cancellation”).
For the avoidance of doubt, in the event of a Change in Control Cancellation, (1) the vesting and, if applicable, exercisability
of each of Executive’s equity awards subject to time-based vesting shall fully accelerate as of immediately prior to the
Change in Control and (2) the vesting and, if applicable, exercisability of each of Executive’s equity awards subject to
performance-based vesting (“Performance Awards”) shall be determined in accordance with the agreement evidencing
such Performance Award or, in the absence of any provision in the agreement evidencing such Performance Award pertaining to the
Change in Control, shall be accelerated in respect to one hundred percent (100%) of the shares subject thereto with any performance
goal(s) being deemed to have been achieved at one hundred percent (100%) of target. For further avoidance of doubt, in the absence
of a Change in Control Cancellation, if the terms of a Performance Award provide for accelerated vesting upon a termination of
employment following a Change in Control, such terms shall continue to control and, in the absence of any such terms, such Performance
Award shall be subject to accelerated vesting as provided in Sections 7 and 8 hereof. Furthermore, in the absence of a Change in
Control Cancellation, if any equity award held by Executive as of immediately prior to a Change in Control is a Performance Award
and the agreement evidencing such Performance Award does not provide for the determination of performance in connection with the
Change in Control (or provides for accelerated vesting based solely upon the occurrence of a Change in Control), then the applicable
performance goals in respect of such equity award shall be deemed to have been achieved at one hundred percent (100%) of target
and any such equity award shall vest and, if applicable, become exercisable on such date(s) the equity award would have vested
if the performance goal were achieved absent the Change in Control. Any Performance Award for which the performance goal is achieved
or deemed achieved in connection with a Change in Control shall constitute a ‘time-based equity award’ under Sections
7 and 8 hereof. For the avoidance of doubt and without limiting the preceding sentence, Executive shall be eligible for such payments
and benefits as provided under, and in accordance with the terms and conditions of, Sections 7 and 8 hereof in the event Executive’s
employment terminates in connection with or following a Change in Control.”

 

     

     

    

 

2. No Other Changes.
Except as provided in this Amendment, the Employment Agreement shall remain in full force and effect and remain unchanged.

 

3.Counterparts.
This Amendment may be executed in any number of counterparts, each of which shall be enforceable against the parties actually executing
such counterparts, and all of which together shall constitute one instrument. A facsimile, telecopy or other reproduction of this
Amendment may be executed by one or more parties and delivered by such party by facsimile or any similar electronic transmission
device pursuant to which the signature of or on behalf of each such party can be seen. Such execution and delivery shall be considered
valid, binding and effective for all purposes.

 

4.Governing Law.
The Agreement and this Amendment are together intended to be a Top Hat Plan and shall be interpreted, administered and enforced
in accordance with ERISA. It is expressly intended that ERISA preempt the application of state laws to the Agreement and this Amendment
to the maximum extent permitted by Section 514 of ERISA. To the extent that state law is applicable, the statutes and common law
of the jurisdiction in which the Executive resides shall apply, excluding any that mandate the use of another jurisdiction’s
laws. The parties irrevocably and unconditionally submit to the jurisdiction and venue of any court, federal or state, situated
within Montgomery County, Texas, for the purpose of any suit, action or other proceeding arising out of, or relating to or in connection
with, the Agreement and this Amendment.

 

5.Acknowledgement.
Executive acknowledges that by entering into this Amendment, Executive is waiving any right Executive may have under the terms
of any existing or future equity award to receive vesting acceleration based solely upon the occurrence of a Change in Control,
provided, that such waiver shall not apply in the event of a Change in Control Cancellation. For the avoidance of doubt, Executive
is only waiving accelerated vesting as provided in the Amendment and Executive’s equity awards shall remain subject to accelerated
vesting upon certain terminations of Executive’s employment as provided in the Employment Agreement (as well as in connection
with any Change in Control Cancellation).

 

6.Miscellaneous.
This Amendment and the Employment Agreement sets forth the entire agreement between the Company and Executive concerning the subject
matter herein, and fully supersedes any and all prior oral or written agreements, promises or understandings between the Company
and Executive concerning the subject matter herein including, without limitation, any acceleration provisions set forth in any
agreement evidencing an equity award held by Executive. Further, Executive represents and acknowledges that in executing this Amendment,
Executive does not rely, and has not relied, on any prior oral or written communications by the Company, and Executive expressly
disclaims any reliance on any prior oral or written communications, agreements, promises, inducements, understandings, statements
or representations in entering into this Amendment. Therefore, Executive understands that he is precluded from bringing any fraud
or fraudulent inducement claim against the Company associated with any such communications, agreements, promises, inducements,
understandings, statements or representations. The Company and Executive are entering into this Amendment based on their own judgment.

 

[Signature Page Follows]

 

     

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Amendment to be executed by its duly authorized officer and Executive has executed this Amendment as of the Execution Date.

 

	WasTE CONNECTIONS, INC.	 	EXECUTIVE	 
	 	 	 	 	 	 
	By:  	/s/ Steven F. Bouck        	 	     /s/ Ronald J. Mittelstaedt	 
	 	 	 	Ronald J. Mittelstaedt	 
	Its:   	President	 	 	 	    
	    	 	 	 	 	 
	Date:  	     December 17, 2015  	 	Date:  	     December 17, 2015EX-10.1

 Exhibit 10.1 

2015 Option Award Agreement 

under the 
 Voya
Financial, Inc. 
 2014 Omnibus Employee Incentive Plan 

Grantee: 
 Grant Date: 

Performance Options Granted: 
 Exercise Price:

 Article 1 – General 
  

	1.1	Capitalized terms used but not defined in this agreement (this “Agreement”) shall, unless the context otherwise requires, have the same definition as in the Voya Financial, Inc. 2014
Omnibus Employee Incentive Plan (the “Plan”). Unless otherwise stated or the context so requires, the singular shall be construed to mean the plural, and vice versa. 

 

	1.2	This Award is subject to the terms and conditions of the Plan and as set forth below in this Agreement. The provisions of the Plan shall govern and prevail in the event of any conflict with this Agreement.

  

	1.3	The Grantee has read the Plan, and accepts and agrees to the terms and conditions thereof. 

 Article 2
– Award of Performance Options 
  

	2.1	Award. Grantee is hereby granted the number of non-qualified stock options (“Performance Options,” and each a “Performance Option”) indicated above
immediately adjacent to the caption “Performance Options Granted.” Each Performance Option represents a conditional right to purchase a share of Common Stock subject to Article 3 and the other terms of this Agreement. 

 

	2.2	Grant Date of Award. The grant date of this Award of Performance Options is the date indicated above immediately adjacent to the caption “Grant Date.” 

 

	2.3	Exercise Price. The exercise price of each share of Common Stock underlying a Performance Option hereby granted is the price indicated above immediately adjacent to the caption “Exercise Price.”

 Article 3 – Vesting; Termination of Employment; Change in Control; Exercise 

 

	3.1	Vesting. Subject to Articles 3.2, 3.3, 3.4 and 3.5: 

  

	 	(a)	Twenty-five percent (25%) of the Performance Options will vest upon the Company’s achievement of an Adjusted Operating ROE (as defined below) equal to or greater than the First Performance Target (set forth in
Exhibit A to this Agreement) with respect to any consecutive four Quarter period which begins on or after January 1, 2016 and is completed on or prior to December 31, 2018; 

 

	 	(b)	An additional fifty percent (50%) of the Performance Options will vest upon the Company’s achievement of an Adjusted Operating ROE equal to or greater than the Second Performance Target (set forth in Exhibit A
to this Agreement) with respect to any consecutive four Quarter period which begins on or after January 1, 2016 and is completed on or prior to December 31, 2018; and 

 

	 	(c)	The final twenty-five percent (25%) of the Performance Options will vest upon the Company’s achievement of an Adjusted Operating ROE equal to or greater than the Third Performance Target (set forth in Exhibit
A to this Agreement) with respect to any consecutive four Quarter period which begins on or after January 1, 2016 and is completed on or prior to December 31, 2018. 

 

	 	(d)	For purposes of this Article 3.1, Adjusted Operating ROE shall be considered “achieved” as of the final day of the relevant four Quarter period even if the achievement of the applicable performance target is
not determined until the following Quarter. 

  

	 	(e)	Any Performance Options which have not vested as of December 31, 2018 pursuant to this Article 3.1 shall be forfeited for no consideration. 

 

	3.2	Termination of Employment. 

  

	 	(a)	Unvested Performance Options 

  

	 	(i)	If Grantee’s Employment terminates for any reason, each Unvested Performance Option shall be forfeited for no consideration as of the Termination Date; provided, however, that in the event Grantee’s Employment
is terminated (1) by the Company without Cause, (2) by the Grantee at such time as the Grantee is Retirement-Eligible, or (3) as a result of Grantee’s death or Disability, any Unvested Performance Option shall remain outstanding
until such time as the Committee determines whether the relevant Performance Target is met as of the final day of the Quarter in which the Termination Date occurs, at which time such Performance Option shall be a Vested Performance Option and
Article 3.2(b)(ii) or 3.2(b)(iii)(B) shall apply to such Performance Option, as applicable, or, if the relevant Performance Target is not met and such Performance Option remains an Unvested Performance Option, then it shall be forfeited for no
consideration. 

  
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	 	(b)	Vested Performance Options 

  

	 	(i)	If Grantee’s Employment is terminated by the Company for Cause, each Vested Performance Option, whether exercisable or unexercisable, shall be immediately forfeited for no consideration as of the Termination Date.

  

	 	(ii)	If Grantee is Retirement-Eligible and ceases to be Employed by the Company for any reason other than Cause, then each Vested Performance Option shall remain outstanding for the remainder of the term of such Performance
Option. 

  

	 	(iii)	If Grantee is not Retirement-Eligible and ceases to be Employed by the Company by reason of: 

  

	 	(A)	termination of Grantee’s Employment by the Grantee other than as described in Article 3.2(b)(iii)(B) below, each Vested Performance Option that is unexercisable as of the Termination Date shall be immediately
forfeited for no consideration as of the Termination Date, and each Vested Performance Option that is exercisable as of the Termination Date shall remain exercisable for ninety (90) days thereafter, after which time such Vested Performance
Option shall be immediately forfeited for no consideration; or 

  

	 	(B)	the Grantee’s death or Disability, or termination of Grantee’s Employment by the Company without Cause, Grantee (or such Grantee’s estate, if applicable) may retain each Vested Performance Option, whether
exercisable or unexercisable, until the one year anniversary of the later of (i) the Termination Date, or (ii) the date on which such Vested Performance Option becomes exercisable, after which time such Vested Performance Option shall be
immediately forfeited for no consideration. 

  

	3.3	Change in Control. 

  

	 	(a)	Notwithstanding anything to the contrary in this Agreement or in the provisions of Section 3.6.1 of the Plan, in the event of a Change in Control: 

 

	 	(i)	 Each Unvested Performance Option that is outstanding immediately prior to the Change in Control shall vest and become exercisable upon the earlier of
(i) the one year anniversary of the Change in Control, provided that the Grantee remains continuously Employed with the Company or successor entity through such date; or (ii) the Termination Date, in the event the Grantee’s
Employment is terminated (1) by the Company or successor entity without Cause, (2) by the Grantee for Good Reason or at such time as the Grantee is Retirement-Eligible, or (3) as a result of Grantee’s death or Disability, in each
case upon or within one year after the Change in Control; provided further that upon termination of 

  
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the Grantee’s Employment for any reason other than the foregoing, each Unvested Performance Option shall be forfeited for no consideration as of the Termination Date. Any Unvested
Performance Option that becomes vested and exercisable pursuant to this Article 3.3(a)(i) shall be treated as a Vested Performance Option for purposes of this Agreement, including Article 3.2 hereof. 

 

	 	(ii)	Each Vested Performance Option that, immediately prior to the Change in Control, is not exercisable shall become exercisable upon the earlier of (i) the one year anniversary of the date on which such Performance
Option vests; or (ii) the Termination Date, in the event the Grantee’s Employment is terminated (1) by the Company or successor entity without Cause, (2) by the Grantee for Good Reason or at such time as the Grantee is
Retirement-Eligible, or (3) as a result of Grantee’s death or Disability, in each case upon or within one year after the Change in Control and shall otherwise be treated as a Vested Performance Option for purposes of this Agreement,
including Article 3.2 hereof; provided that (i) if the Grantee’s Employment is terminated by Grantee for any reason other than the foregoing, each Vested Performance Option that is not exercisable as of the Termination Date shall be
forfeited for no consideration as of the Termination Date and (ii) if Grantee’s Employment is terminated by the Company for any reason other than the foregoing, each Vested Performance Option, whether or not exercisable, shall be forfeited
for no consideration as of the Termination Date. 

  

	 	(b)	If, within two years of a Change in Control, the Grantee’s Employment is terminated by Grantee for Good Reason, then for purposes of Article 3.2 hereof the Grantee shall be deemed to have been terminated by the
Company without Cause. 

  

	 	(c)	In the event that, notwithstanding a Change of Control, a Performance Option would vest or become exercisable pursuant to Article 3.2 on a date that is earlier than the date such Performance Option would vest or become
exercisable pursuant to Article 3.3(a), then the Performance Option shall vest or become exercisable, as applicable, on such earlier date. 

  

	3.4	Exercise. Except as otherwise provided in Article 3.3 hereof, each Vested Performance Option shall become exercisable on the one year anniversary of the date on which such Performance Option vests. Vested
Performance Options that have become exercisable may be exercised pursuant to the terms of the Plan. 

  

	3.5	Committee Discretion. Notwithstanding anything to the contrary in this Article 3, the Committee in its absolute discretion may consent to vest and make exercisable the Performance Options in whole or in part to
the extent it may determine and considers reasonable. 

  
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 Article 4 – Recoupment 
  

	4.1	Compensation Recoupment Policy. By signing this Agreement, the Grantee acknowledges and agrees that each Performance Option and any Common Stock received by the Grantee upon exercise of such Performance Option
shall be subject to the terms of the Voya Financial, Inc. Compensation Recoupment Policy (as it may be amended from time to time) as if such policy were in effect as of the Grant Date. 

Article 5 – Various 
  

	5.1	Term of Performance Option. Each Performance Option shall have a term ending on the tenth anniversary of the Grant Date at which time all unexercised Performance Options shall expire. 

 

	5.2	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. 

Article 6 – Governing law and Jurisdiction 
  

	6.1	Governing law and jurisdiction. This Agreement shall be governed by and shall be construed in accordance with the laws of the State of New York. The Company and the Grantee irrevocably submit, in respect of any
suit, action or proceeding arising out of or relating to or concerning the Plan or the interpretation or enforcement of this Agreement, to the exclusive jurisdiction of any state or federal court located in New York, New York and to be bound by the
provisions of Section 3.16 of the Plan. 

  

	6.2	Partial invalidity. Parties expressly agree that the invalidity or unenforceability of a Article or Articles of this Agreement shall not affect the validity or enforceability of any other Article of this
Agreement and that the remainder of this Agreement will remain in full effect. Any such invalid or unenforceable Article shall be replaced or be deemed to be replaced by a provision that is considered to be valid and enforceable. The interpretation
of the replacing Article shall be as close as possible to the intent of the invalid or unenforceable Article. 

 Article 7 – Grantee
Covenants 
  

	7.1	In consideration of the Award granted under this Agreement, Grantee agrees to abide by the restrictive covenants set forth below. 

  

	 	(i)	Protection of confidential information. The Grantee will not, without permission of the Company, disclose any Company confidential information or trade secrets to anyone outside the Company, unless required by
subpoena. Confidential information and trade secrets include, but are not limited to, customer lists, product development information, marketing and sales plans, premium or other pricing information, operating policies and manuals, and other
confidential information related to the Company. 

  
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	 	(ii)	Nonsolicitation of employees and agents. The Grantee will not, for 12 months following termination of Employment, directly or indirectly attempt to induce any employee, agent or agency, broker, broker-dealer,
financial planner, registered principal or representative of the Company to be employed by or to perform services for any entity that competes with the Company. 

  

	 	(iii)	Nonsolicitation of customers. The Grantee will not, for 12 months following termination of Employment, directly or indirectly attempt to solicit the trade of any person that is a customer of the Company or which
the Company has been undertaking reasonable steps to procure as a customer during the 6 months preceding termination of employment. This limitation will only apply to products or services in competition with a product or service of the Company, and
to customers with whom Grantee had contact during employment. 

  

	 	(iv)	Agreement to Cooperate. Following the termination of Employment, the Grantee will cooperate with the Company, without additional compensation, on matters within the scope of Grantee’s responsibilities
during employment. The Company agrees to reimburse reasonable out-of-pocket expenses the Grantee incurs in connection with such assistance. The Company agrees it will make all reasonable efforts to minimize disruption to the Grantee’s other
commitments. 

  

	7.2	If any provision of Article 7.1 is determined by a court of competent jurisdiction not to be enforceable in the manner set forth above, the parties agree that they intend the provision to be enforceable to the maximum
extent possible under applicable law, and that the court should reform the provision to make it enforceable in accordance with the intent of the parties. 

  

	7.3	The Grantee acknowledges that these covenants are a material inducement for the Company to make the Award granted under this Agreement. The Grantee further acknowledges that a violation of any term of the covenants will
cause the Company irreparable injury for which adequate remedies are not available at law. Therefore, the Grantee agrees that, if the Grantee breaches any of the covenants: 

 

	 	(i)	the Award made to the Grantee pursuant to this Agreement will be rescinded; 

  

	 	(ii)	the Grantee will not be entitled to retain any income or property derived from the Award; and 

  

	 	(iii)	the Company will be entitled to an injunction, restraining order or such other equitable relief (without the requirement to post bond) restraining the Grantee from committing any violation of the covenants contained in
Article 7.1. 

 The remedies in this Article are cumulative and are in addition to any other rights and remedies the Company
may have at law or in equity as a court or arbitrator may reasonably determine. 

  
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 Article 8 – Definitions 
  

	8.1	“Adjusted Operating ROE” shall mean Ongoing Business Adjusted Operating Return on Equity, as reported in the Company’s earnings release furnished to the Securities and Exchange Commission on Form
8-K following the end of each Quarter or, if not reported therein, as determined by the Committee in its sole discretion. 

  

	8.2	“Disability” shall mean, as determined by the Committee in its sole discretion, an injury or sickness (i) that began during the Grantee’s Employment and has caused Grantee to be unable to
perform Grantee’s occupation on a full-time or part-time basis for a continuous period of 26 weeks and (ii) for which Grantee has been under a physician’s regular care. 

 

	8.3	“Quarter” shall mean a fiscal quarter of the Company. 

  

	8.4	“Performance Target”, as applied to a Performance Option, means (i) for the Performance Options described in Article 3.1(a), the First Performance Target, (ii) for the Performance Options
described in Article 3.1(b), the Second Performance Target, and (iii) for the Performance Options described in Article 3.1(c), the Third Performance Target, in each case as set forth in Exhibit A to this Agreement. 

 

	8.5	“Retirement-Eligible” shall mean that: (i) each of the following criteria are met: (A) Grantee is at least 58 years old and (B) the sum of Grantee’s years of service with the Company
and Grantee’s age (in years) is at least 63; or (ii) the Committee has agreed to deem Grantee to be Retirement-Eligible, notwithstanding that the criteria set forth in clause (i) of this definition have not been satisfied.

  

	8.6	“Termination Date” shall mean the date upon which Grantee’s Employment with the Company terminates. 

  

	8.7	“Unvested Performance Option” shall mean each outstanding Performance Option which is not a Vested Performance Option. 

 

	8.8	“Vested Performance Option” shall mean each Performance Option which has vested under Article 3.1 (including by operation of Article 3.2(a)) or Article 3.3 hereof. 

  
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 IN WITNESS WHEREOF, each of the parties hereto has signed this Agreement effective as of the date first written
above. 
 VOYA FINANCIAL, INC. 

	
	
	  

	Name:
	Title:
	
	  

	Name:
	Title:
	
	GRANTEE
	
	  

  
  
  

[Signature page to 2015 Option Award Agreement]

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