Document:

Restricted Stock Unit Award

 Exhibit 10.21 
 Restricted Stock Unit Award 
 (Stericycle, Inc. [2008/2011] Incentive Stock
Plan) 
 Subject to the following terms, Stericycle, Inc., a Delaware corporation (the Company), grants to the following
employee of the Company or one of its subsidiaries (Employee), as of the following grant date (the Grant Date), the following number of restricted stock units (RSUs), which will become vested on the following vesting date (the
Vesting Date) subject to expiration prior to vesting in accordance with the terms of this Award: 
  

			
	Employee:	 	[name]
	Grant date:	 	[date], 2012
	Number of RSUs:	 	[number]
	Vesting date	 	[Third/Fifth] anniversary of Grant Date

 Terms of Award 
 1. Plan. This Award has been granted under the Stericycle, Inc. [2008/2011] Incentive Stock Plan (the Plan), which is incorporated in this Agreement by reference. Capitalized terms used in
this Agreement without being defined (for example, the term “Plan Administrator”) have the same meanings that they have in the Plan. 
 2. RSUs. A RSU or restricted stock unit is the nominal equivalent of one share of the Company’s common stock, par value $.01 per share, and is not an actual share of stock. Prior to settlement
as provided in Paragraph 4, RSUs are only bookkeeping entries, either on the Company’s own records or on those of E*Trade (or any other recordkeeper that the Company may use in connection with the administration of the Plan), and Employee shall
not have any rights as a stockholder of the Company in respect of his or her RSUs. 
 3. Vesting. This Award shall vest
on the Vesting Date if Employee has been continuously employed by the Company or a Subsidiary from the Grant Date through the Vesting Date. 
 If Employee ceases to serve as an employee of the Company or a Subsidiary prior to the Vesting Date, this Award shall lapse and be canceled as of Employee’s Termination Date unless Employee’s
termination of employment occurs by reason of his or her death. In this case, this Award shall vest as of Employee’s Termination Date. 
 This Award is subject to forfeiture and automatic cancellation as provided in the Employee Covenant Agreement referred to in Paragraph 6 of this Agreement. In addition, Employee may be required to repay
Stericycle any cash paid in settlement of the Award, and the net proceeds from the sale of any stock issued in settlement of the Award, as also provided in the Employee Covenant Agreement. 

If Employee is still an employee of the Company or a Subsidiary at the time, this Award shall vest upon a Change in Control prior to the
Vesting Date as provided in Article 7 of the Plan. 

 4. Settlement. If this Award vests, the Award shall be settled as soon as practicable
after the Vesting Date, but no later than 45 days after the Vesting Date. The Company may, in the Plan Administrator’s discretion, either settle the Award in shares of the Company’s common stock or in cash, or in a combination of the two.

 If or to the extent that the Award is settled in shares, the Company shall deliver to Employee one share of the
Company’s common stock for each RSU that has vested. 
 If or to the extent that the Award is settled in cash, the Company
shall pay Employee an amount equal to the product of (i) the number of RSUs being settled in cash multiplied by (ii) the Fair Market Value of the Company’s common stock as of the last trading day immediately prior to the Vesting Date.

 5. Withholding. The delivery of shares of the Company’s common stock or the payment of cash in settlement of the
Award pursuant to Paragraph 4 shall be conditioned upon the satisfaction of any applicable withholding tax obligation. 
 If and
to the extent that this Award is settled in shares of the Company’s common stock, the Company may withhold from the number of shares otherwise deliverable to Employee a number of shares having a Fair Market Value (as of the last trading day
immediately prior to the Vesting Date) equal to the Company’s withholding liability in respect of the delivery of those shares. 
 If and to the extent that this Award is settled in cash, the Company may withhold from the cash payment an amount equal to its withholding liability in respect of the payment. 

The Company may take any other action that the Plan Administrator considers necessary or advisable (for example, as permissible,
withholding amounts from any compensation or other amounts payable by the Company to Employee) to enable the Company to satisfy its withholding tax obligation in respect of the vesting and settlement of the Award. 

6. Employee Covenant Agreement. This Agreement and the Award of RSUs to Employee are subject to Employee’s acceptance of and
agreement to be bound by the Employee Covenant Agreement which has been provided or made available to Employee with this Agreement. The Company would not have granted the Award to Employee without Employee’s acceptance of and agreement to be
bound by the Employee Covenant Agreement. 
 7. Transferability. This Award may not be transferred, assigned or pledged
(whether by operation of law or otherwise), except as provided by will or the applicable laws of intestacy. The Award shall not be subject to execution, attachment or similar process. 

8. Interpretation. This Award is subject to the terms of the Plan, as the Plan may be amended (but except as required by
applicable law, no amendment of the Plan after the Grant Date shall adversely affect Employee’s rights in respect of the Award without Employee’s consent). 

  
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 If there is a conflict or inconsistency between this Award and the Plan, the terms of the
Plan shall control. The Plan Administrator’s interpretation of this Award and the Plan shall be final and binding. 
 9.
No Employment Rights. Nothing in this Award shall be considered to confer on Employee any right to continue in the employ of the Company or a Subsidiary or to limit the right of the Company or a Subsidiary to terminate Employee’s
employment. 
 10. No Stockholder Rights. Employee shall not have any rights as a stockholder of the Company in respect
of any of RSUs unless and until this Award vests and is settled in shares of the Company’s common stock. 
 11.
Governing Law. This Award shall be governed in accordance with the laws of the State of Illinois. 
 12. Binding
Effect. This Award shall be binding on the Company and Employee and on Employee’s heirs, legatees and legal representatives. 
 13. Effective Date. This Award shall not become effective until Employee’s acceptance of this Award and agreement to be bound by the Employee Covenant Agreement. Upon such acceptance and
agreement, this Award shall become effective, retroactive to the Grant Date, without the necessity of further action by either the Company or Employee. 

  
 3Bonus Conversion Program

 Exhibit 10.22 
 Program Year 2012 
 Bonus Conversion Program 

Summary of Program Terms 

Program Objectives 
  

	•	 	 To increase the opportunity for employee ownership of Stericycle stock 

 

	•	 	 To provide an alternative means of deferring the tax obligation on incentive compensation 

Program Overview 
 The
Bonus Conversion Program provides you with an opportunity to defer current taxation into the future and to increase your ownership of Stericycle stock. This Program allows you to receive a vested Stericycle non-qualified stock option in lieu of all
or a portion of any annual, quarterly or monthly cash bonus that Stericycle otherwise would pay you. 
 If you elect to
participate for the 2012 Program Year, you will receive a vested option during the first quarter of 2013 to purchase $4.00 or more worth of Stericycle stock for every $1 of your annual bonus, quarterly bonuses or monthly bonuses for 2011 that you
elected to forego. The number of option shares will be equal to (a) 4 times the amount that you elected to forego divided by (b) the average closing price of Stericycle stock during 2012. The exercise price per share of the option will be
the closing price of the stock on the date of the option grant. For example, if under this Program you elect to forego $5,000 of your annual bonus for 2012, you will receive a vested option to purchase, at the option exercise price, a number of
shares equal to $20,000 divided by the average closing price of Stericycle stock during 2011 (or, if lower, the closing price on the date of the option grant). 
 The Bonus Conversion Program provides participants with an excellent opportunity to accumulate wealth if Stericycle stock performs well. A stock investment includes a potential for significant gain as
well as an investment risk. The Bonus Conversion Program is designed to provide a $4-for-$1 or greater replacement ratio or premium for risk because if you participate you will be trading certain cash for uncertain investment gain. With the
$4-for-$1 or greater replacement ratio, your potential for gain depends on whether Stericycle stock performs well. However, your risk is that Stericycle stock may not appreciate and you may not recover the amount of your cash bonus given up or match
the earnings you could have received under an alternative investment. 
 Enrollment 

THE ENCLOSED ELECTION FORM MUST BE COMPLETED AND RETURNED AS INDICATED ON THE FORM. THIS FORM MUST BE COMPLETED AND RETURNED EVEN IF YOU
ELECT NOT TO PARTICIPATE. YOUR PARTICIPATION IN THE PROGRAM IS NOT A STERICYCLE PROMISE THAT YOU WILL RECEIVE A BONUS OF ANY PARTICULAR AMOUNT OR ANY BONUS AT ALL. 

 Program Design 
  

	•	 	 Participants may elect to convert up to 100% of their annual, quarterly or monthly cash bonuses for 2012 (if any) (minimum of $1,000 in the aggregate)
into a Stericycle non-qualified stock option. 

  

	•	 	 Eligibility: Grade level S11 and above as approved by Board of Directors. 

 

	•	 	 Replacement ratio, or premium for risk, is $4 for options to purchase Stericycle stock for every $1 of cash bonus foregone.

  

	•	 	 The number of option shares will be equal to (a) 4 times the amount that a participant elected to forego divided by (b) the average closing
price of Stericycle stock during 2012 (or, if lower, the closing price on the date of the option grant). The exercise price per share of the option will be the closing price of Stericycle stock on the date of the option grant.

  

	•	 	 In the case of quarterly or monthly bonuses, the percentage that a participant elects to convert will apply to each of the participant’s quarterly
or monthly bonuses for 2012. 

  

	•	 	 If a participant’s employment terminates before receiving a stock option for his or her converted bonus or bonuses, the participant’s
conversion election will be canceled as of his or her termination date and all amounts converted will be paid in cash. 

  

	•	 	 Participants forego all or a portion of their cash bonuses (before any withholding that would have been taken out) in order to receive stock options.
Generally, a participant will be taxed at ordinary income rates on the option gain upon exercise of the stock option. Upon sale of the shares, any additional gain or loss will be taxed as short-term or long-term capital gain or loss depending on the
holding period of the stock for tax law purposes. 

  

	•	 	 An election to participate in this Program must be made by the election deadline to avoid constructive receipt and securities law restrictions. An
election is irrevocable and cannot be changed by the participant after the election deadline. New employees who start after January 31, 2012 will not be eligible to participate in the Bonus Conversion Program for 2012.

  

	•	 	 Participants vest in the stock options immediately. 

  

	•	 	 Option term: 10 years – participants have 10 years from date of grant to exercise options. 

 

	•	 	 In the event of death, disability, resignation, retirement, or other termination of employment (other than termination for cause), the stock option
remains exercisable until the end of the 10-year option term. 

  

	•	 	 Any stock options you elect to receive will be issued under any available Stericycle Stock Option Plan and the terms of that Plan and the related
Option Agreement will apply to your stock option. 

  
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