Document:

EX-10.1

 Exhibit 10.1 

COOPERATION AGREEMENT 

This Cooperation Agreement (this “Agreement”), dated as of February 25, 2020, is by and among HG Vora Capital
Management, LLC (“HG Vora”) and Tivity Health, Inc., a Delaware corporation (the “Company”). 

WHEREAS, HG Vora beneficially owns 4,750,000 shares of the Company’s common stock, par value $0.001 per share (the “Common
Stock”); 
 WHEREAS, the Board of Directors of the Company (the “Board”) has determined to add two new
independent directors to the Board at the recommendation of HG Vora (the “New Directors”); and 
 WHEREAS, the
Company has reached an agreement with HG Vora with respect to certain matters, as provided in this Agreement; 
 NOW, THEREFORE, in
consideration of and reliance upon the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1.    Board Matters; 2020 Annual Meeting. 

(a)    HG Vora shall have the right, so long as HG Vora (together with any Affiliates (as defined below) of HG Vora) does
not cease to beneficially own at least 5.0% of the Company’s then outstanding Common Stock (excluding any situation where HG Vora (together with any Affiliates of HG Vora) ceases to own at least 5.0% of the outstanding shares of Common Stock
because of any action of the Company including, without limitation, as the result of a share repurchase or similar Company actions that reduce the number of outstanding shares of Common Stock, the “Company Ownership Level
Minimum)), to designate to the Board two individuals to serve as the New Directors (who will qualify as “independent” pursuant to the Marketplace Rules of The Nasdaq Stock Market (the “Nasdaq
Rules”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”), subject to the approval, not to be unreasonably withheld or delayed, of the Nominating and Corporate Governance
Committee of the Board after consideration in good faith and exercising its fiduciary duties, in accordance with its customary practices for reviewing Board candidates. In connection with the foregoing, and as a condition to the New Directors’
appointment to the Board, each of the New Directors will provide to the Company information required to be disclosed by directors or director candidates in proxy statements or other filings under applicable law or stock exchange regulations,
information in connection with assessing eligibility, independence and other criteria applicable to directors or satisfying compliance and legal obligations, and a fully completed copy of the Company’s director candidate questionnaire and other
reasonable and customary director onboarding documentation, and will consent to appropriate background checks comparable to those undergone by other non-management directors of the Company (the
“Required Director Information”). The Board and all applicable committees of the Board shall take all necessary actions to: 

(i)    appoint the New Directors as directors of the Company, each with a term expiring at the 2020 annual meeting of
stockholders of the Company (the “2020 Annual Meeting”), which such meeting shall be held on or prior to May 29, 2020; and, if the Company 

 
has employed a new chief executive officer prior to the 2020 Annual Meeting, appoint such chief executive officer as a director with a term expiring at the 2020 Annual Meeting, provided that such
appointment shall not replace one of the New Directors; 
 (ii)    except in the event HG Vora (together with any
Affiliates of HG Vora) ceases to own the Company Ownership Level Minimum prior to the 2020 Annual Meeting, nominate the New Directors as two of not more than 10 total candidates for election to the Board at the 2020 Annual Meeting, each having a
term expiring at the 2021 annual meeting of stockholders of the Company (the “2021 Annual Meeting”); provided, however, that if the Company has employed a new chief executive officer prior to the 2020 Annual
Meeting, then the Company shall include such chief executive officer as an eleventh nominee at the 2020 Annual Meeting, ensuring that no more than eleven directors are seated on the Board in connection with the 2020 election of directors and
thereafter; and provided, further, that as a condition to the Company’s obligation to nominate the New Directors for reelection at the 2020 Annual Meeting, each of the New Directors shall (x) be required to provide the
Required Director Information, in each case as promptly as necessary to enable the timely filing of the Company’s proxy statement and other periodic reports with the SEC; and (y) have complied at all times in all material respects with the
Company Policies (as defined below); 
 (iii)    during the Covered Period (as defined below), ensure that at least one
New Director shall serve on each of the Audit Committee of the Board, the Strategic Review Committee of the Board, and any formal or ad hoc committee of the Board primarily responsible for searching for and selecting a new chief executive officer of
the Company; 
 (iv)    as promptly as practicable following the execution of this Agreement, adopt and make effective
a resolution amending the Second Amended and Restated Bylaws of the Company (the “Bylaws”) to provide that the Board shall not take any actions, including by amending the Bylaws (or any amended bylaws successor thereto), to
increase the size of the Board to a number greater than 12 directors without the approval of stockholders of the Company that beneficially own a majority of the capital stock of the Company issued, outstanding and entitled to vote on such matters at
the time of any such proposed increase; and 
 (v)    the Board shall not appoint a twelfth director to the Board
without the approval of a two-thirds majority of the then-current directors. 

(b)    At the 2020 Annual Meeting, except in the event HG Vora (together with any Affiliates of HG Vora) ceases to own the
Company Ownership Level Minimum prior to the 2020 Annual Meeting, the Company agrees to recommend to the stockholders, and support and solicit proxies for, the election of the New Directors in the same manner as the Company has supported its
nominees for election at prior annual meetings of stockholders. 
 (c)    The New Directors shall be required to comply
with all policies, procedures, processes, codes, rules, standards and guidelines applicable to Board members, including the Company’s Code of Business Conduct and the Board of Directors Corporate Governance Guidelines (collectively, the
“Company Policies”), and preserve the confidentiality of Company business and information, including discussions of matters considered in meetings of the Board or Board committees. HG Vora shall provide the Company with such
information concerning HG 

  
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Vora as requested in writing by the Company that is required to be disclosed under applicable law or the rules of any applicable stock exchange, in each case as promptly as necessary to enable
timely filing of the Company’s proxy statement. The Company agrees that it will not amend any Policy for the purpose of disqualifying the New Directors from service on the Board or any committee thereof. 

(d)    During the Covered Period (as defined below), HG Vora agrees that it will appear in person or by proxy at each
annual or special meeting of stockholders of the Company (including any adjournment, postponement, rescheduling or continuation thereof), whether such meeting is held at a physical location or virtually by means of remote communications, and vote
(or execute a consent with respect to) all shares of Common Stock beneficially owned by HG Vora in accordance with the Board’s recommendations with respect to (i) each election of directors and any removal of directors, (ii) the
ratification of the appointment of the Company’s independent registered public accounting firm and (iii) the Company’s “say on pay” proposal. 

(e)    Each of the New Directors shall promptly offer to resign from the Board (and, if requested by the Company, promptly
deliver his or her written resignation to the Board (which shall provide for his or her immediate resignation)) if: (i) HG Vora (together with any Affiliates of HG Vora) ceases to beneficially own the Company Ownership Level Minimum; or
(ii) HG Vora otherwise ceases to comply or breaches any material provision of this Agreement. HG Vora agrees to cause each New Director to resign from the Board if such New Director fails to resign if and when requested pursuant to this
Section 1(e). 
 (f)    If a New Director does not stand for election at the 2020 Annual Meeting,
or ceases to be a director before the end of the Covered Period (as defined below), whether as a result of death or incapacity or for any other reason, and at such time HG Vora (together with any Affiliates of HG Vora) beneficially owns the Company
Ownership Level Minimum, then HG Vora will recommend to the Board a substitute person to fill the resulting vacancy (who will qualify as “independent” pursuant to the Nasdaq Rules and applicable rules and regulations of the SEC), subject
to the approval of the Nominating and Corporate Governance Committee of the Board after consideration in good faith and exercising its fiduciary duties, in accordance with its customary practices for reviewing Board candidates (such person, a
“Replacement Director”). In the event that the Nominating and Corporate Governance Committee of the Board does not accept (in accordance with the standards set forth herein) a Replacement Director nominee recommended by HG
Vora, HG Vora will have the right to recommend additional Replacement Director nominees, subject to the terms of this Section 1(f), for prompt consideration by the Nominating and Corporate Governance Committee. Upon the
acceptance of a Replacement Director nominee by the Nominating and Corporate Governance Committee, the Board will appoint such Replacement Director to the Board as promptly as practicable and in any event no later than 3 business days after the
Nominating and Corporate Governance Committee’s recommendation of such Replacement Director (which recommendation shall be made promptly after the Nominating and Corporate Governance Committee’s acceptance of such Replacement Director
nominee). The Replacement Director will thereafter be deemed the New Director for purposes of this Agreement and be entitled to the same rights and be subject to the same requirements under this Agreement that had been applicable to the replaced New
Director, and the Company agrees that the Board will appoint such Replacement Director to the Board to serve the unexpired term of the replaced New Director. Following the appointment of any Replacement Director to replace the New Director in

  
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accordance with this Section 1(f), all references to the New Director herein shall be deemed to include any Replacement Director (it being understood that this sentence
shall apply whether or not references to the New Director expressly state that they include any Replacement Director). If at any time HG Vora (together with any Affiliates of HG Vora) ceases to beneficially own the Company Ownership Level Minimum,
the right of HG Vora pursuant to this Section 1(f) to participate in the recommendation of a Replacement Director to fill the vacancy caused by the New Director or any Replacement Director ceasing to be a director shall
automatically terminate. Prior to the appointment of any Replacement Director to the Board, the Replacement Director will submit to the Company the Required Director Information. 

2.    Standstill. 

(a)    HG Vora agrees that, during the Covered Period, it shall not, and shall cause each of its Affiliates or Associates
(each as defined below) not to (except as expressly set forth in this Agreement), directly or indirectly, in any manner, alone or in concert with others: 

(i)    make, engage in, or in any way participate in, directly or indirectly, any “solicitation” of proxies (as
such terms are used in the proxy rules of the SEC but without regard to the exclusion set forth in Rule 14a-1(l)(2)(iv) of the Securities Exchange Act of 1934, as amended) or consents to vote, or seek to
advise, encourage or influence any person, other than any Affiliates of HG Vora, with respect to the voting of any securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities (collectively,
“securities of the Company”) for the election of individuals to the Board or to approve stockholder proposals, or become a “participant” in any contested “solicitation” for the election of directors with
respect to the Company (as such terms are defined or used under the Exchange Act) (other than a “solicitation” or acting as a “participant” in support of all of the nominees of the Board at any stockholder meeting or voting its
shares at any such meeting in its sole discretion (subject to compliance with this Agreement)) or make or be the proponent of any stockholder proposal (pursuant to Rule 14a-8 under the Exchange Act or
otherwise), other than as permitted hereby; 
 (ii)    form, join, encourage, influence, advise or in any way
participate in any “group” (as such term is defined in Section 13(d)(3) of the Exchange Act) with any persons who are not Affiliates of HG Vora with respect to any securities of the Company or otherwise in any manner agree, attempt,
seek or propose to deposit any securities of the Company in any voting trust or similar arrangement (including lending any securities of the Company to any person for the purpose of allowing such person to vote such securities in connection with any
stockholder vote of the Company), or subject any securities of the Company to any arrangement or agreement with respect to the voting thereof, other than as permitted hereby; 

(iii)    acquire, offer or propose to acquire, or agree to acquire, directly or indirectly, whether by purchase, tender
or exchange offer, through the acquisition of control of another person, by joining a partnership, limited partnership, syndicate or other group (including any group of persons that would be treated as a single “person” under
Section 13(d) of the Exchange Act), through swap or hedging transactions or otherwise, any securities of the Company or any rights decoupled from the underlying securities of the Company that would result in HG Vora
(together with any Affiliates of HG Vora) owning, controlling or otherwise having any beneficial or other ownership interest in more than 19.9% in the aggregate of the shares of 

  
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Common Stock outstanding at such time; provided that nothing herein will require Common Stock to be sold to the extent HG Vora and any Affiliates of HG Vora, collectively, exceed the
ownership limit under this paragraph as the result of a share repurchase or similar Company actions that reduces the number of outstanding shares of Common Stock, as long as the beneficial or other ownership interest of HG Vora does not increase
thereafter (except solely as a result of corporate actions taken by the Company); 
 (iv)    effect or seek to effect,
offer or propose to effect, cause or participate in, or in any way assist or facilitate any other person to effect or seek, offer or propose to effect or participate in, any tender or exchange offer, merger, consolidation, acquisition, scheme,
arrangement, business combination, recapitalization, reorganization, sale or acquisition of material assets, liquidation, dissolution or other extraordinary transaction involving the Company or any of its subsidiaries or joint ventures or any of
their respective securities (each, an “Extraordinary Transaction”), or make any public statement with respect to an Extraordinary Transaction; provided, however, that this clause shall not (A) restrict the
tender by HG Vora or any Affiliate of HG Vora of any securities of the Company into any tender or exchange offer or vote with respect to any Extraordinary Transaction, (B) prohibit HG Vora or any Affiliate of HG Vora from privately (in a manner
not reasonably expected to result in any public disclosure) advocating for such actions with the Board or prohibit HG Vora or any Affiliate of HG Vora from privately (in a manner not reasonably expected to result in any public disclosure) engaging
in discussions with any of their respective advisors and consultants regarding an Extraordinary Transaction or participating in such transaction or any other actions approved by the Board, or (C) restrict the receipt of any consideration by HG
Vora or an Affiliate of HG Vora on the same basis as other stockholders of the Company in connection with an Extraordinary Transaction; 

(v)    (A) seek representation on or nominate any candidate to the Board, except as set forth herein, (B) seek or
encourage the removal of any member of the Board, (C) conduct a referendum of stockholders, or (D) make a request for any stockholder list or other Company books and records, whether pursuant to Section 220 of the Delaware General
Corporation Law (“DGCL”) or otherwise; 
 (vi)    engage in any short sale or any purchase,
sale or grant of any option, warrant, convertible security, stock appreciation right, or other similar right (including any hedging, put or call option or “swap” transaction) with respect to any securities of the Company (other than a
broad-based market basket or index or any cash-settled “swap” transaction); 
 (vii)    take any action in
support of or make any proposal or request that constitutes: (A) controlling, changing or influencing the Board, management or policies of the Company, including any plans or proposals to change the number or term of directors or the removal of
any directors, or to fill any vacancies on the Board, except as set forth herein; (B) any material change in the capitalization, stock repurchase programs and practices or dividend policy of the Company; (C) any other material change in
the Company’s management, business or corporate structure; (D) seeking to have the Company waive or make amendments or modifications to the Company’s restated certificate of incorporation, as amended, or (except as set forth herein)
the Bylaws, or other actions that may impede or facilitate the acquisition of control of the Company by any person; (E) causing a class of securities of the Company to be delisted from, or to cease to be authorized to be quoted on, any
securities exchange; or (F) causing a class of securities of the Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Exchange Act; 

  
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 (viii)    make any public disclosure, announcement or statement
regarding any intent, purpose, arrangement, plan or proposal with respect to the Board, the Company, its management, policies or affairs, any of its securities or assets or this Agreement that is inconsistent with the provisions of this Agreement;
provided that this clause (viii) shall not prohibit HG Vora or any Affiliates of HG Vora from making any required filings or amendments to such filings under Section 13 of the Exchange Act; 

(ix)    (A) commence, encourage or support any derivative action in the name of the Company, or any class action against
the Company or any of its officers or directors, or (B) take any action challenging the validity or enforceability of any of the provisions of this Section 2(a) or publicly disclose, or cause or facilitate the public
disclosure (including the filing of any document with the SEC or any other governmental agency or any disclosure to any journalist, member of the media or securities analyst) of, any intent, purposes, plan or proposal to take any action challenging
the validity or enforceability of any provisions of this Section 2(a), in any such case other than (w) litigation to enforce the provisions of this Agreement, (x) counterclaims with respect to any proceeding
initiated by, or on behalf of, the Company or its Affiliates against HG Vora or any Affiliates of HG Vora, (y) the exercise of statutory appraisal, dissenters or similar rights under the DGCL and (z) bringing bona fide disputes that do not
relate to the subject matter of this Agreement; 
 (x)    take any action which could cause or require the Company or
any Affiliate of the Company to make a public announcement regarding any of the foregoing (other than as permitted under subclauses (w), (x), (y) or (z) of clause (ix) above), or publicly seek or request permission to do any of the
foregoing; 
 (xi)    request, directly or indirectly, that the Company or the Board or any of their respective
representatives amend or waive any provision of this Section 2(a), other than through non-public communications with the Company that would not reasonably be expected to trigger public disclosure
obligations for any party; or 
 (xii)    enter into any discussions, negotiations, agreements or understandings with
any third party with respect to any of the foregoing, or advise, assist, knowingly encourage or seek to persuade any third party to take any action or cause any action or make any statement with respect to any of the foregoing, or otherwise take or
cause any action or make any statement inconsistent with any of the foregoing. 
 The foregoing provisions of this
Section 2(a) shall not be deemed to prohibit (i) HG Vora and its representatives from communicating privately with the Company’s directors, officers or advisors so long as such communications are not intended to,
and would not reasonably be expected to, require any public disclosure of such communications; (ii) any New Director from taking any actions that may be taken solely in his or her capacity as a member of the Board in accordance with his or her
fiduciary duties to all stockholders of the Company; or (iii) HG Vora or any Affiliate of HG Vora from making any factual statement as required by applicable legal process, subpoena, or legal requirement from any governmental authority with
competent 

  
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jurisdiction over the party from whom information is sought (so long as such request did not arise as a result of discretionary acts by HG Vora or any Affiliate of HG Vora). Notwithstanding
anything to the contrary in this Agreement, if the Board (or any committee thereof) determines to initiate any process to consider an Extraordinary Transaction (including the engagement of an investment banker) that would involve a sale of 50% or
more of the Company’s equity securities or assets (which transaction may be structured as a sale of assets, sale of equity interests, merger, consolidation, tender offer or other business combination), the Company will ensure that all members
of the Board are promptly and, to the extent reasonably practicable, simultaneously notified of any such determination. 
 Notwithstanding
anything to the contrary in this Agreement, the Covered Period shall terminate automatically (and the provisions applicable during the Covered Period shall no longer be applicable) upon (a) any person (other than HG Vora or any Affiliates of HG
Vora) becoming the beneficial owner (within the meaning of Section 13(d)(1) of the Exchange Act) or constructive economic owner (through swaps, options, similar securities or contracts or otherwise), directly or indirectly, of more than 50% of
the Company’s then outstanding Common Stock, (b) the announcement of a tender or exchange offer by any third party (other than HG Vora or any Affiliates of HG Vora) for Common Stock of the Company that, if consummated, would make such
person the beneficial owner (as defined in Section 13(d)(1) of the Exchange Act) of 50% or more of the Common Stock of the Company, or any rights or options to acquire such ownership, including from a third party, but only if the Board does not
publicly recommend against such tender or exchange offer within ten business days of such announcement, or (c) the Company entering into one or more definitive agreements involving the acquisition by one or more third parties (other than HG
Vora or any Affiliates of HG Vora) of more than 50% of the outstanding Common Stock of the Company or more than 50% of the Company’s consolidated total assets. 

(b)    For purposes of this Agreement: 

(i)    The terms “person” or “persons” shall mean any individual,
corporation (including not-for-profit), general or limited partnership, limited liability or unlimited liability company, joint venture, estate, trust, association,
organization or other entity of any kind or nature. 
 (ii)    The term “Covered Period” shall
mean the period beginning on the date of this Agreement and continuing until the date that is the first day stockholders are eligible to submit stockholder director nominations for the 2021 Annual Meeting pursuant to the Bylaws; provided,
however, that if HG Vora (together with Affiliates of HG Vora) ceases to beneficially own the Company Ownership Level Minimum the Covered Period shall immediately terminate. 

(iii)    The terms “Affiliate” and “Associate” shall have the respective
meanings set forth in Rule 12b-2 promulgated by the SEC under the Exchange Act and shall include all persons that at any time during the term of this Agreement become Affiliates or Associates of any applicable
person referred to in this Agreement. 
 3.    Expenses. Each party shall bear its own expenses incurred in
connection with the matters related to this Agreement. 

  
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 4.    Representations of the Company. The Company represents and
warrants as follows: (a) the Company has the power and authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and
validly authorized, executed and delivered by the Company, constitutes a valid and binding obligation and agreement of the Company and is enforceable against the Company in accordance with its terms except as enforcement thereof may be limited by
applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or similar laws generally affecting the right of creditors and subject to general equity principles; and (c) the execution, delivery and performance of this
Agreement by the Company does not and will not (i) violate or conflict with any law, rule, regulation, order, judgment or decree applicable to the Company, or (ii) result in any breach or violation of or constitute a default (or an event
which with notice or lapse of time or both could constitute such a breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of,
any organizational document of the Company or any material agreement, contract, commitment, understanding or arrangement to which the Company is a party or by which the Company is bound. 

5.    Representations of HG Vora. HG Vora represents and warrants as follows: (a) HG Vora has the power and
authority to execute, deliver and carry out the terms and provisions of this Agreement and to consummate the transactions contemplated hereby; (b) this Agreement has been duly and validly authorized, executed and delivered by HG Vora,
constitutes a valid and binding obligation and agreement of HG Vora and is enforceable against HG Vora in accordance with its terms except as enforcement thereof may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or similar laws generally affecting the right of creditors and subject to general equity principles; (c) the execution, delivery and performance of this Agreement by HG Vora does not and will not (i) violate or
conflict with any law, rule, regulation, order, judgment or decree applicable to HG Vora, or (ii) result in any breach or violation of or constitute a default (or an event which with notice or lapse of time or both could constitute such a
breach, violation or default) under or pursuant to, or result in the loss of a material benefit under, or give any right of termination, amendment, acceleration or cancellation of, any organizational document of HG Vora or any material agreement,
contract, commitment, understanding or arrangement to which HG Vora is a party or by which HG Vora is bound; and (d) as of the date hereof, HG Vora beneficially owns an aggregate of 4,750,000 shares of Common Stock and such shares of Common
Stock constitute all of the Common Stock beneficially owned by HG Vora (together with any Affiliates of HG Vora). 

6.    Term. 

(a)    This Agreement is effective as of the date hereof and shall remain in full force and effect for the duration of the
Covered Period, unless terminated on such other date established by mutual consent of the parties hereto. 
 (b)    Any
obligation to tender a New Director’s resignation or cause such a resignation pursuant to Section 1(e), this Section 6, and Section 8 (Miscellaneous) through
Section 14 (Interpretation and Construction) shall survive the termination of this Agreement. No termination pursuant to Section 6(a) shall relieve any party hereto from liability for any breach of
this Agreement prior to such termination. 

  
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 7.    Director Programs. Each New Director shall participate in
all programs in which the Company’s other non-employee directors participate with respect to D&O insurance, exculpation, advancement and reimbursement of expenses and indemnification in connection
with such New Director’s service on the Board. No member of the Board, including the New Directors, shall accept any compensation for service on the Board from any person other than the Company. 

8.    Miscellaneous. The parties agree that irreparable damage would occur in the event any of the provisions of
this Agreement were not performed in accordance with the terms hereof and that such damage would not be adequately compensable in monetary damages. Accordingly, the parties hereto shall be entitled to an injunction or injunctions to prevent breaches
of this Agreement, to enforce specifically the terms and provisions of this Agreement exclusively in the Court of Chancery or other federal or state courts of the State of Delaware and to require the resignation of the New Directors from the Board
pursuant to Section 1(e), in addition to any other remedies at law or in equity, and each party agrees it will not take any action, directly or indirectly, in opposition to another party seeking relief. Each of the parties
hereto agrees to waive any bonding requirement under any applicable law, in the case any other party seeks to enforce the terms by way of equitable relief. This Section 8 is not the exclusive remedy for any violation of
this Agreement. Furthermore, each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Court of Chancery or other federal or state courts of the State of Delaware in the event any dispute arises out of this
Agreement or the transactions contemplated by this Agreement, (b) agrees that it shall not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court, (c) agrees that it shall not bring
any action relating to this Agreement or the transactions contemplated by this Agreement in any court other than the Court of Chancery or other federal or state courts of the State of Delaware, and each of the parties irrevocably waives the right to
trial by jury, and (d) irrevocably consents to service of process by a reputable overnight mail delivery service, signature requested, to the address set forth in Section 10 or as otherwise provided by applicable law.
THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF DELAWARE APPLICABLE TO CONTRACTS EXECUTED AND TO BE PERFORMED WHOLLY WITHIN SUCH STATE WITHOUT GIVING EFFECT TO THE CHOICE
OF LAW PRINCIPLES OF SUCH STATE. 
 9.    Entire Agreement; Amendment; Waiver. This Agreement contains the entire
agreement and understanding of the parties with respect to the subject matter hereof and supersedes any and all prior and contemporaneous agreements, memoranda, arrangements and understandings, both written and oral, between the parties, or any of
them, with respect to the subject matter hereof. This Agreement may be amended only by an agreement in writing executed by the parties hereto, and no waiver of compliance with any provision or condition of this Agreement and no consent provided for
in this Agreement shall be effective unless evidenced by a written instrument executed by the party against whom such waiver or consent is to be effective. No failure or delay by a party in exercising any right, power or privilege hereunder shall
operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any right, power or privilege hereunder. 

  
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 10.    Notices. All notices, consents, requests, instructions,
approvals and other communications provided for herein and all legal process in regard hereto shall be in writing and shall be deemed validly given, made or served, when delivered in person or sent by overnight courier, when actually received during
normal business hours at the address specified in this Section 10: 
  

			
	If to the Company: Tivity Health, Inc.
		 	701 Cool Springs Boulevard
		 	Franklin, Tennessee 37067
		 	Attention: Chief Legal Officer
		 	Facsimile: (615) 778-0436
		 	Email: legal@tivityhealth.com

  

					
	With a copy (which shall not constitute notice) to:	 	
		 	Bass, Berry & Sims PLC
		 	150 Third Avenue South
		 	Suite 2800
		 	Nashville, Tennessee 37201
		 	Attention:	 	J. Page Davidson
		 		 	Scott W. Bell
		 	Telephone:    	 	(615) 742-6253
		 		 	(615) 742-7942
		 	Facsimile:	 	(615) 742-2753
		 		 	(615) 742-0458
		 	Email:	 	pdavidson@bassberry.com
		 		 	sbell@bassberry.com

  

			
	If to HG Vora:
		 	HG Vora Capital Management, LLC
		 	330 Madison Avenue, 20th Floor
		 	New York, NY 10017
		 	Attention: Mandy Lam
		 	Email: mlam@hgvora.com
		 	Telephone: (212) 835-0373

  

			
	With a copy (which shall not constitute notice) to:
		 	Ropes & Gray LLP
		 	Prudential Tower, 800 Boylston Street
		 	Boston, MA 02199-3600
		 	Attention: Jeffrey R. Katz
		 	Telephone: (617) 892-5814
		 	Facsimile: (617) 235-0617
		 	Email: jeffrey.katz@ropesgray.com

 11.    Severability. If at any time subsequent to the date hereof, any provision of
this Agreement shall be held by any court of competent jurisdiction to be illegal, void or unenforceable, such provision shall be of no force and effect, but the illegality or unenforceability of such provision shall have no effect upon the legality
or enforceability of any other provision of this Agreement. 

  
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 12.    Counterparts. This Agreement may be executed in two or
more counterparts either manually or by electronic or digital signature (including by facsimile or electronic mail transmission), each of which shall be deemed to be an original and all of which together shall constitute a single binding agreement
on the parties, notwithstanding that not all parties are signatories to the same counterpart. 
 13.    No Third
Party Beneficiaries; Assignment. This Agreement is solely for the benefit of the parties hereto and their successors and is not binding upon or enforceable by any other persons. No party to this Agreement may assign its rights or delegate its
obligations under this Agreement, whether by operation of law or otherwise, and any assignment in contravention hereof shall be null and void. Nothing in this Agreement, whether express or implied, is intended to or shall confer any rights, benefits
or remedies under or by reason of this Agreement on any persons other than the parties hereto, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third persons to any party. 

14.    Interpretation and Construction. When a reference is made in this Agreement to a Section, such reference
shall be to a Section of this Agreement, unless otherwise indicated. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever the words
“include,” “includes” and “including” are used in this Agreement, they shall be deemed to be followed by the words “without limitation.” The words “hereof, “herein” and “hereunder” and
words of similar import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The word “will” shall be construed to have the same meaning as the word “shall.”
The words “dates hereof” will refer to the date of this Agreement. The word “or” is not exclusive. The definitions contained in this Agreement are applicable to the singular as well as the plural forms of such terms. Any
agreement, instrument, law, rule or statute defined or referred to herein means, unless otherwise indicated, such agreement, instrument, law, rule or statute as from time to time amended, modified or supplemented. Each of the parties hereto
acknowledges that it has been represented by independent counsel of its choice throughout all negotiations that have preceded the execution of this Agreement, and that it has executed the same with the advice of said independent counsel. Each party
cooperated and participated in the drafting and preparation of this Agreement and the documents referred to herein, and any and all drafts relating thereto exchanged among the parties shall be deemed the work product of all of the parties and may
not be construed against any party by reason of its drafting or preparation. Accordingly, any rule of law or any legal decision that would require interpretation of any ambiguities in this Agreement against any party that drafted or prepared it is
of no application and is hereby expressly waived by each of the parties hereto, and any controversy over interpretations of this Agreement shall be decided without regards to events of drafting or preparation. 

[Signature Pages Follow] 

  
 -11- 

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement or caused the
same to be executed by its duly authorized representative as of the date hereof. 
  

			
	TIVITY HEALTH, INC.
		
	By:	 	/s/ Adam Holland
	Name:	 	Adam Holland
	Title:	 	Chief Financial Officer

 IN WITNESS WHEREOF, each of the parties hereto has executed this Agreement or caused the
same to be executed by its duly authorized representative as of the date hereof. 
  

			
	HG VORA CAPITAL MANAGEMENT, LLC
		
	By:	 	/s/ Parag Vora
	Name:	 	Parag Vora
	Title:	 	ManagerEXHIBIT
10.1

2020
Long Term Incentive Compensation

Award
Agreement

for
the Senior Leadership Team under the

Waste
Management, Inc. 2014 Stock Incentive Plan

 

This
Award Agreement (this “Agreement”)
is entered into effective as of February 19, 2020 (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 March 31, 2020, 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.

 

Performance
Share Units

 

	1.	PSU
                                         Grant. The Company grants to Employee a Performance Share Unit Award (a “PSU
                                         Award”), as provided in the Notice of Long-Term Incentive Award dated February
                                         24, 2020 (the “Notice”). Each Performance Share Unit (“PSU”)
                                         is a notational unit of measurement denominated in shares of common stock of the Company,
                                         $.01 par value (“Common Stock”).

 

 

1

 

     

     

    

 

	2.	PSU
                                         Metrics.

 

		a.	The
                                         “Performance Period” for this PSU Award is the 36-month
                                         period beginning January 1, 2020, and ending on December 31, 2022. Vesting and payout
                                         of your PSU Award is based upon the level of achievement of the Performance Goals
                                         that have been set by the Management Development and Compensation Committee of
                                         the Board of Directors of the Company (the “Committee”). The
                                         Performance Goals set by the Committee for your PSU Awards are described in paragraph
                                         3 below.

 

		b.	The
                                         performance measure selected by the Committee to serve as the Performance Goal for half
                                         (50%) of your Target PSU Award is Adjusted Free Cash Flow (defined in paragraph
                                         2.c. below). The performance measure selected by the Committee to serve as the Performance
                                         Goal for the other half (50%) of your Target PSU Award is Total Shareholder Return
                                         Relative to the S&P 500, or “TSR” (as defined in
                                         paragraph 2.d. below). To determine the payout (if any) under your PSU Award, the Committee
                                         will determine the level of the Performance Goal reached (“Achievement”)
                                         and the corresponding payout percentage applicable to each half of your Target PSU Award
                                         under paragraph 3 below. The Committee’s determinations, and the related calculations,
                                         including the calculation of Adjusted Free Cash Flow and TSR, are made by, and in the
                                         sole discretion of, the Committee, and are final and not subject to appeal.

 

		c.	Adjusted
                                         Free Cash Flow is the cash flow provided by operating activities of WM for the
                                         Performance Period with the following adjustments:

		i.	Capital
                                         expenditures are excluded;
		ii.	Payments
                                         related to costs (including legal costs) associated with labor disruptions (e.g., strikes)
                                         and actual or potential multiemployer plan withdrawal liability(ies) are excluded as
                                         expenditures required as a result of past labor commitments combined with changing economic
                                         conditions of the present business climate;
		iii.	Strategic
                                         acquisition, restructuring, transformation and reorganization costs are excluded in recognition
                                         of WM’s goals to increase customer and business base while minimizing operating
                                         costs;
		iv.	Cash
                                         proceeds from any government-required divestiture of businesses and other assets made
                                         in order to obtain the approval of the acquisition of Advanced Disposal Services, Inc.
                                         are excluded; and
		v.	Cash
                                         proceeds from any other divestiture of businesses and other assets are included.

 

The
Committee, solely in its discretion, is permitted to make other adjustments to reflect management’s performance consistent
with maximizing shareholder value; provided that such other adjustments shall not reduce the Adjusted Free Cash Flow amount.

 

		d.	Total
                                         Shareholder Return Relative to the S&P 500 or “TSR” is the percentile
                                         performance of the Company as compared to the other S&P 500 Companies for the Performance
                                         Period. For these purposes:

		i.	S&P
                                         500 Companies means all of the entities listed on the Standard & Poor’s
                                         500 Composite Index, including the Company, on the date which is 30 trading days prior
                                         to the commencement of the Performance Period, with the following modifications:

A.
except as provided in paragraph 2.d.i.B. below, only those entities that continue to trade throughout the Performance Period without
interruption on a National Exchange shall be included; and

B.
any such entity that files for bankruptcy (“Bankrupt Peer”) during the Performance Period shall continue to be included.

For
these purposes “National Exchange” shall mean a securities exchange that has registered with the SEC
under Section 6 of the Securities Exchange Act of 1934.

		ii.	Total
                                         Shareholder Return is the result of dividing (1) the sum of the cumulative value
                                         of an entity’s dividends for the Performance Period, plus the entity’s Ending
                                         Price, minus the Beginning Price, by (2) the Beginning Price. For purposes of determining
                                         the cumulative value of an entity’s dividends during the Performance Period, it
                                         will be assumed that all dividends declared and paid with respect to a particular entity
                                         during the Performance Period were reinvested in such entity at the ex-dividend date,
                                         using the closing price on such date. The aggregate shares, or fractional shares thereof,
                                         that will be assumed to be

 

 

2

 

     

     

    

 

purchased
as part of the reinvestment calculation will be multiplied by the Ending Price to determine the cumulative value of an entity’s
dividends for the Performance Period. For these purposes:

		A.	Price
                                         is the per share closing price, as reported by the Bloomberg L.P. (or any other
                                         publicly available reporting service that the Committee may designate from time to time)
                                         of a share or share equivalent on the applicable stock exchange.
		B.	Beginning
                                         Price is the average Price for the period of 20 trading days immediately preceding
                                         the first day of the Performance Period.
		C.	Ending
                                         Price is the average Price for the period of 20 trading days immediately preceding
                                         and including the final day of the Performance Period.
		D.	Bankrupt
                                         Peer: Notwithstanding anything in the foregoing to the contrary, any Bankrupt
                                         Peer shall have a Total Shareholder return of negative one hundred percent (-100%).

		iii.	Relative
                                         TSR Percentile Rank is the percentile performance of the Company as compared
                                         to the S&P 500 Companies. Relative TSR Percentile Rank is determined by ranking the
                                         Company and all other S&P 500 Companies according to their respective Total Shareholder
                                         Return for the Performance Period. The ranking is in order from minimum-to-maximum, with
                                         the lowest performing entity assigned a rank of one. The Company’s ranking is then
                                         divided by the total number of entities within the S&P 500 Companies to get the Relative
                                         TSR Percentile Rank.

 

	3.	PSU
                                         Payout Percentage.

 

		a.	The
                                         Performance Goals are the levels of performance set by the Committee on
                                         the Grant Date with respect to each measure of performance.

 

		b.	The
                                         “Target PSU Award” for this Agreement is based on the target
                                         number of PSUs granted by the Committee and announced in the Notice. If Achievement falls
                                         between two levels of Achievement, the resulting payout percentage will be straight–line
                                         interpolated (rounding to the nearest 0.1 percent) between the payout percentages for
                                         those two levels of Achievement.

 

Achievement
Levels and Corresponding Payouts for PSUs Dependent on Adjusted Cash Flow Performance Measure

 

	Level
    of Achievement	Adjusted
                                         Free

        Cash
        Flow Over the

        Performance Period
	Payout
    Percentage for the

    applicable half of your

    Target PSU Award 
	Threshold
    Performance (the minimum level of Achievement
    to qualify for any payout of the Adjusted Free Cash Flow half of your Target PSU Award.)	$6.306
    Billion	50%
	Target
    Performance (the level of Achievement
    to qualify for 100% payout of the Adjusted Free Cash Flow half of your Target PSU Award.)	$6.927
    Billion	100%
	Maximum
    Performance (the maximum level of Achievement
    that results in an increased number of PSUs paid out under the Adjusted Free Cash Flow half of your Target PSU Award.)	$7.550
    Billion	200%

 

 

3

 

     

     

    

 

Achievement
Levels and Corresponding Payouts for PSUs Dependent on TSR

 

	Total
    Shareholder Return Relative to the S&P 500 over the Performance Period
	Level
                                         of Achievement 

        
	Relative
    TSR 

    Percentile Rank	Payout
    Percentage for the

    applicable half of your Target

    PSU Award
	Threshold
    Performance (the minimum level of Achievement
    to qualify for any payout of the TSR half of your Target PSU Award.)	25th	50%
	Target
    Performance (the level of Achievement
    to qualify for 100% payout of the TSR half of your Target PSU Award.)	50th	100%
	Maximum
    Performance (the maximum level of Achievement
    that results in an increased number of PSUs paid out under the TSR half of your Target PSU Award.)	75th	200%

 

 

	4.	Timing
                                         and Form of Payment of PSU Award. After the close of the Performance Period, the
                                         Committee will certify (with respect to each portion of your Target PSU Award relating
                                         to the separate Performance Goals) Achievement and determine the corresponding payout
                                         percentage of the PSU Award by multiplying the applicable half of the PSU Award by the
                                         applicable payout percentage. The results will sum to the total number of shares of Common
                                         Stock that you are entitled to receive (the “PSU
                                         Awarded Shares”). Unless you have a valid
                                         Deferral Election in place for your PSU Award (see paragraph 8 under “Important
                                         Award Details” for further information on permitted deferrals), the
                                         Company will deliver the PSU Awarded Shares and payment of the corresponding Dividend
                                         Equivalents (as defined in paragraph 7 under “Important
                                         Award Details”) as soon as administratively feasible (and no later than
                                         74 days after the end of the Performance Period) after the Committee’s certification
                                         and determination. 

 

Stock
Options

 

		1.	Stock
                                         Option Grant. The Company grants to Employee a stock option award (the “Stock
                                         Option Award”) for the number of shares (“Stock Options”)
                                         of Common Stock provided in the Notice. This Stock Option Award grants Employee the right
                                         to purchase shares of Common Stock at the Grant Price. The “Grant Price”
                                         is the Fair Market Value (as defined in the Plan) of a share of Common Stock on the Grant
                                         Date.

 

		2.	Term.
                                         Notwithstanding any other provisions of this Agreement, the maximum term of the Stock
                                         Option Award is the 10th anniversary of the Grant Date.

 

		3.	Right
                                         to Exercise. Provided Employee remains employed by WM continuously through the applicable
                                         exercise dates, the Stock Option Award is exercisable as follows:

 

	Exercise
    Date	Cumulative
                                         Percentage of Stock

        Option
        Award Exercisable

	Prior
    to the first anniversary of the Grant Date	0%
	On
    or after the first anniversary of the Grant Date	25%
	On
    or after the second anniversary of the Grant Date	50%
	On
    or after the third anniversary of the Grant Date	100%

 

		4.	Manner
                                         of Exercise. In order to exercise all or a portion of the Stock Option Award, Employee
                                         must contact (either by phone or online) the third-party stock plan administrator designated
                                         by the Company and follow the procedures established by the Company for exercising a
                                         Stock Option Award.

 

		5.	Payment
                                         of Grant Price. The Grant Price is payable in full to the Company either (a) in cash
                                         or its equivalent; (b) by tendering previously acquired shares of Common Stock held for
                                         at least six months and with an aggregate fair

 

 

4

 

     

     

    

 

market
value at the time of exercise equal to the aggregate Grant Price; (c) to the extent Employee is an executive officer at the time
of exercise, by withholding shares of Common Stock that otherwise would be acquired pursuant to the Stock Option Award; or (d)
any combination of the foregoing. The Grant Price may also be paid by cashless exercise through delivery of irrevocable instructions
to a broker to promptly deliver to the Company the amount of proceeds from a sale of shares having fair market value equal to
the Grant Price, provided that such instructions are delivered by no later than the close of the New York Stock Exchange on the
last Trading Day prior to the 10th anniversary of the Grant Date. Payment by cashless exercise shall not be considered
to have occurred until the broker has issued confirmation of the transaction. For these purposes, Trading Day means
a day on which the New York Stock Exchange is open for trading for its regular trading sessions.

 

Important
Award Details

 

Your
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, subject
                                         to paragraph 2.e below, be entitled to:

 

		a.	receive
                                         the PSU Awarded Shares and related Dividend Equivalents that Employee would have been
                                         entitled to under this Agreement if Employee had remained employed until the last day
                                         of the Performance Period and determined based upon actual Achievement through the end
                                         of the Performance Period, which shall be paid to no later than 74 days following the
                                         end of the Performance Period; and

 

		b.	exercise
                                         all Stock Options outstanding under the Stock Option Award (whether or not previously
                                         exercisable) for one year following such event. Provided however, if Employee was eligible
                                         for Retirement (as defined in paragraph 2.d.i. below) at the time of his
                                         death or Disability, the Stock Option Award will remain exercisable for three years following
                                         the date of such event.

 

		2.	Treatment
                                         of PSU Award Upon Retirement or Involuntary Termination of Employment Without Cause by
                                         WM.

 

		a.	Upon
                                         an involuntary Termination of Employment by WM without Cause (as defined in paragraph
                                         6.d.iii. below), Employee shall, subject to paragraph 2.e below, be entitled to receive
                                         the PSU Awarded Shares and related Dividend Equivalents that Employee would have been
                                         entitled to under this Agreement if Employee had remained employed until the last day
                                         of the Performance Period and determined based upon actual Achievement through the end
                                         of the Performance Period multiplied by the fraction which has as its numerator the total
                                         number of days that Employee was employed by WM during the Performance Period and has
                                         as its denominator 1096 (which amount shall be issued and paid as soon as practicable
                                         and no later than 74 days following the end of the Performance Period).

 

		b.	Upon
                                         Employee’s Retirement (as defined in paragraph 2.d.i below), Employee shall, subject
                                         to paragraph 2.e below, be entitled to receive the PSU Awarded Shares and related Dividend
                                         Equivalents that Employee would have been entitled to under this Agreement if Employee
                                         had remained employed until the last day of the Performance Period and determined based
                                         upon actual Achievement through the end of the Performance Period multiplied by the fraction
                                         which has as its numerator the total number of days that Employee was employed by WM
                                         during the first 12 months of the Performance Period and has as its denominator 365 (which
                                         amount shall be issued and paid as soon as practicable and no later than 74 days following
                                         the end of the Performance Period). To illustrate the application of the preceding sentence,
                                         if Employee’s Retirement is on or after December 31, 2020, subject to paragraph
                                         2.e below, he or she shall be eligible to receive a full payout at the end of the Performance
                                         Period (based upon actual Achievement).

 

 

5

 

     

     

    

 

		c.	In
                                         the event Employee is employed by a subsidiary of the Company that is sold by the Company
                                         in a transaction (i) that would not constitute a Change in Control of the Company within
                                         the meaning of paragraph 6.c.i. below, but (ii) that would constitute a Change in Control
                                         of the subsidiary within the meaning of paragraph 6.c.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. 

 

		d.	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; provided, that Employee is
                                         not receiving severance benefits pursuant to the severance pay plans of WM in connection
                                         with such Termination of Employment.

 

		ii.	Service
                                         is measured from Employee’s original date of hire by WM, except as provided
                                         below. In the case of a break of employment by Employee from WM of one year or more in
                                         length, Employee’s service before the break of employment is not considered Service.
                                         Service with an entity acquired by WM is considered Service so long as Employee remained
                                         continuously employed with such predecessor company(ies) and WM. In the case of a break
                                         of employment between a predecessor company and WM of any length, Employee’s Service
                                         shall be measured from the original date of hire by WM and shall not include any service
                                         with any predecessor company.

 

		e.	In
                                         order to receive any of the vesting or exercisability benefits upon termination described
                                         in paragraphs 1, 2.a, 2.b or 3.b, Employee (or, if applicable, Employee’s estate)
                                         must (x) to the extent requested by WM, execute and not revoke a general release of claims
                                         in favor of WM and its affiliates in a form that is acceptable to WM and which has become
                                         effective and irrevocable prior to the payment date set forth above (or such earlier
                                         deadline set by WM) and (y) continue to abide by all ongoing obligations to WM under
                                         any restrictive covenant agreement.

 

		3.	Treatment
                                         of Stock Option Award upon Involuntary Termination; Resignation; Retirement.

 

		a.	Involuntary
                                         Termination of Employment Without Cause or Resignation by Employee. Upon an involuntary
                                         Termination of Employment without Cause by WM or a Termination of Employment due to a
                                         voluntary resignation by Employee that is accepted by WM that is not a Retirement (as
                                         defined above), for a period of 90 days following such Termination of Employment, Employee
                                         shall be entitled to exercise all of the Stock Options then outstanding and exercisable
                                         under the Stock Option Award. Any Stock Options that are not outstanding and exercisable
                                         shall be forfeited.

 

		b.	Retirement.
                                         Upon Employee’s Retirement, the Stock Option Award shall, subject to paragraph
                                         2.e above, continue to become exercisable under the applicable exercise schedule for
                                         three years following Employee’s Retirement and once exercisable shall remain exercisable
                                         for the three-year period following Employee’s Retirement.

 

		4.	Termination
                                         of Employment for Other Reasons.

 

		a.	PSU
                                         Award in the Event of Involuntary Termination with Cause or Resignation by Employee.
                                         Except as provided in paragraphs 1 through 2 above and 6 below, Employee must be an employee
                                         of WM continuously from the Grant Date through the close of business on last day of the
                                         Performance Period to be entitled to receive payment of any PSU Award. Upon Termination
                                         of Employment on or before December 31, 2022, for any reason other than any termination
                                         that would qualify Employee for payout under paragraphs 1 through 2 above and 6

 

 

6

 

     

     

    

 

below,
Employee shall immediately forfeit the PSU Award and any related Dividend Equivalents without payment of any consideration by
WM.

 

		b.	Stock
                                         Option Award in the Event of Involuntary Termination with Cause. Upon Termination
                                         of Employment by WM with Cause, Employee shall forfeit all Stock Options under the Stock
                                         Option Award, whether or not exercisable, without the payment of any consideration by
                                         WM.

 

		5.	Repayment
                                         of 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 (ii) materially
                                         increased the value of the payment or 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 5 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 5, without any implication as to any other provision of
                                         this Agreement, shall survive the expiration or termination of this Agreement and Employee’s
                                         employment.

 

		6.	Acceleration
                                         upon Change in Control. Overriding any other inconsistent terms of this Agreement:

 

		a.	PSU
                                         Award. If there is a Change in Control (as defined in paragraph 6.c.i.
                                         below) before the close of the Performance Period, Employee is entitled to receive both
                                         i. and ii., as follows:

 

		i.	For
                                         each half of the PSU Award, the result of an equation with a numerator of

 

		(x)	the
                                         respective number of PSUs Employee would have otherwise received based upon achievement
                                         of the applicable Performance Goal after reducing the Performance Period so that it ends
                                         on the last day of the quarter preceding the Change in Control (the “Early
                                         Measurement Date”) and, for the Adjusted Free Cash Flow half of the PSU
                                         Award, after adjusting the Threshold, Target and Maximum Achievement Levels to reflect
                                         budgeted performance in the shorter Performance Period, multiplied by
		(y)	a
                                         fraction equal to (1) the number of days occurring between the beginning of the Performance
                                         Period and the Early Measurement Date (including the Early Measurement Date) divided
                                         by (2) 1096.

 

Payout
of the PSUs shall be an immediate cash payment (in all events paid within 74 days following the Change in Control) equal to the
number of PSUs earned under this paragraph 6.a. multiplied by the closing stock price of the Common Stock on the Early Measurement
Date and will be accompanied by a cash payment of the associated Dividend Equivalents through the Early Measurement Date; and

 

 

7

 

     

     

    

 

		ii.	As
                                         a substitute award for the lost opportunity to continue to earn PSUs for the entire length
                                         of the original Performance Period:

 

		1.	If
                                         the successor entity is a publicly traded company as of the Early Measurement Date, an
                                         award of restricted stock units in the successor entity equal to the number of shares
                                         of common stock of the successor entity that could have been purchased on the Early Measurement
                                         Date with an amount of cash equal to the quotient obtained from the following equation:

 

TAP
X (1096 – EMD) x CP

1096

where

TAP
is the number of PSUs represented by the Target PSU Award;

EMD
is the number of days during the Performance Period which occur prior to and including the Early Measurement Date; and

CP
is the closing price of a share of Common Stock of the Company on the Early Measurement Date.

 

Any
restricted stock units in the successor entity awarded under this paragraph 6.a.ii.1. will vest completely on December 31, 2022
(and be paid within 74 days thereof), provided that Employee remains continuously employed with the successor entity until then.
Provided however, in the event of Employee’s involuntary Termination of Employment without Cause during the Window
Period (as defined in paragraph c.iv. below) or upon Employee’s Retirement, death or Disability, Employee shall
become immediately vested in full in the restricted stock units in the successor entity awarded pursuant to this paragraph 6.a.ii.1
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 December 31, 2022.

 

		2.	If
                                         the successor entity is not a publicly traded company as of the Early Measurement Date,
                                         an amount of cash equal to the quotient obtained from the equation in paragraph 6.a.ii.1.
                                         above.

 

Any
cash payment awarded under this paragraph 6.a.ii.2. will be paid to Employee as soon as administratively feasible (and no later
than 74 days) following December 31, 2022, provided that Employee remains continuously employed with the successor entity until
such date. Provided however, in the event of Employee’s involuntary Termination of Employment without Cause during the Window
Period or upon Employee’s Retirement, death or Disability, Employee shall become vested and be paid such cash payment by
the successor entity (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 December 31, 2022.

 

		b.	Stock
                                         Option Award. In the event of Employee’s involuntary Termination of Employment
                                         without Cause or Termination of Employment due to a resignation by Employee for Good
                                         Reason that, in either case, occurs on or before the second anniversary of a Change in
                                         Control, the Stock Option Award shall become exercisable immediately (whether or not
                                         previously exercisable) and shall remain exercisable for the three year period following
                                         such Termination of Employment. For this purpose, “Good Reason”
                                         has the same meaning determined by Employee’s written employment agreement in effect
                                         on the Grant Date. In the event there is no such agreement or definition, then Good Reason
                                         means the initial existence of one or more of the following conditions, arising without
                                         the consent of the Employee: (1) a material diminution in Employee’s base compensation;
                                         (2) a material diminution in Employee’s authority, duties, or responsibilities,
                                         so as to effectively cause Employee to no longer be performing the duties of his position;
                                         (3) a material diminution in the authority, duties, or responsibilities of the supervisor
                                         to whom Employee is required to report.

 

 

8

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

 

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

 

 

9

 

     

     

    

 

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

 

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

 

		iii.	Cause
                                         means any of the following: (1) willful or deliberate and continual refusal to
                                         materially perform Employee’s duties reasonably requested by WM after receipt of
                                         written notice to Employee of such failure to perform, specifying such failure (other
                                         than as a result of Employee’s sickness, illness, injury, death or disability)
                                         and Employee fails to cure such nonperformance within ten (10) days of receipt of said
                                         written notice; (2) breach of any statutory or common law duty of loyalty to WM; (3)
                                         Employee has been convicted of, or pleaded nolo contendre to, any felony; (4)
                                         Employee willfully or intentionally caused material injury to WM, its property, or its
                                         assets; (5) Employee disclosed to unauthorized person(s) proprietary or confidential
                                         information of WM that causes a material injury to WM; or (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.

 

		7.	Dividend
                                         Equivalents on PSUs. 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 the PSUs when (i) the Performance Period has
                                         ended; (ii) Employee has vested in the Award; and (iii) the PSU Awarded Shares have been
                                         certified by the Committee based on actual Achievement during the Performance Period
                                         (or otherwise determined pursuant to paragraph 6.a.i. above). As soon as administratively
                                         feasible after these events (and no later than 74 days following the end of the Performance
                                         Period), the Company will pay Employee a lump-sum cash amount for PSU Award Dividend
                                         Equivalents based on the number of PSU Awarded Shares multiplied by the per share quarterly
                                         dividend payments made to stockholders of the Company’s Common Stock during the
                                         Performance Period (without any interest or compounding). Any accumulated and unpaid
                                         Dividend Equivalents attributable to PSUs that are cancelled or forfeited will not be
                                         paid and are immediately forfeited upon cancellation of the PSUs.

 

		8.	Deferral
                                         Elections.

 

		a.	The
                                         Committee may establish procedures for Employee to elect to defer, until a time or times
                                         later than the vesting of PSU Awards, receipt of all or a portion of the shares of Common
                                         Stock deliverable under the Awards. Any such deferral election (“Deferral
                                         Election”) must be under the terms and conditions determined in
                                         the sole discretion of the Committee (or its designee) and the Waste Management, Inc.
                                         409A Deferral Savings Plan, As Amended and Restated Effective January 1, 2014 and as
                                         further amended, restated or supplemented from time to time (the “WM 409A
                                         Plan”). The Committee further retains the authority and discretion to modify
                                         and/or terminate existing Deferral Elections, procedures and distribution options. Common
                                         Stock subject to a Deferral

 

 

10

 

     

     

    

 

Election
does not confer any shareholder rights to Employee unless and until the date the deferral expires and certificates representing
such shares are delivered to Employee.

 

		b.	No
                                         deferrals of Dividend Equivalents are permitted. In the event shares of Common Stock
                                         received upon vesting of PSU Awards are deferred pursuant to a valid Deferral Election,
                                         then the Company will pay Dividend Equivalents to Employee in cash on such deferred shares
                                         of Common Stock, as soon as administratively feasible following the payment of such dividends
                                         to stockholders of record.

 

		c.	If
                                         the Committee permits deferral of the PSU Awards under this Agreement, then each provision
                                         of this Agreement shall be interpreted to permit deferral only (i) in accordance with
                                         the terms of the WM 409A Plan and (ii) as allowed in compliance with Section 409A. Any
                                         provision that would conflict with such requirements is not valid or enforceable. Employee
                                         acknowledges, without limitation, and consents that the application of Section 409A to
                                         this Agreement may require additional delay of payments otherwise payable under this
                                         Agreement or the WM 409A Plan. Employee and the Company agree to execute any instruments
                                         and take any action as reasonably may be necessary to comply with Section 409A.

 

 

 

 

General
Terms

 

		1.	Restrictions
                                         on Transfer.

 

		a.	Absent
                                         prior written consent of the Committee, 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 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, 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 Awards (and any associated Dividend Equivalents) under
                                         this Agreement. Upon the occurrence of a taxable event with respect to any Award under
                                         this Agreement, Employee shall deliver to WM at such time, (i) such amount of money or
                                         shares of Common Stock earned or owned by Employee or (ii) if employee is an executive
                                         officer at the time of such tax event and so elects (or, otherwise, with WM’s approval),
                                         shares deliverable to Employee at such time pursuant to the applicable Award, in each
                                         case, 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.

 

 

11

 

     

     

    

 

		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 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 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 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 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.b. 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 Awards other than in the sole discretion
                                         of the Committee;

 

		b.	give
                                         Employee or any other person any interest in any fund or in any specified asset or assets
                                         of WM (other than the 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 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 Awards granted under this Agreement are granted under
                                         the authority of the Plan and these 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

 

 

12

 

     

     

    

 

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 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 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. Notwithstanding the foregoing, it is intended that Stock
                                         Option Awards not be subject to Section 409A. For purposes of Section 409A, to the extent
                                         that Employee is a “specified employee” within the meaning of the Treasury
                                         Regulations issued pursuant to Section 409A as of Employee’s separation from service
                                         and to the limited extent necessary to avoid the imputation of any tax, penalty or interest
                                         pursuant to Section 409A, notwithstanding anything to the contrary in this Agreement,
                                         no amount which is subject to Section 409A of the Code and is payable on account of Employee’s
                                         separation from service shall be paid to Employee before the date (the “Delayed
                                         Payment Date”) which is the first day of the seventh month after the Employee’s
                                         separation from service or, if earlier, the date of the Employee’s death following
                                         such separation from service. All such amounts that would, but for the immediately preceding
                                         sentence, become payable prior to the Delayed Payment Date will be accumulated and paid
                                         without interest on the Delayed Payment Date.

 

		14.	Use
                                         of Personal Data. Employee agrees to the collection, use, processing and transfer
                                         of certain personal data, including name, salary, nationality, job title, position, social
                                         security number (or other tax identification number) and details of all past Awards and
                                         current Awards outstanding under the Plan (“Data”), for the purpose of managing
                                         and administering the Plan. Employee is not obliged to consent to such collection, use,
                                         processing and transfer of personal data, but a refusal to provide such consent may affect
                                         the ability to participate in the Plan. WM may transfer Data among themselves or to third
                                         parties as necessary for the purpose of implementation, administration

 

 

13

 

     

     

    

 

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
                                         5 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.

 

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

 

 

 

 

 

 

 

 

 

14

 

     

     

    

 

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 February 19, 2020.

 

 

	WASTE
    MANAGEMENT, INC.	Employee

	 	 
	 	 
	 	
Accepted
                                         by Electronic Communication

 

Tamla
D. Oates-Forney

 

Date:
February 19, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

15

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