Document:

EXHIBIT 10.19
2021 Long Term Incentive Compensation
Award Agreement
RSU Award under the
Waste Management, Inc. 2014 Stock Incentive Plan
This Award Agreement (this “Agreement”) is entered into effective as of                  (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.  If you are a resident of Canada, additional terms applicable to your Award are contained in a separate attached addendum which must be reviewed in conjunction with this Agreement and the Plan.
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You must execute this Agreement in full, online in accordance with the instructions below, prior to                 ,in order for this Agreement to become effective.  If you do not execute this Agreement by correctly following the instructions below, your Awards may be cancelled.
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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.
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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.
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Restricted Stock Units
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	1.
	RSU Grant.  The Company grants to Employee the number of Restricted Stock Units (“RSUs”) provided in the Notice of Long Term Incentive Operations Tier Award dated             (the “Notice”).  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.

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	2.
	Vesting of RSUs.  The RSUs granted by this Agreement (“RSU Awards”) vest entirely on the third (3rd) anniversary of the Grant Date, unless earlier vested or forfeited under this Agreement.  The date of vesting is the Vesting Date.  Except as otherwise provided herein, your RSUs generally vest only if you are continuously employed from the Grant

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Date to the Vesting Date, subject to the exceptions discussed below.  The period of time from the Grant Date (inclusive) to the Vesting Date is the Restriction Period.
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	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 74 days) following the Vesting Date.

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Important Award Details
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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.
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	1.
	Death or Disability.  Upon Employee’s death or disability (as determined by the Committee and within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations issued thereunder (“Section 409A”) and specifically Section 409A (a)(2)(C) (“Disability”)), Employee (or in the case of Employee’s death, Employee’s beneficiary) shall 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 74 days following the date of such death or Disability, as applicable.

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	2.
	Retirement; Involuntary Termination of Employment Without Cause by WM.

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		a.
	Termination Without Cause. Upon an involuntary Termination of Employment by WM without Cause (as defined in paragraph 5.a.iii below), Employee shall be entitled to the amount of RSUs and any related Dividend Equivalents on such RSUs through the Vesting Date that Employee would have been entitled to under this Agreement if Employee had remained employed until 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 Grant Date and ending on the date of Termination of Employment and has as its denominator 1095, which shall be issued and paid no later than 74 days following the normal Vesting Date (i.e. the three-year anniversary of the Grant Date).

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		b.
	Retirement.  Upon Employee’s Retirement (as defined in paragraph 2.e below), Employee shall be entitled to the amount of RSUs and any related Dividend Equivalents on such RSUs through the Vesting Date that Employee would have been entitled to under this Agreement if Employee had remained employed until 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 calendar year in which the Grant Date occurred and has as its denominator 365, which shall be issued and paid no later than 74 days following the normal Vesting Date (i.e. the three-year anniversary of the Grant Date).  To illustrate the preceding sentence, if Employee retires on or after the first day of the calendar year following the calendar year in which the Grant Date occurs, he or she shall be entitled to receive a full payout at such time.

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		c.
	In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction (i) that would not constitute a Change in Control of the Company within the meaning of paragraph 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.

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		d.
	In order to receive any of the vesting described in paragraphs 1, 2.a, 2.b or 5, Employee (or, if applicable, Employee’s estate) must (x) to the extent requested by WM, execute and not revoke a general release of claims in favor of WM and its affiliates in a form that is acceptable to WM and which has become effective and

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irrevocable prior to the payment date set forth above (or such earlier deadline set by WM) and (y) continue to abide by all ongoing obligations to WM under any restrictive covenant agreement.
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		e.
	The following terms shall have the meanings set forth below for purposes of this Agreement:

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

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		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.

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	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 last day of the Restriction Period to be entitled to receive payment of any RSU Awards.  Upon Termination of Employment on or before the lapse of the 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.

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

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		a.
	Overriding any other inconsistent terms of this Agreement, if the Committee, in its sole discretion, determines that Employee either engaged in or benefited from Misconduct (as defined below), then, to the fullest extent permitted by law, Employee shall refund and pay to WM any Common Stock and/or amounts (including Dividend Equivalents), plus interest, received by Employee under this Agreement.  Misconduct means any act or failure to act by any employee of WM that (i) caused or was intended to cause a violation of WM’s policies or the WM code of conduct, generally accepted accounting principles or any applicable laws in effect at the time of the act or failure to act in question and that (i) 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.

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		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.

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		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.

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		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.

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	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, along with all associated Dividend Equivalents up to the original Vesting Date, will be due and payable within 74 days following such 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 Retirement, 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 as of such event and paid (i) in the case of death or Disability, within 74 days of such time or (ii) in the case of Retirement or involuntary Termination of Employment without Cause, within 74 days following the original Vesting Date.

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

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

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		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;

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		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;

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		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

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		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.

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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

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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.
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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.

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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.
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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.
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	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 74 days) following the original Vesting Date.   The Company will make such payment in a lump sum cash amount for RSU Award Dividend Equivalents based on the number of RSUs vested multiplied by the per share quarterly dividend payments made to stockholders of the Company’s Common Stock during the 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.

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General Terms
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	1.
	 Restrictions on Transfer.

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		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.

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		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.

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

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	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.

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	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.

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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.
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	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 7 under “Important Award Details.”

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

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

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

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		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.
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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.
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		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.  Without limiting the generality of the foregoing, as a condition to receipt of this Award, Employee agrees that the provisions relating to vesting and/or forfeiture of this Award upon a Termination of Employment set forth in this Agreement supersede and replace any provisions relating to vesting of the Award upon termination or other event set forth in any employment agreement, offer letter or similar document.

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		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.

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		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.

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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.
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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.
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12.  Definitions.  If not defined in this Agreement, capitalized terms have the meanings set forth in the Plan.
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	13.
	Compliance with Section 409A.  Both WM and Employee intend that this Agreement not result in unfavorable tax consequences to Employee under Section 409A.  Accordingly, Employee consents to any amendment of this Agreement WM may reasonably make consistent to achieve that intention and WM may, disregarding any other provision in this Agreement to the contrary, unilaterally execute such amendment to this Agreement.  WM shall promptly provide, or make available to, Employee a copy of any such amendment.  WM agrees to make any such amendments to preserve the intended benefits to the Employee to the maximum extent possible. This paragraph does not create an obligation on the part of WM to modify this Agreement and does not guarantee that the amounts or benefits owed under the Agreement will not be subject to interest and penalties under Section 409A.  Each cash and/or stock payment and/or benefit provided under the Plan and this Agreement and/or pursuant to the terms of WM’s benefit plans, programs and policies shall be considered a separate payment for purposes of Section 409A.  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.

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	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.

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	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.

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	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.

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	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,

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

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Execution
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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                .
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	WASTE MANAGEMENT, INC.
	Employee
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Accepted by Electronic Communication

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Date:

9Exhibit 10.1

 

Debt Settlement and Mutual
Release Agreement

 

Dated as of May 31, 2021

 

This Debt Settlement and Mutual
Release Agreement (the “Agreement”) is entered into as of the date first set forth above (the “Effective Date”),
by and between (i) AnPac Bio-Medical Science Co., Ltd., a British Virgin Islands company (the “Company”) and (ii) Ascent Investor
Relations Inc. (“Ascent”). Each of the Company and Ascent may be referred to herein individually as a “Party”
and collectively as the “Parties.”

 

WHEREAS, the Company entered
into an engagement agreement (the “Engagement Agreement”) with Ascent on November 26, 2019, pursuant to which the company
agreed to pay Ascent a fee of $15,000 per month before the Company’s listing on Nasdaq and either $12,500 per month after listing
on Nasdaq if the total amount raised by the Company in its initial public offering is greater than $12.5 million, or $7,500 per month
if the total amount raised by the Company in its initial public offering is less than $12.5 million, for a term from November 26, 2019
to November 25, 2020, in exchange for Ascent’s investor relations services.

 

WHEREAS, the Company entered
into a supplementary provisions to the service agreement on January 1, 2020 (the “Supplementary Agreement”) with Ascent on
January 1, 2020, pursuant to which the company agreed to pay Ascent a total of $1,500,000, for a term from January 1, 2020 to December
31, 2021, in exchange for Ascent’s additional investor relations services.

 

WHEREAS, the services covered
by the Supplementary Agreement are beyond the scope of the services in the Engagement Agreement. The fee shall be paid separately.

 

WHEREAS, as of the Effective
Date, Ascent has an outstanding invoice in the amount of $103,080 pursuant to the Engagement Agreement and an outstanding invoice in the
amount of $600,000 pursuant to the Supplementary Agreement (collectively, the “Debt”).

 

WHEREAS, the Parties now wish
to settle the Debt subject to the terms and conditions as set forth herein; and

 

NOW, THEREFORE, in consideration
of the premises and of the terms and conditions herein contained, and for other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties, each intending to be legally bound, hereby agree as follows:

 

		1.	Cancellation and Release of Debt. Effective as of the Effective Date, the Parties acknowledge and
agree that the Debt is hereby cancelled in all respects and shall be of no further force or effect and, to the extent payable, shall be
deemed paid in full. Ascent represents and warrants that the Debt represents the total amount due or possibly due to Ascent by the Company
and there are no other loans or amounts due to Ascent by the Company.

 

     

     

    

 

		2.	Issuance of Convertible Debenture. Effective as of the Effective Date, the Company agrees to issue
a convertible debenture in the principal amount of $703,080 (the “Convertible Debenture”) in the form as attached herein as
Exhibit A to Ascent. The Convertible Debenture will mature in twelve months on May 30,
2022 and carries an interest rate of 0% per year, subject to certain condition that may increase the rate to 15% per year. Ascent may
convert the Convertible Debenture into the Company’s ADSs, each currently representing one Class A ordinary share of the Company,
at any time on or prior to maturity. The Convertible Debenture was issued in reliance upon an exempt from registration under the Securities
Act of 1933, as amended (the “Securities Act”). The Convertible Debenture, the ADSs issuable upon conversion of the Convertible
Debenture and the Class A ordinary shares that may be issued if ADS are exchanged for the
underlying Class A ordinary shares shall be endorsed with the following restrictive legends:

 

“[NEITHER]
THIS [SECURITY] [NOR THE SECURITIES INTO WHICH THIS [SECURITY] IS [CONVERTIBLE/EXCHANGABLE] [HAS NOT/HAVE] BEEN REGISTERED WITH THE SECURITIES
AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE. THESE SECURITIES HAVE BEEN SOLD IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR
SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.”

 

		3.	Release of Claims.

 

		(a)	Effective as of the Effective Date, the Company and its successors, assigns, heirs, representatives, and
agents and for all related parties, and all persons acting by, through, under or in concert with any of them in both their official and
personal capacities (collectively, the “Company Parties”) hereby irrevocably, unconditionally and forever release, discharge
and remise Ascent and its Affiliates (whether an Affiliate as of the Effective Date or later), and their respective predecessors, successors,
assigns, heirs, representatives, and agents and for all related parties and all persons acting by, through, under or in concert with any
of them in both their official and personal capacities (collectively, the “Ascent Parties”), from all claims of any type and
all manner of action and actions, cause and causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties,
covenants, contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims and demands whatsoever,
in law or in equity, known or unknown, that any Company Party may have now or may have in the future, against any of the Ascent Parties
to the extent that those claims arose, may have arisen, or are based on events which occurred at any point in the past up to and including
the Effective Date, other than any claims arising pursuant to this Agreement (collectively, the “Company Released Claims”).
The Company represents and warrants that no Company Released Claim released herein has been assigned, expressly, impliedly, or by operation
of law, and that all Company Released Claims released herein are owned by the Company, which has the respective sole authority to release
them. The Company agrees that it shall forever refrain and forebear from commencing, instituting or prosecuting any lawsuit action or
proceeding, judicial, administrative or otherwise collect or enforce any Company Released Claim which is released and discharged herein.
For purposes hereof, an “Affiliate” of a Party shall be any Party that controls, is controlled by, or is under common control
with, the subject Party.

 

		(b)	Effective as of the Effective Date, Ascent, for himself and the other Ascent Parties, hereby irrevocably,
unconditionally and forever releases, discharges and remises each Company Party, from all claims of any type and all manner of action
and actions, cause and causes of action, suits, debts, dues, sums of money, accounts, reckonings, bonds, bills, specialties, covenants,
contracts, controversies, agreements, promises, variances, trespasses, damages, judgments, executions, claims and demands whatsoever,
in law or in equity, known or unknown, that any Ascent Party may have now or may have in the future, against any of the Company Parties
to the extent that those claims arose, may have arisen, or are based on events which occurred at any point in the past up to and including
the Effective Date, other than any claims arising pursuant to this Agreement (collectively, the “Ascent Released Claims”).
Ascent represents and warrants that no Ascent Released Claim released herein has been assigned,
expressly, impliedly, or by operation of law, and that all Ascent Released Claims released herein are owned by Ascent, who has the sole
authority to release them. Ascent agrees that he shall forever refrain and forebear from commencing, instituting or prosecuting any lawsuit
action or proceeding, judicial, administrative or otherwise collect or enforce any Ascent Released Claim which is released and discharged
herein.

 

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		4.	Covenant Not to File a Claim and Indemnification.

 

		(a)	Each of the Company Parties agrees not to file for themselves or on behalf of any other parties, any claim,
charge, complaint, action, or cause of action against any Ascent Party related to the Company Released Claims, and further agrees to indemnify
and save harmless such Ascent Parties from and against any and all losses, including, without limitation, the cost of defense and legal
fees, occurring as a result of any claims, charges, complaints, actions, or causes of action made or brought by any such Company Party
against any Ascent Party in violation of the terms and conditions of this Agreement. In the event that any Company Party brings a suit
against any Ascent Party in violation of this covenant, the Company agrees to pay any and all costs of the Ascent Parties, including attorneys’
fees, incurred by such Ascent Parties in challenging such action. Any Ascent Party is an intended third-party beneficiary of this Agreement.

 

		(b)	Each of the Ascent Parties agrees not to file for themselves or on behalf of any other parties, any claim,
charge, complaint, action, or cause of action against any Company Party related to the Ascent Released Claims, and further agrees to indemnify
and save harmless such Company Parties from and against any and all losses, including, without limitation, the cost of defense and legal
fees, occurring as a result of any claims, charges, complaints, actions, or causes of action made or brought by any such Ascent Party
against any Company Party in violation of the terms and conditions of this Agreement. In the event that any Ascent Party brings a suit
against any Company Party in violation of this covenant, Ascent agrees to pay any and all costs of the Company Parties, including attorneys’
fees, incurred by such Company Parties in challenging such action. Any Company Party is an intended third-party beneficiary of this Agreement.

 

		5.	Affirmations.

 

		(a)	Each Company Party affirms that it has not filed, caused to be filed, or presently is a party to any claim,
complaint, or action against any Ascent Party in any forum or form and should any such charge or action be filed by any Company Party
or by any other person or entity on any Company Party’s behalf involving matters covered by Section 3(a), the Company agrees to
promptly give the agency or court having jurisdiction a copy of this Agreement and inform them that any such claims any such Company Party
might otherwise have had are now settled.

 

		(b)	Each Ascent Party affirms that it has not filed, caused to be filed, or presently is a party to any claim,
complaint, or action against any Company Party in any forum or form and should any such charge or action be filed by any Ascent Party
or by any other person or entity on any Ascent Party’s behalf involving matters covered by Section 3(b), Ascent agrees to promptly
give the agency or court having jurisdiction a copy of this Agreement and inform them that any such claims any such Ascent Party might
otherwise have had are now settled.

 

		(c)	This is a compromise and settlement of potential or actual disputed claims and is made solely for the
purpose of avoiding the uncertainty, expense, and inconvenience of future litigation. Neither this Agreement nor the furnishing of any
consideration concurrently with the execution hereof shall be deemed or construed at any time or for any purpose as an admission by any
Party of any liability or obligation of any kind. Any such liability or wrongdoing is expressly denied. The Parties hereto acknowledge
that this Agreement was reached after good faith settlement negotiations and after each party had an opportunity to consult
legal counsel. This Agreement extends to, and is for the benefit of, the Parties, their respective successors, assigns and agents and
anyone claiming by, through or under the Parties hereto.

 

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		6.	Additional Agreements. This Agreement shall be effective upon its execution by each of the Parties
hereto. Each of the Parties hereto shall execute such documents and perform such further acts as may be reasonably required to carry out
the provisions hereof and the actions contemplated hereby. No Party shall, and each Party shall cause their respective Affiliates not
to, in each case, whether directly or indirectly, for itself or through or on behalf of any other Party not to, make any disparaging comments
(or induce or encourage others to make disparaging comments) about any other Party or its officers, directors, shareholders, employees
and agents, or their respective operations, financial condition, prospects, products or services.

 

		7.	Representations and Warranties. 

 

		(a)	Ascent represents and warrants to the Company as follows:

 

		(i)	Ascent has all requisite authority and power to execute and deliver this Agreement and the other documents
referenced herein to which he is or will be a party and to perform his obligations hereunder and thereunder. The execution and delivery
of this Agreement, as well as the consummation of the transactions contemplated hereby, has been duly and validly authorized by all necessary
action on the part of Ascent and no other action or proceedings on the part of Ascent are or will be necessary to authorize the execution,
delivery and performance of this Agreement or the transactions contemplated hereby on the part of Ascent.

 

		(ii)	This Agreement has been duly executed and delivered by Ascent and, assuming that this Agreement constitutes
the legal, valid and binding obligation of the Company, constitutes the legal, valid, and binding obligation of Ascent, enforceable against
Ascent in accordance with its terms except to the extent that the enforceability thereof may be limited by (a) applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent conveyance and other similar laws of general application affecting enforcement of creditors’
rights generally and (b) general principles of equity (the “Enforceability Exceptions”).

 

		(iii)	Neither the execution and delivery of this Agreement nor the consummation and performance of any of the
transactions contemplated hereby by Ascent will violate in any material respect any existing applicable law, rule, regulation, judgment,
order or decree of any governmental authority having jurisdiction over Ascent, provided, however, that no representation or warranty is
made in this subsection with respect to matters that would not, individually or in the aggregate, reasonably be expected to materially
delay or materially impair Ascent’s ability to consummate transactions contemplated hereby.

 

		(b)	The Company represents and warrants to Ascent as follows:

 

		(i)	The Company has all requisite corporate authority and power to execute and deliver this Agreement and
the other documents referenced herein to which either of them are or will be a party and to perform their respective obligations hereunder
and thereunder. No other action or proceedings on the part of the Company are or will be necessary to authorize the execution, delivery
and performance of this Agreement or the transactions contemplated hereby on the part of the Company.

 

    4 

     

    

 

		(ii)	This Agreement has been duly executed and delivered by the Company and, assuming that this Agreement constitutes
the legal, valid and binding obligation of Ascent, constitutes the legal, valid, and binding obligation of the Company, enforceable against
the Company in accordance with its terms except to the extent that the enforceability thereof may be limited by the Enforceability Exceptions.

 

		(iii)	Neither the execution and delivery of this Agreement nor the consummation and performance of any of the
transactions contemplated hereby or thereby by the Company will violate in any material respect any existing applicable law, rule, regulation,
judgment, order or decree of any governmental authority having jurisdiction over the Company; provided, however, that no representation
or warranty is made in this subsection with respect to matters that would not, individually or in the aggregate, reasonably be expected
to materially delay or materially impair the Company’s ability to consummate transactions contemplated hereby.

 

		8.	Notices. All notices, requests, consents, claims, demands, waivers and other communications hereunder
(each, a “Notice”) shall be in writing. All Notices shall be delivered by personal delivery, nationally recognized overnight
courier (with all fees pre-paid), e-mail of a PDF document (with confirmation of transmission) or certified or registered mail (in each
case, return receipt requested, postage prepaid). Except as otherwise provided in this Agreement, a Notice is effective only (a) upon
receipt by the receiving party, and (b) if the party giving the Notice has complied with the requirements of this Section.

 

		9.	Governing Law and Interpretation. This Agreement shall be governed and controlled by and in accordance
with the laws of the State of New York without regard to its conflict of laws provisions. Venue for any action brought to enforce the
terms of this Agreement or for breach thereof shall lie exclusively in the state and federal courts located in New York County, New York.
Should any provision of this Agreement be declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified
to be enforceable, excluding the general release language, such provision shall immediately become null and void, leaving the remainder
of this Agreement in full force and effect. The Parties affirm that this Agreement is the product of negotiation and agree that it shall
not be construed against any Party on the basis of sole authorship. The Parties agree that the successful Party in any suit related to
this Agreement (as determined by the applicable court(s)) shall be entitled to recover its reasonable attorneys’ fees and expenses
related thereto, including attorneys’ fees and costs incident to an appeal.

 

		10.	Waiver of Jury Trial. Each party hereto waives, to the fullest extent permitted by applicable law,
any right he or it may have to a trial by jury in any legal proceeding directly or indirectly arising out of or relating to this agreement
or the transactions contemplated herein or the performance thereof (whether based on contract, tort or any other theory). Each party hereto
(A) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party
would not, in the event of litigation, seek to enforce the foregoing waiver and (B) acknowledges that it and the other party hereto has
been induced to enter into this agreement by, among other things, the mutual waivers and certifications in this section.

 

		11.	Remedies. Each of the Parties acknowledges and agrees that the remedy at law available to the other
Party for breach of any Party’s obligations under this Agreement would be inadequate and that damages flowing from such a breach
may not readily be susceptible to being measured in monetary terms. Accordingly, each Party acknowledges, consents and agrees that, in
addition to any other rights or remedies that any Party may have at law, in equity or under this Agreement, upon adequate proof of a violation
by any other Party of any provision of this Agreement, the first Party will be entitled to seek immediate injunctive relief and may
obtain a temporary order restraining any threatened or further breach, without the necessity of proof of actual damage or requirement
to post a bond.

 

    5 

     

    

 

		12.	Non-admission of Wrongdoing. The Parties agree neither this Agreement nor the furnishing of the
consideration for same shall be deemed or construed at any time for any purpose as an admission by any Party of any liability or unlawful
conduct of any kind.

 

		13.	Entire Agreement; Severability. This Agreement and the exhibits attached hereto sets forth the
entire agreement between the Parties with respect to the subject matter hereof and fully supersedes any prior agreements or understandings
between the Parties with respect to the subject matter hereof. The Parties acknowledge that each has not relied on any representations,
promises, or agreements of any kind made to the other in connection with each Party’s decision to accept this Agreement, except
for those set forth in this Agreement. If any provision of this Agreement is held to be illegal, invalid, or unenforceable under present
or future laws effective during the term hereof, the provision shall be fully severable and this Agreement shall be construed and enforced
as if such illegal, invalid, or unenforceable provision were never a part hereof; and the remaining provisions hereof shall remain in
full force and effect and shall not be affected by the illegal, invalid, or unenforceable provision or by its severance herefrom. The
Parties have participated in the drafting and negotiation of this Agreement and if an ambiguity or question of interpretation should arise,
this Agreement shall be construed as if drafted jointly by the Parties thereto and no presumption of burden of proof shall arise favoring
or burdening any Party by virtue of the authorship of any provision in this Agreement.

 

		14.	Amendment. This Agreement may not be modified, altered or changed except upon express written consent
of all Parties wherein specific reference is made to this Agreement.

 

		15.	Headings. The headings contained in this Agreement are intended solely for convenience and shall
not affect the rights of the Parties to this Agreement.

 

		16.	Waiver. Waiver of any term or condition of this Agreement by any Party shall only be effective
if in writing and shall not be construed as a waiver of any subsequent breach or failure of the same term or condition, or a waiver of
any other term or condition of this Agreement.

 

		17.	Binding Effect; Assignment. This Agreement shall be binding upon and shall inure to the benefit
of the Parties hereto and their permitted successors and assigns. No Party to this Agreement may assign or delegate, by operation of law
or otherwise, all or any portion of its rights, obligations or liabilities under this Agreement without the prior written consent of the
other Party to this Agreement, which any such Party may withhold in its absolute discretion. Any purported assignment without such prior
written consents shall be void.

 

		18.	No Third-Party Beneficiaries. Other than as specifically set forth herein, nothing in this Agreement
shall confer any rights, remedies or claims upon any person or entity not a Party or a permitted assignee of a Party to this Agreement.

 

		19.	Expenses. Except as expressly provided herein, all costs and expenses incurred in connection with
this Agreement and the transactions contemplated hereby shall be paid by the Party incurring such costs and expenses.

 

		20.	Counterparts. This Agreement may be signed in any number of counterparts with the same effect as
if the signatures to each counterpart were upon a single instrument, and all such counterparts together shall be deemed an original of
this Agreement.

 

[Signatures appear on following page]

 

    6 

     

    

 

IN WITNESS WHEREOF, the Parties hereto knowingly and voluntarily executed
this Agreement as of the Effective Date:

 

		AnPac Bio-Medical Science Co., Ltd.
	 	 	 
	 	By:	/s/ Chris Change
    Yu
	 	Name: 	Chris Chang Yu
	 	Title:	Chairman of the Board of Directors and Chief Executive Officer

 

		Ascent Investor Relations Inc.
	 	 	 
	 	By:	/s/ Tina Xiao
	 	Name: 	Tina Xiao
	 	Title:	President

 

    7

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