Document:

EX-10.26

 EXHIBIT 10.26 

SEPARATION AND RELEASE AGREEMENT 

THIS SEPARATION AND RELEASE AGREEMENT (“Separation Agreement”) is entered into between USA Waste-Management Resources, LLC (the
“Company”) and Mark E. Schwartz (the “Executive” and, together with the Company, the “parties”). 
 This
Separation Agreement is binding upon, and extends to, the parties and their past and present officers, directors, employees, shareholders, parent corporations, subsidiaries, affiliates, partners, agents, representatives, heirs, executors, assigns,
administrators, successors, predecessors, family members, d/b/a’s, assumed names, and insurers, whether specifically mentioned hereafter or not. A reference to a party in this Separation Agreement necessarily includes those persons and/or
entities described in the foregoing sentence. 
 PREAMBLE 

WHEREAS, Waste Management, Inc. (together with any entity that is a direct or indirect majority-owned subsidiary of Waste Management,
Inc. “Waste Management”) and Executive previously entered into that certain Employment Agreement dated July 5, 2012 (but effective May 10, 2012), as may have been amended from time to time (the “Employment Agreement”);

 WHEREAS, pursuant to such Employment Agreement, Executive has been continuously employed by the Company or an affiliate thereof;

 WHEREAS, the Parties agree that upon his separation and execution of a waiver and release of claims, Executive will receive
certain benefits described in Exhibit B of this Separation Agreement; 
 WHEREAS, the Company and Executive now jointly desire to
enter into this Separation Agreement to supplement the continuing provisions of said Employment Agreement as set forth below; and 
 NOW,
THEREFORE, in consideration of the premises and agreements contained herein, and for other good and valuable consideration, the Company and Executive hereby agree as follows: 

1.    Termination of Employment. The employment of Executive with the
Company terminated January 1, 2017 (“Employment Termination Date”). The parties agree that Executive is entitled to the certain compensation and benefits set forth in Section 6(e) of the Employment Agreement without his execution of a
release, as more specifically detailed in Exhibit A to this Separation Agreement. Executive agrees that as of the Employment Termination Date all officer positions he holds with any Waste Management entity ceased, and he shall take any actions that
are reasonably required to effectuate the foregoing. It is expressly agreed to and acknowledged by the parties that Executive is entitled to the compensation and benefits set forth in Exhibit A whether or not he executes this Separation
Agreement. 
 2.    Payment of Additional Consideration. In consideration of the
premises and promises herein contained, and subject to Executive executing and not revoking this Separation Agreement, it is agreed that the Company will provide Executive those certain benefits specifically

 
detailed in Exhibit B to this Separation Agreement. It is expressly agreed to and acknowledged by the parties that Executive is not entitled to the benefits set forth in Exhibit B until such
time as he executes this Separation Agreement and it becomes effective and irrevocably by its terms. The Company shall withhold, or cause to be withheld, from said payments all amounts required to be withheld pursuant to federal, state or local
tax laws. 
 The consideration set forth in this Section 2 is in full, final and complete settlement of any and all claims which
Executive could make in any complaint, charge, or civil action, whether for actual, nominal, compensatory, or punitive damages (including attorneys’ fees). Executive acknowledges that such consideration is being made as consideration for the
releases set forth in Section 3 and 5. Executive further acknowledges that the items of consideration set forth in this Section 2 are separate and distinct of and from each other, and that payment of each such item is independent valuable
consideration for the release and waiver set forth in Sections 3 and 5. 
 3.    General
Release. In exchange for the first payment made to Executive pursuant to Section 2, Executive releases and discharge the Company, its past and present parents, subsidiaries and its and their affiliated companies, managers,
partners, agents, directors, officers, accountants, attorneys, employees, and representatives, and all persons acting by, through, under or in concert with the Company (collectively referred to as the “Released Parties”), from any and all
causes of action, claims, liabilities, obligations, promises, agreements, controversies, damages, and expenses, known or unknown, which Executive ever had, or now have, against the Released Parties to the date of this Separation Agreement. The
claims Executive releases include, but are not limited to, claims that any of the Released Parties: 
  

	 	•	 	discriminated against Executive on the basis of Executive’s race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status,
veteran status, source of income, entitlement to benefits, union activities, or any other status protected by local, state or federal laws, constitutions, regulations, ordinances, executive orders, including but not limited to the Massachusetts Fair
Employment Practices Act, the New Jersey Conscientious Employee Protection Act, the New Jersey Law Against Discrimination, the New Jersey Whistleblower Act, North Dakota Century Code
§9-13-02 and South Dakota Code Laws § 20-7-11; or 

 

	 	•	 	discriminated against Executive on the basis of Executive’s age or violated any right Executive may have under the Age Discrimination in Employment Act (“ADEA”); or 

 

	 	•	 	failed to give proper notice of this employment termination under the Workers Adjustment and Retraining Notification Act (“WARN”), or any similar state or local statute or ordinance; or 

 

	 	•	 	violated any other federal, state, or local employment statute, such as the Employee Retirement Income Security Act of 1974, which, among other things, protects employee benefits; the Fair Labor Standards Act, which
regulates wage and hour matters; the Family and Medical Leave Act, which requires employers to provide leaves of absence under certain circumstances; Title VII of the Civil Rights Act of 1964; the Older Workers Benefits Protection Act; the Americans
With Disabilities Act; the Rehabilitation Act; OSHA; and any other laws relating to employment; or 

  
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	 	•	 	violated its personnel policies, handbooks, any covenant of good faith and fair dealing, or any contract of employment between Executive and any of the Released Parties; or 

 

	 	•	 	violated public policy or common law, including claims for: personal injury, invasion of privacy, retaliatory discharge, negligent hiring, retention or supervision, defamation, intentional or negligent infliction of
emotional distress and/or mental anguish, intentional interference with contract, negligence, detrimental reliance, loss of consortium to Executive or any member of Executive’s family, and/or promissory estoppel; or 

 

	 	•	 	is in any way obligated for any reason to pay Executive’s damages, expenses, litigation costs (including attorneys’ fees), bonuses, commissions, disability benefits, compensatory damages, punitive damages,
and/or interest, except as provided for in Section 12 of the Employment Agreement, or as otherwise provided by this Separation Agreement, law or Waste Management’s bylaws and certificates of incorporation. 

Executive understands and agrees that this Separation Agreement includes all claims that Executive may have and that Executive does not now know or suspect to
exist in Executive’s favor against the Released Parties, and that this Separation Agreement extinguishes those claims. 
 Executive is not prohibited
from making or asserting (a) any claim or right under state workers’ compensation or unemployment laws; (b) any claim or right, which by law cannot be waived through private agreement; (c) any claims for indemnification provided
pursuant to (i) Section 12 of the Employment Agreement, (ii) Waste Management’s charter or bylaws or (iii) any insurance policy maintained by Waste Management for Executive’s benefit from time to time; or (d) any
claims or rights that may arise after Executive executes this Separation Agreement, including any claim to enforce the terms of this Separation Agreement and its Exhibits. 

4.    Protected Rights. Notwithstanding the foregoing, nothing in this Separation Agreement prohibits
Executive from filing a charge with, or reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the U.S. Equal Opportunity Commission, the Department of Justice, the Securities
and Exchange Commission, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. This Separation Agreement does not limit Executive’s ability to
communicate with any government agencies or participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice to the Company. In addition, this
Separation Agreement does not limit Executive’s right to receive an award for information provided to any government agencies. Further, Executive is advised that an individual shall not be held criminally or civilly liable under any federal or
state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of
reporting or investigating a suspected violation of law; or (b) is made in a complaint or other 

  
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document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may
disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade
secret, except pursuant to court order. 
 5.    Covenant Not to Sue. For the purpose of
giving a full and complete release, Executive covenants and agrees that he has no pending claims or charges against the Released Parties. If Executive has any pending claims in a federal, state or local court, or in an arbitral forum, Executive
agrees to promptly file all appropriate papers requesting withdrawal and dismissal of such claims. Executive further agrees not to sue any of the Released Parties or become a party to a lawsuit on the basis of any claims of any type to date that
arise out of any aspect of Executive’s employment or termination of employment. Executive understands that this is an affirmative promise by Executive not to sue any of the Released Parties, which is in addition to Executive’s general
release of claims in Section 3 above. 
 Nothing in this Separation Agreement prevents Executive from bringing an action to enforce or
challenge the validity of this Separation Agreement or taking any action set forth in Section 4 above. If a federal, state or local government agency commences an investigation on Executive’s behalf, Executive specifically waives and
releases the right, if any, to recover any monetary or other benefits of any sort whatsoever arising from any such investigation, nor will Executive seek reinstatement to Executive’s former position with the Company. 

If Executive breaches this Separation Agreement by suing any of the Released Parties in violation of this Covenant Not to Sue, Executive
understands that (i) the Released Parties will be entitled to apply for and receive an injunction to restrain any violation of this paragraph, and (ii) Executive will be required to pay the Released Parties’ legal costs and expenses,
including reasonable attorney fees, associated with defending against the lawsuit and enforcing the terms of this Separation Agreement. 

6.    Protective Covenants and Loss of Benefits. Executive acknowledges and agrees that the
protective and restrictive covenants set forth in Section 10 of the Employment Agreement (the “Employment Agreement Protective Covenants”) remain in full force and effect and that the benefits payable under Section 2 of this
Separation Agreement are subject to forfeiture and/or recoupment (i) due to prohibited conduct as set forth in Section 11 of the Employment Agreement, (ii) upon subsequently discovered cause (as set forth in Section 6(f) of the
Employment Agreement) or (iii) as provided for under any clawback or similar policy of Waste Management that is applicable to Executive. 

7.    Application to all Forms of Relief. This Separation Agreement applies to any
relief no matter how called, including without limitation, wages, back pay, front pay, reinstatement, compensatory damages, liquidated damages, punitive damages for pain or suffering, costs and attorney’s fees and expenses. 

8.    No Admissions, Complaints or Other Claims. The Executive
acknowledges and agrees that this Separation Agreement is not to be construed in any way as an admission of any liability whatsoever by any Released Party, any such liability being expressly denied. The Executive also acknowledges and agrees that he
has not, with respect to any transaction or state of facts existing prior to the date hereof, filed any Actions against any Released Party with any governmental agency, court or tribunal. 

  
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 9.    Acknowledgments. Executive has fully
reviewed the terms of this Separation Agreement, acknowledges that he understands its terms, and states that he is entering into this Separation Agreement knowingly, voluntarily, and in full settlement of all claims which existed in the past or
which currently exist, that arise out of his employment with the Company or the termination of his employment. 
 Executive acknowledges
that he has had at least twenty-one (21) days to consider this Separation Agreement thoroughly, and Executive understands that he has the right to consult with an attorney, before he signs below and is
advised to do so. 
 If Executive signs and returns this Separation Agreement before the end of the
21-day period, he certifies that his acceptance of a shortened time period is knowing and voluntary, and the Company did not — through fraud, misrepresentation, a threat to withdraw or alter the offer
before the 21-day period expires, or by providing different terms to other employees who sign the release before such time period expires — improperly encourage Executive to sign. 

Executive understands that he may revoke this Separation Agreement within seven (7) days after he signs it. Executive’s revocation
must be in writing and submitted within the seven (7) day period to Kimberly Gee Stith, via hand delivery or via electronic delivery at: KStith@wm.com. If Executive does not revoke this Separation Agreement within the seven (7) day period,
it becomes irrevocable. Executive further understands that if he revokes this Separation Agreement, he will not be eligible to receive the benefits described in Exhibit B. All benefits described in Exhibit B will be paid on the dates specified
herein, but only if this Separation Agreement has been duly executed and not revoked within its revocation period. 

10.    Settlement and Acquisition of Goodwill. Executive waives
and releases any and all claims that the Employment Agreement Protective Covenants are not enforceable or are against public policy. Executive covenants not to file a lawsuit or arbitration proceeding, pursue declaratory relief, or otherwise take
any legal action to challenge the enforceability of the Employment Agreement Protective Covenants. The parties agree that the payments and benefits referred to in Exhibit B are, in part, consideration of the settlement of all disputes regarding the
enforceability and application of goodwill, trade secrets, and confidential information developed by Executive in the course of his employment with the Company. To help preserve the value of the goodwill, trade secrets, and confidential information
acquired herewith, it is agreed that Executive will comply with the Employment Agreement Protective Covenants (incorporated herein by reference) for the periods of time set forth therein. It is specifically agreed that the two-year Restricted Term set forth in Section 10 of the Employment Agreement and the restriction provided for therein shall commence upon the Employment Termination Date. 

11.    Assistance and Cooperation. Executive agrees that he will cooperate fully with the
Company and its counsel, upon their request, with respect to any potential or pending proceeding (including, but not limited to, any litigation, arbitration, regulatory proceeding, investigation or governmental action) that relates at least in part
to matters with which Executive was involved while he was an employee of the Company or any of its affiliates, or with which he has knowledge. Executive agrees to render such cooperation in a timely fashion and to provide

  
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Company personnel and counsel with the full benefit of his knowledge with respect to any such matter, and will make himself reasonably available for interviews, depositions, or court appearances
at the request of the Company or its counsel. Executive also agrees to timely complete a Director & Officer Questionnaire covering 2016 in January 2017 and to provide other information, if any, reasonably required for the Company’s
proxy disclosures. 
 The Company, Waste Management and their past and present parents, subsidiaries, and affiliated entities and companies
have certain obligations to Executive, his heirs and legal representatives to provide indemnity, to advance expenses, and to provide officers and directors liability insurance. These obligations are provided by law, in Section 12 of the
Employment Agreement, in this Separation Agreement, in Article Eight of the Third Amended and Restated Certificate of Incorporation of Waste Management, Inc. (“WMI”), in Article X of WMI’s bylaws, and in similar provisions in the
certificates (charters) of incorporation, bylaws and other governing documents of various past and present Waste Management parents, subsidiaries, and affiliated entities and companies. These obligations will continue beyond Executive’s
termination of employment on the Employment Termination Date, in accordance with and subject to the provisions thereof as in effect from time to time and applicable Delaware law. 

12.    Choice of Laws. This Separation Agreement is made and entered into in the State of
Texas, and shall in all respects be interpreted, enforced and governed under the laws of the State of Texas. The language of all parts of this Separation Agreement shall in all cases be construed as a whole, according to its fair meaning, and not
strictly for or against any of the parties. 
 13.    Severability.
Should any provision of this Separation Agreement be declared or be determined by any court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term, or
provision shall be deemed not to be a part of this Separation Agreement. 
 14. Tax Withholding; Right of Offset. The Company
shall withhold, or cause to be withheld, from any and all payments made pursuant to this Separation Agreement or any other agreement between Executive and the Company all amounts required to be withheld pursuant to federal, state or local tax laws.
The Company may withhold and deduct from any and all payments made pursuant to this Separation Agreement or any other agreement between Executive and the Company all other normal deductions made with respect to the Company’s employees generally
and any advances made to Executive and owed to the Company. Executive acknowledges that he has been advised to consult his own tax professional regarding the tax consequences of any payments of compensation or other amounts received by Executive
pursuant to this Separation Agreement or any other agreement between the Executive and the Company. Furthermore, Executive acknowledges that he is responsible for paying all applicable taxes as are assessed or levied by any governmental entity on
any payments of compensation or other amounts received by Executive from the Company. The Company makes no representations regarding the tax consequences of any payments under this Separation Agreement or any other agreement between Executive and
the Company, and in no event shall the Company be liable for any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive with respect to any payments under this Separation Agreement or any other agreement
between Executive and the Company. 

  
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 15.     Matters Relating to Section 409A of the Code.
Each payment under this Separation Agreement is intended to be (i) to the greatest extent possible exempt from Section 409A of the Internal Revenue Code, the regulations and other binding guidance promulgated thereunder (“Section
409A”), including, but not limited to, by compliance with the short-term deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4) and the separation pay plan exemption set forth in Treas. Reg § 1.409A-1(b)(9), or
(ii) if not exempt compliant with Section 409A, and the provisions of this Separation Agreement will be administered, interpreted and construed accordingly. Payments under this Separation Agreement in a series of installments shall be
treated as a right to receive a series of separate payments for purposes of Section 409A. Executive shall be considered to have incurred a “separation from service” with the Company and its affiliates within the meaning of Treas. Reg.
§ 1.409A-1(h)(1)(ii) as of the Employment Termination Date. 
 Notwithstanding any other provision in this Separation
Agreement to the contrary, payments and benefits payable under this Separation Agreement due to a “separation from service” within the meaning of Section 409A that are deferred compensation subject to (and not otherwise exempt from)
Section 409A that would otherwise be paid or provided during the six-month period commencing on the date of Executive’s “separation from service” within the meaning of Section 409A, shall be
deferred until the first business day after the date that is six (6) months following Executive’s “separation from service” within the meaning of Section 409A. 

To the extent that reimbursements or other in-kind benefits under this Separation Agreement constitute “nonqualified deferred
compensation” for purposes of Section 409A, (1) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the second taxable year following Executive’s “separation from service” pursuant to
Treasury Regulation § 1.409A-1(b)(9)(iii)(B), (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement, expenses eligible for reimbursement,
or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other taxable year. 

Amounts payable pursuant to this Separation Agreement are intended to be unfunded for purposes of Section 409A. Although bookkeeping accounts
may be established with respect to payments due under the Separation Agreement, any such accounts shall be used merely as a bookkeeping convenience. No provision of this Separation Agreement shall require the Company to purchase assets, place assets
in a trust or segregate assets in connection with amounts due under the Separation Agreement. Any obligation of the Company to Executive under this Separation Agreement shall be based solely upon any contractual obligations that may be created by
this Separation Agreement 
 15.    Dispute Resolution. The parties hereto agree that the
provisions of the Employment Agreement relating to dispute resolution including, without limitation, those provided for in Sections 11 and 13 thereto, shall survive and apply to the payments and benefits provided for under this Separation Agreement.

  
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 16. Complete Agreement. The parties hereto agree that the Employment
Agreement (including any other amendments thereto) as modified by this Separation Agreement, contains the full and final expression of their agreements with respect to the matters contained therein, and acknowledge that no other promises have been
made to or by any of the parties that are not set forth in these Agreements. 
 The parties agree that neither the offer of, nor the
execution of, this Separation Agreement will be construed as an admission of wrongdoing by anyone. Instead, this Separation Agreement is to be construed solely as a reflection of the parties’ desire to facilitate a peaceful separation of
employment and to make sure there are no unresolved issued between them.  
 Please review this document carefully as it
contains a release of claims. 
 IN WITNESS WHEREOF, the Executive has entered into this Separation Agreement, and the Company
has caused this Separation Agreement to be executed in its name and on its behalf by its duly authorized officer to be effective as of the date that this Separation Agreement is executed by Executive as set forth beneath the signature below (the
“Effective Date”). 
  

									
	MARK E. SCHWARTZ	 		 	USA WASTE-MANAGEMENT RESOURCES, LLC
	(“Executive”)	 		 	(The “Company”)
				
	 /s/ Mark E. Schwartz
	 		 	By:	 	 /s/ Courtney A. Tippy

	Signature	 		 	Title:	 	Vice President & Secretary
		 		 		 		 	

  

									
	Date: January 1, 2017	 		    		 	
	“Effective Date”	 		    	Printed Name:	 	Courtney A. Tippy
				
		 		 		    	Date: January 1, 2017

  
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 EXHIBIT A 

The employment of Executive is terminated, effective January 1, 2017 (the “Employment Termination Date”). Executive is therefore, entitled to
the payments and benefits listed below and detailed in under Section 6(d) of the Employment Agreement whether or not he signs this Separation Agreement. These include 
  

	 	(a)	Accrued but unpaid base salary for services rendered to the Employment Termination Date. 

  

	 	(b)	Accrued but unpaid expenses required to be reimbursed under the Employment Agreement. 

  

	 	(c)	Accrued but unused vacation for the year 2016 through December 31, 2016 (which the parties acknowledge is four weeks). Executive acknowledges that no vacation has accrued for 2017. 

 

	 	(d)	A payment under the Company’s 2016 Annual Incentive Plan (AIP) payable at the same time, on the same basis and to the same extent payments are made to similar senior executives of the Company, with no adjustment
(upward or downward) for individual performance. Executive is not entitled to a payout under any other bonus plan, including the 2017 Annual Incentive Plan. 

With respect to Executive’s outstanding awards of Performance Share Units (“PSUs”) awarded under the Waste Management, Inc. 2009 Stock
Incentive Plan and the Waste Management, Inc. 2014 Stock Incentive Plan (together, the “Incentive Plans”): 
  

	 	(a)	With respect to the PSU award granted on March 7, 2014, Executive shall be entitled to a full (i.e. not prorated) payout and related dividend equivalents, based upon Waste Management’s actual performance
through the applicable Performance Period (as defined in the applicable award), payable at substantially the same time as paid to other executives; and 

  

	 	(b)	With respect to the PSU awards granted on February 25, 2015 and February 26, 2016, Executive shall be entitled to receive a payout and related dividend equivalents (determined based upon Waste
Management’s actual performance through the entire applicable Performance Period) with respect to the number PSUs that Executive would have been entitled to receive if he had remained employed until the last day of the Performance Period
multiplied by the fraction which has as its numerator the total number of days Executive was employed by the Company during the applicable Performance Period and has as its denominator the total number of days during the applicable Performance
Period, with such payment made following the applicable Performance Period at substantially the same time as paid to other executives. 

 All
payments will be subject to applicable withholdings for federal, state and local income and employment taxes. 
 Executive is entitled to the benefits
described above in this Exhibit A whether or not he executes this Separation Agreement. 

  
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 EXHIBIT B 

The employment of Executive is terminated, effective January 1, 2017 (the “Employment Termination Date”) under the terms of this Separation
Agreement. In consideration of the premises and promises herein contained, it is agreed that, Executive is entitled to the compensation and benefits set forth below only after he executes and does not revoke this Separation Agreement, and it
has become irrevocable. 
 The payments and benefits to be provided are as follows: 

 

	 	(a)	A severance payment in the gross amount of One Million, Five Hundred Thirty Three Thousand Dollars ($1,533,000.00), approximately equal to two times the sum of Executive’s base salary ($438,000.00) and Target Bonus
($328,500.00). This severance amount will be paid as follows: 

 (i) Four Hundred Sixty Five Thousand Dollars ($465,000.00)
shall be paid within the calendar quarter in which the 60th day following the Employment Termination Date occurs; 

(ii) Three Hundred One Thousand Five Hundred Dollars ($301,500.00) shall be paid, without interest, on the date that is six months and one day
following the Employment Termination Date (i.e. July 2, 2017); and 
           (iii)
Seven Hundred Sixty Six Thousand Five Hundred Dollars ($766,500.00) shall be paid during the two (2) year period beginning on the Employment Termination Date, continuing at the same time and in the same manner Executive’s base salary would
have been paid if Executive had remained in active employment until the end of such period, provided that the first installment shall not be made until the date that is six months and one day following the Employment Termination Date (i.e.
July 2, 2017) and shall include, without interest, such amounts that would otherwise have been paid during the intervening period. 
  

	 	(b)	All stock option awards granted to Executive pursuant to the Incentive Plans that remain outstanding as of the Employment Termination Date shall continue to vest and, once vested, shall remain exercisable under the
exercise schedule set forth in the applicable award agreement for three years following the Employment Termination Date, and all options held as of the Employment Termination Date that were exercisable or become exercisable shall remain exercisable
until the end of the three year period commencing on the Employment Termination Date (or, if earlier, the end of the original term of the option award). 

  

	 	(c)	Twenty-four months of continued group health and/or dental insurance coverage that Executive participated in as of his Employment Termination Date. Executive must timely elect COBRA coverage and the Company will provide
COBRA coverage at its own expense for 18 months or, if earlier, until Executive’s eligibility for coverage by a subsequent employer. In the event of Executive’s death, the coverage provided for hereunder shall continue to be provided to
Executive’s spouse and eligible dependents for the period specified in Section 6(e)(v) of the Employment Agreement. Following the end of the 18-month period described above, Executive will have no
additional COBRA coverage, but if Executive has not obtained coverage from a subsequent employer, the Company will provide up to six months additional medical and dental coverage or, if it is prevented from doing so pursuant to applicable law
without triggering a penalty or excise tax, the parties shall agree upon an alternative benefit consistent with the obligations set forth in Section 6(e)(v) of the Employment Agreement. 

 

	 	(d)	During the calendar quarter in which the 60th day following the Employment Termination Date occurs, the Company will pay Executive Seventy-Five Thousand Dollars
($75,000) in a lump sum as the approximate value of twenty-four months of continued disability coverage that Executive participated in as of his Employment Termination Date. 

  
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	 	(e)	The Company will provide C-Suite level executive outplacement services via Shields Meneley Partners through December 31, 2017. 

 

	 	(f)	Within 60 days following the Employment Termination Date occurs, the Company will pay Executive an additional lump sum of Ten Thousand Dollars ($10,000) intended to cover the costs of an additional two years’ of
ERISA individual fiduciary liability insurance. 

  
 11EX-10.32

 Exhibit 10.32 

Individual Restricted Stock Unit 

Award Agreement 
 Waste
Management, Inc. 2014 Stock Incentive Plan 
 This Award Agreement (this “Agreement”) is entered into effective as of
            , 2016 (the “Grant Date”), by and between Waste Management, Inc., a Delaware corporation (the “Company”) (together with its
Subsidiaries and Affiliates, “WM”), and you (“Employee”). At all times, the Awards under this Agreement are subject to the terms and conditions of the Waste Management, Inc. 2014 Stock Incentive Plan
(the “Plan”), this Agreement, and all applicable administrative interpretations and practices. A copy of the Plan is available online at http://visor.wm.com under the Legal tab. Once there, scroll to the bottom of the
Legal page, then choose Documents, Stock Incentive Plan and choose “2014 Stock Incentive Plan.” A description of the Plan appears on the same page under “2014 Stock Incentive Plan Prospectus” (the “Prospectus”). Please
also see the Company’s Form 10-K included in its most recent Annual Report, available on the Investor Relations page of www.wm.com under Financial Reporting – Annual Reports, for information
about the Company. By executing this Agreement, you consent to receipt of the Plan, the Prospectus, and the Annual Reports by electronic access as set forth in this paragraph. 

You must execute this Agreement in full by
                     and promptly return the executed Agreement to Courtney Tippy, Corporate Secretary, 1001 Fannin, Houston, TX 77002 in order for
this Agreement to become effective. If you do not timely execute and promptly return this agreement as provided, your Award may be irrevocably cancelled effective upon the lapse of the deadline.

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. 

Restricted Stock Units 
  

	1.	RSU Grant. The Company grants to Employee 15,625 Restricted Stock Units (“RSUs”). RSUs are notational units of measurement denominated in shares of common stock of the Company, $.01 par
value (“Common Stock”). Each RSU represents a hypothetical share of Common Stock. Upon your timely execution of this Agreement, WM will credit your RSUs to an unfunded bookkeeping account for you. 

	2.	Vesting of RSUs. The RSUs granted by this Agreement (“RSU Awards”) vest based upon the following schedule: 

 

									
	 Vesting Date
	  	Number of RSUs
Vesting on Vesting
Date	 	  	Approximate
Cumulative Percentage
of RSUs Vested	 
		  				  			

 Each date of vesting set forth above is the applicable Vesting Date. Except as otherwise
provided herein, your RSUs generally vest only if you are continuously employed from the Grant Date to the applicable Vesting Date, subject to the exceptions discussed below. The period of time from the Grant Date (inclusive) to the applicable
Vesting Date is the applicable Restriction Period. 
  

	3.	Timing and Form of Payment of RSU Award. Upon vesting, each RSU is converted to one share of Common Stock, free of any restrictions. WM will deliver the shares of Common Stock to you and make payment of the
corresponding Dividend Equivalents as soon as administratively feasible (and no later than 60 days) following the applicable Vesting Date. 

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

 

	1.	Death or Disability. Upon Employee’s death or disability (as determined by the Committee and within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations
issued thereunder (“Section 409A”) and specifically Section 409A (a)(2)(C) (“Disability”)), Employee (or in the case of Employee’s death, Employee’s beneficiary or estate) shall be entitled
to immediate vesting in full of all RSUs under this Agreement (and related unpaid Dividend Equivalents attributable to the time period from the Grant Date to the time of such immediate vesting), which shall be issued and paid within 60 days
following the date of such death or Disability, as applicable. 

  

	2.	Retirement or Involuntary Termination of Employment Without Cause by WM. 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 5.a.i. below, but (ii) that would constitute a Change in Control of the subsidiary within the meaning of paragraph 5.a.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. 

 

	 	a.	Upon Employee’s Retirement or an involuntary Termination of Employment by WM without Cause, Employee shall be entitled to the amount of RSUs and any related Dividend Equivalents on such RSUs that Employee would
have been entitled to under this Agreement if Employee had remained employed until next applicable the Vesting Date multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the period
beginning on the preceding Vesting Date (or the Grant Date, if no Vesting Date has occurred) and ending on the date of Termination of Employment and has as its denominator 365, which shall be issued and paid within 60 days following the next normal
Vesting Date. 

  

	 	b.	For these purposes, the definitions below govern: 

  

	 	i.	Retirement means Termination of Employment due to the voluntary resignation of employment by Employee, after Employee (x) has reached age 55 or greater; (y) has a sum of age plus years of
Service (as defined in paragraph ii. below) with WM equal to 65 or greater; and (z) has completed at least 5 consecutive full years of Service with WM during the 5 year period immediately preceding the resignation.

  
 2 

	 	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. 

 

	3.	Termination of Employment for Other Reasons. Except as provided in paragraphs 1 through 2 above and 5 below, Employee must be an employee of WM continuously from the Grant Date through the close of business on
the applicable Vesting Date(s) to be entitled to receive payment of any RSU Awards. Upon Termination of Employment on or before the lapse of the applicable Restriction Period, for any reason other than termination that would qualify Employee for
payout under paragraphs 1 through 2 above and 5 below, Employee shall immediately forfeit all unvested RSUs and any related Dividend Equivalents, without the payment of any consideration by WM. 

 

	4.	Repayment of RSU Award in the Event of Misconduct. 

  

	 	a.	Overriding any other inconsistent terms of this Agreement, if the Committee, in its sole discretion, determines that Employee either engaged in or benefited from Misconduct (as defined below), then, to the fullest
extent permitted by law, Employee shall refund and pay to WM any Common Stock and/or amounts (including Dividend Equivalents), plus interest, received by Employee under this Agreement. Misconduct means any act or failure to act by any
employee of WM that (x) 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 (y) materially increased the value of the payment or RSU Award received by Employee under this Agreement. The Committee may, in its sole discretion, delegate the determination of Misconduct to an independent third party (either a law
firm or an accounting firm, hereinafter referred to as Independent Third Party) appointed by the Committee. 

  

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

 

	 	c.	WM must initiate recovery pursuant to this paragraph 4 by the earliest of (i) one year after discovery of alleged Misconduct, or (ii) the second anniversary of Employee’s Termination of Employment.

  

	 	d.	The provisions of this paragraph 4, without any implication as to any other provision of this Agreement, shall survive the expiration or termination of this Agreement and Employee’s employment. 

 

	5.	Acceleration of Vesting upon Change in Control. If there is Change in Control prior to the close of the Restriction Period, all outstanding but unvested RSUs will be immediately vested in full and such RSU Award
and all associated Dividend Equivalents will be paid within 60 days following the applicable original Vesting Date, unless the successor entity assumes all RSU Awards granted under the Plan and converts the awards to equivalent grants in the
successor effective as of the Change in Control. If the successor entity so assumes and converts all RSU Awards granted under the Plan, upon Employee’s involuntary Termination of Employment without Cause during the Window Period or upon
Employee’s death or Disability, then all outstanding but unvested RSUs (or the equivalent grant in the successor entity) and the associated Dividend Equivalents through such date will become immediately vested in full at such time and paid
(i) in the case of death or Disability, within 60 days of such time or (ii) in the case of involuntary Termination of Employment without Cause, within 60 days following their applicable original Vesting Date. 

  
 3 

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

  

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

  

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

 

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

  

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

  

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

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

  
 4 

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

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

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

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

  

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

  

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

  

	6.	Dividend Equivalents. 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 RSUs as soon as administratively feasible (and no later than 60 days) following the applicable Vesting Date for such RSUs. The Company will make such payment in
a lump sum cash amount for RSU Award Dividend Equivalents based on the number of RSUs vested on such Vesting Date multiplied by the per share quarterly dividend payments made to stockholders of the Company’s Common Stock during the applicable
Restriction Period (without any interest or compounding). Any accumulated and unpaid Dividend Equivalents attributable to RSUs that do not vest or that are cancelled or forfeited will not be paid and are immediately forfeited upon cancellation or
forfeiture of the RSUs. 

 General Terms 
  

	1.	Restrictions on Transfer. 

  

	 	a.	Absent prior written consent of the Committee, RSU 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 RSU Awards shall not be restricted by virtue of this Agreement once such shares have been paid out. 

  
 5 

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

  

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

  

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

  

	4.	Compliance with Securities Laws. WM is not required to deliver any shares of Common Stock under this Agreement, if, in the opinion of counsel for the Company, such issuance would violate the Securities Act of
1933 or any other applicable federal or state securities laws or regulations. Prior to the issuance of any shares, WM may require 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 RSU 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 RSU Award after the Employee’s death is entitled to do so; (c) establishment of Employee’s
compliance with any necessary representations or terms and conditions of the Plan or this Agreement, or (d) compliance with any federal, state, or local tax withholding obligations. 

 

	5.	Employee to Have no Rights as a Stockholder. Employee shall have no rights as a stockholder with respect to any shares of Common Stock subject to this RSU 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 RSU Award. Notwithstanding the foregoing, Dividend Equivalents shall be paid to Employee in
accordance with and subject to the terms of paragraph 6 under “Important Award Details.” 

  

	6.	Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by Employee, WM and their respective permitted successors or assigns (including personal representatives, heirs and
legatees), except that Employee may not assign any rights or obligations under this Agreement except to the extent, and in the manner, expressly permitted herein. The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company to assume expressly and agree to perform this Agreement in the same manner and to the same extent that WM would be required to perform it if
no such succession had taken place, except as otherwise expressly provided in paragraph 5 under “Important Award Details.” 

  
 6 

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

  

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

  

	 	b.	give Employee or any other person any interest in any fund or in any specified asset or assets of WM (other than the RSU 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 RSU Awards); or 

  

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

  

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

 

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

 

	 	a.	Employee understands and agrees that the RSU Awards granted under this Agreement are granted under the authority of the Plan and these RSU 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. 

 

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

  

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

  

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

  

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

  

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

  

	13.	 Compliance with Section 409A. Both WM and Employee intend that this Agreement not result in unfavorable
tax consequences to Employee under Section 409A. Accordingly, Employee consents to any amendment of this Agreement WM may reasonably make consistent to achieve that intention and WM may, disregarding any other provision in this Agreement to the
contrary, unilaterally execute such amendment to this Agreement. WM shall promptly provide, or make available to, Employee a copy of any such amendment. WM agrees to make any such amendments to preserve the intended benefits to the Employee to the
maximum extent possible. This paragraph does not create an obligation on the part of WM to modify this Agreement and does not guarantee that the 

  
 7 

	 	
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. For purposes of Section 409A, to the extent that Employee is a “specified
employee” within the meaning of the Treasury Regulations issued pursuant to Section 409A as of Employee’s separation from service and to the limited extent necessary to avoid the imputation of any tax, penalty or interest pursuant to
Section 409A, notwithstanding anything to the contrary in this Agreement, no amount which is subject to Section 409A of the Code and is payable on account of Employee’s separation from service shall be paid to Employee before the date (the
“Delayed Payment Date”) which is the first day of the seventh month after the Employee’s separation from service or, if earlier, the date of the Employee’s death following such separation from service. All such amounts that
would, but for the immediately preceding sentence, become payable prior to the Delayed Payment Date will be accumulated and paid without interest on the Delayed Payment Date. 

 

	14.	Use of Personal Data. Employee agrees to the collection, use, processing and transfer of certain personal data, including name, salary, nationality, job title, position, social security number (or other tax
identification number) and details of all past Awards and current Awards outstanding under the Plan (“Data”), for the purpose of managing and administering the Plan. Employee is not obliged to consent to such collection, use, processing
and transfer of personal data, but a refusal to provide such consent may affect the ability to participate in the Plan. WM may transfer Data among themselves or to third parties as necessary for the purpose of implementation, administration and
management of the Plan. These various recipients of Data may be located throughout the world. Employee authorizes these various recipients of Data to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes
of implementing, administering and managing the Plan. Employee may, at any time, review Data with respect to Employee and require any necessary amendments to such Data. Employee may withdraw his or her consent to use Data herein by notifying WM in
writing (according to the provisions of paragraph 15 below); however, Employee understands that by withdrawing his or her consent to use Data, Employee may affect his or her ability to participate in the Plan. 

 

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

 

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

  

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

  

	18.	 Binding Arbitration. Except as otherwise specifically provided herein, the Committee’s findings,
calculations and determinations under this Agreement are made in the sole discretion of the Committee, and Employee expressly agrees that such determinations shall be final and not subject to dispute. In the event, however, that Employee has a right
to dispute a matter hereunder (including, but not limited to the right to dispute set forth in paragraph 4 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

  
 8 

	 	
Arbitration Rules and Procedures, which may be found on the JAMS Website www.jamsadr.com. All expenses associated with the arbitration shall be borne by WM; provided however, that such
arbitration expenses will not include attorney fees incurred by the respective parties. Judgment on any arbitration award may be entered in any court having jurisdiction. 

 

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

  
 9 

 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                     . 
  

					
	WASTE MANAGEMENT, INC.	 		 	
			
	  
	 		 	  

	Mark Schwartz	 		 	Employee:
			
	  
	 		 	  

	Date	 		 	Date

  
 10

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