Document:

EX-4.5

 Exhibit 4.5 

ADVANCED DISPOSAL SERVICES, INC. 

2016 OMNIBUS EQUITY PLAN 
 1. Purposes
of the Plan 
 The purposes of the Advanced Disposal Services, Inc. 2016 Omnibus Equity Plan (the “Plan”) are
to promote the long-term success of Advanced Disposal Services, Inc., a Delaware corporation (the “Company”), and its Affiliates and to increase shareholder value by providing Eligible
Individuals with incentives to contribute to the long-term growth and profitability of the Company, and to assist the Company in attracting and retaining the best available personnel for positions of
substantial responsibility. 
 The Plan was approved by the Board on January 29, 2016 and by the Company’s stockholders on
January 29, 2016. The Plan shall become effective on the Effective Date, and thereafter no further Awards will be made under the Prior Plan, although any grants made under the Prior Plan shall continue to be governed by the terms of the Prior
Plan. 
 2. Definitions and Rules of Construction 

(a) Definitions. For purposes of the Plan, the following capitalized words shall have the meanings set forth below: 

“Affiliate” means any Subsidiary and any person that directly or indirectly, through one or more
intermediaries, controls, is controlled by, or is under common control with, the Company. 
 “Award”
means an Option, Restricted Share, Restricted Share Unit, Stock Appreciation Right, Performance Stock, Performance Stock Unit, Cash Performance Unit or Other Award granted by the Committee pursuant to the terms of the Plan. 

“Award Document” means an agreement, certificate or other type or form of document or documentation
approved by the Committee that sets forth the terms and conditions of an Award. An Award Document may be in written, electronic or other media and, unless the Committee requires otherwise, need not be signed by a representative of the Company or a
Participant. 
 “Beneficial Owner” and “Beneficially Owned” have the meaning
set forth in Rule 13d-3 under the Exchange Act. 
 “Board” means the Board of Directors of the
Company, as constituted from time to time. 
 “Cash Performance Unit” means a right to receive a
Target Amount of cash in the future granted pursuant to Section 11(b). 

 “Change in Control” means: 

(i) Any Person (other than an Original Investor) is or becomes the Beneficial Owner, directly or indirectly, of securities of
the Company representing 35% or more of the combined voting power of the Company’s then-outstanding securities; or 

(ii) The following individuals cease for any reason to constitute a majority of the number of directors then serving:
individuals who, on the Effective Date, constitute 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 then still in office who either were directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended; or 

(iii) There is consummated a merger or consolidation of the Company, other than (A) a merger. consolidation or similar
transaction that would result in the voting securities of the Company outstanding immediately prior to the transaction continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity or
any parent thereof) at least 50% of the combined voting power of the securities of the Company or such surviving entity or any parent thereof outstanding immediately after such merger or consolidation, or (B) a merger, consolidation or similar
transaction effected to implement a recapitalization of the Company (or similar transaction) in which no Person (other than an Original Investor) is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company representing
35% or more of the combined voting power of the Company’s then outstanding securities; or 
 (iv) The stockholders of
the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated a sale or disposition by the Company of all or substantially all of the Company’s assets, other than a sale or disposition by the Company
of all or substantially all of the Company’s assets to an entity, at least 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. 
 Notwithstanding the foregoing, with respect to an Award that is subject to Section 409A
and for which payment or settlement of the Award will accelerate upon a Change in Control, no event set forth herein will constitute a Change in Control for purposes of the Plan or any Award Document unless such event also constitutes a “change
in ownership,” “change in effective control,” or “change in the ownership of a substantial portion of the Company’s assets” as defined under Section 409A. 

  
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 “Code” means the Internal Revenue Code of 1986, as
amended, and the applicable rulings, regulations and guidance promulgated thereunder as amended from time to time. 

“Committee” means the Compensation Committee of the Board, any successor committee thereto, or any
other committee appointed from time to time by the Board to administer the Plan. For purposes of the Plan, reference to the Committee shall be deemed to refer to any subcommittee, subcommittees, or other persons or groups of persons to whom the
Committee delegates authority pursuant to Section 3(e). 
 “Common Share” means a share of Common
Stock, as may be adjusted pursuant to Section 14(b). 
 “Common Stock” means the common stock
of the Company, par value $0.01 per share, or such other class of shares or other securities as may be applicable under Section 14. 

“Disability” means 

(i) for Participants covered by the long term disability plan of the Company or a Subsidiary, disability as defined in such
plan; and 
 (ii) for all other Participants, a physical or mental condition of the Participant resulting from bodily
injury, disease or mental disorder which renders the Participant incapable of continuing the Participant’s usual or customary employment with the Participant’s employer for a period of not less than six consecutive months. 

The disability of the Participant shall be determined by the Committee in good faith after reasonable medical inquiry, including consultation
with a licensed physician as chosen by the Committee, and a fair evaluation of the Employee’s ability to perform the Employee’s duties. Notwithstanding the previous two sentences, with respect to an Award that is subject to
Section 409A where the payment or settlement of the Award will accelerate upon termination of employment as a result of the Participant’s Disability, no such termination will constitute a Disability for purposes of the Plan or any Award
Document unless such event also constitutes a “disability” as defined under Section 409A. 

“EBITDA” means earnings before interest, taxes, depreciation and amortization. 

“EBITA” means the Company’s earnings before interest, taxes and amortization. 

“Effective Date” means the business day immediately prior to the Registration Date. 

“Eligible Individuals” means the individuals described in Section 4(a) who are eligible for
Awards under the Plan. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and
the rules and regulations promulgated thereunder, as amended from time to time. 

  
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 “Fair Market Value” with respect to a Common Share,
means, unless the Committee in its discretion approves an alternative valuation methodology: 
 (i) the closing price of the
Common Stock on the NYSE at the conclusion of regular trading hours on the relevant date of determination, as reported by the NYSE (or, if not so reported, as reported by a successor reporting service selected by the Company, or if not reported by
any successor service, as reported on any domestic stock exchanges on which the Common Stock is then listed); or 
 (ii) if
the Common Stock is not listed on any domestic stock exchange, the closing price of the Common Stock as reported in the domestic over-the-counter market on such date or the last previous date reported (or, if not so reported, by the system then
regarded as the most reliable source of such quotations) or, if there are no reported sales on such date, the mean of the closing bid and asked prices as so reported; or 

(iii) if the Common Stock is listed on a domestic exchange or quoted in the domestic over-the-counter market, but there are
not reported sales or quotations, as the case may be, on the given date, the value determined pursuant to (i) or (ii) above using the reported closing prices or quotations on the last previous date on which so reported; or 

(iv) if none of the foregoing clauses applies, the fair market value of the Common Stock as determined in good faith by the
Board or the Committee. 
 “Incentive Stock Option” means an Option that is intended to comply with
the requirements of Section 422 of the Code or any successor provision thereto. 
 “Nonemployee
Director” means a member of the Board who is not an officer or employee of the Company or any of its Affiliates. 

“Nonqualified Stock Option” means an Option that is not intended to comply with the requirements of
Section 422 of the Code or any successor provision thereto. 
 “NYSE” means the New York Stock
Exchange. 
 “Option” means an Incentive Stock Option or Nonqualified Stock Option granted pursuant
to Section 8. 
 “Original Investor” means Highstar Capital II, LP, Highstar Capital Ill, LP
and their respective affiliates, their managed funds and their affiliates and respective subsidiaries (other than the Company and its Subsidiaries). 

“Other Award” means any form of Award (other than an Option, Performance Stock, Performance Stock
Unit, Cash Performance Unit, Restricted Share, Restricted Share Unit or Stock Appreciation Right) granted pursuant to Section 12. 

“Participant” means an Eligible Individual who has been granted an Award under the Plan. 

  
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 “Performance Period” means the period established by the
Committee and set forth in the applicable Award Document over which Performance Targets are measured. 

“Performance Stock” means a Target Amount of Common Shares granted pursuant to Section 11(a).

 “Performance Stock Unit” means a right to receive a Target Amount of Common Shares granted
pursuant to Section 11(a). 
 “Performance Target” means the performance goals established by
the Committee, from among the performance criteria provided in Section 6(g), and set forth in the applicable Award Document. 

“Person” means any person, entity or “group” within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act, except that such term shall not include (i) the Company or any of its Affiliates, (ii) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its
Affiliates, (iii) an underwriter temporarily holding securities pursuant to an offering of such securities, (iv) a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company, or (v) a person or group as used in Rule 13d-1(b) under the Exchange Act. 

“Plan Limit” means the maximum aggregate number of Common Shares that may be issued for all purposes
under the Plan as set forth in Section 5(a). 
 “Prior Plan” means the Advanced Disposal Waste
Holdings Corp. 2012 Stock Incentive Plan. 
 “Registration Date” means the effective date of the
first registration statement that is filed by the Company and declared effective pursuant to Section 12 of the Exchange Act, with respect to any class of the Company’s equity securities. 

“Restricted Share” means a Common Share granted or sold pursuant to Section 9(a). 

“Restricted Share Unit” means a right to receive one or more Common Shares (or cash, if applicable) in
the future granted pursuant to Section 9(b). 
 “Section 162(m)” means Section 162(m) of
the Code. 
 “Section 162(m) Transition Period” means the period beginning on the Effective Date and
ending on the earliest to occur of (i) the expiration or termination of the Plan in accordance with Section 15 or 16; (ii) the material modification of the Plan within the meaning of Treas. Reg. §1.162-27(h)(1)(iii);
(iii) the issuance of all Common Shares authorized for issuance under Section 5; or (iv) the first meeting of stockholders of the Company at which directors are to be elected that occurs after the close of the third calendar year
following the calendar year in which occurs the Company’s initial public offering of Common Stock. 

  
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 “Section 409A” means Section 409A of the Code. 

“Stock Appreciation Right” means a right to receive all or some portion of the appreciation on Common
Shares granted pursuant to Section 10. 
 “Subsidiary” means any foreign or domestic
corporation, limited liability company, partnership or other entity of which 50% or more of the outstanding voting equity securities or voting power is Beneficially Owned directly or indirectly by the Company. For purposes of determining eligibility
for the grant of Incentive Stock Options under the Plan, the term “Subsidiary” shall be defined in the manner required by Section 424(f) of the Code. 

“Substitute Award” means any Award granted upon assumption of, or in substitution or exchange for,
outstanding employee or director equity awards previously granted by a company or other entity acquired by the Company or with which the Company combines in connection with a corporate transaction pursuant to the terms of an equity compensation plan
that was approved by the stockholders of such company or other entity. 
 “Target Amount” means the
target number of Common Shares, target number of Options or Stock Appreciation rights, or target cash value established by the Committee and set forth in the applicable Award Document. 

(b) Rules of Construction. The masculine pronoun shall be deemed to include the feminine pronoun, and the singular form of a word shall
be deemed to include the plural form, unless the context requires otherwise. Unless the text indicates otherwise, references to sections are to sections of the Plan. 

3. Administration 
 (a) Committee.
The Plan shall be administered by the Committee, which shall have full power and authority, subject to the express provisions hereof, to: 

(i) select the Participants from the Eligible Individuals; 

(ii) grant Awards in accordance with the Plan; 

(iii) determine the number of Common Shares subject to each Award or the cash amount payable in connection with an Award; 

(iv) determine the terms and conditions of each Award, including, without limitation, those related to term, permissible
methods of exercise, vesting, cancellation, forfeiture, payment, settlement, exercisability, Performance Periods, Performance Targets, and the effect or occurrence, if any, of a Participant’s termination of employment, separation from service
or leave of absence with the Company or any of its Affiliates or, subject to Section 6(d), a Change in Control of the Company; 

  
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 (v) subject to Sections 16 and 17(f), amend the terms and conditions of an
Award after the granting thereof; 
 (vi) specify and approve the provisions of the Award Documents delivered to
Participants in connection with their Awards (which may vary among Participants); 
 (vii) make factual determinations in
connection with the administration or interpretation of the Plan; 
 (viii) adopt, prescribe, establish, amend, waive and
rescind administrative regulations, rules and procedures relating to the Plan; 
 (ix) employ such legal counsel,
independent auditors and consultants as it deems desirable for the administration of the Plan and to rely upon any advice, opinion or computation received therefrom; 

(x) vary the terms of Awards to take into account tax and securities laws (or change thereto) and other regulatory
requirements or to procure favorable tax treatment for Participants; 
 (xi) correct any defects, supply any omission or
reconcile any inconsistency in any Award Document or the Plan; 
 (xii) suspend the right to exercise during any blackout
period, and extend the period of exercise by an equal period of time; and 
 (xiii) make all other determinations and take
any other action desirable or necessary to interpret, construe or implement properly the provisions of the Plan or any Award Document. 

(b) Plan Construction and Interpretation. The Committee shall have full power and authority, subject to the express provisions hereof,
to construe and interpret the Plan and any Award Document delivered under the Plan. 
 (c) Prohibited Actions. Notwithstanding the
authority granted to the Committee pursuant to Section 3(a) and 3(b), the Committee shall not have the authority, without obtaining stockholder approval, to (i) reprice or cancel Options and Stock Appreciation Rights in violation of
Section 6(h), (ii) amend Section 5 to increase the Plan Limit or any of the other limits listed therein; provided, however, that stockholder approval shall not be required to increase the limits listed in Section 5(c)
prior to the end of the Section 162(m) Transition Period; or (iii) grant Options or Stock Appreciation Rights with an exercise price that is less than 100% of the Fair Market Value of a Common Share on the date of grant in violation of Section
6(j). 
 (d) Determinations of Committee Final and Binding. All determinations by the Committee in carrying out and administering the
Plan and in construing and interpreting the Plan shall be made in the Committee’s sole discretion and shall be final, binding and conclusive for all purposes and upon all Persons interested herein. 

  
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 (e) Delegation of Authority. To the extent not prohibited by applicable laws, rules and
regulations, the Committee may, from time to time, delegate some or all of its authority under the Plan to a subcommittee or subcommittees thereof or other Persons or groups of Persons as it deems necessary, appropriate or advisable under such
conditions or limitations as it may set at the time of such delegation or thereafter; provided, however, that the Committee may not delegate its authority, except to a subcommittee thereof: 

(i) to make Awards to individuals who are subject on the date of the Award to the reporting rules under Section 16(a) of
the Exchange Act; or 
 (ii) whose compensation for such fiscal year may be subject to the limit on deductible compensation
pursuant to Section 162(m). 
 Notwithstanding the foregoing, no Person to whom authority has been delegated pursuant to this Section 3(e) shall
make any Award to himself or herself or to any other Person to whom authority to make Awards has been so delegated. 
 (f) Liability of
Committee and its Delegates. Subject to applicable laws, rules and regulations: (i) no member of the Board or Committee (or its delegates pursuant to Section 3(e)) shall be liable for any good faith action, omission or determination
made in connection with the operation, administration or interpretation of the Plan and (ii) the members of the Board or the Committee (and its delegates) shall be entitled to indemnification and reimbursement in accordance with applicable law
in the manner provided in the Company’s by-laws and any indemnification agreements as they may be amended from time to time. In the performance of its responsibilities with respect to the Plan, the Committee shall be entitled to rely upon
information and/or advice furnished by the Company’s officers or employees, the Company’s accountants, the Company’s counsel and any other party the Committee deems necessary, and no member of the Committee shall be liable for any
action taken or not taken in reliance upon any such information and/or advice. 
 (g) Action by the Board. Anything in the Plan to
the contrary notwithstanding, subject to applicable laws, rules and regulations, any authority or responsibility that, under the terms of the Plan, may be exercised by the Committee may alternatively be exercised by the Board. 

4. Eligibility 
 (a) Eligible
Individuals. Awards may be granted to officers, employees, directors and consultants of the Company or any of its Affiliates. The Committee shall have the authority to select the persons to whom Awards may be granted and to determine the type,
number and terms of Awards to be granted to each such Participant. 
 (b) Grants to Participants. The Committee shall have no
obligation to grant any Eligible Individual an Award or to designate an Eligible Individual as a Participant solely by reason of such Eligible Individual having received a prior Award or having been previously designated as a Participant. The
Committee may grant more than one Award to a Participant and may designate an Eligible Individual as a Participant for overlapping periods of time. 

  
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 5. Common Shares Subject to the Plan 

(a) Plan Limit. Subject to adjustment in accordance with Section 14, the maximum aggregate number of Common Shares that may be
issued for all purposes under the Plan shall be 5,030,000 Common Shares. Common Shares issued pursuant to Awards under the Plan may be either authorized and unissued Common Shares or Common Shares held by the Company in its treasury, or a
combination thereof. All of the Common Shares subject to the Plan Limit may be issued pursuant to Incentive Stock Options. 
 (b) Rules
Applicable to Determining Common Shares Available for Issuance. The number of Common Shares remaining available for issuance shall be reduced by the number of Common Shares subject to outstanding Awards and, for Awards that are not denominated
by Common Shares, by the number of Common Shares actually delivered upon settlement or payment of the Award. For purposes of determining the number of Common Shares that remain available for issuance under the Plan, the number of Common Shares
corresponding to Awards under the Plan that are forfeited or cancelled or otherwise expire for any reason without having been exercised or settled or that are settled through the issuance of consideration other than Common Shares (including, without
limitation, cash) shall be added back to the Plan Limit and again be available for the grant of Awards; provided, however, that this provision shall not be applicable with respect to (i) the cancellation of a Stock Appreciation Right
granted in tandem with an Option upon the exercise of the Option or (ii) the cancellation of an Option granted in tandem with a Stock Appreciation Right upon the exercise of the Stock Appreciation Right. In addition, (i) the number of
Common Shares that are tendered by a Participant or withheld by the Company to pay the exercise price of an Award or to satisfy the Participant’s tax withholding obligations in connection with the vesting, exercise or settlement of an Award and
(ii) shares subject to an Option or Stock Appreciation Right but not issued or delivered as a result of the net settlement of such Option or SAR shall be added back to the Plan Limit and again be available for the grant of Awards. 

(c) Individual Limits. Subject to adjustment under Section 14, the following special limits shall apply to Common Shares available
for Awards under the Plan to Eligible Individuals other than Nonemployee Directors (to whom the limit set forth in Section 5(d) shall apply): 

(i) No Participant may be granted under the Plan in any calendar year Awards covering more than 380,000 Common Shares; and 

(ii) The maximum aggregate cash payment with respect to cash-based Awards (including Cash Performance Units) granted in any
one fiscal year that may be made to any Participant shall be $5,000,000. 
 (d) Nonemployee Director Limit. Subject to adjustment
under Section 14, no Nonemployee Director shall receive regular annual Awards for any calendar year having a grant date fair value, determined using assumptions and methods that are consistent in all material respects with the assumptions used
to disclose such grants in the Company’s proxy statement for the year to which such grants relate, that exceeds $500,000, or any special or one-time award upon election or appointment to the Board having a grant date fair value, determined as
described above, that exceeds $500,000. 

  
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 (e) Substitute Awards. To the extent not prohibited by applicable laws, rules and
regulations, any Common Shares underlying Substitute Awards shall not be counted against the number of Common Shares remaining for issuance and shall not be subject to Section 5(c). 

6. Awards in General 
 (a) Types of
Awards. Awards under the Plan may consist of Options, Restricted Shares, Restricted Share Units, Stock Appreciation Rights, Performance Stock, Performance Stock Units, Cash Performance Units and Other Awards. Any Award described in
Sections 8 through 12 may be granted singly or in combination or tandem with any other Award, as the Committee may determine. Subject to Section 6(g), Awards under the Plan may be made in combination with, in replacement of, or as
alternatives to awards or rights under any other compensation or benefit plan of the Company, including the plan of any acquired entity. 

(b) Vesting and Exercise. The Committee shall set the vesting criteria applicable to an Award, which, depending on the extent to which
the criteria are met, will determine the extent to which the Award becomes exercisable or the number of Common Shares or the amount of cash that will be distributed or paid out to the Participant with respect to the Award. The Committee may set
vesting criteria based upon the achievement of Company-wide, business unit, or individual goals (including, but not limited to, continued employment or provision of services), or any other basis determined by the Committee in its discretion. 

(c) Terms Set Forth in Award Document. The terms and conditions of each Award shall be set forth in an Award Document in a form
approved by the Committee for such Award, which Award Document shall contain terms and conditions not inconsistent with the Plan. Notwithstanding the foregoing, and subject to applicable laws, rules and regulations, the Committee may at any time
following grant (i) accelerate the vesting, exercisability, lapse of restrictions, settlement or payment of any Award, (ii) eliminate the restrictions and conditions applicable to an Award or (iii) extend the post-termination exercise period of an outstanding Award (subject to the limitations of Section 409A). The terms of Awards may vary among Participants, and the Plan does not impose upon the Committee any
requirement to make Awards subject to uniform terms. Accordingly, the terms of individual Award Documents may vary. 
 (d) Termination of
Employment. The Committee shall specify at or after the time of grant of an Award the provisions governing the disposition of an Award in the event of a Participant’s termination of employment (including by reason of retirement) with the
Company or any of its Affiliates or the Participant’s death, Disability. Subject to applicable laws, rules and regulations, in connection with a Participant’s termination of employment, the Committee shall have the discretion to accelerate
the vesting, exercisability or settlement of, eliminate the restrictions or conditions applicable to, or extend the post-termination exercise period of an outstanding Award (subject to the limitations of Section 409A). Such provisions may be
specified in the applicable Award Document or determined at a subsequent time. 

  
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 (e) Dividends and Dividend Equivalents. The Committee may provide Participants with the
right to receive dividends or payments equivalent to dividends or interest with respect to an outstanding Award, which payments can either be paid currently or deemed to have been reinvested in Common Shares, and can be made in Common Shares, cash
or a combination thereof, as the Committee shall determine; provided, however, that (i) no payments of dividends or dividend equivalents may be made unless and until the related Award is earned and vested and (ii) the terms
of any reinvestment of dividends must comply with all applicable laws, rules and regulations, including, without limitation, Section 409A. Notwithstanding the foregoing, no dividends or dividend equivalents shall be paid with respect to Cash
Performance Units, Options or Stock Appreciation Rights. 
 (f) Rights of a Stockholder. A Participant shall have no voting rights or
other rights as a stockholder with respect to Common Shares covered by an Award until the date the Participant or his nominee becomes the holder of record of such Common Shares. No adjustment shall be made for dividends or other rights for which the
record date is prior to such date, except as provided in Section 14. 
 (g)
Performance-Based Awards. 
 (i) The Committee may determine whether any
Award under the Plan is intended to meet the requirements for “qualified performance-based compensation” as that term is used in Section 162(m). The following provisions shall apply to any
Awards intended to satisfy such requirements: 
 (1) Any such Awards designated to be “qualified performance-based compensation” shall be conditioned on the achievement of one or more Performance Targets to the extent required by Section 162(m) and will be subject to all other conditions and
requirements of Section 162(m). The Performance Targets may include one or more of the following performance criteria: net income; cash flow or cash flow return on investment or cash flow per share; operating cash flow; pre-tax or post-tax profit levels or earnings; profit in excess of cost of capital; operating earnings; return on investment; free cash flow; free cash flow per share;
earnings per share; return on assets; return on net assets; return on equity; return on capital; return on invested capital; return on sales; sales growth; growth in managed assets; gross margin; operating margin; operating income; total shareholder
return or stock price appreciation; EBITDA; EBITA; revenue; net revenues; market share, market penetration; productivity improvements; inventory turnover measurements; working capital turnover measurements; reduction of losses, loss ratios or
expense ratios; reduction in fixed costs; operating cost management; cost of capital; debt reduction; and safety measurements or other operational criteria that are objectively determinable. 

(2) The Performance Targets shall be determined in accordance with generally accepted accounting principles (subject to
adjustments and modifications for specified types of events or circumstances approved by the Committee in advance) consistently applied on a business unit, divisional, subsidiary or consolidated basis or any combination thereof. 

  
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 (3) The Performance Targets may be described in terms of objectives that are
related to the individual Participant or objectives that are Company-wide or related to a Subsidiary, business unit, or region and may be measured on an absolute or cumulative basis or on the basis of
percentage of improvement over time, and may be measured in terms of Company performance (or performance of the applicable Subsidiary, business unit, or region) or measured relative to selected peer companies or a market index. At the time of grant,
the Committee may provide for adjustments to the performance criteria in accordance with Section 162(m). 
 (4) The
Participants will be designated, and the applicable Performance Targets will be established, by the Committee 90 days following the commencement of the applicable Performance Period (or such earlier or later date permitted or required by
Section 162(m)). Each Participant will be assigned a Target Amount payable if Performance Targets are achieved. Any payment of an Award granted with Performance Targets shall be conditioned on the written certification of the Committee in each
case that the Performance Targets and any other material conditions were satisfied. The Committee may determine, at the time of grant, that if performance exceeds the specified Performance Targets, the Award may be settled with payment greater than
the Target Amount, but in no event may such payment exceed the maximum payment amount for such Award established by the Committee at the time Performance Targets are established or the limits set forth in Section 5(c). The Committee retains the
right to reduce any Award notwithstanding the attainment of the Performance Targets. 
 (ii) The Committee may also grant
performance-based Awards not intended to qualify as “qualified performance-based compensation” under Section 162(m). With respect to such Awards, the Committee may establish performance targets
and goals based on any criteria it deems appropriate and shall not be required to follow the procedures or schedule specified in Section 6(g)(i). 

(h) No Repricing of Options and Stock Appreciation Rights. Except for adjustments pursuant to Section 14, the per Common Share
exercise price of any Option or Stock Appreciation Right may not be decreased after the grant of the Award, and an Option or Stock Appreciation Right whose per share exercise price is greater than the Fair Market Value of a Common Share on the
relevant date of determination may not be surrendered as consideration in exchange for cash (for the sake of clarity, including cash buyouts), the grant of a new Option or Stock Appreciation Right with a lower exercise price per Common Share or the
grant of a stock award, without stockholder approval. 
 (i) Recoupment. Notwithstanding anything in the Plan to the contrary, all
Awards granted under the Plan, any payments made under the Plan and any gains realized upon exercise or settlement of an Award shall be subject to claw-back or recoupment as permitted or mandated by applicable
law, rules, regulations or any Company policy as enacted, adopted or modified from time to time. 

  
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 (j) No Discount Options or Stock Appreciation Rights. In no event shall the exercise price
per Common Share of an Option or the grant price per Common Share of a Stock Appreciation Right be less than 100% of the Fair Market Value of a Common Share on the date of grant; provided, however that the exercise price of a
Substitute Award granted as an Option shall be determined in accordance with Section 409A and may be less than 100% of the Fair Market Value. 

(k) Term of Options and SARs. An Option or Stock Appreciation Right shall be effective for such term as shall be determined by the
Committee and as set forth in the Award Document relating to such Award. The Committee may extend the term of an Option or Stock Appreciation Right after the time of grant; provided, however, that the term of an Option or Stock
Appreciation Right may in no event extend beyond the tenth (10th) anniversary of the date of grant of such Award. 

7. Change in Control 
 Notwithstanding any
provisions of this Plan to the contrary, the Committee may, in its sole discretion, at the time an Award is made hereunder or at any time prior to, coincident with or after the time of a Change in Control: 

(a) provide for the adjustment of any performance conditions as the Committee deems necessary or appropriate to reflect the Change in Control;

 (b) provide that upon termination of a Participant’s employment as a result of the Change in Control, any time periods or other
conditions relating to the vesting, exercise, payment or distribution of an award will be accelerated or waived; 
 (c) provide for the
purchase of any awards from a Participant whose employment has been terminated as a result of a Change in Control for an amount of cash equal to the amount that could have been obtained upon the exercise, payment or distribution of such rights had
such award been currently exercisable or payable; or 
 (d) cause the Awards outstanding at the time of a Change in Control to be assumed,
or new rights substituted therefore, by the surviving entity or acquiring entity in the transaction (or the surviving or acquiring entity’s parent company) or, if the Company is not the surviving entity following the Change in Control and the
surviving or acquiring entity (or its parent company) does not agree to assume the Company’s obligations with respect to any awards under the Plan or to replace those awards with new rights of substantially equivalent value (as determined by
the Committee), to cause such awards to vest immediately prior to the Change in Control in such a manner that will enable the Participant to participate in the Change in Control with respect to the Common Shares issuable upon vesting, exercise,
payment or distribution of such Awards on the same basis as other holders of the Company’s outstanding Common Shares. Any determination made under this Section 7 may be made on an Award-by-Award basis. 

For purposes of sub-paragraphs (b) or (c) above, any Participant whose employment is terminated by the Company (including any surviving entity or
successor to the Company following a Change in Control) other than for “cause”, or by the Participant for “good reason” (each as defined in the applicable Award Document), upon or within two years following a

  
 13 

 
Change in Control shall be deemed to have been terminated as a result of the Change in Control. Except as provided in sub-paragraph (d) above, the vesting, payment, purchase or distribution
of an Award may not be accelerated by reason of a Change in Control for any Participant unless the Participant’s employment terminates as a result of the Change in Control. Notwithstanding any other provision of this Plan or any Award Document,
the provisions of this Section 7 may not be terminated, amended, or modified following a Change in Control in a manner that would adversely affect a Participant’s rights with respect to an outstanding Award without the prior written
consent of the Participant. 
 8. Terms and Conditions of Options 

(a) General. The Committee, in its discretion, may grant Options to Eligible Individuals and shall determine whether such Options shall
be Incentive Stock Options or Nonqualified Stock Options. Each Option shall be evidenced by an Award Document that shall expressly identify the Option as an Incentive Stock Option or Nonqualified Stock Option, and be in such form and contain such
provisions as the Committee shall from time to time deem appropriate. 
 (b) Payment of Exercise Price. Subject to the provisions of
the applicable Award Document and Company policy in effect from time to time, the exercise price of an Option may be paid: (i) in cash or cash equivalents; (ii) by actual delivery or attestation to ownership of freely transferable Common
Shares already owned by the person exercising the Option; (iii) by a combination of cash and Common Shares equal in value to the exercise price; (iv) through net share settlement or similar procedure involving the withholding of Common
Shares subject to the Option with a value equal to the exercise price; or (v) by such other means as the Committee may authorize. In accordance with the rules and procedures authorized by the Committee for this purpose, the Option may also be
exercised through a “cashless exercise” procedure authorized by the Committee from time to time that permits Participants to exercise Options by delivering irrevocable instructions to a broker to deliver promptly to the Company the amount
of sale or loan proceeds necessary to pay the exercise price and the amount of any required tax or other withholding obligations or such other procedures determined by the Company from time to time. The Committee may provide that in-the-money
Options will be exercised automatically, with no action required on the part of a Participant, using a net share settlement or similar procedure immediately (or shortly) before their scheduled expiration date where Participants are precluded from
using other methods of exercise due to legal restrictions or Company policy (including policies on trading in Common Shares). 
 (c)
Incentive Stock Options. The exercise price per Common Share of an Incentive Stock Option shall be fixed by the Committee at the time of grant or shall be determined by a method specified by the Committee at the time of grant, but in no event
shall the exercise price of an Option be less than the minimum exercise price specified in Section 6(j). No Incentive Stock Option may be issued to any individual who, at the time the Incentive Stock Option is granted, owns stock possessing
more than 10% of the total combined voting power of all classes of stock of the Company or any of its Subsidiaries, unless (i) the exercise price determined as of the date of grant is at least 110% of the Fair Market Value on the date of grant
of the Common Shares subject to such Incentive Stock Option and (ii) the Incentive Stock Option is not exercisable more than five (5) years from the date of grant thereof. No Participant 

  
 14 

 
shall be granted any Incentive Stock Option which would result in such Participant receiving a grant of Incentive Stock Options that would have an aggregate Fair Market Value in excess of
$100,000, determined as of the time of grant, that would be exercisable for the first time by such Participant during any calendar year. Any grants in excess of this limit shall be treated as Non-Qualified Stock Options. No Incentive Stock Option
may be granted under the Plan after the tenth anniversary of the Effective Date. The terms of any Incentive Stock Option granted under the Plan shall comply in all respects with the provisions of Section 422 of the Code, or any successor
provision thereto, as amended from time to time. 
 (d) Early Exercise of Nonqualified Options. The Committee, in its discretion, may
grant Non-Qualified Stock Options that contain an “early exercise” feature, which shall provide a Participant with the right (but not the obligation) to immediately exercise such portion of the Option for Common Stock that shall be subject
to the same vesting schedule as the underlying Option. 
 9. Terms and Conditions of Restricted Shares and Restricted Share Units 

(a) Restricted Shares. The Committee, in its discretion, may grant or sell Restricted Shares to Eligible Individuals. An Award of
Restricted Shares shall consist of one or more Common Shares granted or sold to an Eligible Individual, and shall be subject to the terms, conditions and restrictions set forth in the Plan and established by the Committee in connection with the
Award and specified in the applicable Award Document. Restricted Shares may, among other things, be subject to restrictions on transferability, vesting requirements or other specified circumstances under which it may be canceled. 

(b) Restricted Share Units. The Committee, in its discretion, may grant Restricted Share Units to Eligible Individuals. A Restricted
Share Unit shall entitle a Participant to receive, subject to the terms, conditions and restrictions set forth in the Plan and the applicable Award Document, one or more Common Shares. Restricted Share Units may, among other things, be subject to
restrictions on transferability, vesting requirements or other specified circumstances under which they may be canceled. If and when the cancellation provisions lapse, the Restricted Share Units shall be settled by the delivery of Common Shares or,
at the sole discretion of the Committee, cash, or a combination of cash and Common Shares, with a value equal to the Fair Market Value of the Common Shares at the time of payment. 

10. Stock Appreciation Rights 
 The
Committee, in its discretion, may grant Stock Appreciation Rights to Eligible Individuals. The Committee may grant Stock Appreciation Rights in tandem with Options or as stand-alone Awards. Each Stock Appreciation Right shall be subject to the
terms, conditions and restrictions set forth in the Plan and established by the Committee in connection with the Award and specified in the applicable Award Document. A Stock Appreciation Right shall entitle a Participant to receive, upon
satisfaction of the conditions to payment specified in the applicable Award Document, an amount equal to the excess, if any, of the Fair Market Value of a Common Share on the exercise date of the number of Common Shares for which the Stock
Appreciation Right is exercised over the per Common Share grant price for such Stock Appreciation Right specified in the applicable Award Document. Payments to a Participant upon exercise of a Stock 

  
 15 

 
Appreciation Right may be made in cash or Common Shares, as determined by the Committee on or following the date of grant. The Committee may provide that in-the-money Stock Appreciation Rights
will be exercised automatically, with no action required on the part of a Participant, immediately (or shortly) before their scheduled expiration date where Participants are precluded from otherwise exercising such Stock Appreciation Rights due to
legal restrictions or Company policy (including policies on trading in Common Shares). 
 11. Terms and Conditions of Performance Stock, Performance
Stock Units and Cash Performance Units 
 (a) Performance Stock or Performance Stock Units. The Committee may grant Performance
Stock or Performance Stock Units to Eligible Individuals. An Award of Performance Stock or Performance Stock Units shall consist of, or represent a right to receive, a Target Amount of Common Shares granted to an Eligible Individual based on the
achievement of Performance Targets over the applicable Performance Period, and shall be subject to the terms, conditions and restrictions set forth in the Plan and established by the Committee in connection with the Award and specified in the
applicable Award Document. Payments to a Participant in settlement of an Award of Performance Stock or Performance Stock Units may be made in cash or Common Shares, as determined by the Committee on or following the date of grant. 

(b) Cash Performance Units. The Committee, in its discretion, may grant Cash Performance Units to Eligible Individuals. A Cash
Performance Unit shall entitle a Participant to receive, subject to the terms, conditions and restrictions set forth in the Plan and established by the Committee in connection with the Award and specified in the applicable Award Document, a Target
Amount of cash based upon the achievement of Performance Targets over the applicable Performance Period. Payments to a Participant in settlement of an Award of Cash Performance Units may be made in cash or Common Shares, as determined by the
Committee on or following the date of grant. 
 12. Other Awards 

The Committee shall have the authority to establish the terms and provisions of other forms of Awards (such terms and provisions to be
specified in the applicable Award Document) not described above that the Committee determines to be consistent with the purpose of the Plan and the interests of the Company, which Awards may provide for (i) payments in the form of cash, Common
Stock, notes or other property as the Committee may determine based in whole or in part on the value or future value of Common Stock or on any amount that the Company pays as dividends or otherwise distributes with respect to Common Stock;
(ii) the acquisition or future acquisition of Common Stock; (iii) cash, Common Stock, notes or other property as the Committee may determine (including payment of dividend equivalents in cash or Common Stock) based on one or more criteria
determined by the Committee unrelated to the value of Common Stock; or (iv) any combination of the foregoing. Awards pursuant to this Section 12 may, among other things, be made subject to restrictions on transfer, vesting requirements or
cancellation under specified circumstances. 

  
 16 

 13. Certain Restrictions 

(a) Transfers. No Award shall be transferable other than pursuant to a beneficiary designation approved by the Company, by last will and
testament or by the laws of descent and distribution or, except in the case of an Incentive Stock Option, pursuant to a domestic relations order, as the case may be; provided, however, that the Committee may, subject to applicable
laws, rules and regulations and such terms and conditions as it shall specify, permit the transfer of an Award, other than an Incentive Stock Option, for no consideration to a permitted transferee. 

(b) Award Exercisable Only by Participant. During the lifetime of a Participant, an Award shall be exercisable only by the Participant
or by a permitted transferee to whom such Award has been transferred in accordance with Section 13(a) above. The grant of an Award shall impose no obligation on a Participant to exercise or settle the Award. 

(c) Section 83(b) Election. If a Participant makes an election under Section 83(b) of the Code to be taxed with respect to
any Award as of the date of transfer of the Award rather than as of the date or dates upon which the Participant would otherwise be taxable under Section 83 of the Code, the Participant shall be required to deliver a copy of such election to
the Company promptly after filing such election with the Internal Revenue Service. 
 14. Recapitalization or Reorganization 

(a) Authority of the Company and Stockholders. The existence of the Plan, the Award Documents and the Awards granted hereunder shall not
affect or restrict in any way the right or power of the Company or the stockholders of the Company to make or authorize any adjustment, recapitalization, reorganization or other change in the Company’s capital structure or business, any merger
or consolidation of the Company, any issue of stock or of options, warrants or rights to purchase stock or of bonds, debentures, preferred or prior preference stocks whose rights are superior to or affect the Common Shares or the rights thereof or
which are convertible into or exchangeable for Common Shares, or the dissolution or liquidation of the Company, or any sale or transfer of all or any part of its assets or business, or any other corporate act or proceeding, whether of a similar
character or otherwise. 
 (b) Change in Capitalization. Notwithstanding any provision of the Plan or any Award Document, the number
and kind of Common Shares authorized for issuance under Section 5, including the maximum number of Common Shares available under the special limits provided for in Section 5(c) and 5(d), shall be equitably adjusted in the manner deemed
necessary by the Committee in the event of a stock split, reverse stock split, stock dividend, recapitalization, reorganization, partial or complete liquidation, reclassification, merger, consolidation, separation, extraordinary stock or cash
dividend, split-up, spin-off, combination, exchange of Common Shares, warrants or rights offering to purchase Common Shares at a price substantially below Fair Market
Value, or any other corporate event or distribution of stock or property of the Company affecting the Common Shares in order to preserve, but not increase, the benefits or potential benefits intended to be made available under the Plan. In addition,
upon the occurrence of any of the foregoing events, the number and kind of Common Shares subject to any outstanding Award and the exercise price per Common Share (or the grant price per 

  
 17 

 
Common Share, as the case may be), if any, under any outstanding Award shall be equitably adjusted in the manner deemed necessary by the Committee (including by payment of cash to a Participant)
in order to preserve the benefits or potential benefits intended to be made available to Participants. Any such determinations made by the Committee may be made on an Award-by-Award basis. Unless otherwise determined by the Committee, such adjusted
Awards shall be subject to the same restrictions and vesting or settlement schedule to which the underlying Award is subject (subject to the limitations of Section 409A). 

15. Term of the Plan 
 Unless earlier
terminated pursuant to Section 16, the Plan shall terminate on the tenth (10th) anniversary of the Effective Date, except with respect to Awards then outstanding. No Awards may be
granted under the Plan after the tenth (10th) anniversary of the Effective Date. 
 16.
Amendment and Termination 
 Subject to applicable laws, rules and regulations, the Board may at any time terminate or, from time to
time, amend, modify or suspend the Plan; provided, however, that no termination, amendment, modification or suspension (i) will be effective without the approval of the stockholders of the Company if such approval is required
under applicable laws, rules and regulations, including the rules of the NYSE and such other securities exchanges, if any, as may be designated by the Board from time to time, and (ii) shall materially and adversely alter or impair the rights
of a Participant in any Award previously made under the Plan without the consent of the holder thereof. Notwithstanding the foregoing, the Board shall have broad authority to amend the Plan or any Award under the Plan without the consent of a
Participant to the extent it deems necessary or desirable: 
 (a) to comply with, or take into account changes in, or interpretations
of, applicable tax laws, securities laws, employment laws, accounting rules and other applicable laws, rules and regulations, including without limitation; 

(b) to avoid, in the reasonable, good faith judgment of the Company, the imposition on any Participant of any tax, interest or penalty under
Section 409A; or 
 (c) to take into account unusual or nonrecurring events or market conditions (including, without limitation,
the events described in Section 14(b). 
 17. Miscellaneous 

(a) Tax Withholding. The Company or an Affiliate, as appropriate, may require any individual entitled to receive a payment of an Award
to remit to the Company, prior to payment, an amount sufficient to satisfy any applicable tax withholding requirements. In the case of an Award payable in Common Shares, the Company or an Affiliate, as appropriate, may permit or require a
Participant to satisfy, in whole or in part, such obligation to remit taxes by directing the Company to withhold shares that would otherwise be received by such individual or to repurchase shares that were issued to the Participant to satisfy the
minimum statutory withholding rates for any applicable tax withholding purposes, in accordance with all applicable 

  
 18 

 
laws and pursuant to such rules as the Committee may establish from time to time. The Company or an Affiliate, as appropriate, shall also have the right to deduct from all cash payments made to a
Participant (whether or not such payment is made in connection with an Award) any applicable taxes required to be withheld with respect to such payments. 

(b) No Right to Awards or Employment. No person shall have any claim or right to receive Awards under the Plan. Neither the Plan, the
grant of Awards under the Plan nor any action taken or omitted to be taken under the Plan shall be deemed to create or confer on any Eligible Individual any right to be retained in the employ of the Company or any of its Affiliates, or to interfere
with or to limit in any way the right of the Company or any of its Affiliates to terminate the employment of such Eligible Individual at any time. No Award shall constitute salary, recurrent compensation or contractual compensation for the year of
grant, any later year or any other period of time. Payments received by a Participant under any Award made pursuant to the Plan shall not be included in, nor have any effect on, the determination of
employment-related rights or benefits under any other employee benefit plan or similar arrangement provided by the Company and its Affiliates, unless otherwise specifically provided for under the terms of such
plan or arrangement or by the Committee. 
 (c) Securities Law Restrictions. An Award may not be exercised or settled, and no Common
Shares may be issued in connection with an Award, unless the issuance of such shares (i) has been registered under the Securities Act of 1933, as amended, (ii) has qualified under applicable state “blue sky” laws (or the Company
has determined that an exemption from registration and from qualification under such state “blue sky” laws is available) and (iii) complies with all applicable securities laws. The Committee may require each Participant purchasing or
acquiring Common Shares pursuant to an Award under the Plan to represent to and agree with the Company in writing that such Eligible Individual is acquiring the Common Shares for investment purposes and not with a view to the distribution thereof.
All certificates for Common Shares delivered under the Plan shall be subject to such stock-transfer orders and other restrictions as the Committee may deem advisable under the rules, regulations, and other
requirements of the Securities and Exchange Commission, any exchange upon which the Common Shares are then listed, and any applicable securities law, and the Committee may cause a legend or legends to be put on any such certificates to make
appropriate reference to such restrictions. 
 (d) Section 16 of the Exchange Act. Notwithstanding anything contained in the
Plan or any Award Document under the Plan to the contrary, if the consummation of any transaction under the Plan, or the taking of any action by the Committee in connection with a Change in Control of the Company, would result in the possible
imposition of liability on a Participant pursuant to Section 16(b) of the Exchange Act, the Committee shall have the right, in its discretion, but shall not be obligated, to defer such transaction or the effectiveness of such action to the
extent necessary to avoid such liability, but in no event for a period longer than 180 days. 
 (f) Section 409A. To the extent
that the Committee determines that any Award granted under the Plan is subject to Section 409A, the Award Document evidencing such Award shall incorporate the terms and conditions required by Section 409A. To the extent applicable, the
Plan and Award Documents shall be interpreted in accordance with Section 409A 

  
 19 

 
and interpretive guidance issued thereunder. Notwithstanding any contrary provision in the Plan or an Award Document, if the Committee determines that any provision of the Plan or an Award
Document contravenes any regulations or guidance promulgated under Section 409A or would cause an Award to be subject to additional taxes, accelerated taxation, interest and/or penalties under Section 409A, the Committee may modify or
amend such provision of the Plan or Award Document without consent of the Participant in any manner the Committee deems reasonable or necessary. In making such modifications the Committee shall attempt, but shall not be obligated, to maintain, to
the maximum extent practicable, the original intent of the applicable provision without contravening the provisions of Section 409A. Moreover, any discretionary authority that the Committee may have pursuant to the Plan shall not be applicable
to an Award that is subject to Section 409A to the extent such discretionary authority would contravene Section 409A. 
 (g) Awards
to Individuals Subject to Laws of a Jurisdiction Outside of the United States. To the extent that Awards under the Plan are awarded to Eligible Individuals who are domiciled or resident outside of the United States or to persons who are
domiciled or resident in the United States but who are subject to the tax laws of a jurisdiction outside of the United States, the Committee may adjust the terms of the Awards granted hereunder to such person (i) to comply with the laws, rules
and regulations of such jurisdiction and (ii) to permit the grant of the Award not to be a taxable event to the Participant. The authority granted under the previous sentence shall include the discretion for the Committee to adopt, on behalf of
the Company, one or more sub-plans applicable to separate classes of Eligible Individuals who are subject to the laws of jurisdictions outside of the United States. 

(h) References to Termination of Employment. References to “termination of employment” shall also mean termination of any
other service relationship of the Participant with the Company or any of its Subsidiaries, as applicable. 
 (i) No Limitation on
Corporate Actions. Nothing contained in the Plan shall be construed to prevent the Company or any Affiliate from taking any corporate action, whether or not such action would have an adverse effect on any Awards made under the Plan. No
Participant, beneficiary or other person shall have any claim against the Company or any Affiliate as a result of any such action. 

(j)Unfunded Plan. The Plan is intended to constitute an unfunded plan for incentive compensation. Prior to the issuance of Common
Shares, cash or other form of payment in connection with an Award, nothing contained herein shall give any Participant any rights that are greater than those of a general unsecured creditor of the Company. 

(k) Successors. All obligations of the Company under the Plan with respect to Awards granted hereunder shall be binding on any
successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially all of the business and/or assets of the Company. 

(l) Application of Funds. The proceeds received by the Company from the sale of Common Shares pursuant to Awards will be used for
general corporate purposes. 

  
 20 

 (m) Satisfaction of Obligations. Subject to applicable laws, rules and regulations, the
Company may apply any cash, Common Shares, securities or other consideration received upon exercise of settlement of an Award to any obligations a Participant owes to the Company and its Affiliates in connection with the Plan or otherwise. 

(n) Award Document. In the event of any conflict or inconsistency between the Plan and any Award Document, the Plan shall govern and
the Award Document shall be interpreted to minimize or eliminate any such conflict or inconsistency. 
 (o) Headings. The headings of
Sections herein are included solely for convenience of reference and shall not affect the meaning of any of the provisions of the Plan. 

(p) Severability. If any provision of this Plan is held unenforceable, the remainder of the Plan shall continue in full force and
effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 

(q) Governing Law. Except as to matters of federal law, the Plan and all actions taken thereunder shall be governed by and construed in
accordance with the laws of the State of Delaware. 

  
 21Exhibit 10.1

 

STOCKHOLDERS AGREEMENT

 

DATED AS OF OCTOBER 12, 2016

 

AMONG

 

ADVANCED DISPOSAL SERVICES, INC.

 

STAR ATLANTIC WASTE HOLDINGS, L.P.

 

BTG PACTUAL INTERNATIONAL PORTFOLIO FUND II SPC, SEGREGATED PORTFOLIO BTGPH CORP HEDGE

 

AND

 

CANADA PENSION PLAN INVESTMENT BOARD

 

 

Table of Contents

 

	
 
    	
 
    	
Page
    
	
 
    	
 
    
	
ARTICLE I.   INTRODUCTORY MATTERS
    	
1
    
	
 
    	
 
    
	
1.1
    	
Defined Terms
    	
1
    
	
1.2
    	
Construction
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE II.   CORPORATE GOVERNANCE MATTERS
    	
3
    
	
 
    	
 
    
	
2.1
    	
Election of Directors
    	
3
    
	
 
    	
 
    	
 
    
	
ARTICLE III.   INFORMATION
    	
4
    
	
 
    	
 
    
	
3.1
    	
Books and Records;   Access
    	
4
    
	
3.2
    	
Sharing of Information
    	
5
    
	
 
    	
 
    	
 
    
	
ARTICLE IV.   GENERAL PROVISIONS
    	
5
    
	
 
    	
 
    	
 
    
	
4.1
    	
Termination
    	
5
    
	
4.2
    	
Notices
    	
5
    
	
4.3
    	
Amendment; Waiver
    	
6
    
	
4.4
    	
Further Assurances
    	
6
    
	
4.5
    	
Preemptive Rights
    	
7
    
	
4.6
    	
Assignment
    	
7
    
	
4.7
    	
Third Parties
    	
7
    
	
4.8
    	
Governing Law
    	
7
    
	
4.9
    	
Jurisdiction; Waiver of   Jury Trial
    	
7
    
	
4.10
    	
Specific Performance
    	
7
    
	
4.11
    	
Entire Agreement
    	
7
    
	
4.12
    	
Severability
    	
7
    
	
4.13
    	
Table of Contents, Headings   and Captions
    	
8
    
	
4.14
    	
Grant of Consent
    	
8
    
	
4.15
    	
Counterparts
    	
8
    
	
4.16
    	
Effectiveness
    	
8
    
	
4.17
    	
No Recourse
    	
8
    

 

i

 

STOCKHOLDERS AGREEMENT

 

This Stockholders Agreement is entered into as of October 12, 2016 by and among Advanced Disposal Services, Inc., a Delaware corporation (the “Company”), Star Atlantic Waste Holdings, L.P. (“Star Atlantic”), BTG Pactual International Portfolio Fund II SPC, Segregated Portfolio BTGPH Corp Hedge (“BTG”), and Canada Pension Plan Investment Board (“CPPIB”).

 

BACKGROUND:

 

WHEREAS, the Company is currently contemplating an underwritten initial public offering (“IPO”) of shares of its Common Stock (as defined below); and

 

WHEREAS, in connection with, and effective upon, the date of completion of the IPO (the “Closing Date”), the Company and the other parties hereto wish to set forth certain understandings between such parties, including with respect to certain governance matters.

 

NOW, THEREFORE, the parties agree as follows:

 

ARTICLE I.
 INTRODUCTORY MATTERS

 

1.1                               Defined Terms.  In addition to the terms defined elsewhere herein, the following terms have the following meanings when used herein with initial capital letters:

 

“Affiliate” has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof.

 

“Agreement” means this Stockholders Agreement, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance with the terms hereof.

 

“beneficially own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

“Board” means the board of directors of the Company.

 

“Business Day” means a day other than a Saturday, Sunday, federal or New York State holiday or other day on which commercial banks in New York City (and with respect to any CPPIB Entity, in Toronto) are authorized or required by law to close.

 

“BTG Designee” has the meaning set forth in Section 2.1(b).

 

“BTG Entity” means each of BTG Pactual International Portfolio Fund II SPC, Segregated Portfolio BTGPH Corp Hedge, any of its affiliates or subsidiaries and any of its and their successors and assigns.

 

“BTG” has the meaning set forth in the Preamble.

 

“Closing Date” has the meaning set forth in the Background.

 

“Company” has the meaning set forth in the Preamble.

 

“Common Stock” means the shares of common stock, par value $0.01 per share, of the Company, and any other capital stock of the Company into which such stock is reclassified or reconstituted and any other common stock of the Company.

 

“Control” (including its correlative meanings, “Controlled by” and “under common Control with”) means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or otherwise) of a Person.

 

1

 

“CPPIB” has the meaning set forth in the Preamble.

 

“CPPIB Designee” has the meaning set forth in Section 2.1(c).

 

“CPPIB Entity” means each of Canada Pension Plan Investment Board, any of its affiliates or subsidiaries (as such term is defined in the Canada Pension Plan Investment Board Act) and any of its and their successors and assigns.

 

“Director” means any member of the Board.

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time.

 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government.

 

“Highstar Capital Designee” has the meaning set forth in Section 2.1(c).

 

“Highstar Capital Entity” means each of Highstar Capital L.P., Star Atlantic, and any of their affiliates or subsidiaries and any of their successors and assigns.

 

“IPO” has the meaning set forth in the Background.

 

“Law” means any statute, law, regulation, ordinance, rule, injunction, order, decree, governmental approval, directive, requirement, or other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any of the foregoing by, any Governmental Authority.

 

“Person” means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable Law, or any Governmental Authority or any department, agency or political subdivision thereof.

 

“Star Atlantic” has the meaning set forth in the Preamble.

 

“Stockholder” means any of the Highstar Capital Entities, the BTG Entities and the CPPIB Entities.

 

“Subsidiary” means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which:  (i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person or a combination thereof; or (ii) if a limited liability company, partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of the limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly, by any Person or one or more Subsidiaries of that Person or a combination thereof.  For purposes hereof, a Person or Persons shall be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if such Person or Persons shall be allocated a majority of limited liability company, partnership, association or other business entity gains or losses or shall be or Control the managing member, managing director or other governing body or general partner of such limited liability company, partnership, association or other business entity.

 

“Total Number of Directors” means the total number of directors comprising the Board.

 

“Transfer” (including its correlative meanings, “Transferor”, “Transferee” and “Transferred”) shall mean, with respect to any security, directly or indirectly, to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose of any economic,

 

2

 

voting or other rights in or to such security.  When used as a noun, “Transfer” shall have such correlative meaning as the context may require.

 

1.2                               Construction.  The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction will be applied against any party.  Unless the context otherwise requires:  (a) “or” is disjunctive but not exclusive, (b) words in the singular include the plural, and in the plural include the singular, and (c) the words “hereof”, “herein”, and “hereunder” and words of similar import when used in this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section references are to this Agreement unless otherwise specified.

 

ARTICLE II.
 CORPORATE GOVERNANCE MATTERS

 

2.1                               Election of Directors.

 

(a)                                 Following the Closing Date, the Highstar Capital Entities shall have the right, but not the obligation, to nominate to the Board a number of designees equal to at least:  (i) a majority of the Total Number of Directors, so long as the Highstar Capital Entities collectively beneficially own 50% or more of the outstanding shares of Common Stock; (ii) 40% of the Total Number of Directors, in the event that the Highstar Capital Entities collectively beneficially own 40% or more, but less than 50%, of the outstanding shares of Common Stock; (iii) 30% of the Total Number of Directors, in the event that the Highstar Capital Entities collectively beneficially own 30% or more, but less than 40%, of the outstanding shares of Common Stock; (iv) 20% of the Total Number of Directors, in the event that the Highstar Capital Entities collectively beneficially own 20% or more, but less than 30%, of the outstanding shares of Common Stock; and (v) 10% of the Total Number of Directors, in the event that the Highstar Capital Entities collectively beneficially own 5% or more, but less than 20%, of the outstanding shares of Common Stock.  For purposes of calculating the number of directors that the Highstar Capital Entities are entitled to designate pursuant to the immediately preceding sentence, any fractional amounts shall automatically be rounded up to the nearest whole number (e.g., one and one quarter (1 1⁄4) Directors shall equate to two (2) Directors) and any such calculations shall be made after taking into account any increase in the Total Number of Directors.  At the request of the Highstar Capital Entities for so long as the Board is classified, the number of Directors nominated by the Highstar Capital Entities in each class shall be as nearly equal as possible.

 

(b)                                 Following the Closing Date, the BTG Entities shall have the right, but not the obligation, to nominate to the Board one (1) designee, so long as the BTG Entities collectively beneficially own 5% of the outstanding shares of Common Stock.  Any person whom the BTG Entities shall actually nominate pursuant to this Section 2.1 and who is thereafter elected to the Board to serve as a Director shall be referred to herein as the “BTG Designee”.

 

(c)                                  Following the Closing Date, the CPPIB Entities shall have the right, but not the obligation, to nominate to the Board one (1) designee, so long as the CPPIB Entities collectively beneficially own 5% of the outstanding shares of Common Stock.  Any person whom the CPPIB Entities shall actually nominate pursuant to this Section 2.1 and who is thereafter elected to the Board to serve as a Director shall be referred to herein as the “CPPIB Designee”.

 

(d)                                 In the event that the Highstar Capital Entities have nominated less than the total number of designees the Highstar Capital Entities shall be entitled to nominate pursuant to Section 2.1(a), the Highstar Capital Entities shall have the right, at any time, to nominate such additional designees to which it is entitled, in which case the Company and the Directors shall take all necessary corporate action, to the fullest extent permitted by applicable law (including with respect to any fiduciary duties under Delaware law), to (x) enable the Highstar Capital Entities to nominate and effect the election or appointment of such additional individuals, whether by increasing the size of the Board, or otherwise and (y) to designate such additional individuals nominated by the Highstar Capital Entities to fill such newly-created vacancies or to fill any other existing vacancies.  Each such person whom the Highstar Capital Entities shall actually nominate pursuant to this Section 2.1 and who is thereafter elected to the Board to serve as a Director shall be referred to herein as a “Highstar Capital Designee”.

 

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(e)           In the event that a vacancy is created or exists at any time following the death, retirement or resignation of, or any failure to elect, any Director designated by the Highstar Capital Entities, BTG Entities or CPPIB Entities pursuant to this Section 2.1, the remaining Directors and the Company shall, to the fullest extent permitted by applicable law (including with respect to any fiduciary duties under Delaware law), cause such vacancy to be filled by a designee of the Highstar Capital Entities, BTG Entities or CPPIB Entities, as applicable, as soon as possible, and the Company hereby agrees to take, to the fullest extent permitted by applicable law (including with respect to any fiduciary duties under Delaware law), at any time and from time to time, all actions necessary to accomplish the same.

 

(f)            The names and categories of the Directors as of the Closing Date are set forth in Schedule 2.1(f).  The Company agrees, to the fullest extent permitted by applicable law (including with respect to any fiduciary duties under Delaware law), to include in the slate of nominees recommended by the Board for future elections at any meeting of stockholders called for the purpose of electing Directors the persons designated pursuant to this Section 2.1 (to the extent that Directors of such nominee’s class are to be elected at such meeting for so long as the Board is classified) and to nominate and recommend each such individual to be elected as a Director as provided herein, and to solicit proxies or consents in favor thereof.  The Company is entitled to identify such individual as a Highstar Capital Designee, BTG Designee or CPPIB Designee, as applicable, pursuant to this Agreement.

 

(g)           Notwithstanding Section 2.1(a) through (f) above, the Company shall not be required to effect the election or appointment of designees which Highstar Capital Entities, BTG Entities or CPPIB Entities are entitled to nominate, if such election or appointment would result in the composition of the Board being in violation of the independence standards under Section 303A of the NYSE Listed Company Manual; provided however, that in the case of such a failure to effect such election or appointment, the Company shall promptly take any commercially reasonable effort to effect the provisions of Section 2.1(a) through (f), including, but not limited to, resizing the Board through the addition of new directors.

 

(h)           If, at any time, Highstar Capital Entities cease to beneficially own the minimum percentage of outstanding shares of Common Stock necessary under Section 2.1(a) to nominate the percentage of the Total Number of Directors then represented by the then current Highstar Capital Designees, Highstar Capital shall, within 30 days of the event that caused its beneficial ownership to drop below the relevant minimum percentage, cause the necessary number of Highstar Capital Designees to offer to resign from the Board, conditional upon acceptance by the Board, so that the number of Highstar Capital Designees is consistent with Highstar Capital’s new beneficial ownership percentage.

 

(i)            At such time as either the BTG Entities or the CPPIB Entities cease to beneficially own at least 5% of outstanding shares of Common Stock, as applicable, the BTG Entities or the CPPIB Entities shall, as applicable, within 30 days of the event that caused its beneficial ownership to drop below 5%, cause the BTG Designee or CPPIB Designee, as applicable, to offer to resign from the Board, conditional upon acceptance by the Board.

 

ARTICLE III.
 INFORMATION

 

3.1          Books and Records; Access.  The Company shall, and shall cause its Subsidiaries to, keep proper books, records and accounts, in which full and correct entries shall be made of all financial transactions and the assets and business of the Company and each of its Subsidiaries in accordance with generally accepted accounting principles.  For so long as the Highstar Capital Entities beneficially own 5% or more of the outstanding shares of Common Stock, the Company shall, and shall cause its Subsidiaries to, permit the Highstar Capital Entities and their respective designated representatives, at reasonable times and upon reasonable prior notice to the Company, to review the books and records of the Company or any of such Subsidiaries and to discuss the affairs, finances and condition of the Company or any of such Subsidiaries with the officers of the Company or any such Subsidiary.  For so long as the Highstar Capital Entities beneficially own 5% or more of the outstanding shares of Common Stock, the Company shall, and shall cause its Subsidiaries to, provide the Highstar Capital Entities, in addition to other information that might be reasonably requested by the Highstar Capital Entities from time to time, (i) direct access to the Company’s auditors and officers, (ii) copies of all materials provided to the Company’s board of directors (or equivalent governing body) at the same time as provided to the directors (or their equivalent) of the Company,

 

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(iii) access to appropriate officers and directors of the Company at such times as may be requested by the Highstar Capital Entities, as the case may be, for consultation with each of the Highstar Capital Entities with respect to matters relating to the business and affairs of the Company and its subsidiaries, (iv) information in advance with respect to any significant corporate actions, including, without limitation, extraordinary dividends, mergers, acquisitions or dispositions of assets, issuances of significant amounts of debt or equity and material amendments to the certificate of incorporation or bylaws of the Company or any of its respective subsidiaries, and to provide the Highstar Capital Entities, with the right to consult with the Company and its subsidiaries with respect to such actions, and (v) to the extent otherwise prepared by the Company, operating and capital expenditure budgets and periodic information packages relating to the operations and cash flows of the Company and its Subsidiaries (all such information so furnished pursuant to this Section 3.1, the “Information”).  The Company agrees to consider, in good faith, the recommendations of the Highstar Capital Entities in connection with the matters on which the Company is consulted as described above.  Subject to Section 3.2, any Highstar Capital Entity (and any party receiving Information from a Highstar Capital Entity) who shall receive Information shall maintain the confidentiality of such Information, and the Company shall not be required to disclose any privileged Information of the Company so long as the Company has used its commercially reasonable efforts to enter into an arrangement pursuant to which it may provide such information to the Highstar Capital Entities without the loss of any such privilege.

 

3.2          Sharing of Information.  Individuals associated with the Highstar Capital Entities, the BTG Entities or the CPPIB Entities may from time to time serve on the boards of directors or similar governing bodies of the Company and its Subsidiaries.  The Company, on its behalf and on behalf of its Subsidiaries, recognize that such individuals (i) will from time to time received non-public information concerning the Company and its Subsidiaries, and (ii) may (subject to the obligation to maintain the confidentiality of such information in accordance with Section 3.1) share such information with other individuals associated with the Highstar Capital Entities, the BTG Entities or the CPPIB Entities, as applicable.  Such sharing will be for the dual purpose of facilitating support to such individuals in their capacity as directors and enabling the Highstar Capital Entities, the BTG Entities or the CPPIB Entities (as applicable), as equityholders, to better evaluate the Company’s performance and prospects.  The Company, on behalf of itself and its Subsidiaries, hereby irrevocably consents to such sharing.

 

ARTICLE IV.
 GENERAL PROVISIONS

 

4.1          Termination.  This Agreement shall terminate, with respect to each group of the Highstar Capital Entities, the BTG Entities or the CPPIB Entities, on the earlier to occur of (i) such time as such group is no longer entitled to nominate a Director pursuant to Section 2.1(a) and (ii) upon the delivery of a written notice by such group to the Company requesting that this Agreement terminate with respect to such group.

 

4.2          Notices.  Any notice provided for in this Agreement shall be in writing and shall be either personally delivered, or mailed first class mail (postage prepaid) or sent by reputable overnight courier service (charges prepaid) to the Company at the address set forth below and to any other recipient at the address indicated on the Company’s records, or at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party.  Notices will be deemed to have been given hereunder when (i) sent by facsimile (receipt confirmed), (ii) delivered personally, (iii) five (5) Business Days after deposit in the U.S. mail and one (1) Business Day after deposit with a reputable overnight courier service.

 

	
The Company’s address is:
    
	
 
    
	
Advanced Disposal Services, Inc.
    
	
90 Fort Wade Road, Suite 200
    
	
Ponte Vedra, Florida 32801
    
	
Attention: General Counsel
    
	
 
    
	
with a copy (not constituting notice) to:
    
	
 
    
	
Shearman & Sterling LLP
    
	
599 Lexington Avenue
    

 

5

 

	
New York, New York 10022
    	
 
    
	
Attention: Richard B. Alsop
    	
 
    
	
Fax: (212) 848-5085
    	
 
    
	
 
    	
 
    
	
The Highstar Capital Entities’ address is:
    	
 
    
	
 
    	
 
    
	
Highstar Capital L.P.
    	
 
    
	
277 Park Avenue, 45th floor
    	
 
    
	
New York, New York 10172
    	
 
    
	
 
    	
 
    
	
The BTG Entities’ address is:
    	
 
    
	
 
    	
 
    
	
BTG Pactual   International Portfolio Fund II SPC, Segregated Portfolio BTGPH Corp Hedge
    	
 
    
	
1209 Orange Street
    	
 
    
	
Wilmington, Delaware 19801
    	
 
    
	
 
    	
 
    
	
with a copy (not constituting notice) to:
    	
 
    
	
 
    	
 
    
	
Proskauer Rose LLP
    	
 
    
	
Eleven Times Square
    	
 
    
	
New York, NY 10036
    	
 
    
	
Facsimile: (212) 969-2900
    	
 
    
	
Attention:    Daniel I. Ganitsky
    	
 
    
	
 
    	
 
    
	
The CPPIB Entities’ address is:
    	
 
    
	
 
    	
 
    
	
Canada Pension Plan Investment Board
    	
 
    
	
One Queen Street East
    	
 
    
	
Suite 2500
    	
 
    
	
Toronto, ON
    	
 
    
	
Canada M5C 2W5
    	
 
    
	
Attention:
    	
Managing Director, Head of Relationship   Investments
    	
 
    
	
 
    	
Senior Managing Director, General Counsel   and Corporate Secretary
    	
 
    
	
 
    	
 
    
	
with a copy (not constituting notice) to:
    	
 
    
	
 
    	
 
    
	
Debevoise & Plimpton LLP
    	
 
    
	
919 Third Avenue
    	
 
    
	
New York, NY 10022
    	
 
    
	
Facsimile: (212) 909-6836
    	
 
    
	
Attention:    Kevin M. Schmidt
    	
 
    

 

4.3          Amendment; Waiver.  This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by the Company and the other parties hereto.  Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude any other or further exercise of the same or of any other right, remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed as a waiver of such right, remedy, power or privilege with respect to any other occurrence.  No waiver shall be effective unless it is in writing and is signed by the party asserted to have granted such waiver.

 

4.4          Further Assurances.  The parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full effect to this Agreement and every provision hereof.  To

 

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the fullest extent permitted by law, the Company shall not directly or indirectly take any action that is intended to, or would reasonably be expected to result in, any Stockholder being deprived of the rights contemplated by this Agreement.

 

4.5          Preemptive Rights.  In the event that the Company grants any preemptive rights with respect to its capital stock or other securities to any Person (including any Stockholder), each Stockholder, as long as such Stockholder has the right to nominate a Board designee pursuant to Section 2.1, shall be entitled to preemptive rights no less favorable than those granted to such Person, and the Company shall promptly execute any documents as may be appropriate to evidence the grant of such rights to the Stockholders.

 

4.6          Assignment.  This Agreement will inure to the benefit of and be binding on the parties hereto and their respective successors and permitted assigns.  This Agreement may not be assigned by any Stockholder without the express prior written consent of the other parties hereto, and any attempted assignment, without such consents, will be null and void; provided, however, that (i) each Highstar Capital Entity shall be entitled to assign, in whole or in part, to any other Highstar Capital Entity, (ii) each BTG Entity shall be entitled to assign, in whole or in part, to any other BTG Entity, and (iii) each CPPIB Entity shall be entitled to assign, in whole or in part, to any other CPPIB Entity, in each case of the foregoing clauses (i) through (iii), without such prior written consent any of its rights hereunder.

 

4.7          Third Parties.  Except as provided for in Section 3.2 with respect to any Highstar Capital Entity, any BTG Entity or any CPPIB Entity, this Agreement does not create any rights, claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto.

 

4.8          Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to principles of conflicts of laws thereof.

 

4.9          Jurisdiction; Waiver of Jury Trial.  In any judicial proceeding involving any dispute, controversy or claim arising out of or relating to this Agreement, each of the parties hereto unconditionally accepts the jurisdiction and venue of the Court of Chancery of the State of Delaware or, if the Court of Chancery does not have subject matter jurisdiction over this matter, the Superior Court of the State of Delaware (Complex Commercial Division), or if jurisdiction over the matter is vested exclusively in federal courts, the United States District Court for the District of Delaware, and the appellate courts to which orders and judgments thereof may be appealed.  In any such judicial proceeding, the parties agree that in addition to any method for the service of process permitted or required by such courts, to the fullest extent permitted by law, service of process may be made by delivery provided pursuant to the directions in Section 4.2.  EACH OF THE PARTIES HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY OR CLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

4.10        Specific Performance.  Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them, the other parties hereto would be irreparably harmed and could not be made whole by monetary damages.  Each party accordingly agrees to waive the defense in any action for specific performance that a remedy at law would be adequate and that the parties, in addition to any other remedy to which they may be entitled at law or in equity, shall be entitled to specific performance of this Agreement without the posting of bond.

 

4.11        Entire Agreement.  This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter hereof.  There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or thereof other than those expressly set forth herein and therein.  This Agreement supersedes all other prior agreements and understandings between the parties with respect to such subject matter.

 

4.12        Severability.  If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby, and each other provision hereof shall be valid and enforceable to the fullest extent permitted by law, (ii) as to such Person or circumstance or in such jurisdiction such

 

7

 

provision shall be reformed to be valid and enforceable to the fullest extent permitted by law and (iii) the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby.

 

4.13        Table of Contents, Headings and Captions.  The table of contents, headings, subheadings and captions contained in this Agreement are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of any provision hereof.

 

4.14        Grant of Consent.  Any vote, consent or approval of any entity of each group of the Highstar Capital Entities, BTG Entities or any CPPIB Entities hereunder shall be deemed to be given with respect to such entity if such vote, consent or approval is given by members of such entity’s group having a pecuniary interest in a majority of the shares of Common Stock over which all members of such group then have a pecuniary interest.

 

4.15        Counterparts.  This Agreement and any amendment hereto may be signed in any number of separate counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment, as applicable).

 

4.16        Effectiveness.  This Agreement shall become effective upon the Closing Date.

 

4.17        No Recourse.  This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement may only be made against the entities that are expressly identified as parties hereto and no past, present or future Affiliate, director, officer, employee, incorporator, member, manager, partner, stockholder, agent, attorney or representative of any party hereto or any of its past, present or future Affiliates shall have any liability for any obligations or liabilities of the parties to this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby.

 

[Remainder Of Page Intentionally Left Blank]

 

8

 

IN WITNESS WHEREOF, the parties hereto have executed this Stockholders Agreement on the day and year first above written.

 

	
 
    	
 
    	
COMPANY:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
ADVANCED DISPOSAL SERVICES, INC.
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
/s/ Richard Burke
    
	
Name:
    	
 
    	
Richard Burke
    
	
Title:
    	
 
    	
CEO
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
STOCKHOLDERS:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
STAR ATLANTIC WASTE HOLDINGS, L.P.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
By Star Atlantic GP, Inc., its general   partner
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
/s/ Bret Budenbender
    
	
Name:
    	
 
    	
Bret Budenbender
    
	
Title:
    	
 
    	
Managing   Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
BTG PACTUAL   INTERNATIONAL PORTFOLIO
   FUND II SPC, SEGREGATED PORTFOLIO BTGPH
   CORP HEDGE
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
/s/ Nandikesh   Anilkumar Dixit
    
	
Name:
    	
 
    	
Nandikesh   Anilkumar Dixit
    
	
Title:
    	
 
    	
Attorney   in fact
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
/s/   Gabriel Femando Barretti
    
	
Name:
    	
 
    	
Gabriel   Femando Barretti
    
	
Title:
    	
 
    	
Attorney   in fact
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
CANADA PENSION PLAN INVESTMENT BOARD
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
/s/ Eric Wetlaufer
    
	
Name:
    	
 
    	
Eric Wetlaufer
    
	
Title:
    	
 
    	
Senior   Managing Director & Global Head of Public Market Investments
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:
    	
 
    	
/s/ Scott Lawrence
    
	
Name:
    	
 
    	
Scott Lawrence
    
	
Title:
    	
 
    	
Managing   Director, Head of Relationship Investments
    

 

[Signature Page to Stockholders Agreement]

 

 

SCHEDULE 2.1(f)

 

Initial Designated Directors as of the Closing Date

 

	
Director
    	
 
    	
Designee
    
	
Bret   Budenbender
    	
 
    	
Highstar   Capital Designee
    
	
Christopher   Beall
    	
 
    	
Highstar   Capital Designee
    
	
John   Miller
    	
 
    	
Highstar   Capital Designee
    
	
Jared   Parker
    	
 
    	
Highstar   Capital Designee
    
	
Matthew   Rinklin
    	
 
    	
Highstar   Capital Designee
    
	
Sergio   Pedreiro
    	
 
    	
BTG   Designee
    
	
Michael   Koen
    	
 
    	
CPPIB   Designee
    
	
Richard   Burke
    	
 
    	
 
    
	
B.   Clyde Preslar
    	
 
    	
 
    

 

[Signature Page to Stockholders Agreement]

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