Document:

EX-10.19 Form of Stock Option Agreement

 

Exhibit 10.19

WASTE SERVICES, INC.

2007 Equity and Performance Incentive Plan

STOCK OPTION AGREEMENT

           THIS STOCK OPTION AGREEMENT (the “Agreement”), dated as of [ ], 2008 (the “Date of Grant”), is
made by and between Waste Services, Inc. (the “Company”), and [insert name] (the “Participant”).

R E C I T A L S:

           WHEREAS, the Company has adopted the 2007 Equity and Performance Incentive Plan (the “Plan”),
pursuant to which options may be granted to purchase shares of the Company’s Common Stock; and

           WHEREAS, the Compensation Committee of the Board of Directors of the Company (the “Committee”)
has determined that it is in the best interests of the Company and its stockholders to grant to the
Participant a Stock Option to purchase the number of shares of the Company’s Common Stock set forth
herein.

           NOW THEREFORE, for and in consideration of the premises and the covenants of the parties
contained in this Agreement, and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree
as follows:

           1. Grant of Option.

           The Company hereby grants to the Participant on the Date of Grant an option (the
“Option”) to purchase [ insert number of options] shares of Common Stock (such shares of
Common Stock, the “Option Shares”) on the terms and conditions set forth in this Agreement
and as otherwise provided in the Plan. The Option is not intended to qualify as an incentive stock
option within the meaning of Section 422 of the Code.

           2. Incorporation by Reference, Etc.

           The provisions of the Plan are hereby incorporated herein by reference. Except as otherwise
expressly set forth herein, this Agreement shall be construed in accordance with the provisions of
the Plan and any capitalized terms not otherwise defined in this Agreement shall have the
definitions set forth in the Plan. The Committee shall have final authority to interpret and
construe the Plan and this Agreement and to make any and all determinations under them, and its
decision shall be binding and conclusive upon the Participant and his legal representative in
respect of any questions arising under the Plan or this Agreement.

 

 

           3. Terms and Conditions.

           (a) Vesting. Subject to the Participant’s continued service with the Company and its
Affiliates on each applicable vesting date, the Option shall vest and thereby become exercisable
with respect to one-third of the Option Shares on each of [ ] , 20[ ], [ ] , 20[ ] and [ ] , 20[].

           (b) Option Price. The price at which the Participant shall be entitled to purchase
the Option Shares upon the exercise of all or any portion of the Option shall be $[ ] per Option
Share.

           (c) Expiration Date. Subject to Section 3(e) hereof, the Option shall expire at the
end of the period commencing on the Date of Grant and ending at 11:59 p.m. Eastern Standard Time on
[ ], 20[ ] (the “Option Period”).

           (d) Exercisability of the Option.

                (i) The Option may be exercised only by written notice, which notice shall either be delivered
in person, by mail or by electronic means and shall be accompanied by payment therefor. The
purchase price of the Option Shares shall be paid by the Participant to the Company (A) (1) in cash
(by check or wire transfer) or (2) by means of a broker-assisted “cashless exercise” program; or
(B) by such other method as the Committee may permit in its sole discretion, including without
limitation: (1) by a “net exercise” method. Notwithstanding the foregoing, in no event shall the
Participant be permitted to exercise the Option in a manner that the Committee determines would
violate the Sarbanes-Oxley Act of 2002, as amended, or any other applicable law or the applicable
rules and regulations of the Securities and Exchange Commission or the applicable rules and
regulations of any securities exchange or inter dealer quotation system on which the securities of
the Company or any Affiliates are listed or traded.

           (e) Effect of Termination of Service on the Option.

                (i) Termination of Employment by Reason of Physical or Mental Disability, Retirement or
Death. If the Participant’s employment with the Company or any of its subsidiaries terminated
during the Option Period by reason of the Participant’s physical or mental disability, death or
retirement (the Committee having made a specific determination that such termination should be
treated as retirement for purposes of the Plan) on or prior to the expiry date of the Option, while
engaged as an employee of the Company or any of its subsidiaries, the Option may be exercised by
the Participant (or if the Participant shall be disabled or deceased, the legal representative(s)
of the Participant) at any time up to and including one year following such physical or mental
disability, retirement or death for up to the full amount of the then vested Option Shares.
Notwithstanding the foregoing, if the Participant’s employment is terminated on account of a reason
specified in this Section 3(e)(i), any Option Shares that remain unvested on the effective date of
such termination that would vest on the next vesting date shall vest on that vesting date and any
other unvested Option Shares shall immediately expire. The Option

 - 2 - 

 

 shall expire and terminate at the earlier of (i) the end of such one year period from the
effective date of termination or (ii) the end of the Term. For greater certainty, during the
period that the Participant is deemed to be an employee of the Company or any of its subsidiaries
pursuant to any medical or disability plan of the Company or any of its subsidiaries, such
Participant shall also be deemed to be an employee for the purposes of the Plan, and the one year
period of continued exercisability provided in this Section 3(e)(i) shall commence upon the
termination of all actual and deemed employment by the Company or any of its subsidiaries; provided
that any such period of deemed employment and any such period of continued exercisability shall
terminate no later than the end of the Option Period.

                (ii) Other Termination of Employment. If the Participant’s employment with the Company
or any of its subsidiaries shall terminate during the Option Period for any reason other than those
described in Section 3(e)(i), the Option (to the extent vested and exercisable on the date of such
termination of employment) may be exercised at any time within ninety (90) days after such
termination (but not beyond the expiration of the Option Period). The Option, to the extent not
then vested and exercisable, shall immediately expire upon such termination of employment. For
purposes of the grant hereunder, any transfer of employment by the Participant among the Company
and any of its subsidiaries shall not be considered a termination of employment with the Company or
any of its subsidiaries.

                (iii) Change in Control. Notwithstanding any other provision hereof, immediately prior
to the occurrence of any Change in Control of the Company, the Option shall become fully vested and
exercisable. The phrase “immediately prior to” in the immediately preceding sentence shall mean
sufficiently in advance of the Change in Control to permit the Participant to take all steps
reasonably necessary to exercise the Option fully and to deal with the Optioned Shares so that the
Optioned Shares shall be treated in the same manner in connection with the Change in Control as the
shares of stock of other shareholders.

           (f) Compliance with Legal Requirements. The granting and exercise of the Option, and
any other obligations of the Company under this Agreement shall be subject to all applicable
federal and state laws, rules and regulations and to such approvals by any regulatory or
governmental agency as may be required. The Committee, in its sole discretion, may postpone the
issuance or delivery of Option Shares as the Committee may consider appropriate and may require the
Participant to make such representations and furnish such information as it may consider
appropriate in connection with the issuance or delivery of Option Shares in compliance with
applicable laws, rules and regulations.

           (g) Transferability. The Option shall not be transferable by the Participant other
than by will or the laws of descent and distribution or as otherwise permitted by the Committee.

           (h) Rights as Stockholder. The Participant shall not be deemed for any purpose to be
the owner of any shares of Common Stock subject to this Option unless,

 - 3 - 

 

 until and to the extent that (i) this Option shall have been exercised pursuant to its terms,
(ii) the Company shall have issued and delivered to the Participant the Option Shares, and
(iii) the Participant’s name shall have been entered as a stockholder of record with respect to
such Option Shares on the books of the Company.

           (i) Taxes. Unless the Committee permits or requires such withholding obligation to be
satisfied by another method described in the Plan, the Participant shall be required to pay the
Company, and the Company (or any Affiliate) shall have the right to withhold from any Option Shares
to be delivered to the Participant, the amount of any federal, state or local withholding taxes
required to be withheld, if any, upon the exercise of such Option.

           4. Non-Competition / Confidentiality. As a condition to and in consideration of the
grant of the Option by the Company, the receipt and sufficiency of which consideration is hereby
acknowledged, the Participant agrees:

           (a) Except as required in the ordinary course of his employment by the Company or one of its
affiliates, the Participant will not (either during the continuance of his employment by the
Company or one of its affiliates, or at any time thereafter) disclose to any third party other than
as authorized by the Company, the private affairs or any confidential information of the Company or
its affiliates, including, but not limited to, non-public know-how regarding operating procedures
and processes, financial results or projections, budgets, customer files, customer lists,
information regarding acquired or potential targets for acquisition, internal communications and
costing procedures or cost amounts to any person, and all such information, either in electronic,
printed or verbal form.

           (b) During the continuance of his employment by the Company or one of its affiliates, and for
a period of two (2) years following the termination of his employment with the Company or any
affiliate for any reason whatsoever, including, but not limited to, by reason of the voluntary
resignation of employment by the Participant, the Participant will not:

                (i) within the geographic area serviced by any location of the Company or any affiliate for
which the Participant primarily performed duties during the last twelve (12) months of his
employment, directly or indirectly, in any manner whatsoever, found, work for, consult for or
assist in any way, whether in a paid or unpaid capacity, any person or entity which provides or
offers to provide goods and/or services which are competitive with the goods and/or services
provided by the Company or an affiliate from such location. For greater certainty, a person or
entity which provides goods and/or services which are competitive with those provided by the
Company is one which provides or offers to provide collection and transportation for disposal
and/or recycling and/or processing of solid, non-hazardous waste materials and/or portable toilet
supply;

                (ii) solicit, interfere with or endeavor to entice way from the Company or any affiliate, any
customer, client or any person, firm or corporation in the

 - 4 - 

 

 habit of dealing with the Company or any affiliate in the last twelve (12) months of the
Participant’s employment.

 In the event that any of the provisions of this Section 4 conflict with the provisions of any
confidentiality and/or non-competition covenant given by the Participant in favor of the Company or
any affiliate pursuant to an employment agreement entered into by the Participant and the Company
or any affiliate either prior to or at any time after the date of execution of this Agreement, then
the confidentiality and/or non-competition provisions contained in such employment agreement as in
effect at the applicable time shall apply and govern and the Participant’s acknowledgement, by the
execution of this Agreement, that he is bound by the provisions of the confidentiality and/or
non-competition provisions of such employment agreement is a condition to and consideration for the
grant of the Option by the Company.

           5. Miscellaneous.

           (a) Notices. All notices, demands and other communications provided for or permitted
hereunder shall be made in writing and shall be by registered or certified first-class mail, return
receipt requested, telecopier, courier service or personal delivery or by such other electronic
means as may be approved by the Company:

if to the Company:

Waste Services, Inc.

1122 International Blvd.

Suite 601

Burlington, Ontario L7L 6Z8

Facsimile: 905-319-9408

Attention: Corporate Secretary

      if to the Participant, at the Participant’s last known address on file with the Company.

 All such notices, demands and other communications shall be deemed to have been duly given when
delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial
courier service; five (5) business days after being deposited in the mail, postage prepaid, if
mailed; and when receipt is mechanically acknowledged, if telecopied.

                (b) Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
and each other provision of this Agreement shall be severable and enforceable to the extent
permitted by law.

                (c) No Rights to Continue Service. Nothing contained in this Agreement shall be
construed as giving the Participant any right to be retained, in any position, as an employee,
consultant or director of the Company or its affiliates or shall interfere with or restrict in any
way the right of the Company or its affiliates, which are

 - 5 - 

 

 hereby expressly reserved, to remove, terminate or discharge the Participant at any time for
any reason whatsoever.

                (d) Bound by Plan. By signing this Agreement, the Participant acknowledges that he
has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be
bound by all the terms and provisions of the Plan.

                (e) Successors. The terms of this Agreement shall be binding upon and inure to the
benefit of the Company and its successors and assigns, and of the Participant and the
beneficiaries, executors, administrators, heirs and successors of the Participant.

                (f) Entire Agreement. This Agreement and the Plan contain the entire agreement and
understandings of the parties hereto with respect to the subject matter contained herein and
supersede all prior communications, representations and negotiations in respect thereto. No
change, modification or waiver of any provision of this Agreement shall be valid unless the same be
in writing and signed by the parties hereto.

                (g) Governing Law. This Agreement shall be construed and interpreted in accordance
with the laws of the State of Delaware without regard to principles of conflicts of law thereof, or
principles of conflicts of laws of any other jurisdiction that could cause the application of the
laws of any jurisdiction other than the State of Delaware.

                (h) Headings. The headings of the Sections hereof are provided for convenience only
and are not to serve as a basis for interpretation or construction, and shall not constitute a part
of this Agreement.

                (i) Signature in Counterparts. This Agreement may be signed in counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

           IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day first
written above.

	 	 	 	 	 	 	 
	 	 	WASTE SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

Ivan R. Cairns
	 	 
	 

	 	Title:
	 	Vice President & Secretary	 	 
	 
	 	 	 	 	 	 
	 
	 	 	   	 	 
	 	 	[Name of Participant]	 	 

 - 6 -EX-10.20 Form of Restricted Stock Unit Agreement

 

Exhibit 10.20

WASTE SERVICES, INC.

2007 EQUITY AND PERFORMANCE INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT

           THIS RESTRICTED STOCK UNIT AGREEMENT (the “Agreement”) is made, effective as of the
7th day of February, 2008 (hereinafter the “Date of Grant”), between Waste Services,
Inc., a Delaware corporation (the “Company”), and [insert name] (the “Participant”).

R E C I T A L S:

           WHEREAS, the Company has adopted the Waste Services, Inc. 2007 Equity and Performance
Incentive Plan (the “Plan”), pursuant to which the Company may grant awards of Restricted Stock
Units; and

           WHEREAS, the Committee (as such term is defined in the Plan) responsible for administrating
the Plan has determined that it is in the best interests of the Company and its stockholders to
grant to the Participant an award of Restricted Stock Units, subject to the terms set forth herein.

           NOW THEREFORE, for and in consideration of the premises and the covenants of the parties
contained in this Agreement, and for other good and valuable consideration, the receipt of which is
hereby acknowledged, the parties hereto, for themselves, their successors and assigns, hereby agree
as follows:

           1. Grant of Restricted Stock Units. The Company hereby grants to the Participant on
the Date of Grant [ insert number of units] Restricted Stock Units (the
“Award”) on the terms and conditions set forth in this Agreement and as otherwise provided in the
Plan. The Company shall credit such Restricted Stock Units to a separate account maintained for
the Participant on the Company’s books (the “Account”). On any given date, the value of each
Restricted Stock Unit comprising the Award shall equal the Fair Market Value of one share of Common
Stock. The Award shall vest and be settled in accordance with Section 3 hereof.

           2. Incorporation by Reference, Etc. The provisions of the Plan are hereby
incorporated herein by reference. Except as otherwise expressly set forth herein, this Agreement
shall be construed in accordance with the provisions of the Plan and any capitalized terms not
otherwise defined in this Agreement shall have the definitions set forth in the Plan. The
Committee shall have final authority to interpret and construe the Plan and this Agreement and to
make any and all determinations under them, and its decision shall be final, binding and conclusive
upon the Participant and the Participant’s legal representative in respect of any questions arising
under the Plan or this Agreement.

 

 

           3. Terms and Conditions.

           (a) Vesting. The Restricted Stock Units granted hereunder shall vest in accordance
with this Section 3, based upon the Company’s level of attainment of certain annual
“EBITDA” targets (namely the “EBITDA” as shown in the budget for the Measurement Year as approved
by the Board of Directors, the “Annual Target EBITDA”), as of each “Measurement Date” (as defined
below) with respect to each “Measurement Year” (as defined below). On each Measurement Date, the
Participant shall be eligible to vest in one-third (1/3) of the Restricted Stock Units granted
hereunder (the “Eligible RSUs”), subject to the Participant’s continued service with the Company or
its Affiliates from the Date of Grant through and including such Measurement Date. The amount of
Eligible RSUs in which a Participant vests on any given Measurement Date shall be based on the
applicable “Vesting Percentage” (as defined below), which Vesting Percentage is determined based on
the extent to which the Annual Target EBITDA for a Measurement Year has been attained (the “EBITDA
Percentage”).

 For purposes of this Agreement, “EBITDA” means “earnings before interest, taxes, depreciation and
amortization” as determined by the Committee in its sole and absolute discretion. The Committee may
adjust any or all Annual Target EBITDA to fairly and appropriately reflect the effect of any
significant mergers, acquisitions, or dispositions approved by the Board of Directors in any case
that was not contemplated in establishing the respective Annual Target EBITDA; provided,
however, that in the event the Committee takes any such action, such adjustment shall be
only the amount deemed reasonably necessary by the Committee, in the exercise of its good faith
judgment, to accurately reflect the direct and measurable effect such event has on such Annual
Target EBITDA. For purposes of this Agreement, a “Measurement Date” means each of March 15, 2009;
March 15, 2010; and March 15, 2011. For purposes of this Agreement, “Measurement Year” means the
last completed fiscal year immediately preceding a Measurement Date. For purposes of this
Agreement, “Vesting Percentage” means the percentage of the Eligible RSUs that will vest with
respect to each Measurement Date based on the EBITDA Percentage (as set forth on the chart below).

	 	 	 
	Vesting of Eligible RSUs
	EBITDA	 	Vesting
	Percentage	 	Percentage
	 
	 	 
	  70%
	 	  25%
	  80%
	 	  50%
	  90%
	 	  75%
	100%
	 	100%

 

 

           (b) Catch-up. If with respect to any Measurement Date the Company does not fully
attain the Annual Target EBITDA, then the Participant shall be eligible to “catch-up” vesting with
respect to any Eligible RSUs that remain unvested for any such prior Measurement Date(s) as set
forth below:

                (i) Second Year Catch-Up. If the EBITDA Percentage for the aggregate of the 2008 and
2009 Measurement Years is greater than the EBITDA Percentage for the 2008 Measurement Year, the
Participant shall be deemed fully vested in the additional Eligible RSU’s that would have vested if
that EBITDA Percentage had been achieved in the 2008 Measurement Year.

                (ii) Final Year Catch-Up. If the EBITDA Percentage for the aggregate of the 2008, 2009
and 2010 Measurement Years is greater than the EBITDA Percentage for either or both of the 2008 and
2009 Measurement Years, the Participant shall be deemed fully vested in the additional Eligible
RSU’s that would have vested if that EBITDA Percentage had been achieved in the 2008 or 2009
Measurement Year.

           (c) Change in Control. Immediately prior to the occurrence of a Change in Control,
the Restricted Stock Units that have not vested shall automatically vest.

           (d) Settlement. Subject to the above, on each Measurement Date the Company shall
settle the Eligible RSUs that vest on such Measurement Date and as a result thereof (i) issue and
deliver to the Participant one share of Common Stock for each such vested Restricted Stock Unit
(the “RSU Shares”) (and, upon such settlement, adjust the Account for any RSU shares delivered with
respect to any vested Restricted Stock Unit) and (ii) enter the Participant’s name as a stockholder
of record on the Company’s books with respect to the RSU Shares.

           (e) Effect of Termination of Service on the Restricted Stock Units.

                (i) Termination For Cause. If the Company or an Affiliate terminates the
Participant’s service with the Company or its Affiliate, as applicable, for Cause, the Participant
shall forfeit the Restricted Stock Units that remain unvested as of the effective date of such
termination.

                (ii) Termination Due to Death/Disability/Retirement. Notwithstanding the foregoing,
if the Participant’s service with the Company is terminated on account of the Participant’s death
or “Disability” or Retirement, (a “Qualifying Termination”), then (A) any Restricted Stock Units
that remain unvested on the effective date of such Qualifying Termination that would be Eligible
RSUs if the Participant had remained in the service of the Company on the next Measurement Date
following the effective date of such Qualifying Termination, shall remain outstanding until such
Measurement Date and shall become vested on such Measurement Date as provided in Section 3(a) above
(and any Restricted Stock Units that do not vest on such Measurement Date shall be automatically
forfeited on such Measurement Date) and (B) any Eligible RSUs that remain unvested following the
application of subclause (A) immediately above shall be

 

 

 automatically forfeited as of the effective date of such Qualifying Termination. For purposes
of this Agreement, “Disability” shall mean the Participant’s “total and permanent disability”
within the meaning of Section 22(e)(3) of the Code.

                (iii) All Other Terminations. Except as is otherwise specifically provided in
Section 3(c) above, if the Participant’s service with the Company and its Affiliates is
terminated for any reason other than a Qualifying Termination or for Cause, the unvested Restricted
Stock Units shall expire on the date of such termination.

           (f) Restrictions. The Award granted hereunder may not be sold, pledged or otherwise
transferred (other than by will or the laws of descent and distribution or as otherwise permitted
by the Committee) and may not be subject to lien, garnishment, attachment or other legal process.
The Participant acknowledges and agrees that, with respect to each Restricted Stock Unit credited
to his Account, the Participant shall not be deemed for any purpose to be the owner of shares of
Common Stock underlying the Restricted Stock Units subject to the Award (including, without
limitation, with respect to any distribution and voting rights), unless and until each such
Restricted Stock Unit is settled in RSU Shares pursuant to Section 3(d) hereof.

           (g) Compliance with Securities Laws; Code Section 409A. The Company will not be
required to issue any shares of Common Stock pursuant to this Agreement if, in the opinion of
counsel for the Company, such issuance would violate the Securities Act of 1933, as amended, or any
other applicable federal or state securities laws or regulations. Prior to the issuance of any
shares pursuant to this Agreement, the Company may require that the Participant (or the
Participant’s Beneficiary or legal representative upon the Participant’s death or Disability) enter
into such written representations, warranties and agreements as the Company may reasonably request
in order to comply with applicable securities laws or with this Agreement. The Company may also
delay issuance of shares of Common Stock hereunder to the extent set forth in Final Treasury
Regulation Section 1.409A-2(b)(7).

           (h) Taxes. Upon the settlement of the Award in accordance with Section 3(d)
hereof, the Participant shall recognize taxable income in respect of the Award and the Company
shall report such taxable income to the appropriate taxing authorities in respect of the Award as
it determines to be necessary and appropriate. The Company shall have the right to require the
Participant to remit to the Company, or to withhold from amounts payable to the Participant, as
compensation or otherwise (including, without limitation, in settlement of Restricted Stock Units
granted hereunder), an amount sufficient to satisfy all federal, state and local withholding tax
requirements, as applicable.

           (i) Rights as a Stockholder. Upon and following settlement, the Participant shall be
the record owner of the RSU Shares unless and until such shares are sold or otherwise disposed of,
and as record owner shall be entitled to all rights of a common stockholder of the Company
(including voting rights).

 

 

           4. Non-Competition / Confidentiality. As a condition to and in consideration of the
grant of the Restricted Stock Units by the Company, the receipt and sufficiency of which
consideration is hereby acknowledged, the Participant agrees:

           (a) Except as required in the ordinary course of his employment by the Company or one of its
affiliates, the Participant will not (either during the continuance of his employment by the
Company or one of its affiliates, or at any time thereafter) disclose to any third party other than
as authorized by the Company, the private affairs or any confidential information of the Company or
its affiliates, including, but not limited to, non-public know-how regarding operating procedures
and processes, financial results or projections, budgets, customer files, customer lists,
information regarding acquired or potential targets for acquisition, internal communications and
costing procedures or cost amounts to any person, and all such information, either in electronic,
printed or verbal form.

           (b) During the continuance of his employment by the Company or one of its affiliates, and for
a period of two (2) years following the termination of his employment with the Company or any
affiliate for any reason whatsoever, including, but not limited to, by reason of the voluntary
resignation of employment by the Participant, the Participant will not:

                (i) within the geographic area serviced by any location of the Company or any affiliate for
which the Participant primarily performed duties during the last twelve (12) months of his
employment, directly or indirectly, in any manner whatsoever, found, work for, consult for or
assist in any way, whether in a paid or unpaid capacity, any person or entity which provides or
offers to provide goods and/or services which are competitive with the goods and/or services
provided by the Company or an affiliate from such location. For greater certainty, a person or
entity which provides goods and/or services which are competitive with those provided by the
Company is one which provides or offers to provide collection and transportation for disposal
and/or recycling and/or processing of solid, non-hazardous waste materials and/or portable toilet
supply;

                (ii) solicit, interfere with or endeavor to entice way from the Company or any affiliate, any
customer, client or any person, firm or corporation in the habit of dealing with the Company or any
affiliate in the last twelve (12) months of the Participant’s employment.

 In the event that any of the provisions of this Section 4 conflict with the provisions of any
confidentiality and/or non-competition covenant given by the Participant in favor of the Company or
any affiliate pursuant to an employment agreement entered into by the Participant and the Company
or any affiliate either prior to or at any time after the date of execution of this Agreement, then
the confidentiality and/or non-competition provisions contained in such employment agreement as in
effect at the applicable time shall apply and govern and the Participant’s acknowledgement, by the
execution of the Agreement, that he is bound by the provisions of the confidentiality and/or non-

 

 

 competition provisions of such employment agreement is a condition to and consideration for the
grant of the Restricted Stock Units by the Company.

           5. Miscellaneous.

                (a) General Assets. All amounts credited to the Participant’s Account under this
Agreement shall continue for all purposes to be part of the general assets of the Company. The
Participant’s interest in the Account shall make the Participant only a general, unsecured creditor
of the Company.

                (b) Notices. All notices, demands and other communications provided for or permitted
hereunder shall be made in writing and shall be by registered or certified first-class mail, return
receipt requested, telecopier, courier service or personal delivery or by such other electronic
means as may be approved by the Company:

if to the Company:

Waste Services, Inc.

1122 International Blvd, Suite 601

Burlington, Ontario, Canada L7L 6Z8

Facsimile: 905-319-9408

Attention: Corporate Secretary

 if to the Participant, at the Participant’s last known address on file with the Company.

 All such notices, demands and other communications shall be deemed to have been duly given when
delivered by hand, if personally delivered; when delivered by courier, if delivered by commercial
courier service; five (5) business days after being deposited in the mail, postage prepaid, if
mailed; and when receipt is mechanically acknowledged, if telecopied.

                (c) Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement,
and each other provision of this Agreement shall be severable and enforceable to the extent
permitted by law.

                (d) No Rights to Continue Service. Nothing contained in this Agreement shall be
construed as giving the Participant any right to be retained, in any position, as an employee,
consultant or director of the Company or its Subsidiaries or shall interfere with or restrict in
any way the right of the Company or its Subsidiaries, which are hereby expressly reserved, to
remove, terminate or discharge the Participant at any time for any reason whatsoever.

                (e) Bound by Plan. By signing this Agreement, the Participant acknowledges that he
has received a copy of the Plan and has had an opportunity to review the Plan and agrees to be
bound by all the terms and provisions of the Plan.

 

 

                (f) Successors. The terms of this Agreement shall be binding upon and inure to the
benefit of the Company and its successors and assigns, and of the Participant and the
beneficiaries, executors, administrators, heirs and successors of the Participant.

                (g) Entire Agreement. This Agreement and the Plan contain the entire agreement and
understanding of the parties hereto with respect to the subject matter contained herein and
supersede all prior communications, representations and negotiations in respect thereto. No
change, modification or waiver of any provision of this Agreement shall be valid unless the same be
in writing and signed by the parties hereto.

                (h) Governing Law. This Agreement shall be construed and interpreted in accordance
with the laws of the State of Delaware without regard to principles of conflict of laws thereof, or
principals of conflicts of laws of any other jurisdiction that could cause the application of the
laws of any jurisdiction other than the State of Delaware.

                (i) Headings. The headings of the Sections hereof are provided for convenience only
and are not to serve as a basis for interpretation or construction, and shall not constitute a part
of this Agreement.

                (j) Signature in Counterparts. This Agreement may be signed in counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon
the same instrument.

[Signature page immediately follows]

      IN WITNESS WHEREOF, the parties hereto have executed
this Agreement as of the day first written above.

	 	 	 	 	 	 	 
	 	 	WASTE SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

Ivan R. Cairns
	 	 
	 

	 	Title:
	 	Executive Vice President & Secretary	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 
	 	 	[Name of Participant]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00138-of-00352.parquet"}]]