Document:

EX-10.1

 Exhibit 10.1 
  

			
	 AGREEMENT BY AND BETWEEN

Blue Ridge Bank, National Association

Martinsville, Virginia
	  	
	 and

The Office of the Comptroller of the Currency
	  	AA-NE-2022-43

 Blue Ridge Bank, National Association, Martinsville, Virginia (“Bank”) and the Office of the
Comptroller of the Currency (“OCC”) wish to assure the safety and soundness of the Bank and its compliance with laws and regulations. 

The Comptroller of the Currency (“Comptroller”) has found unsafe or unsound practice(s), including those relating to third-party
risk management, Bank Secrecy Act (“BSA”) /Anti Money Laundering (“AML”) risk management, suspicious activity reporting, and information technology control and risk governance. 

Therefore, the OCC, through the duly authorized representative of the Comptroller, and the Bank, through its duly elected and acting Board of
Directors (“Board”), hereby agree that the Bank shall operate at all times in compliance with the following: 
 ARTICLE I 

JURISDICTION 
 (1) The Bank
is an “insured depository institution” as that term is defined in 12 U.S.C. § 1813(c)(2). 
 (2) The Bank is a national
banking association within the meaning of 12 U.S.C. § 1813(q)(1)(A), and is chartered and examined by the OCC. See 12 U.S.C. § 1 et seq. 

(3) The OCC is the “appropriate Federal banking agency” as that term is defined in 12 U.S.C. § 1813(q). 

  
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 ARTICLE II 

COMPLIANCE COMMITTEE 
 (1)
Within ten (10) days of the date of this Agreement, the Board shall appoint a Compliance Committee of at least three (3) members of which a majority shall be directors who are not employees or officers of the Bank or any of its
subsidiaries or affiliates. The Board shall submit in writing to the Assistant Deputy Comptroller the names of the members of the Compliance Committee within ten (10) days of their appointment. In the event of a change of the membership, the
Board shall submit in writing to the Assistant Deputy Comptroller within ten (10) days the name of any new or resigning committee member. The Compliance Committee shall monitor and oversee the Bank’s compliance with the provisions of this
Agreement. The Compliance Committee shall meet at least quarterly and maintain minutes of its meetings. 
 (2) By December 31, 2022, and
thereafter within thirty (30) days after the end of each quarter, the Compliance Committee shall submit to the Board a written progress report setting forth in detail: 
  

	 	(a)	 a description of the corrective actions needed to achieve compliance with each Article of this Agreement,
timelines to complete the corrective actions, as well as the person(s) responsible for completing the corrective actions; 

  

	 	(b)	 the specific corrective actions undertaken to comply with each Article of this Agreement; and

  

	 	(c)	 the results and status of the corrective actions. 

  
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 (3) Upon receiving each written progress report, the Board shall forward a copy of the
report, with any additional comments by the Board, to the Assistant Deputy Comptroller within ten (10) days of the first Board meeting following the Board’s receipt of such report. 

ARTICLE III 
 THIRD-PARTY RISK
MANAGEMENT 
 (1) Within sixty (60) days of the date of this Agreement, the Board shall adopt and Bank management shall implement
and thereafter adhere to a written program to effectively assess and manage the risks posed by third-party fintech relationships (“Third-Party Risk Management Program”). Refer to OCC Bulletin
2013-29, “Third-Party Relationships” and OCC Bulletin 2020-10, “Third-Party Relationships: Frequently Asked Questions to Supplement OCC Bulletin 2013-29”; Refer to OCC Bulletin 2021-40, “Third-Party Relationships: Conducting Due Diligence on Financial Technology Companies: A Guide for Community Banks”.

 (2) The Third-Party Risk Management Program shall be commensurate with the level of risk and complexity of the Bank’s third-party
fintech relationship partners and shall, at a minimum, address the following for the Bank’s third-party fintech relationship partners: 

(a) written policies, procedures, and processes governing the Bank’s third- party fintech relationship partners that, at a minimum:
(i) address how the Bank identifies and assesses the inherent risks of the products, services, and activities performed by the third-parties, including but not limited to BSA, compliance, operational, liquidity, counterparty and credit risk as
applicable; (ii) details how the Bank selects, assesses, and oversees third-parties; (iii) details the Bank’s strategic plan for providing necessary resources, infrastructure, technology controls, and organizational capabilities to
manage the third-party fintech relationship partners in a safe and sound manner; and (iv) establishes criteria for Board review and approval of third-party fintech relationship partners; 

  
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 (b) an assessment of BSA risk for each third-party fintech relationship partner, including
risk associated with money laundering, terrorist financing, and sanctions risk as well as the third-party’s processes for mitigating such risks and complying with applicable laws and regulations; 

(c) due diligence and risk assessment criteria for selecting and approving a third-party fintech relationship partner that is appropriate and
unique to the particular products, services, and activities provided by the third-party; Refer to OCC Bulletin 2021-40, “Third-Party Relationships: Conducting Due Diligence on Financial Technology
Companies: A Guide for Community Banks”; 
 (d) an effective compliance oversight program for third-party fintech relationship partners
to include: (i) evaluation of the products, services, and activities offered through the Bank’s third-party fintech relationship partners for compliance with applicable laws and regulations; (ii) an effective internal compliance
monitoring program; and (iii) a process for addressing any third-party fintech relationship partner’s activities identified as non-compliant or in violation of applicable laws and regulations; 

(e) ongoing monitoring of third-party fintech relationship partner’s activities and performance; 

(f) contingency plans for terminating third-party fintech relationships in an effective manner; 

  
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 (g) documentation, management information systems (“MIS”), and reporting that
facilitates Board and management oversight, accountability, monitoring, and risk management associated with third-party fintech relationships; 

(h) an audit plan for independent reviews by a qualified auditor who is independent of day-to-day operations that allows Bank management to assess whether the Bank’s risk management practices align with the Bank’s policies, procedures, and processes. The audit plan must provide for
effective independent reviews to assess internal controls as well as IT, compliance, and operational risk associated with third-party fintech relationships; 

(i) a written assessment from a qualified, independent certified public accountant to ensure the accounting for transactions initiated through
the fintech partnerships conform with GAAP and financial reporting is in line with contractual terms; and 
 (j) evaluation and
implementation of adequate staffing across the third-party fintech relationship line of businesses to ensure the oversight and management of the third-party fintech relationship line of businesses is properly staffed with personnel with the
requisite expertise to oversee and manage the risks associated with the third-party fintech relationship line of businesses. 
 (3) Prior to
onboarding new third-party fintech relationship partners, signing a contract with a new fintech partner, or offering new products or services or conducting new activities with or through existing third-party fintech relationship partners, the Board
shall obtain no supervisory objection from the OCC. At a minimum, the bank shall submit the due diligence package including supporting documentation, any proposed contract, and any management or board committee minutes approving the relationship.

  
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 (4) The Board shall review the effectiveness of the Third-Party Risk Management Program at
least annually, and more frequently if necessary or if required by the OCC in writing, and amend the Third-Party Risk Management Program as needed or directed by the OCC. 

ARTICLE IV 
 BANK SECRECY ACT
RISK ASSESSMENT 
 (1) Within ninety (90) days of the date of this Agreement, the Board shall adopt and Bank management shall
implement and adhere to an effective written Bank Secrecy Act Risk Assessment Program (“BSA Risk Assessment Program”). The BSA Risk Assessment Program shall ensure BSA compliance risk assessments provide a comprehensive and accurate
assessment of the Bank’s BSA compliance risk across all products, services, customers, entities, and geographies, (collectively, “activities”), including all activities provided by or through the Bank’s third-party fintech
relationship partners, and shall include, at a minimum: 
 (a) revised and updated policies, procedures, and processes designed to identify,
measure, monitor, control, and manage the BSA/AML and Office of Foreign Assets Control (“OFAC”) risk, including risk arising from the Bank’s third party fintech relationships; 

(b) inclusion of sufficient analysis and documentation to identify (i) the quantity of risk associated with fintech partner activities,
(ii) any control weaknesses and gaps, (iii) any deficiencies identified during independent testing, and (iv) mitigating factors related to identified weaknesses; and 

(c) policies and procedures for developing accurate MIS reporting, including a Money Laundering Risk report, that provides sufficient
information to identify and manage money laundering, terrorist financing, and other illicit finance risks related to the Bank’s third-party fintech relationships. 

  
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 (2) The Board shall review the effectiveness of the BSA Risk Assessment Program at least
annually and more frequently if necessary or if required by the OCC in writing, and amend the BSA Risk Assessment Program as needed or directed by the OCC. 

ARTICLE V 
 BSA AUDIT PROGRAM

 (1) Within ninety (90) days from the date of this Agreement, the Board shall adopt a revised independent BSA audit program
(“BSA Audit Program”) that includes an expanded scope and risk-based review of activities conducted through the Bank’s third-party fintech relationships. The BSA Audit Program shall, at a minimum, be sufficient to: 

(a) establish an audit plan for independent reviews by a qualified auditor independent from day-to-day operations; 
 (b) determine the Bank’s compliance with applicable laws, rules, and
regulations; 
 (c) connect the BSA risk assessment to the scope of audit work performed; 

(d) evaluate the Bank’s adherence to established policies, procedures, and processes, with particular emphasis directed to the Bank’s
adherence to its policies for BSA/AML and OFAC compliance; and 
 (e) establish sufficient transaction testing to validate the effectiveness
of suspicious activity monitoring processes. 
 (2) All audits conducted by the internal or external auditor shall be engaged by, reviewed,
and approved by the Audit Committee. All reports prepared by internal or external auditors shall be submitted in writing directly to the Audit Committee and reviewed by the Board. 

  
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 (3) No less than quarterly, the Board or Audit Committee must review any outstanding BSA
audit findings and ensure that corrective actions noted in the BSA audit reports are completed in a timely manner. 
 ARTICLE VI 

BANK SECRECY ACT COMPLIANCE PERSONNEL 

(1) Within ninety (90) days of the date of this Agreement, the Board shall ensure that the Bank’s BSA Department is appropriately
staffed with personnel that have requisite expertise, training, skills, and authority. The Board shall ensure that the Bank maintains a permanent, qualified, and experienced BSA Officer who shall be vested with sufficient executive authority, time,
and resources to fulfill the duties and responsibilities of the position and ensure the safe and sound operation of the Bank. The Board shall ensure that the responsibilities of the BSA Officer shall be limited to overseeing and administering the
development and implementation of an effective compliance program under the Bank Secrecy Act. 
 (2) Within ninety (90) days of this
Agreement, the Board shall review and assess the capabilities and qualifications of the Bank’s BSA Officer and BSA Department staff to perform present and anticipated duties, and determine whether changes will be made, including but not limited
to, the need for additions to current BSA Department staff. 
 (3) In the event that the BSA Officer position is vacated, the Board shall
provide written notice to the OCC within thirty (30) days of such vacancy and appoint a capable person to the vacant position who shall be vested with sufficient executive authority, time, and resources to ensure the Bank’s compliance with
this Agreement and the safe and sound operation of functions within the scope of that position’s responsibility. 

  
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 ARTICLE VII 

CUSTOMER DUE DILIGENCE, ENHANCED DUE DILIGENCE, AND 

HIGH RISK CUSTOMER IDENTIFICATION 

(1) Within ninety (90) days of the date of this Agreement, the Board shall adopt, and Bank management shall implement and adhere to
revised and expanded risk-based policies, procedures, and processes (“Program”) to obtain and analyze appropriate customer due diligence (“CDD”), enhanced due diligence (“EDD”), and beneficial ownership (“BO”)
information for all bank customers at the time of account opening and on an ongoing basis, and to effectively use this information to monitor and investigate, suspicious or unusual activity. The Program, at a minimum, must include for the fintech
business: 
 (a) written risk-based policies and procedures for conducting ongoing CDD to enable the Bank to: (i) identify, assess, and
evaluate the Bank’s customers for purposes of compliance with the BSA; (ii) develop CDD processes that are commensurate with the Bank’s BSA/AML risk profile with increased focus on higher risk customers and customer transactions;
(iii) understand the nature and purpose of the customer relationship in order to develop a customer risk profile; (iv) collect, maintain, and update customer information for all customers, including information regarding the beneficial owner(s)
of legal entity customers; (v) use customer information and the customer risk profile to understand the types of transactions a particular customer would be expected to engage in, and as a baseline against which suspicious transactions are
identified; and (vi) conduct ongoing monitoring for the purpose of identifying and reporting suspicious transactions. 

  
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 (b) effective processes for developing customer risk profiles that identify specific risks
of individual customers or categories of customers; 
 (c) policies and procedures that define management and staff responsibilities for CDD,
including authority and responsibility for decisions to open higher risk accounts and for reviewing and approving changes to a customer’s risk profile, as applicable; 

(d) policies, procedures, and processes to identify customers that may pose higher risk for money laundering or terrorist financing that
include whether and/or when, on the basis of risk, it is appropriate to obtain and review additional customer information such as customer’s products, services, and customers; 

(e) policies, procedures, and processes for documenting the Bank’s analysis associated with the due diligence process, including the
process for resolving issues when insufficient or inaccurate information is obtained; 
 (f) policies, procedures, and processes for
determining how customer information, including beneficial ownership information for legal entity customers, is used to meet relevant regulatory requirements, including but not limited to, identifying suspicious activity, identifying nominal and
beneficial owners of banking accounts, and determining OFAC sanctioned parties. 
 (2) The Board shall ensure that the Bank has processes,
personnel, and control systems to implement and adhere to the program developed pursuant to this Article. 

  
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 ARTICLE VIII 

SUSPICIOUS ACTIVITY MONITORING AND REPORTING PROGRAM 

(1) Within ninety (90) days of the date of this Agreement, the Board shall ensure Bank management develops, implements, and adheres to an
enhanced written risk-based program, pursuant to 12 C.F.R. § 21.11, to ensure the timely identification, analysis, and suspicious activity monitoring and reporting for all lines of business, including activities provided by and through the
Bank’s third-party fintech relationship accounts and sub-accounts (“Suspicious Activity Monitoring and Reporting Program”). 

(2) The Suspicious Activity Monitoring and Reporting Program shall include, at a minimum, for the Bank’s fintech third-party relationship
partners: 
 (a) an assessment/evaluation of the effectiveness of the Bank’s existing policies and procedures for suspicious activity
monitoring and reporting including the effectiveness of the Bank’s existing automated system for suspicious activity monitoring; 
 (b)
revised and updated policies and procedures for review and documentation of suspicious activity that are commensurate with the Bank’s risk profile, with an action plan for the Bank to address any deficiencies and weaknesses identified with
suspicious activity monitoring and reporting; 
 (c) procedures and processes for the Bank to quantify the volume of activities and
transactions conducted by or through each of the Bank’s third-party fintech relationship accounts and sub-accounts; 

  
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 (d) procedures and processes that include a review for suspicious activity of cash
transactions, ACH, and wire activity conducted through the Bank; and 
 (e) independent model validation of the Bank’s automated system
for suspicious activity monitoring after enhancements are made to address concerns related to suspicious activity monitoring of activities generated by or through the Bank’s third-party fintech relationship accounts and sub-accounts. 
 (3) The Board shall review the effectiveness of the Suspicious Activity Monitoring and
Reporting Program periodically, at a minimum annually, and amend the Suspicious Activity Monitoring and Reporting Program as needed or directed by the OCC. 

ARTICLE IX 
 SUSPICIOUS ACTIVITY
REVIEW LOOKBACK 
 (1) Within thirty (30) days of the date of this Agreement, the Bank shall submit to the Assistant Deputy
Comptroller, for review and prior written determination of no supervisory objection, an action plan (“Action Plan”) to conduct a review and provide a written report of the Bank’s suspicious activity monitoring (“SAR
Look-Back”). The purpose of the SAR Look-Back is to determine whether Suspicious Activity Reports (“SAR”) should be filed for any previously unreported suspicious activity pursuant to 12 C.F.R. § 21.11. The scope of the SAR
Look-Back shall include high risk customer activity involving the Bank’s third-party fintech relationship partners. 

  
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 (2) Upon receipt of no supervisory objection to the Action Plan, the Bank shall implement
the Action Plan and complete the SAR Look-Back within the proposed timeframe. Upon completion of the SAR Look-Back, the Bank shall provide a report to the Board, with a copy to the OCC, of any previously unreported suspicious activity identified
during the SAR Look-Back and file SARs in accordance with 12 C.F.R. § 21.11. The SAR Look-Back report should also describe: 
 (a) the
methodologies and tools used in conducting the review; 
 (b) the process for investigating customers and customer activities; 

(c) the number and types of customers and accounts reviewed; 

(d) the number of customers that warranted SAR filings or modifications to existing SAR filings; and 

(e) the number of customers where the Bank determined not to file a SAR. 

(4) Based upon the results of the SAR Look-Back, the OCC, at its sole discretion, may expand the scope and period of the SAR Look-Back. 

ARTICLE X 
 INFORMATION
TECHNOLOGY CONTROL PROGRAM 
 (1) Within ninety (90) days of the date of this Agreement, Bank management shall implement and adhere
to an acceptable written program to effectively assess and manage the Bank’s information technology (“IT”) activities, including those activities conducted through and by the Bank’s third-party fintech relationship partners
(“IT Control Program”). 

  
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 (2) The IT Control Program shall be commensurate with the level of risk and complexity of
the Bank’s IT activities, including those activities conducted through the Bank’s third-party fintech relationship partners, and shall, at a minimum, address the following: 

(a) an updated effective IT risk governance program that establishes the roles, responsibilities, and accountability of the Board of directors
and management and includes Board oversight of the information technology risk management of the Bank’s third-party fintech relationship partners; 

(b) an updated effective IT risk assessment process that includes: identification and measurement of risks to information and technology
assets, within the Bank and/or controlled by third-party fintech providers; mitigation of risks to an acceptable residual risk level in conformance with the board’s risk appetite; and monitoring risk levels with results reported to the board
and senior management; 
 (c) an updated effective written program with standards and controls over data structure, usage, and storage,
including customer data processed and controlled by the Bank’s third-party fintech relationship partners; 
 (d) an updated written,
Board-approved, enterprise-wide business continuity management and resiliency process that includes processes and systems for the Bank’s third-party fintech relationship partners (“Business Continuity Plan”); the Business Continuity
Plan shall include a business impact analysis that assesses and prioritizes potential threat and disruption scenarios, including cyber events, based upon their impact on operations and probability of occurrence; periodic enterprise-wide tests;
independent assessment of the tests; and, updating the plan regularly as needed; and 
 (e) an annual information security program report to
the Board that includes a review and analysis of information technology security and risk management related to activities conducted through and by the Bank’s third-party fintech relationships. 

 

  
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 (3) The Board shall review the effectiveness of the IT Control Program at least annually,
and more frequently if necessary or if required by the OCC in writing, and amend the IT Control Program as needed or as directed by the OCC. 

ARTICLE XI 
 GENERAL BOARD
RESPONSIBILITIES 
 (1) The Board shall ensure that the Bank has timely adopted and implemented all corrective actions required by this
Agreement, and shall verify that Bank management adheres to the corrective actions and they are effective in addressing the Bank’s deficiencies that resulted in this Agreement. 

(2) In each instance in which this Agreement imposes responsibilities upon the Board, it is intended to mean that the Board shall: 

(a) authorize, direct, and adopt corrective actions on behalf of the Bank as may be necessary to perform the obligations and undertakings
imposed on the Board by this Agreement; 
 (b) ensure that the Bank has sufficient processes, management, personnel, control systems, and
corporate and risk governance to implement and adhere to all provisions of this Agreement; 
 (c) require that Bank management and personnel
have sufficient training and authority to execute their duties and responsibilities pertaining to or resulting from this Agreement; 

  
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 (d) hold Bank management and personnel accountable for executing their duties and
responsibilities pertaining to or resulting from this Agreement; 
 (e) require appropriate, adequate, and timely reporting to the Board by
Bank management of corrective actions directed by the Board to be taken under the terms of this Agreement; and 
 (f) address any
noncompliance with corrective actions in a timely and appropriate manner. 
 ARTICLE XII 

OTHER PROVISIONS 
 (1) As a
result of this Agreement, the Bank is not: 
  

	 	(a)	 precluded from being treated as an “eligible bank” for the purposes of 12 C.F.R. Part 5, unless the
Bank fails to meet any of the requirements contained in subparagraphs (1) – (4) of 12 C.F.R. § 5.3, Definitions, Eligible bank or eligible savings association, or is otherwise informed in writing by the OCC; 

 

	 	(b)	 subject to the restrictions in 12 C.F.R. § 5.51 requiring prior notice to the OCC of changes in directors
and senior executive officers or the limitations on golden parachute payments set forth in 12 C.F.R. Part 359, unless the Bank is otherwise subject to such requirements pursuant to 12 C.F.R. § 5.51(c)(7)(i) and (iii); and 

 

	 	(c)	 precluded from being treated as an “eligible bank” for the purposes of 12 C.F.R. Part 24, unless the
Bank fails to meet any of the requirements contained in 12 C.F.R. § 24.2(e)(1)-(3) or is otherwise informed in writing by the OCC. 

  
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 (2) This Agreement supersedes all prior OCC communications issued pursuant to 12 C.F.R.
§§ 5.3, 5.51(c)(7)(ii), and 24.2(e)(4). 
 ARTICLE XIII 

CLOSING 
 (1) This
Agreement is intended to be, and shall be construed to be, a “written agreement” within the meaning of 12 U.S.C. § 1818, and expressly does not form, and may not be construed to form, a contract binding on the United States, the OCC,
or any officer, employee, or agent of the OCC. Notwithstanding the absence of mutuality of obligation, or of consideration, or of a contract, the OCC may enforce any of the commitments or obligations herein undertaken by the Bank under its
supervisory powers, including 12 U.S.C. § 1818(b)(1), and not as a matter of contract law. The Bank expressly acknowledges that neither the Bank nor the OCC has any intention to enter into a contract. The Bank also expressly acknowledges that
no officer, employee, or agent of the OCC has statutory or other authority to bind the United States, the U.S. Treasury Department, the OCC, or any other federal bank regulatory agency or entity, or any officer, employee, or agent of any of those
entities to a contract affecting the OCC’s exercise of its supervisory responsibilities. 
 (2) This Agreement is effective upon its
issuance by the OCC, through the Comptroller’s duly authorized representative. Except as otherwise expressly provided herein, all references to “days” in this Agreement shall mean calendar days and the computation of any period of
time imposed by this Agreement shall not include the date of the act or event that commences the period of time. 

  
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 (3) The provisions of this Agreement shall remain effective and enforceable except to the
extent that, and until such time as, such provisions are amended, suspended, waived, or terminated in writing by the OCC, through the Comptroller’s duly authorized representative. If the Bank seeks an extension, amendment, suspension, waiver,
or termination of any provision of this Agreement, the Board or a Board-designee shall submit a written request to the Assistant Deputy Comptroller asking for the desired relief. Any request submitted pursuant to this paragraph shall include a
statement setting forth in detail the special circumstances that warrant the desired relief or prevent the Bank from complying with the relevant provision(s) of the Agreement, and shall be accompanied by relevant supporting documentation. The
OCC’s decision concerning a request submitted pursuant to this paragraph, which will be communicated to the Board in writing, is final and not subject to further review. 

(4) The Bank will not be deemed to be in compliance with this Agreement until it has adopted, implemented, and adhered to all of the
corrective actions set forth in each Article of this Agreement; the corrective actions are effective in addressing the Bank’s deficiencies; and the OCC has verified and validated the corrective actions. An assessment of the effectiveness of the
corrective actions requires sufficient passage of time to demonstrate the sustained effectiveness of the corrective actions. 
 (5) Each
citation, issuance, or guidance referenced in this Agreement includes any subsequent citation, issuance, or guidance that replaces, supersedes, amends, or revises the referenced cited citation, issuance, or guidance. 

(6) No separate promise or inducement of any kind has been made by the OCC, or by its officers, employees, or agents, to cause or induce the
Bank to enter into this Agreement. 

  
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 (7) All reports, plans, or programs submitted to the OCC pursuant to this Agreement shall be
forwarded via BankNet, to the following: 
 Amanda Edwards, Assistant Deputy Comptroller 

Office of the Comptroller of the Currency 

Roanoke Field Office 
 (8) The
terms of this Agreement, including this paragraph, are not subject to amendment or modification by any extraneous expression, prior agreements, or prior arrangements between the parties, whether oral or written. 

IN TESTIMONY WHEREOF, the undersigned, authorized by the Comptroller as his duly authorized representative, has hereunto set his signature on behalf of the
Comptroller. 
  

	
	/s/ Amanda Edwards
	Amanda Edwards, Assistant Deputy Comptroller Office of the Comptroller of the Currency Roanoke Field Office

  
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 IN TESTIMONY WHEREOF, the undersigned, as the duly elected and acting Board of Directors of Blue Ridge Bank,
N.A. Bank have hereunto set their signatures on behalf of the Bank. 
  

					
	/s/ Hunter H. Bost	 		  	8/24/2022
	Hunter H. Bost, Director	 		  	Date
			
	/s/ Elizabeth H. Crowther	 		  	8/17/2022
	Elizabeth H. Crowther, Director	 		  	Date
			
	/s/ Mensel D. Dean, Jr.	 		  	8/23/2022
	Mensel D. Dean, Jr., Director	 		  	Date
			
	/s/ Larry Dees	 		  	8/17/2022
	Larry Dees, Director	 		  	Date
			
	/s/ Richard A. Farmar, III	 		  	8/23/2022
	Richard A. Farmar, III, Director	 		  	Date
			
	/s/ Judy C. Gavant	 		  	8/17/2022
	Judy C. Gavant, Director	 		  	Date
			
	/s/ Andrew C. Holzwarth	 		  	8/17/2022
	Andrew C. Holzwarth, Director	 		  	Date
			
	/s/ Robert S. Janney	 		  	8/17/2022
	Robert S. Janney, Director	 		  	Date
			
	/s/ Julien B. Patterson	 		  	8/17/2022
	Julien B. Patterson, Director	 		  	Date
			
	/s/ Brian K. Plum	 		  	8/17/2022
	Brian K. Plum, Director	 		  	Date

  
 20 

					
	/s/ Randolph N. Reynolds, Jr.	 		  	8/17/2022
	Randolph N. Reynolds, Jr., Director	 		  	Date
			
	/s/ C. Frank Scott, III	 		  	8/17/2022
	C. Frank Scott, III, Director	 		  	Date
			
	/s/ Vance Spilman	 		  	8/17/2022
	Vance Spilman, Director	 		  	Date
			
	/s/ William W. Stokes	 		  	8/17/2022
	William W. Stokes, Director	 		  	Date
			
	/s/ Carolyn J. Woodruff	 		  	8/17/2022
	Carolyn J. Woodruff, Director	 		  	Date

  
 21Exhibit 10.1

 

Commercial Paper
Dealer Agreement

4(a)(2) Program

 

Between:

 

REPUBLIC
SERVICES, INC., as Issuer and

 

[____________],
as Dealer

 

Concerning Notes to be issued pursuant to an Issuing
and Paying Agency Agreement dated as of May 25, 2022 between the Issuer and [____________], as Issuing and Paying Agent

 

Dated as of May 25, 2022

 

     

     

    

 

Commercial Paper Dealer Agreement

 

4(a)(2) Program

 

This agreement (the “Agreement”) sets forth the understandings
between the Issuer and the Dealer, each named on the cover page hereof, in connection with the issuance and sale by the Issuer of
its short-term promissory notes (the “Notes”) through the Dealer.

 

Certain terms used in this Agreement are defined in Section 6
hereof.

 

The Addendum to this Agreement, and any Annexes or Exhibits described
in this Agreement or such Addendum, are hereby incorporated into this Agreement and made fully a part hereof.

 

		1.	Offers, Sales and Resales of Notes.

 

		1.1	While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or to permit the Dealer to arrange any
sale of the Notes for the account of the Issuer, and (ii) the Dealer has and shall have no obligation to purchase the Notes from
the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where the Dealer
purchases Notes from the Issuer, or arranges for the sale of Notes by the Issuer, such Notes will be purchased or sold by the Dealer in
reliance on the representations, warranties, covenants and agreements of the Issuer contained herein or made pursuant hereto and on the
terms and conditions and in the manner provided herein.

 

		1.2	So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7 hereof, the Issuer
shall not, without the consent of the Dealer, offer, solicit or accept offers to purchase, or sell, any Notes except (a) in transactions
with one or more dealers which may from time to time after the date hereof become dealers with respect to the Notes by executing with
the Issuer one or more agreements which contain provisions substantially identical to those contained in Section 1 of this Agreement,
of which the Issuer hereby undertakes to provide the Dealer prompt notice or (b) in transactions with the other dealers listed on
the Addendum hereto, which are executing agreements with the Issuer which contain provisions substantially identical to Section 1
of this Agreement contemporaneously herewith, or have executed agreements with the Issuer prior to the date hereof which contain provisions
substantially identical to Section 1 of this Agreement. In no event shall the Issuer offer, solicit or accept offers to purchase,
or sell, any Notes directly on its own behalf in transactions with persons other than broker-dealers as specifically permitted in this
Section 1.2.

 

		1.3	The Notes shall be in a minimum denomination of $250,000 or integral multiples of $1,000 in excess thereof, will bear such interest
rates, if interest bearing, or will be sold at such discount from their face amounts, as shall be agreed upon by the Dealer and the Issuer,
shall have a maturity not exceeding 397 days from the date of issuance and may have such terms as are specified in Exhibit C hereto,
the Private Placement Memorandum or a pricing supplement, or as otherwise agreed upon by the applicable purchaser and the Issuer. The
Notes shall not contain any provision for extension, renewal or automatic “rollover.”

 

		1.4	The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agency
Agreement, and the Notes shall be either individual physical certificates or book-entry notes evidenced by one or more master notes (each,
a “Master Note”) registered in the name of The Depository Trust Company (“DTC”) or its nominee, in the form or
forms annexed to the Issuing and Paying Agency Agreement.

 

    	 	2	 

     

    

 

		1.5	If the Issuer and the Dealer shall agree on the terms of the purchase of any Note by the Dealer or the sale of any Note arranged by
the Dealer (including, but not limited to, agreement with respect to the date of issue, purchase price, principal amount, maturity and
interest rate or interest rate index and margin (in the case of interest-bearing Notes) or discount thereof (in the case of Notes issued
on a discount basis), and appropriate compensation for the Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall
cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agency Agreement and payment for such
Note shall be made by the purchaser thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of
the Issuer. Except as otherwise agreed, in the event that the Dealer is acting as an agent and a purchaser shall either fail to accept
delivery of or make payment for a Note on the date fixed for settlement, the Dealer shall promptly notify the Issuer, and if the Dealer
has theretofore paid the Issuer for the Note, the Issuer will promptly return such funds to the Dealer against its return of the Note
to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note. If such failure occurred
for any reason other than default by the Dealer, the Issuer shall reimburse the Dealer on an equitable basis for the Dealer’s loss
of the use of such funds for the period such funds were credited to the Issuer’s account.

 

		1.6	The Dealer and the Issuer hereby establish and agree to observe the following procedures in connection with offers, sales and subsequent
resales or other transfers of the Notes:

 

		(a)	Offers and sales of the Notes by or through the Dealer shall be made only to: (i) investors reasonably believed by the Dealer
to be Qualified Institutional Buyers or Institutional Accredited Investors and (ii) non-bank fiduciaries or agents that will be purchasing
Notes for one or more accounts, each of which is reasonably believed by the Dealer to be an Institutional Accredited Investor.

 

		(b)	Resales and other transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend
described in clause (e) below.

 

		(c)	No general solicitation or general advertising shall be
used in connection with the offering of the Notes. Without limiting the generality of the foregoing, without the prior written approval
of the Dealer or the Issuer, as the case may be, neither the Issuer nor the Dealer shall issue any press release, make any other statement
to any member of the press making reference to the Notes, the offer or sale of the Notes or this Agreement or place or publish any “tombstone”
or other advertisement relating to the Notes or the offer or sale thereof. To the extent permitted by applicable securities laws or any
rules and regulations issued thereunder and the rules of any applicable self-regulatory organization, the Issuer shall (i) omit
the name of the Dealer from any publicly available filing by the Issuer that makes reference to the Notes, the offer or sale of the Notes
or this Agreement, (ii) not include a copy of this Agreement in any such filing or as an exhibit thereto, and (iii) redact the
Dealer's name and any contact or other information that could identify the Dealer from any agreement or other information included in
such filing. Nothing herein shall otherwise prohibit the factual confirmation by the Issuer of the issuance and existence of the
Notes and the terms of the Notes, provided that such confirmation does not disclose any information other than that permitted under Rule 135c
under the Securities Act unless disclosure is otherwise required by applicable securities laws or any rules and regulations issued
thereunder or the rules of any applicable self-regulatory organization, provided that such required disclosure will not result in
the offer and sale of the Notes becoming ineligible for the exemption provided by Section 4(a)(2) of the Securities Act. For
the avoidance of doubt, the Issuer shall not post the Private Placement Memorandum on a website without the consent of the Dealer and
each other dealer or placement agent, if any, for the Notes.

 

    	 	3	 

     

    

 

		(d)	No sale of Notes to any one purchaser shall be for less than $250,000 principal or face amount, and no Note shall be issued in a smaller
principal or face amount. If the purchaser is a non-bank fiduciary acting on behalf of others, each person for whom such purchaser is
acting must purchase at least $250,000 principal or face amount of Notes.

 

		(e)	Offers and sales of the Notes shall be subject to the restrictions described in the legend appearing on Exhibit A hereto. A legend
substantially to the effect of such Exhibit A shall appear as part of the Private Placement Memorandum used in connection with offers
and sales of Notes hereunder, as well as on each individual certificate representing a Note and each Master Note representing book-entry
Notes offered and sold pursuant to this Agreement.

 

		(f)	The Dealer shall furnish or make available, or shall have furnished or made available, to each purchaser of Notes for which it has
acted as the Dealer a copy of the then-current Private Placement Memorandum unless such purchaser has previously received or had made
available to it a copy of the Private Placement Memorandum as then in effect. The Private Placement Memorandum shall expressly state that
any person to whom Notes are offered shall have an opportunity to ask questions of, and receive information from, the Issuer and the Dealer
and shall provide the names, addresses and telephone numbers of the persons from whom information regarding the Issuer may be obtained.

 

		(g)	The Issuer agrees, for the benefit of the Dealer and each of the holders and prospective purchasers from time to time of the Notes
that, if at any time the Issuer shall not be subject to Section 13 or 15(d) of the Exchange Act, the Issuer will furnish, upon
request and at its expense, to the Dealer and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in
compliance with Rule 144A(d).

 

		(h)	In the event that any Note offered or to be offered by the Dealer would be ineligible for resale under Rule 144A, the Issuer
shall immediately notify the Dealer (by telephone, confirmed in writing) of such fact and shall promptly prepare and deliver to the Dealer
an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such ineligibility
and any other relevant information relating thereto.

 

		(i)	The Issuer represents that it is not currently issuing commercial paper in the United States market in reliance upon the exemption
provided by Section 3(a)(3) of the Securities Act. The Issuer agrees that, if it shall issue commercial paper after the date
hereof in reliance upon such exemption (a) the proceeds from the sale of the Notes will be segregated from the proceeds of the sale
of any such commercial paper by being placed in a separate account; (b) the Issuer will institute appropriate corporate procedures
to ensure that the offers and sales of notes issued by the Issuer pursuant to the Section 3(a)(3) exemption are not integrated
with offerings and sales of Notes hereunder; and (c) the Issuer will comply with each of the requirements of Section 3(a)(3) of
the Securities Act in selling commercial paper or other short-term debt securities other than the Notes in the United States.

 

    	 	4	 

     

    

 

		1.7	The Issuer hereby represents and warrants to the Dealer, in connection with offers, sales and resales of Notes, as follows:

 

		(a)	The Issuer hereby confirms to the Dealer that (except as permitted by Section 1.6(i)) within the preceding six months neither
the Issuer nor any person other than the Dealer or the other dealers referred to in Section 1.2 hereof acting on behalf of the Issuer
has offered or sold any Notes, or any substantially similar security of the Issuer (including, without limitation, medium-term notes issued
by the Issuer), to, or solicited offers to buy any such security from, any person other than the Dealer or the other dealers referred
to in Section 1.2 hereof. The Issuer also agrees that (except as permitted by Section 1.6(i)), as long as the Notes are being
offered for sale by the Dealer and the other dealers referred to in Section 1.2 hereof as contemplated hereby and until at least
six months after the offer of Notes hereunder has been terminated, neither the Issuer nor any person other than the Dealer or the other
dealers referred to in Section 1.2 hereof (except as contemplated by Section 1.2 hereof) will offer the Notes or any substantially
similar security of the Issuer for sale to, or solicit offers to buy any such security from, any person other than the Dealer or the other
dealers referred to in Section 1.2 hereof, it being understood that such agreement is made with a view to bringing the offer and
sale of the Notes within the exemption provided by Section 4(a)(2) of the Securities Act and Rule 144A thereunder and shall
survive any termination of this Agreement. The Issuer hereby represents and warrants that it has not taken or omitted to take, and will
not take or omit to take, any action that would cause the offering and sale of Notes hereunder to be integrated with any other offering
of securities, whether such offering is made by the Issuer or some other party or parties.

 

		(b)	The Issuer represents and agrees that the proceeds of the sale of the Notes are not currently contemplated to be used for the purpose
of buying, carrying or trading securities within the meaning of Regulation T and the interpretations thereunder by the Board of Governors
of the Federal Reserve System. In the event that the Issuer determines to use such proceeds for the purpose of buying, carrying or trading
securities, whether in connection with an acquisition of another company or otherwise, the Issuer shall give the Dealer at least five
business days’ prior written notice to that effect. The Issuer shall also give the Dealer prompt notice of the actual date that
it commences purchases of securities with the proceeds of the Notes. Thereafter, in the event that the Dealer purchases Notes as principal
and does not resell such Notes on the day of such purchase, to the extent necessary to comply with Regulation T and the interpretations
thereunder, the Dealer will sell such Notes either (i) only to offerees it reasonably believes to be Qualified Institutional Buyers
or to Qualified Institutional Buyers it reasonably believes are acting for other Qualified Institutional Buyers, in each case in accordance
with Rule 144A or (ii) in a manner which would not cause a violation of Regulation T and the interpretations thereunder.

 

		1.8	The Issuer shall not issue Notes, or request the Dealer to offer and sell Notes, to the extent that after giving effect to such issuance
and the application of the proceeds thereof, the aggregate face amount of outstanding Notes under the Program would exceed the Maximum
Amount. The Issuer may from time to time increase the Maximum Amount by:

 

		(a)	giving at least ten (10) days’ notice by letter substantially in the form attached hereto as Exhibit D (the “Notification
Letter for an Increase in Maximum Amount”) to the Dealer and the Issuing and Paying Agent; and

 

    	 	5	 

     

    

 

		(b)	delivery of (i) a certificate from a duly authorized officer of the Issuer confirming that no changes have been made to the organizational
documents of the Issuer since the date a certified copy thereof was most recently delivered to the Dealer or, if there has been any such
change, a certified copy of the related organizational documents currently in force; (ii) certified copies of all documents evidencing
the internal authorization and approval required to be adopted by the Issuer for such an increase in the Maximum Amount; (iii) an
updated or supplemental Private Placement Memorandum reflecting the increase in the Maximum Amount of the Program; (iv) a legal opinion
in form and substance satisfactory to the Dealer as to (A) the due authorization, validity and enforceability of the Notes issued
pursuant to the Issuing and Paying Agent Agreement, and (B) such other matters as the Dealer may reasonably request, in each case
after giving effect to the increase in the Maximum Amount; (v) evidence from each nationally recognized statistical rating organization
providing a rating of the Notes either (A) that such rating has been confirmed after giving effect to the increase in the Maximum
Amount or (B) setting forth any change in the rating of the Notes after giving effect to the increase in the Maximum Amount; and
(vi) such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested.

 

		2.	Representations and Warranties of the Issuer.

 

The Issuer represents and warrants that:

 

		2.1	The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation
and has all the requisite power and authority to execute, deliver and perform its obligations under the Notes, this Agreement and the
Issuing and Paying Agency Agreement.

 

		2.2	This Agreement and the Issuing and Paying Agency Agreement have been duly authorized, executed and delivered by the Issuer and constitute
legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their terms, subject to applicable
bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles
of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and except as rights under the Agreement to
indemnity and contribution may be limited by state or federal laws.

 

		2.3	The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agency Agreement, will be duly and validly
issued and will constitute legal, valid and binding obligations of the Issuer enforceable against the Issuer in accordance with their
terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability,
to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law).

 

		2.4	The offer and sale of the Notes in the manner contemplated hereby do not require registration of the Notes under the Securities Act,
and no indenture in respect of the Notes is required to be qualified under the Trust Indenture Act of 1939, as amended.

 

    	 	6	 

     

    

 

		2.5	The Notes will rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Issuer.

 

		2.6	No consent or action of, or filing or registration with, any governmental or public regulatory body or authority, including the SEC,
is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Agreement, the Notes
or the Issuing and Paying Agency Agreement, except as may be required by the securities or Blue Sky laws of the various states in connection
with the offer and sale of the Notes.

 

		2.7	Neither the execution and delivery of this Agreement and the Issuing and Paying Agency Agreement, nor the issuance of the Notes in
accordance with the Issuing and Paying Agency Agreement, nor the fulfillment of or compliance with the terms and provisions hereof or
thereof by the Issuer, will (i) result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever
upon any of the properties or assets of the Issuer, or (ii) violate or result in a breach or a default under any of the terms of
(a) the Issuer’s charter documents or by-laws, (b) any contract or instrument to which the Issuer is a party or by which
it or its property is bound, or (c) any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality,
to which the Issuer is subject or by which it or its property is bound, which violation, breach or default with respect to clauses (b) or
(c) might have a material adverse effect on the condition (financial or otherwise) or operations of the Issuer or the ability of
the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying Agency Agreement.

 

		2.8	Except as disclosed in the Company Information, there is no litigation or governmental proceeding pending, or to the knowledge of
the Issuer threatened, against or affecting the Issuer or any of its subsidiaries which might result in a material adverse change in the
condition (financial or otherwise) or operations of the Issuer or the ability of the Issuer to perform its obligations under this Agreement,
the Notes or the Issuing and Paying Agency Agreement.

 

		2.9	The Issuer is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

		2.10	Neither the Private Placement Memorandum nor the Company Information contains any untrue statement of a material fact or omits to
state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading.

 

		2.11	Neither the Issuer nor any of its subsidiaries, nor, to the knowledge of the Issuer, any director, officer, agent, employee, or affiliate
is aware of or has taken any action, directly or indirectly, that has resulted in or would reasonably be likely to result in a violation
by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively,
the “FCPA”) or similar law or regulation of any other relevant jurisdiction; and the Issuer, its subsidiaries and, to the
best of the Issuer’s knowledge, their affiliates have each conducted their businesses in compliance with the FCPA and any applicable
similar law or regulation and, to the extent necessary, have instituted and maintain policies and procedures designed to ensure, and which
are reasonably expected to continue to ensure, continued compliance therewith.

 

    	 	7	 

     

    

 

		2.12	The operations of the Issuer and its subsidiaries are and have been conducted at all times in compliance in all material respects
with applicable financial recordkeeping and reporting requirements and the applicable money laundering statutes of jurisdictions where
the Issuer and its subsidiaries conduct business, and the rules and regulations thereunder and any related or similar rules, regulations
or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and
no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer
or any of its subsidiaries with respect to the Money Laundering Laws is pending or, to the best knowledge of the Issuer, threatened.

 

		2.13	Neither the Issuer nor any of its subsidiaries, nor to the knowledge of the Issuer, any director, officer, agent, employee, or affiliate
of the Issuer or any of its subsidiaries is currently the subject of any sanctions administered or enforced by the United States, including
the Office of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, or the Bureau of Industry and Security
of the U.S. Department of Commerce, the United Nations Security Council, the European Union, or Her Majesty’s Treasury, or other
relevant sanctions authority (collectively, “Sanctions”), nor is the Issuer located, organized or resident in a country or
territory that is the subject of Sanctions. The Company will not, directly or indirectly, use the proceeds of the Notes, or lend, contribute
or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity, (x) for the purpose
of financing the activities of any person currently subject to, or located in a country or territory that is the subject of, any Sanctions,
or (y) in any manner that will result in a violation of any economic Sanctions by, or could result in the imposition of Sanctions
against, any Person (including any person participating in the offering of Notes, whether as dealer, advisor, investor or otherwise).

 

		2.14	Each (a) issuance of Notes by the Issuer hereunder and (b) amendment or supplement of the Private Placement Memorandum shall
be deemed a representation and warranty by the Issuer to the Dealer, as of the date thereof, that, both before and after giving effect
to such issuance and after giving effect to such amendment or supplement, (i) the representations and warranties given by the Issuer
set forth in this Section 2 remain true and correct on and as of such date as if made on and as of such date, (ii) in the case
of an issuance of Notes, the Notes being issued on such date have been duly and validly issued and constitute legal, valid and binding
obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency
and similar laws affecting creditors’ rights generally and subject, as to enforceability, to general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law) and (iii) in the case of an issuance of Notes, since the date
of the most recent Private Placement Memorandum, there has been no material adverse change in the condition (financial or otherwise),
operations or business prospects of the Issuer which has not been disclosed to the Dealer in writing and (iv) no default by the Issuer
has occurred and is continuing hereunder or under the Notes or the Issuing and Paying Agency Agreement.

 

		3.	Covenants and Agreements of the Issuer.

 

The Issuer covenants and agrees that:

 

		3.1	The Issuer will give the Dealer prompt notice (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment
to, modification of or waiver with respect to, any outstanding Notes, the Master Note or the Issuing and Paying Agency Agreement, including
a complete copy of any such amendment, modification or waiver.

 

    	 	8	 

     

    

 

		3.2	The Issuer shall, whenever there shall occur any change in the Issuer’s condition (financial or otherwise), operations or any
development or occurrence in relation to the Issuer that, in each case, would be material to holders of the Notes or potential holders
of the Notes (including any downgrading or receipt of any notice of intended or potential downgrading accorded any of the Issuer’s
securities by any nationally recognized statistical rating organization which has published a rating of the Notes), promptly, and in any
event prior to any subsequent issuance of Notes hereunder, notify the Dealer (by telephone, confirmed in writing) of such change, development
or occurrence.

 

		3.3	The Issuer shall from time to time furnish to the Dealer such information as the Dealer may reasonably request, including, without
limitation, any press releases or material provided by the Issuer to any national securities exchange or rating agency, regarding (i) the
Issuer’s operations and financial condition, (ii) the due authorization and execution of the Notes and (iii) the Issuer’s
ability to pay the Notes as they mature.

 

		3.4	The Issuer will take all such action as the Dealer may reasonably request to ensure that each offer and each sale of the Notes will
comply with any applicable state Blue Sky laws; provided, however, that the Issuer shall not be obligated to file any general consent
to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject itself to
taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject.

 

		3.5	The Issuer will (i) not be in default of any of its obligations under the Notes, or (ii) be in default in any material respect
of any of its obligations hereunder or under the Issuing and Paying Agency Agreement, in each case, at any time that any of the Notes
are outstanding.

 

		3.6	The Issuer shall not issue Notes hereunder until the Dealer shall have received (a) an opinion of counsel to the Issuer, addressed
to the Dealer, satisfactory in form and substance to the Dealer, (b) a copy of the executed Issuing and Paying Agency Agreement as
then in effect, (c) a copy of resolutions adopted by the Board of Directors of the Issuer or a duly authorized committee thereof
certified by the Secretary or similar officer of the Issuer, authorizing execution and delivery by the Issuer of this Agreement, the Issuing
and Paying Agency Agreement and the Notes and consummation by the Issuer of the transactions contemplated hereby and thereby, (d) a
certificate of the secretary, assistant secretary or other designated officer of the Issuer certifying as to (i) the Issuer’s
organizational documents, and attaching true, correct and complete copies thereof, (ii) the Issuer’s representations and warranties
being true and correct in all material respects, and (iii) the incumbency of the officers of the Issuer authorized to execute and
deliver this Agreement, the Issuing and Paying Agency Agreement and the Notes, and take other action on behalf of the Issuer in connection
with the transactions contemplated thereby, (e) prior to the issuance of any book-entry Notes represented by a master note registered
in the name of DTC or its nominee, a copy of the executed Letter of Representations among the Issuer, the Issuing and Paying Agent and
DTC and of the executed master note, (f) prior to the issuance of any Notes in physical form, a copy of such form (unless attached
to this Agreement or the Issuing and Paying Agency Agreement), (g) confirmation of the then current rating assigned to the Notes
by each nationally recognized statistical rating organization then rating the Notes, and (h) such other certificates, opinions, letters
and documents as the Dealer shall have reasonably requested.

 

    	 	9	 

     

    

 

		3.7	The Issuer shall reimburse the Dealer for all of the Dealer’s reasonable out-of-pocket expenses related to this Agreement, including
expenses incurred in connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited
to, the printing and distribution of the Private Placement Memorandum), and, if applicable, for the reasonable fees and out-of-pocket
expenses of the Dealer’s counsel.

 

		3.8	The Issuer shall not file a Form D (as referenced in Rule 503 under the Securities Act) at any time in respect of the offer
or sale of the Notes.

 

		3.9	Without limiting any obligation of the Issuer pursuant to this Agreement to provide the Dealer with credit and financial information,
the Issuer hereby acknowledges and agrees that the Dealer may share the Company Information and any other information or matters relating
to the Issuer or the transactions contemplated hereby with affiliates of the Dealer, and that such affiliates may likewise share information
relating to the Issuer or such transactions with the Dealer.

 

		4.	Disclosure.

 

		4.1	The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole responsibility of the Issuer.
The Private Placement Memorandum shall contain a statement expressly offering an opportunity for each prospective purchaser to ask questions
of, and receive answers from, the Issuer concerning the offering of Notes and to obtain relevant additional information which the Issuer
possesses or can acquire without unreasonable effort or expense.

 

		4.2	The Issuer agrees to promptly furnish the Dealer the Company Information as it becomes available. The Company Information required
to be delivered pursuant to this Section 4.2 (to the extent any such documents are included in materials otherwise filed with the
SEC) shall be deemed to have been delivered on the date on which such materials are publicly available as posted on the Electronic Data
Gathering, Analysis and Retrieval system (EDGAR).

 

		4.3	(a)  The Issuer further agrees to notify the Dealer promptly upon the occurrence of any event relating to or affecting the Issuer
that would cause the Company Information then in existence to include an untrue statement of a material fact or to omit to state a material
fact necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading.

 

(b)  In
the event that the Issuer gives the Dealer notice pursuant to Section 4.3(a) and (i) the Issuer is selling Notes in accordance
with Section 1 or (ii) the Dealer notifies the Issuer that it then has Notes it is holding in inventory, the Issuer agrees promptly
to supplement or amend the Private Placement Memorandum so that the Private Placement Memorandum, as amended or supplemented, shall not
contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in
light of the circumstances under which they were made, not misleading, and the Issuer shall make such supplement or amendment available
to the Dealer.

 

(c)  In
the event that (i) the Issuer gives the Dealer notice pursuant to Section 4.3(a), (ii) (A) the Issuer is not selling
Notes in accordance with Section 1 and (B) the Dealer does not notify the Issuer that it is then holding Notes in inventory,
and (iii) the Issuer chooses not to promptly amend or supplement the Private Placement Memorandum in the manner described in clause
(b) above, then all solicitations and sales of Notes shall be suspended until such time as the Issuer has so amended or supplemented
the Private Placement Memorandum, and made such amendment or supplement available to the Dealer.

 

    	 	10	 

     

    

 

(d)  Without
limiting the generality of Section 4.3(a), to the extent that the Private Placement Memorandum sets forth financial information of
the Issuer (other than financial information included in a report described in clause (i) of the definition of "Company Information"
that (i) is incorporated by reference in the Private Placement Memorandum or (ii) the Private Placement Memorandum expressly
states is being made available to holders and prospective purchasers of the Notes but is not otherwise set forth therein), the Issuer
shall review, amend and supplement the Private Placement Memorandum on a periodic basis, but no less than at least once annually, to incorporate
current financial information of the Issuer to the extent necessary to ensure that the information provided in the Private Placement Memorandum
is accurate and complete.

 

		5.	Indemnification and Contribution.

 

		5.1	The Issuer will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust, association or other entity
controlling the Dealer, any affiliate of the Dealer or any such controlling entity and their respective directors, officers, employees,
partners, incorporators, shareholders, servants, trustees and agents (hereinafter the “Indemnitees”) against any and all liabilities,
penalties, suits, causes of action, losses, damages, claims, costs and expenses (including, without limitation, fees and disbursements
of counsel) or judgments of whatever kind or nature (each a “Claim”), imposed upon, incurred by or asserted against the Indemnitees
arising out of or based upon (i) any allegation that the Private Placement Memorandum, the Company Information or any information
provided by the Issuer to the Dealer included (as of any relevant time) or includes an untrue statement of a material fact or omitted
(as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the circumstances
under which they were made, not misleading or (ii) the breach by the Issuer of any agreement, covenant or representation made in
or pursuant to this Agreement. This indemnification shall not apply to the extent that the Claim arises out of or is based upon Dealer
Information.

 

		5.2	Provisions relating to claims made for indemnification under this Section 5 are set forth on Exhibit B to this Agreement.

 

		5.3	In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 5
is held to be unavailable or insufficient to hold harmless the Indemnitees, although applicable in accordance with the terms of this Section 5,
the Issuer shall contribute to the aggregate costs incurred by the Dealer and its related Indemnitees in connection with any Claim in
the proportion of the respective economic interests of the Issuer and the Dealer; provided, however, that such contribution by the Issuer
shall be in an amount such that the aggregate costs incurred by the Dealer and its related Indemnitees do not exceed the aggregate of
the commissions and fees actually received by the Dealer hereunder with respect to the issue or issues of Notes to which such Claim relates.
The respective economic interests shall be calculated by reference to the aggregate proceeds to the Issuer of the Notes issued hereunder
and the aggregate commissions and fees earned by the Dealer hereunder.

 

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	6.	Definitions.

 

		6.1	“BHC Act Affiliate” has the meaning assigned to the term “affiliate” in, and shall be interpreted in accordance
with, 12 U.S.C. § 1841(k).

 

		6.2	“Bribery Act” shall have the meaning set forth in Section 2.11.

 

		6.3	“Claim” shall have the meaning set forth in Section 5.1.

 

		6.4	“Company Information” at any given time shall mean the Private Placement Memorandum together with, to the extent applicable,
(i) the Issuer’s most recent report on Form 10-K filed with the SEC and each report on Form 10-Q or 8-K filed by
the Issuer with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent publicly available annual audited
financial statements and each interim financial statement or report prepared subsequent thereto, if not included in item (i) above,
(iii) the Issuer’s publicly available filings or reports provided to its shareholders, (iv) any other information or disclosure
prepared pursuant to Section 4.3 hereof and (v) any information prepared or approved by the Issuer for dissemination to investors
or potential investors in the Notes.

 

		6.5	“Covered Entity” means any of the following:

 

		(i)	a “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

		(ii)	a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

		(iii)	a “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

		6.6	“Current Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i).

 

		6.7	“Dealer Information” shall mean material concerning the Dealer provided by the Dealer in writing expressly for inclusion
in the Private Placement Memorandum.

 

		6.8	“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable.

 

		6.9	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended.

 

		6.10	“FCPA” shall have the meaning set forth in Section 2.11

 

		6.11	“Indemnitee” shall have the meaning set forth in Section 5.1.

 

		6.12	“Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning
of Rule 501 under the Securities Act and that has such knowledge and experience in financial and business matters that it is capable
of evaluating and bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined in Section 3(a)(2) of
the Securities Act, or a savings and loan association or other institution, as defined in Section 3(a)(5)(A) of the Securities
Act, whether acting in its individual or fiduciary capacity.

 

    	 	12	 

     

    

 

		6.13	“Issuing and Paying Agency Agreement” shall mean the issuing and paying agency agreement described on the cover page of
this Agreement, or any replacement thereof, as such agreement may be amended or supplemented from time to time.

 

		6.14	“Issuing and Paying Agent” shall mean the party designated as such on the cover page of this Agreement, or any successor
thereto or replacement thereof, as issuing and paying agent under the Issuing and Paying Agency Agreement.

 

		6.15	“Maximum Amount” shall mean the maximum of the aggregate face amount of the Issuer’s Notes permitted to be outstanding
under the Program at any time (whether sold through the Dealer or the other dealers referred to in Section 1.2 hereof acting), which
such aggregate face amount shall not exceed $500,000,000, unless such amount is increased by the Issuer in accordance with Section 1.8
hereof.

 

		6.16	“Money Laundering Laws” shall have the meaning set forth in Section 2.12

 

		6.17	“Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of
the Securities Act, or (b) a savings and loan association, as defined in Section 3(a)(5)(A) of the Securities Act.

 

		6.18	“Outstanding Notes” shall have the meaning set forth in Section 7.9(ii).

 

		6.19	“Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials
incorporated by reference therein, if any) provided to purchasers and prospective purchasers of the Notes, and shall include amendments
and supplements thereto which may be prepared from time to time in accordance with this Agreement (other than any amendment or supplement
that has been completely superseded by a later amendment or supplement).

 

		6.20	“Program” shall mean the commercial paper program of the Issuer as contemplated by this Agreement and the Issuing and
Paying Agency Agreement.

 

		6.21	“Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act.

 

		6.22	“Replacement” shall have the meaning set forth in Section 7.9(i).

 

		6.23	“Replacement Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i).

 

		6.24	“Replacement Issuing and Paying Agency Agreement” shall have the meaning set forth in Section 7.9(i).

 

		6.25	“Rule 144A” shall mean Rule 144A under the Securities Act.

 

		6.26	“Sanctioned Countries” and “Sanctioned Country” shall have the meanings set forth in Section 2.14.

 

		6.27	“Sanctions” shall have the meaning set forth in Section 2.13.

 

		6.28	“SEC” shall mean the U.S. Securities and Exchange Commission.

 

		6.29	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended.

 

    	 	13	 

     

    

 

		6.30	“U.S. Special Resolution Regime” means each of (i) the Federal Deposit Insurance Act and the regulations promulgated
thereunder and (ii) Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the regulations promulgated thereunder.

 

		7.	General

 

		7.1	Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective
when received at the address of the respective party set forth in the Addendum to this Agreement.

 

		7.2	This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict
of laws provisions.

 

		7.3	(a) The Issuer agrees that any suit, action or proceeding brought by the Issuer against the Dealer in connection with or arising
out of this Agreement or the Notes or the offer and sale of the Notes shall be brought solely in the United States federal courts located
in the Borough of Manhattan or the courts of the State of New York located in the Borough of Manhattan. EACH OF THE DEALER AND THE ISSUER
WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(b) The Issuer hereby irrevocably accepts and submits
to the non-exclusive jurisdiction of each of the aforesaid courts in personam, generally and unconditionally, for itself and in respect
of its properties, assets and revenues, with respect to any suit, action or proceeding in connection with or arising out of this Agreement
or the Notes or the offer and sale of the Notes.

 

		7.4	This Agreement may be terminated, at any time, by the Issuer, upon one business day’s prior notice to such effect to the Dealer,
or by the Dealer upon one business day’s prior notice to such effect to the Issuer. Any such termination, however, shall not affect
the obligations of the Issuer under Sections 1.2 (first sentence), 3.7, 5 and 7.3 hereof or the respective representations, warranties,
agreements, covenants, rights or responsibilities of the parties made or arising prior to the termination of this Agreement.

 

		7.5	This Agreement is not assignable by either party hereto without the written consent of the other party; provided, however, that the
Dealer may assign its rights and obligations under this Agreement to any affiliate of the Dealer; provided that the Dealer shall use commercially
reasonable efforts to provide written notice thereof to the Issuer promptly thereafter.

 

		7.6	This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument.

 

		7.7	Except as provided in Section 5 with respect to non-party Indemnitees, this Agreement is for the exclusive benefit of the parties
hereto, and their respective permitted successors and assigns hereunder, and shall not be deemed to give any legal or equitable right,
remedy or claim to any other person whatsoever; provided, however, that Section 7.3(b) is hereby specifically and exclusively
acknowledged to also be for the benefit of the holders from time to time of the Notes, as third-party beneficiaries.

 

    	 	14	 

     

    

 

		7.8	The Issuer acknowledges and agrees that (i) purchases and sales, or placements, of the Notes pursuant to this Agreement, including
the determination of any prices for the Notes and Dealer compensation, are arm's-length commercial transactions between the Issuer and
the Dealer, (ii) in connection therewith and with the process leading to such transactions, the Dealer is acting solely as a principal
and not the agent (except to the extent explicitly set forth herein) or fiduciary of the Issuer or any of its affiliates, (iii) the
Dealer has not assumed an advisory or fiduciary responsibility in favor of the Issuer or any of its affiliates with respect to the offering
contemplated hereby or the process leading thereto (irrespective of whether the Dealer has advised or is currently advising the Issuer
or any of its affiliates on other matters) or any other obligation to the Issuer or any of its affiliates except the obligations expressly
set forth in this Agreement, (iv) the Issuer is capable of evaluating and understanding and understands and accepts the terms, risks
and conditions of the transactions contemplated by this Agreement, (v) the Dealer and its affiliates may be engaged in a broad range
of transactions that involve interests that differ from those of the Issuer and that the Dealer has no obligation to disclose any of those
interests by virtue of any advisory or fiduciary relationship, (vi) the Dealer has not provided any legal, accounting, regulatory
or tax advice with respect to the transactions contemplated hereby, and (vii) the Issuer has consulted its own legal and financial
advisors to the extent it deemed appropriate. The Issuer agrees that it will not claim that the Dealer has rendered advisory services
of any nature or respect, or owes a fiduciary or similar duty to the Issuer, in connection with such transactions or the process leading
thereto. Any review by the Dealer of the Issuer, the transactions contemplated hereby or other matters relating to such transactions shall
be performed solely for the benefit of the Dealer and shall not be on behalf of the Issuer. This Agreement supersedes all prior agreements
and understandings (whether written or oral) between the Issuer and the Dealer with respect to the subject matter hereof.

 

		7.9	(i) The parties hereto agree that the Issuer may, in accordance with the terms of this Section 7.9,
from time to time replace the party which is then acting as Issuing and Paying Agent (the “Current Issuing and Paying Agent”)
with another party (such other party, the “Replacement Issuing and Paying Agent”), and enter into an agreement with the Replacement
Issuing and Paying Agent covering the provision of issuing and paying agency functions in respect of the Notes by the Replacement Issuing
and Paying Agent (the “Replacement Issuing and Paying Agency Agreement”) (any such replacement, a “Replacement”).

 

			(ii) From and after the effective date of any Replacement,
(A) to the extent that the Issuing and Paying Agency Agreement provides that the Current Issuing and Paying Agent will continue
to act in respect of Notes outstanding as of the effective date of such Replacement (the “Outstanding Notes”), then (i) the
 “Issuing and Paying Agent” for the Notes shall be deemed to be the Current Issuing and Paying Agent, in respect of the Outstanding
Notes, and the Replacement Issuing and Paying Agent, in respect of Notes issued on or after the Replacement, (ii) all references
to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Current Issuing and Paying Agent in respect of
the Outstanding Notes, and the Replacement Issuing and Paying Agent in respect of Notes issued on or after the Replacement, and (iii) all
references to the “Issuing and Paying Agency Agreement” hereunder shall be deemed to refer to the existing Issuing and Paying
Agency Agreement, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agency Agreement, in respect of Notes issued
on or after the Replacement; and (B) to the extent that the Issuing and Paying Agency Agreement does not provide that the Current
Issuing and Paying Agent will continue to act in respect of the Outstanding Notes, then (i) the “Issuing and Paying Agent”
for the Notes shall be deemed to be the Replacement Issuing and Paying Agent, (ii) all references to the “Issuing and Paying
Agent” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agent, and (iii) all references to the “Issuing
and Paying Agency Agreement” hereunder shall be deemed to refer to the Replacement Issuing and Paying Agency Agreement.

 

    	 	15	 

     

    

 

			(iii) From and after the effective date of any Replacement,
the Issuer shall not issue any Notes hereunder unless and until the Dealer shall have received: (a) a copy of the executed Replacement
Issuing and Paying Agency Agreement, (b) a copy of the executed Letter of Representations among the Issuer, the Replacement Issuing
and Paying Agent and DTC, (c) a copy of the executed Master Note authenticated by the Replacement Issuing and Paying Agent and registered
in the name of DTC or its nominee, (d) an amendment or supplement to the Private Placement Memorandum describing the Replacement
Issuing and Paying Agent as the Issuing and Paying Agent for the Notes, and reflecting any other changes thereto necessary in light of
the Replacement so that the Private Placement Memorandum, as amended or supplemented, satisfies the requirements of this Agreement, and
(e) a legal opinion of counsel to the Issuer, addressed to the Dealer, in form and substance reasonably satisfactory to the Dealer,
as to (x) the due authorization, delivery, validity and enforceability of Notes issued pursuant to the Replacement Issuing and Paying
Agency Agreement, and (y) such other matters as the Dealer may reasonably request.

 

		7.10 	Notwithstanding anything to the contrary in this Agreement, the parties hereto agree that:

 

			(a) In the event that the Dealer that is a Covered Entity
becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer from such Dealer of this Agreement, and any interest
and obligation in or under this Agreement, will be effective to the same extent as the transfer would be effective under the U.S. Special
Resolution Regime if this Agreement, and any such interest and obligation, were governed by the laws of the United States or a state
of the United States.

 

			(b) In the event that the Dealer that is a Covered Entity
or a BHC Act Affiliate of such Dealer becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this
Agreement that may be exercised against the Dealer are permitted to be exercised to no greater extent than such Default Rights could
be exercised under the U.S. Special Resolution Regime if this Agreement were governed by the laws of the United States or a state of
the United States.

 

    	 	16	 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be executed as of the date and year first above written.

 

	Republic Services, Inc., as Issuer	 	[____________] 

, as Dealer
	 	 	 
	By:	 	By:
	 	 	 
	 	 	 
	Name:	 	Name:
	 	 	 
	 	 	 
	Title:	 	Title:
	 	 	 

 

    	 	17	 

     

    

 

Addendum

 

The following additional clauses shall apply to the Agreement and be
deemed a part thereof.

 

		1.	The other dealers referred to in clause (b) of Section 1.2 of the Agreement are [____________].

 

		2.	The addresses of the respective parties for purposes of notices under Section 7.1 are as follows:

 

For the Issuer:

 

	Address:	Republic Services, Inc.

                                                                                 

                                                                                18500 North Allied Way

                                                                                 

                                                                                Phoenix, Arizona 85054

	 	 
	Attention:	Catharine D. Ellingsen, Executive
    Vice President, Chief Legal Officer, Chief Ethics and Compliance Officer and Corporate Secretary
	 	 
	Telephone number:	(480) 627-2251
	 	 
	Email:	cellingsen@republicservices.com

 

With a copy to:

 

	Address:	Covington &
                                            Burling LLP

                                                                                 

                                                                                One
                                            CityCenter

                                                                                 

                                                                                850
                                            Tenth Street, NW

                                                                                 

                                                                                Washington,
                                            DC 20001-4956

	 	 
	Attention:	Kerry Shannon Burke
	 	 
	Telephone number:	(202) 662-5297
	 	 
	Email:	kburke@cov.com
	 	 
	For the Dealer:	 
	 	 
	Address:	[____________]
	 	 
	Attention:	[____________]
	 	 
	Telephone number:	[____________]
	 	 
	Fax number:	[____________]

 

    	 	18	 

     

    

 

Exhibit A

 

Form of Legend for Private Placement Memorandum and Notes

 

THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE
WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE
OF A NOTE, THE PURCHASER WILL BE DEEMED TO REPRESENT THAT (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING
TO REPUBLIC SERVICES, INC. (THE “ISSUER”) AND THE NOTES, (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION
THEREOF AND (III) IT IS EITHER (A)(1) AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER
THE ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND (2)(i) PURCHASING NOTES FOR ITS OWN ACCOUNT, (ii) A BANK (AS
DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF
THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN
ASSOCIATION OR OTHER SUCH INSTITUTION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED
INVESTOR AND WITH RESPECT TO WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; OR (B) A QUALIFIED INSTITUTIONAL BUYER (“QIB”)
WITHIN THE MEANING OF RULE 144A UNDER THE ACT THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH ACCOUNTS
IS A QIB AND WITH RESPECT TO WHICH THE PURCHASER HAS SOLE INVESTMENT DISCRETION; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT
THE SELLER MAY RELY UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS
ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY
(A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A PLACEMENT AGENT DESIGNATED BY
THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE OF WHICH SHALL HAVE ANY OBLIGATION
TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION
THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF $250,000.

 

    	 	19	 

     

    

 

Exhibit B

 

Further Provisions Relating to Indemnification

 

		(a)	The Issuer agrees to reimburse each Indemnitee for all reasonable expenses (including reasonable fees and disbursements of external
counsel) as they are incurred by it in connection with investigating or defending any loss, claim, damage, liability or action in respect
of which indemnification may be sought under Section 5 of the Agreement (whether or not it is a party to any such proceedings).

 

		(b)	Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim in respect thereof
is to be made against the Issuer, notify the Issuer in writing of the existence thereof; provided that (i) the omission so to notify
the Issuer will not relieve the Issuer from any liability which it may have hereunder unless and except to the extent it did not otherwise
learn of such Claim and such failure results in the forfeiture by the Issuer of substantial rights and defenses, and (ii) the omission
so to notify the Issuer will not relieve it from liability which it may have to an Indemnitee otherwise than on account of this indemnity
agreement. In case any such Claim is made against any Indemnitee and it notifies the Issuer of the existence thereof, the Issuer will
be entitled to participate therein, and to the extent that it may elect by written notice delivered to the Indemnitee, to assume the defense
thereof, with counsel reasonably satisfactory to such Indemnitee; provided that if the defendants in any such Claim include both the Indemnitee
and the Issuer, and the Indemnitee shall have concluded that there may be legal defenses available to it which are different from or additional
to those available to the Issuer, the Issuer shall not have the right to direct the defense of such Claim on behalf of such Indemnitee,
and the Indemnitee shall have the right to select separate counsel to assert such legal defenses on behalf of such Indemnitee. Upon receipt
of notice from the Issuer to such Indemnitee of the Issuer’s election so to assume the defense of such Claim and approval by the
Indemnitee of counsel, the Issuer will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection
with the defense thereof (other than reasonable costs of investigation) unless (i) the Indemnitee shall have employed separate counsel
in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood,
however, that the Issuer shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel in the
jurisdiction in which any Claim is brought), approved by the Dealer, representing the Indemnitee who is party to such Claim), (ii) the
Issuer shall not have employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a reasonable time
after notice of existence of the Claim or (iii) the Issuer has authorized in writing the employment of counsel for the Indemnitee.
The indemnity, reimbursement and contribution obligations of the Issuer hereunder shall be in addition to any other liability the Issuer
may otherwise have to an Indemnitee and shall be binding upon and inure to the benefit of any successors, assigns, heirs and personal
representatives of the Issuer and any Indemnitee. The Issuer agrees that without the Dealer’s prior written consent, it will not
settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification
provision of the Agreement (whether or not the Dealer or any other Indemnitee is an actual or potential party to such Claim), unless such
settlement, compromise or consent (i) includes an unconditional release of each Indemnitee from all liability arising out of such
Claim and (ii) does not include a statement as to or an admission of fault, culpability or failure to act, by or on behalf of any
Indemnitee.

 

    	 	20	 

     

    

 

Exhibit C

 

Statement of Terms for Interest – Bearing Commercial Paper
Notes of Republic Services, Inc.

 

THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO THE EXTENT APPLICABLE
BY THE TRANSACTION SPECIFIC [PRICING] [PRIVATE PLACEMENT MEMORANDUM] SUPPLEMENT (THE “SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER
AT THE TIME OF THE TRANSACTION.

 

1. General. (a)  The obligations of the Issuer
to which these terms apply (each a “Note”) are represented by one or more Master Notes (each, a “Master Note”)
issued in the name of (or of a nominee for) The Depository Trust Company (“DTC”), which Master Notes include the terms and
provisions for the Issuer's Interest-Bearing Commercial Paper Notes that are set forth in this Statement of Terms, since this Statement
of Terms constitutes an integral part of the Underlying Records as defined and referred to in the Master Notes.

 

(b)  “Business Day” means any day other
than a Saturday or Sunday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law, executive
order or regulation to be closed in New York City.

 

2. Interest. (a)  Each Note will bear interest
at a fixed rate (a “Fixed Rate Note”) or at a floating rate (a “Floating Rate Note”).

 

(b)  The Supplement sent to each holder of such Note
will describe the following terms: (i) whether such Note is a Fixed Rate Note or a Floating Rate Note and whether such Note is an
Original Issue Discount Note (as defined below); (ii) the date on which such Note will be issued (the “Issue Date”);
(iii) the Stated Maturity Date (as defined below); (iv) if such Note is a Fixed Rate Note, the rate per annum at which such
Note will bear interest, if any, and the Interest Payment Dates; (v) if such Note is a Floating Rate Note, the Base Rate, the Index
Maturity, the Interest Reset Dates, the Interest Payment Dates and the Spread and/or Spread Multiplier, if any (all as defined below),
and any other terms relating to the particular method of calculating the interest rate for such Note; and (vi) any other terms applicable
specifically to such Note. “Original Issue Discount Note” means a Note which has a stated redemption price at the Stated Maturity
Date that exceeds its Issue Price by more than a specified de minimis amount and which the Supplement indicates will be an “Original
Issue Discount Note”.

 

(c)  Each Fixed Rate Note will bear interest from its
Issue Date at the rate per annum specified in the Supplement until the principal amount thereof is paid or made available for payment.
Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest Payment Date”
for a Fixed Rate Note) and on the Maturity Date (as defined below). Interest on Fixed Rate Notes will be computed on the basis of a 360-day
year and actual days elapsed.

 

If any Interest Payment Date or the Maturity Date of a Fixed
Rate Note falls on a day that is not a Business Day, the required payment of principal, premium, if any, and/or interest will be payable
on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business
Day.

 

    	 	21	 

     

    

 

(d)  The interest rate on each Floating Rate Note for
each Interest Reset Period (as defined below) will be determined by reference to an interest rate basis (a “Base Rate”) plus
or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the “Spread”), if any, and/or
multiplied by a certain percentage (the “Spread Multiplier”), if any, until the principal thereof is paid or made available
for payment. The Supplement will designate which of the following Base Rates is applicable to the related Floating Rate Note: (a) the
Commercial Paper Rate (a “Commercial Paper Rate Note”), (b) the Federal Funds Rate (a “Federal Funds Rate Note”),
(c) the Prime Rate (a “Prime Rate Note”), (d) the Treasury Rate (a “Treasury Rate Note”) or (e) such
other Base Rate as may be specified in such Supplement.

 

The rate of interest on each Floating Rate Note will be
reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset Period”). The date or dates on which interest
will be reset (each an “Interest Reset Date”) will be, unless otherwise specified in the Supplement, in the case of Floating
Rate Notes which reset daily, each Business Day, in the case of Floating Rate Notes (other than Treasury Rate Notes) that reset weekly,
the Wednesday of each week; in the case of Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate
Notes that reset monthly, the third Wednesday of each month; in the case of Floating Rate Notes that reset quarterly, the third Wednesday
of March, June, September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the
two months specified in the Supplement. If any Interest Reset Date for any Floating Rate Note is not a Business Day, such Interest Reset
Date will be postponed to the next day that is a Business Day, except that in certain cases as shall be specified in the Supplement, if
such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day.
Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually as specified in the Supplement (the “Interest
Payment Period”) and on the Maturity Date. Unless otherwise specified in the Supplement, and except as provided below, the date
or dates on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case
of Floating Rate Notes with a monthly Interest Payment Period, on the third Wednesday of each month; in the case of Floating Rate Notes
with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the case of Floating
Rate Notes with a semiannual Interest Payment Period, on the third Wednesday of the two months specified in the Supplement. In addition,
the Maturity Date will also be an Interest Payment Date.

 

If any Interest Payment Date for any Floating Rate Note
(other than an Interest Payment Date occurring on the Maturity Date) would otherwise be a day that is not a Business Day, such Interest
Payment Date shall be postponed to the next day that is a Business Day, except that in certain cases as shall be specified in the Supplement,
if such Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business
Day. If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the payment of principal and interest will
be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after such maturity.

 

Interest payments on each Interest Payment Date for Floating
Rate Notes will include accrued interest from and including the Issue Date or from and including the last date in respect of which interest
has been paid, as the case may be, to, but excluding, such Interest Payment Date. On the Maturity Date, the interest payable on a Floating
Rate Note will include interest accrued to, but excluding, the Maturity Date. Accrued interest will be calculated by multiplying the principal
amount of a Floating Rate Note by an accrued interest factor. This accrued interest factor will be computed by adding the interest factors
calculated for each day in the period for which accrued interest is being calculated. The interest factor (expressed as a decimal) for
each such day will be computed by dividing the interest rate applicable to such day by 360, in the cases where the Base Rate is the Commercial
Paper Rate, Federal Funds Rate or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate is the Treasury
Rate. The interest rate in effect on each day will be (i) if such day is an Interest Reset Date, the interest rate with respect to
the Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest
Reset Date, the interest rate with respect to the Interest Determination Date pertaining to the next preceding Interest Reset Date, subject
in either case to any adjustment by a Spread and/or a Spread Multiplier.

 

    	 	22	 

     

    

 

The “Interest Determination Date” where the
Base Rate is the Commercial Paper Rate will be the second Business Day next preceding an Interest Reset Date. The Interest Determination
Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day next preceding an Interest Reset Date. The
Interest Determination Date where the Base Rate is the Treasury Rate will be the day of the week in which such Interest Reset Date falls
when Treasury Bills are normally auctioned. Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal
holiday, in which case the auction is held on the following Tuesday or the preceding Friday. If an auction is so held on the preceding
Friday, such Friday will be the Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week.

 

The “Index Maturity” is the period to maturity
of the instrument or obligation from which the applicable Base Rate is calculated.

 

The “Calculation Date,” where applicable, shall
be the earlier of (i) the tenth calendar day following the applicable Interest Determination Date or (ii) the Business Day preceding
the applicable Interest Payment Date or Maturity Date.

 

All times referred to herein reflect New York City time,
unless otherwise specified.

 

The Issuer shall specify in writing to the Issuing and Paying
Agent which party will be the calculation agent (the “Calculation Agent”) with respect to the Floating Rate Notes. The Calculation
Agent will provide the interest rate then in effect and, if determined, the interest rate which will become effective on the next Interest
Reset Date with respect to such Floating Rate Note to the Issuing and Paying Agent as soon as the interest rate with respect to such Floating
Rate Note has been determined and as soon as practicable after any change in such interest rate.

 

All percentages resulting from any calculation on Floating
Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five-one millionths of a percentage point
rounded upwards. For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655). All dollar amounts used in or resulting
from any calculation on Floating Rate Notes will be rounded, in the case of U.S. dollars, to the nearest cent or, in the case of a foreign
currency, to the nearest unit (with one-half cent or unit being rounded upwards).

 

Commercial Paper Rate Notes

 

“Commercial Paper Rate” means the Money Market
Yield (calculated as described below) of the rate on any Interest Determination Date for commercial paper having the Index Maturity, as
published by the Board of Governors of the Federal Reserve System (“FRB”) in “Statistical Release H.15, Selected Interest
Rates” or any successor publication of the FRB (“H.15”) under the heading “Commercial Paper-[Nonfinancial]”.

 

    	 	23	 

     

    

 

If the above rate is not published in H.15 by 3:00 p.m.,
New York City time, on the Calculation Date, then the Commercial Paper Rate will be the Money Market Yield of the rate on such Interest
Determination Date for commercial paper of the Index Maturity published in the daily update of H.15, available through the world wide
website of the FRB at http://www.federalreserve.gov/releases/h15/, or any successor site or publication or other recognized electronic
source used for the purpose of displaying the applicable rate (“H.15 Daily Update”) under the heading “Commercial Paper-[Nonfinancial]”.

 

If by 3:00 p.m. on such Calculation Date such rate
is not published in H.15, then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic
mean of the offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S. dollar commercial
paper in New York City selected by the Calculation Agent for commercial paper of the Index Maturity placed for an industrial issuer whose
bond rating is “AA,” or the equivalent, from a nationally recognized statistical rating organization.

 

If the dealers selected by the Calculation Agent are
not quoting as mentioned above, the Commercial Paper Rate with respect to such Interest Determination Date will remain the
Commercial Paper Rate then in effect on such Interest Determination Date.

 

“Money Market Yield” will be a yield calculated
in accordance with the following formula:

 

 

 

where “D” refers to the applicable per annum
rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of
days in the interest period for which interest is being calculated.

 

Federal Funds Rate Notes

 

“Federal Funds Rate” means the rate on any Interest
Determination Date for federal funds as published in H.15 under the heading “Federal Funds (Effective)” and displayed on Reuters
Page (as defined below) FEDFUNDS1 (or any other page as may replace the specified page on that service) (“Reuters
Page FEDFUNDS1”) under the heading EFFECT.

 

If the above rate does not appear on Reuters Page FEDFUNDS1or
is not so published by 3:00 p.m. on the Calculation Date, the Federal Funds Rate will be the rate on such Interest Determination
Date as published in H.15 Daily Update under the heading “Federal Funds/(Effective)”.

 

If such rate is not published as described above by 3:00
p.m. on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be the arithmetic mean of the rates
for the last transaction in overnight U.S. dollar federal funds arranged by each of three leading brokers of Federal Funds transactions
in New York City selected by the Calculation Agent prior to 9:00 a.m. on such Interest Determination Date.

 

If the brokers selected by the Calculation Agent are not
quoting as mentioned above, the Federal Funds Rate will remain the Federal Funds Rate then in effect on such Interest Determination Date.

 

    	 	24	 

     

    

 

"Reuters Page" means the display on Thomson Reuters
Eikon, or any successor service, on the page or pages specified in this Statement of Terms or the Supplement, or any replacement
page on that service.

 

Prime Rate Notes

 

“Prime Rate” means the rate on any Interest
Determination Date as published in H.15 under the heading “Bank Prime Loan”.

 

If the above rate is not published in H.15 prior to 3:00
p.m. on the Calculation Date, then the Prime Rate will be the rate on such Interest Determination Date as published in H.15 Daily
Update opposite the caption “Bank Prime Loan”.

 

If the rate is not published prior to 3:00 p.m. on
the Calculation Date in H.15, then the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the rates of interest
publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate
or base lending rate as of 11:00 a.m., on that Interest Determination Date.

 

If fewer than four such rates referred to above are so published
by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Prime Rate to be the arithmetic mean of the prime
rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on
such Interest Determination Date by three major banks in New York City selected by the Calculation Agent.

 

If the banks selected are not quoting as mentioned above,
the Prime Rate will remain the Prime Rate in effect on such Interest Determination Date.

 

“Reuters Screen US PRIME1 Page” means the display
designated as page “US PRIME1” on the Reuters Monitor Money Rates Service (or such other page as may replace the
US PRIME1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks).

 

Treasury Rate Notes

 

“Treasury Rate” means:

 

(1) the rate from the auction held on the Interest
Determination Date (the “Auction”) of direct obligations of the United States (“Treasury Bills”) having the Index
Maturity specified in the Supplement under the caption “INVEST RATE” on the display on the Reuters Page designated as
USAUCTION10 (or any other page as may replace that page on that service) or the Reuters Page designated as USAUCTION11
(or any other page as may replace that page on that service), or

 

(2) if the rate referred to in clause (1) is not
so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable
Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Auction High”,
or

 

(3) if the rate referred to in clause (2) is not
so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield of the auction rate of the applicable Treasury
Bills as announced by the United States Department of the Treasury, or

 

    	 	25	 

     

    

 

(4) if the rate referred to in clause (3) is not
so announced by the United States Department of the Treasury, or if the Auction is not held, the Bond Equivalent Yield of the rate on
the particular Interest Determination Date of the applicable Treasury Bills as published in H.15 under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”, or

 

(5) if the rate referred to in clause (4) is not
so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest Determination Date of the applicable
Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”,
or

 

(6) if the rate referred to in clause (5) is not
so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest Determination Date calculated by the
Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m. on
that Interest Determination Date, of three primary United States government securities dealers selected by the Calculation Agent, for
the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or

 

(7) if the dealers so selected by the Calculation Agent
are not quoting as mentioned in clause (6), the Treasury Rate in effect on the particular Interest Determination Date.

 

“Bond Equivalent Yield” means a yield (expressed as a percentage)
calculated in accordance with the following formula:

 

 

 

where “D” refers to the applicable per annum
rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case
may be, and “M” refers to the actual number of days in the applicable Interest Reset Period.

 

		3.	Final Maturity. The Stated Maturity Date for any Note
will be the date so specified in the Supplement, which shall be no later than 397 days from the date of issuance. On its Stated Maturity
Date, or any date prior to the Stated Maturity Date on which the particular Note becomes due and payable by the declaration of acceleration,
each such date being referred to as a Maturity Date, the principal amount of such Note, together with accrued and unpaid interest thereon,
will be immediately due and payable.

 

		4.	Events of Default. The occurrence of any of the following
shall constitute an “Event of Default” with respect to a Note: (i) default in any payment of principal of or interest
on such Note (including on a redemption thereof); (ii) the Issuer makes any compromise arrangement with its creditors generally
including the entering into any form of moratorium with its creditors generally; (iii) a court having jurisdiction shall enter a
decree or order for relief in respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar
law now or hereafter in effect, or there shall be appointed a receiver, administrator, liquidator, custodian, trustee or sequestrator
(or similar officer) with respect to the whole or substantially the whole of the assets of the Issuer and any such decree, order or appointment
is not removed, discharged or withdrawn within 60 days thereafter; or (iv) the Issuer shall commence a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in
an involuntary case under any such law, or consent to the appointment of or taking possession by a receiver, administrator, liquidator,
assignee, custodian, trustee or sequestrator (or similar official), with respect to the whole or substantially the whole of the assets
of the Issuer or make any general assignment for the benefit of creditors. Upon the occurrence of an Event of Default, the principal
of such Note (together with interest accrued and unpaid thereon) shall become, without any notice or demand, immediately due and payable.

 

    	 	26	 

     

    

 

		5.	Obligation Absolute. No provision of the Issuing and
Paying Agency Agreement under which the Notes are issued shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of and interest on each Note at the times, place and rate, and in the coin or currency, herein prescribed.

 

		6.	Supplement. Any term contained in the Supplement shall
supersede any conflicting term contained herein.

 

    	 	27	 

     

    

 

EXHIBIT D

 

Notification Letter for an Increase in the Maximum
Amount

 

[_____________], 20[__]

 

To:   [__], as Dealer

 

cc.    [                     ], as Issuing and Paying Agent

 

Re:   Commercial Paper Program of
Republic Services, Inc.

 

Ladies and Gentlemen,

 

We refer to a commercial paper dealer agreement,
dated as of [ ], 2022 (as amended, supplemented and otherwise modified from time to time, the “Dealer Agreement”) between
Republic Services, Inc., as Issuer, and you, as Dealer, relating to a commercial paper program with a Maximum Amount of $[_________]
as of the date hereof.

 

Capitalized terms used in this letter shall have
meanings ascribed to such terms in the Dealer Agreement.

 

In accordance with Section 1.8 of the Dealer
Agreement, we hereby notify you that the Maximum Amount shall be increased from [_________] to [_________], effective on [_____________],
20[__], subject to the delivery to you and the Issuing and Paying Agent of the following documents:

 

(i)   a
certificate from a duly authorized officer of the Issuer confirming that no changes have been made to the organizational documents of
the Issuer since the date of the Dealer Agreement or, if there have been any changes, a certified copy of the related organizational documents
currently in force;

 

(ii)  certified
copies of all documents evidencing the internal authorization and approval required for such an increase in the Maximum Amount;

 

(iii) an
updated or supplemental Private Placement Memorandum reflecting the increase in the Maximum Amount of the Program;

 

(iv) an
opinion of counsel to the Issuer as to (A) the due authorization, validity and enforceability of Notes issued pursuant to the Issuing
and Paying Agency Agreement, and (B) such other matters as the Dealer may reasonably request, in each case after giving effect to
the increase in the Maximum Amount; and

 

(v)  evidence
from each nationally recognized statistical rating organization providing a rating of the Notes either (A) that such rating has been
confirmed after giving effect to the increase in the Maximum Amount or (B) setting forth any change in the rating of the Notes after
giving effect to the increase in the Maximum Amount.

 

By its execution hereof, the Issuer shall be deemed
to represent and warrant that its representations and warranties in the Dealer Agreement are true and correct on and as of the date hereof
as if made on and as of the date hereof and shall be true and correct after giving effect to the increase of the Maximum Amount.

 

    	 	28	 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this
Letter to be executed as of the date and year first above written.

 

	 	REPUBLIC SERVICES, INC.,
	 	as Issuer
	 	 
	 	 
	 	Name:
	 	Title:

 

    	 	29

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