Document:

wm_Ex10_37

		

			 

		

		
			Exhibit 10.37
		

		
			2017 Long Term Incentive Compensation
		

		
			Award Agreement 
		

		
			(Mid-Year Award) under the 
		

		
			Waste Management, Inc. 2014 Stock Incentive Plan
		

		
			 
		

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

		
			 
		

		
			You must execute this Agreement in full, online in accordance with the instructions below, prior to [AcceptByDate], in order for this Agreement to become effective.  If you do not execute this Agreement by correctly following the instructions below, your Awards may be cancelled.
		

		
			 
		

		
			Important Instructions for Executing this Agreement
		

		
			 
		

		
			If you have previously received a stock-based incentive award, simply log on to www.mywmtotalrewards.com using your My WM Total Rewards user ID and password.  If you have forgotten your user ID or password, there are instructions on the site to help you.  Under the “My Compensation” section, click on the link to view your grants at the website maintained by the third party stock administrator appointed by the Company.  Follow the online instructions and complete all of the steps required to accept the award.
		

		
			 
		

		
			If you are a new Plan participant, you must open a Limited Individual Investor Account (LIIA) before you can accept your awards. This account is separate from any other brokerage account you may have at the third party stock administrator. To open your LIIA, log on to www.mywmtotalrewards.com using your My WM Total Rewards user ID and password. If you have forgotten your user ID or password, there are instructions on the site to help you.  Under the “My Compensation” section, click on the link to the secure website maintained by the third party stock administrator appointed by the Company. You may also log in directly at www.benefits.ml.com. Once logged in, follow the prompts to “Open a Brokerage Account”.   When you have successfully created your account, follow the online instructions and complete all of the steps required to accept the award.
		

		
			 
		

		
			Restricted Stock Units
		

		
			 
		

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

		
			
		

		
			

		 

		

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

		
			 
		

		
			3.    Timing and Form of Payment of RSU Award.  Upon vesting, each RSU is converted to one share of Common Stock, free of any restrictions.  WM will deliver the shares of Common Stock to you and make payment of the corresponding Dividend Equivalents as soon as administratively feasible (and no later than 74 days) following the Vesting Date.  
		

		
			 
		

		
			Important Award Details
		

		
			 
		

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

		
			 
		

		
			1.    Death or Disability.  Upon Employee’s death or disability (as determined by the Committee and within the meaning of Section 409A of the Internal Revenue Code of 1986, as amended, and the Treasury Regulations issued thereunder (“Section 409A”) and specifically Section 409A (a)(2)(C) (“Disability”)), Employee (or in the case of Employee’s death, Employee’s beneficiary) shall be entitled to immediate vesting in full of all RSUs under this Agreement (and related unpaid Dividend Equivalents attributable to the time period from the Grant Date to the time of such immediate vesting), which shall be issued and paid within 74 days following the date of such death or Disability, as applicable.
		

		
			 
		

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

		
			 
		

		
			a.    RSU Award. Upon  Employee’s Retirement (as defined below) or an involuntary Termination of Employment by WM without Cause, Employee shall be entitled to the amount of RSUs and any related Dividend Equivalents on such RSUs through the Vesting Date that Employee would have been entitled to under this Agreement if Employee had remained employed until the Vesting Date multiplied by the fraction which has as its numerator the total number of days that Employee was employed by WM during the period beginning on the Grant Date and ending on the date of Termination of Employment and has as its denominator 1096, which shall be issued and paid no later than 74 days following the normal Vesting Date (i.e. the three-year anniversary of the Grant Date).
		

		
			 
		

		
			b.    In the event Employee is employed by a subsidiary of the Company that is sold by the Company in a transaction (i) that would not constitute a Change in Control of the Company within the meaning of paragraph 5.d.i. below, but (ii) that would constitute a Change in Control of the subsidiary within the meaning of paragraph 5.d.i. with the subsidiary substituted for Company thereunder, such transaction shall be deemed to constitute an involuntary Termination of Employment by WM without Cause for purposes of this paragraph 2 as of the effective date of such Transaction.  
		

		
			 
		

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

		
			 
		

		
			i.     Retirement means Termination of Employment due to the voluntary resignation of employment by Employee, after Employee (1) has reached age 55 or greater; (2) has a sum of age plus years of Service (as defined in paragraph ii. below) with WM equal to 65 or greater; and (3) has completed at least 5 consecutive full years of Service with WM during the 5 year period immediately preceding the resignation.
		

		
			 
		

		
			ii.    Service is measured from Employee’s original date of hire by WM, except as provided below.  In the case of a break of employment by Employee from WM of one year or more in length, Employee’s service before the break of employment is not considered Service.  Service with an entity acquired by WM is 
		

		
			
		

		
			

		 

		

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			considered Service so long as Employee remained continuously employed with such predecessor company(ies) and WM.  In the case of a break of employment between a predecessor company and WM of any length, Employee’s Service shall be measured from the original date of hire by WM and shall not include any service with any predecessor company. 
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			a.    Overriding any other inconsistent terms of this Agreement,  if the Committee, in its sole discretion, determines that Employee either engaged in or benefited from Misconduct (as defined below), then, to the fullest extent permitted by law, Employee shall refund and pay to WM any Common Stock and/or amounts (including Dividend Equivalents), plus interest, received by Employee under this Agreement.  Misconduct means any act or failure to act by any employee of WM that (i)  caused or was intended to cause a violation of WM’s policies or the WM code of conduct, generally accepted accounting principles or any applicable laws in effect at the time of the act or failure to act in question and that (i) materially increased the value of the payment or RSU Award received by Employee under this Agreement.  The Committee may, in its sole discretion, delegate the determination of Misconduct to an independent third party (either a law firm or an accounting firm, hereinafter referred to as Independent Third Party) appointed by the Committee.
		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			5.    Acceleration of Vesting upon Change in Control.  If there is Change in Control prior to the close of the Restriction Period, all outstanding but unvested RSUs will be immediately vested in full and, along with all associated Dividend Equivalents up to the original Vesting Date, will be due and payable within 74 days following such original Vesting Date, unless the successor entity assumes all RSU Awards granted under the Plan and converts the awards to equivalent grants in the successor effective as of the Change in Control.  If the successor entity so assumes and converts all RSU Awards granted under the Plan, upon Employee’s involuntary Termination of Employment without Cause during the Window Period or upon Employee’s Retirement, death or Disability, then all outstanding but unvested RSUs (or the equivalent grant in the successor entity)  and the associated Dividend Equivalents through such date will  become immediately vested in full as of such event and paid (i) in the case of death or Disability, within 74 days of such time or (ii) in the case of Retirement or involuntary Termination of Employment without Cause, within 74 days following the original Vesting Date.
		

		
			 
		

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

		
			 
		

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

		
			
		

		
			

		 

		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

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

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

		
			
		

		
			

		 

		

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			owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of shares of Common Stock.
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			6.     Dividend Equivalents.  Dividend Equivalents mean an amount of cash equal to all dividends and distributions (or their economic equivalent) that are payable by the Company on one share of Common Stock to the stockholders of record.  The Company will pay Dividend Equivalents with respect to RSUs as soon as administratively feasible (and no later than 74 days) following the original Vesting Date.   The Company will make such payment in a lump sum cash amount for RSU Award Dividend Equivalents based on the number of RSUs vested multiplied by the per share quarterly dividend payments made to stockholders of the Company’s Common Stock during the Restriction Period (without any interest or compounding).  Any accumulated and unpaid Dividend Equivalents attributable to RSUs that do not vest or that are cancelled or forfeited will not be paid and are immediately forfeited upon cancellation or forfeiture of the RSUs.
		

		
			 
		

		
			General Terms
		

		
			 
		

		
			1.     Restrictions on Transfer.
		

		
			 
		

		
			a.    Absent prior written consent of the Committee, RSU Awards may not be sold, assigned, transferred, pledged or otherwise encumbered, whether voluntarily or involuntarily, by operation of law or otherwise, other than pursuant to a domestic relations order; provided, however, that the transfer of any shares of Common Stock issued under the RSU Awards shall not be restricted by virtue of this Agreement once such shares have been paid out.
		

		
			 
		

		
			b.    Consistent with paragraph 1.a. above and except as provided in paragraph 3. below, no right or benefit under this Agreement shall be subject to transfer, anticipation, alienation, sale, assignment, pledge, encumbrance or charge, whether voluntary, involuntary, by operation of law or otherwise, and any attempt to transfer, anticipate, alienate, sell, assign, pledge, encumber or charge the same shall be void.  No right or benefit hereunder shall in any manner be liable for or subject to any debts, contracts, liabilities or torts of the person entitled to such benefits.  If Employee or his Beneficiary shall attempt to transfer, anticipate, alienate, assign, 
		

		
			
		

		
			

		 

		

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			sell, pledge, encumber or charge any right or benefit hereunder (other than pursuant to a domestic relations order), or if any creditor shall attempt to subject the same to a writ of garnishment, attachment, execution sequestration, or any other form of process or involuntary lien or seizure, then such attempt shall have no effect and shall be void.  
		

		
			 
		

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

		
			 
		

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

		
			 
		

		
			4.    Compliance with Securities Laws.    WM is not required to deliver any shares of Common Stock under this Agreement, if, in the opinion of counsel for the Company, such issuance would violate the Securities Act of 1933 or any other applicable federal or state securities laws or regulations.  Prior to the issuance of any shares,  WM may require Employee (or Employee’s legal representative upon Employee’s death or disability) to enter into such written representations, warranties and agreements as WM may reasonably request in order to comply with applicable laws, including an agreement (in such form as the Committee may specify) under which Employee represents that the shares of Common Stock acquired under an RSU Award are being acquired for investment and not with a view to sale or distribution.  
		

		
			 
		

		
			Further, WM may postpone issuing and/or delivering any Common Stock for so long as WM, in its complete and sole discretion, reasonably determines is necessary to satisfy any of the following conditions:  (a) the Company completing or amending any securities registration or qualification of the Common Stock, (b) receipt of proof satisfactory to WM that a person seeking to exercise the RSU Award after the Employee’s death is entitled to do so; (c) establishment of Employee’s compliance with any necessary representations or terms and conditions of the Plan or this Agreement, or (d) compliance with any federal, state, or local tax withholding obligations.  
		

		
			 
		

		
			5.    Employee to Have no Rights as a Stockholder.  Employee shall have no rights as a stockholder with respect to any shares of Common Stock subject to this RSU Award prior to the date on which Employee is recorded as the holder of such shares of Common Stock on the records of the Company, including no right to dividends declared on the Common Stock underlying the RSU Award.   Notwithstanding the foregoing, Dividend Equivalents shall be paid to Employee in accordance with and subject to the terms of paragraph 7 under “Important Award Details.” 
		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			
		

		
			

		 

		

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			b.    give Employee or any other person any interest in any fund or in any specified asset or assets of WM (other than the RSU Awards made by this Agreement, the related Dividend Equivalents awarded under this Agreement, and any Common Stock issuable under the terms and conditions of such RSU Awards); or
		

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

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

		
			 
		

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

		
			 
		

		
			a.    Employee understands and agrees that the RSU Awards granted under this Agreement are granted under the authority of the Plan and these RSU Awards and this Agreement are in all ways governed by the terms and conditions of the Plan and its administrative practices and interpretations.  Any inconsistency between the Agreement and the Plan shall be resolved in favor of the Plan.  Employee also agrees the terms and conditions of the Plan, this Agreement and related administrative practices and interpretations control,  even if there is a conflict with any other terms and conditions in any employment agreement or in any prior awards.  Without limiting the generality of the foregoing, as a condition to receipt of this Award, Employee agrees that the provisions relating to vesting and/or forfeiture of this Award upon a Termination of Employment set forth in this Agreement supersede and replace any provisions relating to vesting of the Award upon termination or other event set forth in any employment agreement, offer letter or similar document.
		

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			
		

		
			

		 

		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

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

		
			 
		

		
			18.  Binding Arbitration.  Except as otherwise specifically provided herein, the Committee’s findings, calculations and determinations under this Agreement are made in the sole discretion of the Committee, and Employee expressly agrees that such determinations shall be final and not subject to dispute.  In the event, however, that Employee has a right to dispute a matter hereunder (including, but not limited to the right to dispute set forth in paragraph 4 under “Important Award Details”), the Company and Employee agree that such dispute shall be settled exclusively by final and binding arbitration, as governed by the Federal Arbitration Act (9 U.S.C. 1 et seq.).    The arbitration proceeding, including the rendering of an award, if any, shall be administered by JAMS pursuant to its Employment Arbitration Rules and Procedures, which may be found on the JAMS Website www.jamsadr.com.  All expenses associated with the arbitration shall be borne by WM; provided however, that such arbitration expenses will not include attorney fees incurred by the respective parties.  Judgment on any arbitration award may be entered in any court having jurisdiction.
		

		
			
		

		
			

		 

		

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

		
			 
		

		
			 
		

		
			 
		

		
			Execution
		

		
			 
		

		
			IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by one of its officers thereunto duly authorized and Employee has executed this Agreement, effective as of [GrantDate].
		

		
			 
		

		
			 
		

		
			 
		

		
			WASTE MANAGEMENT, INC.
		

		
			 
		

		
			 
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				
	
					
						Barry Caldwell

					
					
						    

					
					
						Employee

				
	
					
						Date

					
					
						 

					
					
						 

				

		
			 
		

		 

		

			9lmrk-ex1033_139.htm

Exhibit 10.33

 

LANDMARK INFRASTRUCTURE PARTNERS GP LLC

AMENDED AND RESTATED NON-EMPLOYEE DIRECTOR COMPENSATION PLAN

 

 

Effective as of January 25, 2018

 

In consideration of the services provided by certain non-employee members of the Board of Directors (the “Board”) of Landmark Infrastructure Partners GP LLC, a Delaware limited liability company (the “Company”), which is the general partner of Landmark Infrastructure Partners LP, a Delaware limited partnership (the “Partnership”), the Company maintains this Landmark Infrastructure Partners GP LLC Non-Employee Director Compensation Plan (this “Plan”) to (1) attract and retain highly qualified individuals, whose efforts and judgment can contribute significantly to the success of the Company and the Partnership, to serve as non-employee members of the Board and (2) stimulate the active interest of these persons in the development and financial success of the Company and the Partnership by providing for ownership of common units in the Partnership by such persons.

 

ARTICLE I
ELIGIBILITY

Each Non-Employee Director will be eligible to receive the remuneration for Board services provided for in this Plan.  For purposes of this Plan, “Non-Employee Director” means a member of the Board who (a) is not an officer or employee of the Company or any of its subsidiaries or affiliates, and (b) has not entered into an arrangement with the Company or any of its subsidiaries to receive compensation from any such entity other than in respect of his or her services as a member of the Board of any such entity.  The Board will make all determinations regarding which of its members are Non-Employee Directors.

ARTICLE II
ANNUAL BOARD MEMBER RETAINER

2.1Annual Board Member Retainer Generally.  Subject to the remaining provisions of this Article II, each Non-Employee Director will receive an annual retainer in respect of his or her service as a member of the Board during such calendar year (the “Annual Board Member Retainer”).  The amount of the Annual Board Member Retainer payable to each Non-Employee Director for each calendar year will be equal to $40,000, as modified by the remainder of the provisions of this Article II.  Except as otherwise provided in Section 5.5, the Annual Board Member Retainer to be paid to each Non-Employee Director will be payable in cash.

2.2Payment of Annual Board Member Retainer Where Board Membership Runs from Beginning of Calendar Year.  If a Non-Employee Director is a member of the Board from the beginning of a calendar year, such Non-Employee Director’s Annual Board Member Retainer for such calendar year will be payable in four equal quarterly installments of $10,000 

 

(the “Quarterly Board Member Retainer Value”) on the first business day following the end of each fiscal quarter, beginning with the fiscal quarter ending March 31 (each, a “Quarterly Payment Date”), subject to the provisions of Section 2.4.

2.3Reduction and Payment of Annual Board Member Retainer Where Board Membership Commences During Calendar Year.  If a Non-Employee Director is not a member of the Board at the beginning of a calendar year, but becomes a member of the Board during the course of such calendar year, such Non-Employee Director’s Annual Board Member Retainer for such calendar year will be subject to reduction and payment, subject to the provisions of Section 2.4, as follows:

	
 
	
(a)
	
a 0% reduction, if such Non-Employee Director becomes a member of the Board before March 31 of such calendar year, in which case the Non-Employee Director will be paid the Quarterly Board Member Retainer Value for such calendar year on each of the four Quarterly Payment Dates occurring with respect to such calendar year;

	
 
	
(b)
	
a 25% reduction, if such Non-Employee Director becomes a member of the Board on or after March 31 of such calendar year but before June 30 of such calendar year, in which case the Non-Employee Director will be paid the Quarterly Board Member Retainer Value for such calendar year on each of the three remaining Quarterly Payment Dates occurring with respect to such calendar year;

	
 
	
(c)
	
a 50% reduction, if such Non-Employee Director becomes a member of the Board on or after June 30 of such calendar year but before September 30 of such calendar year, in which case the Non-Employee Director will be paid the Quarterly Board Member Retainer Value for such calendar year on each of the two remaining Quarterly Payment Dates occurring with respect to such calendar year; and

	
 
	
(d)
	
a 75% reduction, if such Non-Employee Director becomes a member of the Board on or after September 30 of such calendar year but before December 31 of such calendar year, in which case the Non-Employee Director will be paid the Quarterly Board Member Retainer Value for such calendar year on the one remaining Quarterly Payment Date occurring with respect to such calendar year.

2.4Payment of Annual Board Member Retainer Where Board Membership Terminates During Calendar Year.  Notwithstanding anything to the contrary in this Article II, and unless otherwise provided by the Committee (as defined in Section 7.1), a Non-Employee Director whose membership on the Board terminates during a calendar year will not receive payment of any portion of his or her Annual Board Member Retainer for that calendar year which would otherwise be payable on a Quarterly Payment Date that occurs following the date such Non-Employee Director’s membership on the Board terminates.

ARTICLE III
ANNUAL COMMITTEE CHAIR RETAINER

3.1Annual Committee Chair Retainer Generally.  Subject to the remaining provisions of this Article III, each Non-Employee Director who serves as the chair of a committee of the Board (a “Committee Chair”) during any calendar year will receive an additional annual retainer in respect of his or her service as such Committee Chair (the “Annual Committee Chair Retainer”).  The amount of the Annual Committee Chair Retainer payable for any such calendar year to each Non-Employee Director who is a Committee Chair during such period (a “Non-Employee Director/Committee Chair”) will be equal to (a) $15,000 for service as a Non-Employee Director/Committee Chair of the Audit Committee, and/or (b) an amount, if any, as determined by the Board for service as a Non-Employee Director/Committee Chair of any other committee of the Board as may be established at any time, in each case, as modified by the remainder of this Article III.  Except as otherwise provided in Section 5.5, the Annual Committee Chair Retainer to be paid to any Non-Employee Director/Committee Chair will be payable in cash.

3.2Payment of Annual Committee Chair Retainer Where Service as Committee Chair Runs from Beginning of Calendar Year.  If a Non-Employee Director/Committee Chair is a Committee Chair of a standing committee from the beginning of a calendar year, such Non-Employee Director/Committee Chair’s Annual Committee Chair Retainer for such calendar year will be payable in four equal quarterly installments (the “Quarterly Committee Chair Retainer Value”) on each Quarterly Payment Date.

3.3Reduction and Payment of Annual Committee Chair Retainer Where Service as Committee Chair Commences During Calendar Year.  If a Non-Employee Director/Committee Chair is not a Committee Chair of a standing committee at the beginning of a calendar year, but becomes a Committee Chair of such committee during the course of such calendar year, such Non-Employee Director/Committee Chair’s Annual Committee Chair Retainer for such calendar year will be subject to reduction and payment, subject to the provisions of Section 3.4, as follows:

	
 
	
(a)
	
a 0% reduction, if such Non-Employee Director/Committee Chair becomes a Committee Chair before March 31 of such calendar year, in which case the Non-Employee Director/Committee Chair will be paid the Quarterly Committee Chair Retainer Value on each of the four Quarterly Payment Dates occurring with respect to such calendar year;

	
 
	
(b)
	
a 25% reduction, if such Non-Employee Director/Committee Chair becomes a Committee Chair on or after March 31 of such calendar year but before June 30 of such calendar year, in which case the Non-Employee Director/Committee Chair will be paid the Quarterly Committee Chair Retainer Value on each of the three remaining Quarterly Payment Dates occurring with respect to such calendar year;

	
 
	
(c)
	
a 50% reduction, if such Non-Employee Director/Committee Chair becomes a Committee Chair on or after June 30 of such calendar year but before September 30 of such calendar year, in which case the Non-Employee Director/Committee 

	
 
		
Chair will be paid the Quarterly Committee Chair Retainer Value on each of the two remaining Quarterly Payment Dates occurring with respect to such calendar year; and

	
 
	
(d)
	
a 75% reduction, if such Non-Employee Director/Committee Chair becomes a Committee Chair on or after September 30 of such calendar year but before December 31 of such calendar year, in which case the Non-Employee Director/Committee Chair will be paid the Quarterly Committee Chair Retainer Value on the one remaining Quarterly Payment Date occurring with respect to such calendar year.

3.4Payment of Annual Committee Chair Retainer Where Service as Committee Chair Terminates During Calendar Year.  Notwithstanding anything to the contrary in this Article III, and unless otherwise provided by the Committee, a Non-Employee Director/Committee Chair whose service as a Committee Chair of a standing committee terminates during a calendar year will not receive payment of any portion of his or her Annual Committee Chair Retainer that would otherwise be payable on a Quarterly Payment Date that occurs following the date such Non-Employee Director/Committee Chair’s service as a Committee Chair of such committee terminates.

3.5Service as Committee Chair for Multiple Committees.  In the event any Non-Employee Director serves as a Committee Chair for more than one committee of the Board, the provisions of this Article III will be applied separately to each situation of service as a Committee Chair with a separate Annual Committee Chair Retainer being payable to him or her as a Committee Chair in each instance.

ARTICLE IV
MEETING PARTICIPATION COMPENSATION

4.1Compensation Generally.  Each Non-Employee Director will receive, as compensation in addition to all other compensation provided for in this Plan, the meeting participation compensation provided for in Sections 4.2 and 4.3 (“Meeting Participation Compensation”).  Such Meeting Participation Compensation will be payable on such schedule as is determined by the Company provided that Meeting Participation Compensation will in all events be payable no later than the earlier of the first Quarterly Payment Date next following by fourteen days or more the meeting to which the Meeting Participation Compensation applies or March 15 of the calendar year immediately following the calendar year in which such Meeting Participation Compensation was earned.

4.2Compensation for Participation in Board Meetings.  Each Non-Employee Director will receive, for participation as a member of the Board in meetings of the Board (a “Board Meeting”), a per meeting fee of (a) $1,500 for each Board Meeting which the Non-Employee Director attends in person or (b) $750 for each Board Meeting in which the Non-Employee Director participates by telephone conference call.

4.3Compensation for Participation in Committee Meetings.  Each Non-Employee Director will receive, for participation as a member of a committee of the Board in meetings of 

such committee (a “Committee Meeting”), a per meeting fee of (a) $1,000 for each Committee Meeting which the Non-Employee Director attends in person or (b) $1,000 for each Committee Meeting in which the Non-Employee Director participates by telephone conference call.

ARTICLE V
EQUITY GRANTS

5.1Annual Grant of Units.  Each Non-Employee Director will receive, in addition to the other compensation provided for in this Plan, an annual grant (“Annual Unit Grant”) of common units of the Partnership (the “Units”), valued in the aggregate amount of $40,000 (the “Annual Unit Grant Value”) for each calendar year, with the number of Units to be granted and the timing of such grants determined in accordance with the provisions of this Article V.  For purposes of valuing such grants and otherwise of this Plan, “Fair Market Value” shall have the same meaning as set forth in the Landmark Infrastructure Partners LP 2014 Long-Term Incentive Plan, as currently in effect and as it may hereafter be amended (the “LTIP”).

 

5.2Granting of Annual Unit Grant Where Board Membership Runs from Beginning of Calendar Year.  If a Non-Employee Director is a member of the Board from the beginning of a calendar year, the Annual Unit Grant with respect to such calendar year will be made annually in advance on the Quarterly Payment Date occurring in January with respect to the calendar year, subject to the provisions of Section 5.4.  The number of Units granted on the Quarterly Payment Date occurring in January with respect to a calendar year will be such number of whole Units as have an aggregate Fair Market Value equal to the Annual Unit Grant Value for such calendar year on such Quarterly Payment Date (rounded up to the nearest whole Unit).  For the 2014 calendar year, the Annual Unit Grant will be made as soon as practicable following the consummation of the Partnership’s initial public offering in an amount equal to a pro-rated portion of the Annual Unit Grant Value based on the number of days remaining in the calendar year.

 

5.3Reduction and Granting of Annual Unit Grant Where Board Membership Commences During Calendar Year.  If a Non-Employee Director is not a member of the Board at the beginning of a calendar year, but becomes a member of the Board during the course of such calendar year, such Non-Employee Director’s Annual Unit Grant for such calendar year will be subject to reduction and granting, subject to the provisions of Section 5.4, as follows:

	
 
	
(a)
	
a 0% reduction, if such Non-Employee Director becomes a member of the Board before March 31 of such calendar year, in which case the Non-Employee Director will be granted, on the Quarterly Payment Date occurring in January of the following calendar year, such number of whole Units as have an aggregate Fair Market Value equal to the Annual Unit Grant Value for such calendar year on such Quarterly Payment Date (rounded up to the nearest whole Unit);

	
 
	
(b)
	
a 25% reduction, if such Non-Employee Director becomes a member of the Board on or after March 31 of such calendar year but before June 30 of such calendar year, in which case the Non-Employee Director will be granted, on the Quarterly Payment Date occurring in January of the following calendar year, such number of whole Units as have an aggregate Fair Market Value equal to the Annual Unit 

	
 
		
Grant Value for such calendar year on such Quarterly Payment Date (rounded up to the nearest whole Unit);

	
 
	
(c)
	
a 50% reduction, if such Non-Employee Director becomes a member of the Board on or after June 30 of such calendar year but before September 30 of such calendar year, in which case the Non-Employee Director will be granted, on the Quarterly Payment Date occurring in January of the following calendar year, such number of whole Units as have an aggregate Fair Market Value equal to the Annual Unit Grant Value for such calendar year on such Quarterly Payment Date (rounded up to the nearest whole Unit); and

	
 
	
(d)
	
a 75% reduction, if such Non-Employee Director becomes a member of the Board on or after September 30 of such calendar year but before December 31 of such calendar year, in which case the Non-Employee Director will be granted, on the Quarterly Payment Date occurring in January of the following calendar year, such number of whole Units as have an aggregate Fair Market Value equal to the Annual Unit Grant Value for such calendar year on such Quarterly Payment Date (rounded up to the nearest whole Unit).

For the avoidance of doubt, the foregoing grant to be made to the Non-Employee Director under this Section 5.3 on the Quarterly Payment Date in January of the year following the year of his commencement of service on the Board shall be in addition to the Annual Unit Grant that he will receive on such Quarterly Payment Date for the subsequent year pursuant to Section 5.2.

5.4Effect on Annual Unit Grant Where Board Membership Terminates During Calendar Year.  Notwithstanding anything to the contrary in this Article V, and unless otherwise provided by the Committee, a Non-Employee Director whose membership on the Board terminates during a calendar year will be entitled to retain any portion of his or her Annual Unit Grant for that calendar year which was granted on the Quarterly Payment Date occurring in January of such calendar year.

5.5Additional Grants of Units in Lieu of Cash Compensation.  In addition to the Annual Unit Grant and any Election Unit Grant (as defined in Section 5.6), beginning for calendar year 2015 compensation, any Non-Employee Director may elect from time to time to receive any or all of the cash compensation payable hereunder, for the Annual Board Member Retainer and/or the Annual Committee Chair Retainer, in Units instead.  For purposes of this Plan, cash compensation to which an election made in accordance with the provisions of this Section 5.5 applies shall be referred to as “Elected Unit Compensation.”  Any such election with respect to Elected Unit Compensation shall be made in advance of the calendar year for which it is to be earned and must otherwise comply with the procedures therefor established from time to time by the Committee (as defined in Section 7.1).  In the event of such an election by a Non-Employee Director, the Non-Employee Director will be granted Units in place of any such Elected Unit Compensation on the Quarterly Payment Date occurring in January of the calendar year to which such Elected Unit Compensation relates.  The number of Units to be granted to a Non-Employee Director on the Quarterly Payment Date occurring in January of the calendar year to which such Elected Unit Compensation relates pursuant to an election made in 

accordance with this Section 5.5 will be such number of whole Units as have an aggregate Fair Market Value equal to the cash amount of such Elected Unit Compensation on such Quarterly Payment Date (rounded up to the nearest whole Unit).  If a Non-Employee Director who has made an election pursuant to this Section 5.5 ceases to be a member of the Board prior to the payment of any Elected Unit Compensation in Units, such unpaid Elected Unit Compensation will not be satisfied in Units and instead (to the extent it is earned and payable in accordance with the other terms of this Plan) will be paid in cash within thirty days after the Non-Employee Director ceases to be a member of the Board or, if earlier, by March 15 of the calendar year immediately following the calendar year in which such compensation was earned.

5.6Discretionary Grant of Units Upon Initial Election as a Non-Employee Director.  In addition to the Annual Unit Grant pursuant to Section 5.1, the Board may, in its discretion, make a grant of Units (an “Election Unit Grant”) to a Non-Employee Director in connection with his initial election as a member of the Board.  The Board shall establish the amount and terms (including, without limitation, any vesting requirements or other conditions) of any such grant in its discretion.

5.7Terms and Conditions for and Full Vesting of Grants.  For purposes of this Plan, each grant of Units made as provided in this Article V to a Non-Employee Director will be made pursuant to and in accordance with the terms and conditions set forth in this Plan and in the LTIP, and, unless otherwise determined by the Board with respect to an Election Unit Grant, will be 100% vested on the date it is made.  However, the provisions of this Plan providing specifically for grants of Units in certain circumstances to Non-Employee Directors shall not restrict or prevent any other awards of Units not referenced in or made pursuant to this Plan which are otherwise made to Non-Employee Directors on a discretionary basis under the LTIP.

5.8Award Agreement.  Any Non-Employee Director who acquires Units as provided in this Article V may be required to execute and comply with the terms of an award agreement with the Company and the Partnership, in such form as is approved from time to time by the Committee.

ARTICLE VI
REIMBURSEMENT OF EXPENSES

While a Non-Employee Director is serving as a member of the Board, the Non-Employee Director will be reimbursed for his or her business-related expenses incurred in carrying out his or her duties as a member of the Board, including but not limited to all reasonable and necessary expenses incurred by the Non-Employee Director to attend Board and Board committee meetings or otherwise fulfill his or her duties, in accordance with the Company’s expense reimbursement policy as in effect at the time an expense is incurred.

ARTICLE VII
GENERAL PROVISIONS

7.1Administration.  The Plan will be administered by the Board or by a committee of, and appointed by, the Board (the “Committee”).  In the absence of the Board’s appointment of a committee to administer the Plan, the Board shall act as the “Committee” hereunder.  The 

Committee will have the complete authority and power to interpret this Plan, prescribe, amend and rescind rules relating to the administration of this Plan, determine a Non-Employee Director’s rights under this Plan (including such rights to receive payments of any cash compensation and/or grants of Units hereunder, and the amounts thereof), and take all other actions necessary or desirable for the administration of this Plan.  All actions and decisions of the Committee will be final and binding upon the Company, the Partnership, the Non-Employee Directors, and all other persons.  The Committee may delegate to officers and employees of the Company the authority to perform specified ministerial functions under this Plan.  Any actions taken by any officers or employees of the Company pursuant to such delegation of authority will be deemed to have been taken by the Committee.  No member of the Committee, nor any officer or employee of the Company acting on behalf of the Committee, will be personally liable for any action, determination, or interpretation taken or made in good faith with respect to this Plan, and all members of the Committee, and each officer of the Company and each employee of the Company acting on behalf of the Committee, will, to the extent permitted by law, be fully indemnified and protected by the Company in respect of any such action, determination or interpretation.

7.2Unfunded Obligations.  The amounts to be paid and Units to be granted to Non-Employee Directors pursuant to this Plan are unfunded obligations of the Company.  The Company is not required to segregate any monies or other assets from its general funds, to create any trusts or to make any special deposits with respect to these obligations.

7.3No Additional Rights.  The compensation amounts provided for herein are intended to compensate a Non-Employee Director for all of such Non-Employee Director’s professional duties as a member of the Board and any committees thereof and, unless otherwise determined by the Board from time to time, no additional or separate compensation (other than as described in this Plan) will be payable to a Non-Employee Director for his or her service on the Board or committees of the Board (including as a Committee Chair), attendance at and/or participation in meetings of the Board or committees of the Board, or informal advisory time.  None of this Plan, the LTIP or any Annual Unit Grant or other compensation provided for or granted hereunder or thereunder will confer upon any Non-Employee Director the right to continue to serve as a member of the Board or any committee of the Board.

7.4Nonassignment.  Except by will or the laws of descent and distribution, the right of a Non-Employee Director to the receipt of any amounts under this Plan may not be assigned, transferred, pledged or encumbered in any manner nor will such right or other interests be subject to attachment, execution or other legal process.

7.5Incapacity of Non-Employee Director.  If the Committee finds that any Non-Employee Director to whom a payment is due under this Plan is unable to care for his or her affairs because of illness or accident or is under a legal disability, unless a prior claim therefor has been made by a duly appointed legal representative, any payment due may, at the discretion of the Committee, be paid to the spouse, child, parent or brother or sister of such Non-Employee Director or to any other person whom the Committee has determined has incurred expense for such Non-Employee Director.  Any such payment will be a complete discharge of the obligations of the Company with respect to such payment under the provisions of this Plan.

7.6Compliance with Other Laws and Regulations.  Notwithstanding anything contained herein to the contrary, neither the Company nor the Partnership will be required to sell or issue Units under this Plan if the issuance thereof would constitute a violation by a Non-Employee Director, the Company or the Partnership of any provisions of any law or regulation of any governmental authority or any national securities exchange or inter-dealer quotation system or other forum in which Units are quoted or traded; and, as a condition of any sale or issuance of Units hereunder, the Committee may require such agreements or undertakings, if any, as the Committee may deem necessary or advisable to assure compliance with any such law or regulation.  This Plan, the Units and other compensation provided hereunder, and the obligation of the Company or the Partnership to sell or deliver Units hereunder, will be subject to all applicable federal and state laws, rules and regulations and to such approvals by any government or regulatory agency as may be required.

7.7Termination and Amendment.  The Board may from time to time amend, suspend, or terminate this Plan, in whole or in part, and if this Plan is suspended or terminated the Board may thereafter reinstate any or all of its provisions.  Notwithstanding the foregoing, no amendment, suspension or termination of this Plan may impair the right of a Non-Employee Director to receive any benefit accrued hereunder prior to the effective date of such amendment, suspension or termination.

7.8Entire Plan.  This Plan constitutes the entire plan with respect to the subject matter hereof (other than matters covered by the LTIP) and supersedes all prior plans with respect to the subject matter hereof (other than the LTIP).

7.9Applicable Law.  Except to the extent preempted by applicable federal law, this Plan will be governed by and construed in accordance with the laws of the State of Delaware.

7.10Section 409A Matters.  This Plan is intended to provide for compensation that constitutes one or more “short term deferrals” within the meaning of Section 409A of the United States Internal Revenue Code of 1986, as amended (the “Code”) and any regulations issued thereunder, so that it and any compensation payable hereunder will be exempt from Section 409A of the Code.  Accordingly, this Plan will be construed, interpreted and operated in a manner consistent with such intent.  For purposes of Section 409A of the Code, to the extent necessary, each amount of compensation payable hereunder shall be considered a separate payment and a separate short term deferral.

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