Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment Agreement (the "Agreement")
is entered into as of July 1, 2016, by and between Stuart W. Epperson, an individual ("Executive"), and Salem
Communications Holding Corporation, a Delaware corporation (the "Company").

 

RECITALS

 

WHEREAS, the Executive and the Company are
parties to an Employment Agreement, dated July 1, 2015 (the "Old Employment Agreement");

 

WHEREAS, the Executive and the Company wish
to terminate the Old Employment Agreement, effective as of midnight on June 30, 2016;

 

WHEREAS, the Company desires to employ Executive
in the capacity of Chairman of the Board of the Company on the terms and conditions set forth herein; and

 

WHEREAS, Executive desires to serve in such
capacity on behalf of the Company and to provide to the Company the services described herein on the terms and conditions set forth
herein.

 

NOW, THEREFORE, in consideration of the
foregoing recitals, the terms and conditions set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, Executive and the Company hereby agree as follows:

 

		1.	Employment by
the Company and Term.

 

(a) Duties. Subject to the
terms set forth herein, the Company agrees to employ Executive as Chairman of the Board and Executive hereby accepts such
employment. As Chairman of the Board, Executive shall have the authority, functions, duties, powers and responsibilities for
Executive's corporate office and position as set forth in the Company's Bylaws from time to time and such other authority,
functions, duties, powers and responsibilities as the Board of Directors of the Company (the "Board") may from time
to time prescribe or delegate to Executive, in all cases to be consistent with Executive's corporate offices and positions.
Notwithstanding the foregoing, the Board may change Executive’s title, corporate office, positions, authority,
functions, duties, powers and responsibilities from time to time if it, in its sole discretion, believes such change(s) to be
in the best interest of the Company, provided that in no event shall Executive’s status be of lesser stature than as
non-executive Vice Chairman.

 

(b) Full Time and Best Efforts.
During the Term, Executive shall apply, on a full-time basis, all of his skill and experience to the performance of his duties
hereunder and shall not, without the prior consent of the Board, devote substantial amounts of time to outside business activities.
The performance of Executive's duties shall be primarily in Winston-Salem, North Carolina and Jacksonville, Florida, subject to
reasonable travel as the performance of his duties in the business may require. Notwithstanding the foregoing, Executive may devote
a reasonable amount of his time to civic, community, charitable or passive investment activities in a manner which is reasonably
consistent with his historic practices.

 

     

     

    

Employment Agreement

Stuart W. Epperson

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(c) Company Policies. The
employment relationship between the parties shall be governed by the general employment policies and practices of the Company
and of its parent, Salem Media Group, Inc., a Delaware corporation (“Parent”), including without limitation the
policies described in Section 10 of this Agreement, except that when the terms of this Agreement differ from or are in
conflict with the Company's or Parent’s general employment policies or practices, this Agreement shall control.

 

(d) Term. Executive’s
term of employment under this Agreement shall commence as of the date hereof (the “Effective Date”) and, subject
to the terms hereof, shall terminate on such date (the “Termination Date”) that is the earlier of: (1)
June 30, 2017, or (2) the termination of Executive’s employment pursuant to Section 4 of this Agreement. The
period from the Effective Date until the Termination Date shall be defined herein as the “Term.”

 

		2.	Compensation and Benefits.

 

(a) Cash Salary. Executive
shall receive for services to be rendered hereunder an annual base salary (the "Base Salary"), of One Hundred
Fifty Thousand Dollars ($150,000).

 

(b) Participation in Benefit
Plans. During the Term, Executive shall be entitled to participate in any group insurance, hospitalization, medical,
dental, health and accident, disability, compensation or other plan or program of the Parent or Company now existing or
established hereafter to the extent that he is eligible under the general provisions thereof. The Company may, in its sole
discretion and from time to time, amend, eliminate or establish additional benefit programs as it deems appropriate. The
availability and terms of such benefit plans shall be set by the Board of Directors of Parent, or its designated committee,
and may change from time-to-time. Executive shall be required to comply with all conditions attendant to coverage by the
benefit plans hereunder and shall be entitled to benefits only in accordance with the terms and conditions of such plans as
they may be enumerated from time to time.

 

(c) Perquisites. During the
Term, the Company shall provide Executive with the perquisites and other fringe benefits generally made available to senior
executives of the Company and any such other benefits as the Board of Directors of Parent, or its designated committee, may
elect to grant from time-to-time including the following:

 

(1)Automobile Allowance. The
Company shall provide Executive, at no cost to Executive, the use of a company-owned or company-leased vehicle of a cost and quality
reasonably acceptable to the Company but, in any event, equal to or exceeding the cost and quality of the vehicle presently used
by Executive. The Company shall pay, or reimburse Executive for, all costs associated with operating, maintaining and insuring
such automobile, provided such costs are itemized and presented to the company in writing and in a form as then prescribed by the
Company in its policies for the reimbursement of employee business expenses;

 

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(2)Life Insurance. The Company
shall provide Executive the death benefit provided under a split-dollar life insurance policy pursuant to a separate Split Dollar
Life Insurance Agreement dated January 10, 2011, and entered into by Executive and the Company;

 

(3)Regulatory Filings. The Company
shall pay for all governmental and regulatory filings required by Executive solely as a result of his position as an officer or
director of the Company or Parent, including, but not limited to, all Section 16 filings required by Executive. For avoidance of
doubt, such filings would include SEC Forms 4 and 5 and Schedule 13G and FCC ownership reports and transfer applications and would
not include other filings required in connection with the sale of company stock by Executive;

 

(4)Regulatory
Filings/Fees Associated with Option Exercises. In the event Executive is required to make regulatory filings as a result of
his exercise of options granted him by the Company for the purchase of stock of the Parent, the Company shall pay the cost of such
filings, including any filing fee. The benefits provided in this Section 2(c)(4) shall include full reimbursement for any income
and employment taxes applicable to such benefits;

 

(5)Travel and Entertainment
Expenses. Reasonable, bona-fide Company-related entertainment and travel expenses incurred by Executive in accordance with
the Employee Handbook, Code of Ethical Conduct, Financial Code of Conduct and other written policies, all as issued by the Company,
relating thereto shall be reimbursed or paid by the Company; and,

 

(6) Health Benefit. Employer
will pay the employee, spouse and dependents portions of the monthly group health care premiums on behalf of Executive.

 

		3.	Bonuses.

 

In addition to the other compensation of
Executive as set forth herein, and subject to the provisions of Section 4 hereof, Executive shall be eligible for an annual merit
bonus in an amount to be determined at the discretion of the Board of Directors of the Company, which bonus may be paid in cash,
options or a combination thereof.

 

		4.	Termination of Employment.

 

(a)Termination For Cause.

 

(1)Termination; Payment of Accrued
Salary. The Board may terminate Executive's employment with the Company at any time for Cause (as hereinafter defined), immediately
upon notice to Executive of the circumstances leading to such termination for Cause. In the event that Executive's employment is
terminated for Cause, Executive shall receive payment for all accrued salary through the Termination Date, which in this event
shall be the date upon which notice of termination is given. The Company shall have no further obligation to pay severance of any
kind nor to make any payment in lieu of notice.

 

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(2)Definition of Cause. For the
purposes of this Agreement, “Cause” shall mean, without limitation, the following: (A) continued gross neglect,
malfeasance or gross insubordination in performing duties assigned to Executive; (B) a conviction for a crime involving moral turpitude;
(C) an egregious act of dishonesty (including without limitation theft or embezzlement) in connection with employment, or a malicious
action by Executive toward Parent, Company, or their affiliates or related entities (together with Parent, collectively “Affiliates”);
(D) a violation of the provisions of Section 6(a) hereof; (E) a willful breach of this Agreement; (F) disloyalty; and (G) material
and repeated failure to carry out reasonably assigned duties or instructions consistent with Executive’s position.

 

(b)Termination by Executive. Executive
shall have the right, at his election, to terminate his employment with the Company by notice to the Company to that effect: (1)
if the Company shall have failed to substantially perform a material condition or covenant of this Agreement ("Company's Material
Breach") or (2) if the Company materially reduces or diminishes Executive's powers and responsibilities hereunder; provided,
however, that a termination under clauses (1) and (2) of this Section 4(b) shall not be effective until Executive shall have given
notice to the Company specifying the claimed breach and, provided such breach is curable, Company fails to correct the claimed
breach within 30 days after the receipt of the applicable notice or such longer term as may be reasonably required by the Company
due to the nature of the claimed breach (but within 10 days if the failure to perform is a failure to pay monies when due under
the terms of this Agreement).

 

(c)Termination Upon Disability.
The Company may terminate Executive's employment in the event Executive suffers any mental or physical impairment which prevents
Executive at any time during the Term from performing the essential functions of his full duties for a period of 180 days within
any 270 day period and Executive thereafter fails to return to work within 10 days of notice by the Company of intention to terminate
(“Disability”). After the Termination Date, which in the event of a Disability shall be the date upon which notice
of termination is given, no further compensation shall be payable under this Agreement except that Executive shall receive the
accrued portion of any salary and bonus through the Termination Date, less standard withholdings for tax and social security purposes,
payable, in the case of a bonus, upon such date or over such period of time which is in accordance with the applicable bonus plan
plus severance equal to 100% of his then Base Salary for 15 months without offset for any disability payments Executive may receive,
payable in equal monthly installments. After the Termination Date following a Disability, any then unvested or time-vested stock
options previously granted to Executive by the Company shall become immediately one hundred percent (100%) vested.

 

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(d)Termination Without Cause.
In the event that, during the Term, Executive's employment is terminated by the Company other than pursuant to Section 4(a) or
4(c), or by Executive pursuant to Section 4(b), the Company shall pay Executive as severance an amount equal to his then Base Salary
for the longer of six months or the remainder of the Term, less standard withholdings for tax and social security purposes, payable
in equal installments over six consecutive months, or, if longer, the number of months remaining in the Term, commencing immediately
following termination, in monthly pro rata payments commencing as of the Termination Date, plus the accrued portion of any bonus
through the Termination Date, less standard withholdings for tax and social security purposes, payable, in the case of a bonus,
upon such date or over such period of time which is in accordance with the applicable bonus plan.

 

(e)Benefits Upon Termination. All
benefits provided under Section 2(b) hereof shall be extended at the Executive's cost, to the extent permitted by the
Company's insurance policies and benefit plans, for six months after Executive's Termination Date, except (i) as required
by law (e.g. COBRA health insurance continuation election) or (ii) in the event of a termination by the Company pursuant
to Section 4(a).

 

(f)Termination Upon Death. If Executive
dies prior to the expiration of the Term, the Company shall (1) continue coverage of Executive's dependents (if any) under all
applicable benefit plans or programs of the type listed above in Section 2(b) herein for a period of 12 months, to the extent permitted
by the Company’s insurance policies and benefit plans, and (2) pay to Executive's estate the accrued portion of any salary
and bonus through the Termination Date, less standard withholdings for tax and social security purposes, payable, in the case of
a bonus, upon such date or over such period of time which is in accordance with the applicable bonus plan. After the Termination
Date, which in this event shall be the date of Executive’s death, any then unvested or time-vested stock options previously
granted to Executive by the Company shall become immediately one hundred percent (100%) vested.

 

(g)No Offset. Executive shall have
no duty to mitigate any of his damages or losses and the Company shall not be entitled to reduce or offset any payments owed to
Executive hereunder for any reason.

 

		5.	Right of First Refusal on Corporate Opportunities.

 

During the Term, Executive agrees that he
shall, prior to exploiting a Corporate Opportunity (hereafter defined) for his own account or for the benefit of an immediate family
member’s account, offer the Company a right of first refusal with respect to such Corporate Opportunity. For purposes of
this Section 5, “Corporate Opportunity” shall mean any business opportunity that is in the same or a related business
as any of the businesses in which the Company or any of its Affiliates is involved. The determination as to whether a business
opportunity constitutes a Corporate Opportunity shall be made by the Nominating and Corporate Governance Committee of Parent or
a majority of the disinterested and independent members of the Board, and their determination shall be based on an evaluation
of: (a) the extent to which the Corporate Opportunity is within the Company’s or any of its Affiliates’ existing lines
of business or its existing plans to expand; (b) the extent to which the Corporate Opportunity supplements the Company’s
or any of its Affiliates’ existing lines of activity or complements the Company’s or any of its Affiliates’ existing
methods of service; (c) whether the Company has available resources that can be utilized in connection with the Corporate Opportunity;
(d) whether the Company is legally or contractually barred from utilizing the Corporate Opportunity; (e) the extent to which utilization
of the Corporate Opportunity by Executive would create conflicts of interest with the Company or any of its Affiliates; and (f)
any other factors the Nominating and Corporate Governance Committee or such disinterested and independent Board members deem(s)
appropriate under the circumstances.

 

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		6.	Executive’s Obligations.

 

(a)Confidential Information. Executive
agrees that, during the Term or at any time thereafter:

 

(1)Executive shall not use for any purpose
other than the duly authorized business of Company, or disclose to any third party, any information relating to Company or any
of its Affiliates which is proprietary to Company or any of its Affiliates ("Confidential Information"), including any
customer list, contact information, rate schedules, programming, data, plans, intellectual property, trade secret or any written
(including in any electronic form) or oral communication incorporating Confidential Information in any way (except as may be required
by law or in the performance of Executive’s duties under this Agreement consistent with Company's policies) regardless of
whether or not such information has been labeled as “confidential”; and

 

(2)Executive shall comply with any and
all confidentiality obligations of Company to a third party, whether arising under a written agreement or otherwise.

 

(b) Work For Hire.

 

(1)The results and proceeds of Executive’s
services to Company, including, without limitation, any works of authorship resulting from Executive’s services during Executive’s
employment with Company and/or any of its Affiliates and any works in progress resulting from such services, shall be works-made-for-hire
and Company shall be deemed the sole owner of any and all rights of every nature in such works, whether such rights are now known
or hereafter defined or discovered, with the right to use the works in perpetuity in any manner Company determines in its sole
discretion without any further payment to Executive. If, for any reason, any of such results and proceeds are not legally deemed
a work-made-for-hire and/or there are any rights in such results and proceeds which do not accrue to Company under the preceding
sentence, then Executive hereby irrevocably assigns and agrees to assign any and all of Executive’s right, title and interest
thereto, whether now known or hereafter defined or discovered, and Company shall have the right to use the work in perpetuity in
any location and in any manner Company determines in its sole discretion without any further payment to Executive.

 

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(2)Executive shall
do any and all things which Company may deem useful or desirable to establish or document Company's rights in any such results
and proceeds, including, without limitation, the execution of appropriate copyright, trademark and/or patent applications, assignments
or similar documents and, if Executive is unavailable or unwilling to execute such documents, Executive hereby irrevocably designates
the Chairman of the Board of Directors of Parent or his designee as Executive’s attorney-in-fact with the power to execute
such documents on Executive’s behalf. To the extent Executive has any rights in the results and proceeds of Executive’s
services under this Agreement that cannot be assigned as described above, Executive unconditionally and irrevocably waives the
enforcement of such rights.

 

(3) Works-made-for-hire
do not include subject matter that meets all of the following criteria: (A) is conceived, developed and created by Executive on
Executive’s own time without using the Company’s or any of its Affiliate’s equipment, supplies or facilities
or any trade secrets or confidential information, (B) is unrelated to the actual or reasonably anticipated business or research
and development of Company or any of its Affiliates of which Executive is or becomes aware; and (C) does not result from any work
performed by Executive for Company or any of its Affiliates.

 

(c)Return of Property. All documents, data, recordings,
equipment or other property, whether tangible or intangible, including all information stored in electronic form, obtained or prepared
by or for Executive and utilized by Executive in the course of Executive’s employment with Company or any of its Affiliates
shall remain the exclusive property of Company and shall not be removed from the premises of the Company under any circumstances
whatsoever without the prior written consent of the Company, except when (and only for the period) necessary to carry out Executive's
duties hereunder, and if removed shall be immediately returned to the Company upon any termination of his employment and no copies
thereof shall be kept by Executive; provided, however, that Executive shall be entitled to retain documents reasonably related
to his prior interest as a shareholder. Upon termination of employment, Executive shall promptly return all property of Company
or any of its Affiliates.

 

(d)Use of Executive’s Name, Image and Likeness.
Company may make use of Executive’s name, photograph, drawing or other likeness in connection with the advertising or the
giving of publicity to Company, Parent or a program broadcast or content provided by Company, Parent or any Affiliates. In such
regard, Company may make recordings, transcriptions, videotapes, films and other reproductions of any and all actions performed
by Executive in his or her capacity as an Executive of Company, including without limitation any voice-over or announcing material
provided by Executive (collectively “Executive Performances”). Company shall have the right to broadcast, display,
license, assign or use any Executive Performances on a royalty-free basis without additional compensation payable to Executive.

 

		7.	Noninterference.

 

While employed by the Company and for
a period of two years thereafter, Executive agrees not to interfere with the business of the Company by directly or indirectly
soliciting, attempting to solicit, inducing, or otherwise causing any executive or material employee of the Company or any of its
Affiliates to terminate his or her employment in order to become an employee, consultant or independent contractor to or for any
other Company.

 

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		8.	Noncompetition.

 

Because of the need to protect the Company’s
business interests, including confidential information known by Executive, and as consideration for Company’s offer to employ
Executive for the Term, Executive agrees that during the Term and for a period of two years thereafter, he shall not, without the
prior consent of the Company, directly or indirectly, be employed by, be connected with, or have an interest in, as an employee,
consultant, officer, director, partner, stockholder or joint venturer, in any person or entity owning, managing, controlling, operating
or otherwise participating or assisting in any business that is in competition with the business of the Company or any of its Affiliates
(a) during the Term, in any location, and (b) for the two-year period following the termination of this Agreement, in any province,
state or jurisdiction in the United States in which the Company or any of its Affiliates was conducting business at the date of
termination of Executive's employment and continues to do so thereafter; provided, however, that the foregoing shall not prevent
Executive from being a stockholder of less than one percent of the issued and outstanding securities of any class of a corporation
listed on a national securities exchange or designated as national market system securities on an interdealer quotation system
by the National Association of Securities Dealers, Inc. Notwithstanding the foregoing, this paragraph shall not operate to limit
Executive’s ability to provide non-confidential information to, serve on the board of directors of, or be employed by any
501(c)(3) organization, including any such organization operating non-commercial radio station(s).

 

		9.	Remedies.

 

Executive
acknowledges that a breach or threatened breach by Executive of any the provisions of Sections 5, 6, 7 or 8 will result in the
Company and its stockholders suffering irreparable harm which cannot be calculated or fully or adequately compensated by recovery
of monetary damages alone. Accordingly, Executive agrees that the Company shall be entitled to interim, interlocutory and permanent
injunctive relief, specific performance and other equitable remedies, in addition to any other relief to which the Company may
become entitled should there be such a breach or threatened breach.

 

		10.	Personal Conduct.

 

Executive agrees to promptly
and faithfully comply with all present and future policies, requirements, directions, requests and rules and regulations of the
Company in connection with the Company’s business, including without limitation the policies and requirements set forth in
Parent’s Employee Handbook, Code of Ethical Conduct and Financial Code of Conduct. Executive further agrees to comply with
all laws and regulations pertaining to Executive’s employment with the Company. Executive hereby agrees not to engage in
any activity that is in direct conflict with the essential interests of the Company or any of its Affiliates. Executive hereby
acknowledges that nothing set forth in the Employee Handbook, Code of Ethical Conduct or Financial Code of Conduct or any other
policy issued by the Company or Parent shall be deemed to create a separate contractual obligation, guarantee or inducement between
Executive and the Company.

 

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		11.	Indemnification.

 

The Company shall indemnify Executive to the
fullest extent permitted by law, in effect at the time of the subject act or omission, and shall advance to Executive reasonable
attorneys’ fees and expenses as such fees and expenses are incurred (subject to an undertaking from Executive to repay such
advances if it shall be finally determined by a judicial decision which is not subject to further appeal that Executive was not
entitled to the reimbursement of such fees and expenses). Executive shall be entitled to the protection of any insurance policies
that the Company may elect to maintain generally for the benefit of its directors and officers against all costs, charges and expenses
incurred or sustained by him in connection with any action, suit or proceeding (other than any action, suit or proceeding arising
under or relating to this Agreement) to which Executive may be made a party by reason of his being or having been a director, officer
or employee of the Company or any of its Affiliates, or his serving or having served any other enterprise as a director, officer
or employee at the request of the Company. The Company covenants to maintain during Executive’s employment for the benefit
of Executive (in his capacity as an officer and director of the Company) Directors’ and Officers’ Insurance providing
benefits to Executive no less favorable, taken as a whole, than the benefits provided to the other senior executives of the Company
by the Directors’ and Officers’ Insurance maintained by the Company on the date hereof; provided, however, that the
Board may elect to terminate Directors’ and Officers’ Insurance for all officers and directors, including Executive,
if the Board determines in good faith that such insurance is not available or is available only at unreasonable expense.

 

		12.	Miscellaneous.

 

(a)Notices. Any notices provided
hereunder must be in writing and shall be deemed effective upon the earlier of (1) personal delivery (including personal delivery
by e-mail or fax), (2) on the first day after mailing by overnight courier, or (3) on the third day after mailing by first class
mail, to the recipient at the address indicated below:

 

To the Company:

 

Salem Communications Holding Corporation

4880 Santa Rosa Road

Camarillo, California 93012

Attention: Christopher J. Henderson, Senior
Vice President

 

To Executive:

 

Stuart W. Epperson

3780 Will Scarlet Road

Winston-Salem, NC 27104

 

or to such other address or to the attention of such other person
as the recipient party shall have specified by prior written notice to the sending party.

 

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(b)Severability. If any provision
of this Agreement is determined to be invalid or unenforceable by a court of competent jurisdiction from which no further appeal
lies or is taken, that provision shall be deemed to be severed herefrom, and all remaining provisions of this Agreement shall not
be affected thereby and shall remain valid and enforceable.

 

(c)Entire Agreement. This document
constitutes the final, complete, and exclusive embodiment of the entire agreement and understanding between the parties related
to the subject matter hereof and supersedes and preempts any prior or contemporaneous understandings, agreements, or representations
by or between the parties, written or oral. Without limiting the generality of the foregoing, except as provided in this Agreement,
all understandings and agreements, written or oral, relating to the employment of Executive by the Company or the payment of any
compensation or the provision of any benefit in connection therewith or otherwise, are hereby terminated and shall be of no further
force and effect.

 

(d)Counterparts. This Agreement
may be executed in separate counterparts, any one of which need not contain signatures of more than one party, but all of which
taken together shall constitute one and the same agreement.

 

(e)Successors and Assigns. This
Agreement is intended to bind and inure to the benefit of and be enforceable by Executive and the Company, and their respective
successors and assigns, except that Executive may not assign any of his duties hereunder and he may not assign any of his rights
hereunder without the prior written consent of the Company.

 

(f)Amendments. No amendments or
other modifications to this Agreement may be made except by a writing signed by both parties. No amendment or waiver of this Agreement
requires the consent of any individual, partnership, corporation or other entity not a party to this Agreement. Nothing in this
Agreement, express or implied, is intended to confer upon any third person any rights or remedies under or by reason of this Agreement.

 

(g)Attorneys' Fees. If any legal
proceeding is necessary to enforce or interpret the terms of this Agreement, or to recover damages for breach therefore, the prevailing
party shall be entitled to reasonable attorney's fees, as well as costs and disbursements, in addition to other relief to which
he or it may be entitled.

 

(h)Choice of Law. All questions
concerning the construction, validity and interpretation of this Agreement shall be governed by the internal law, and not the law
of conflicts, of the State of California.

 

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(i)Resolution of Disputes. Company
and Executive mutually agree to resolve any and all legal claims arising from or in any way relating to Executive’s employment
with Company through mediation or, if mediation does not resolve the claim or dispute within ten (10) days of notice demanding
mediation, by binding arbitration under the Federal Arbitration Act subject to the terms and conditions provided below. Notwithstanding
the foregoing, insured workers’ compensation claims (other than wrongful discharge claims) and claims for unemployment insurance
are excluded from arbitration under this Agreement. This Agreement does not prevent the filing of charges with administrative agencies
such as the Equal Employment Opportunity Commission, the National Labor Relations Board, or equivalent state agencies. Arbitration
shall be conducted in Ventura County, California in accordance with any of the following, at Executive’s election: (a) the
JAMS® Employment Rules of Procedure, or (b) the rules of procedure issued by another alternative dispute resolution
service mutually acceptable to Executive and Company. Any award issued in accordance with this Section 12(i) shall be rendered
as a judgment in any trial court having competent jurisdiction. Company shall pay the arbitration fees and expenses, less any filing
fee amount the Executive would otherwise have to pay to pursue a comparable lawsuit in a United States district court in the jurisdiction
where the dispute arises or state court in the jurisdiction where the dispute arises, whichever is less. All other rights, remedies,
exhaustion requirements, statutes of limitations and defenses applicable to claims asserted in a court of law shall apply in the
arbitration. Executive expressly waives any presumption or rule, if any, which requires this Agreement to be construed against
the Company.

 

(j)Integration. This Agreement
comprises the entire understanding of the parties with respect to the subject matter and shall supersede all other prior written
or oral agreements, including without limitation the Old Employment Agreement.

 

{Continued on the following page.}

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(k)Survival; Modification of Terms.
No change in Executive’s duties or salary shall affect, alter, or otherwise release Executive from the covenants and agreements
contained herein. All post-termination covenants, agreements, representations and warranties made herein by Executive shall survive
the expiration or termination of this Agreement or employment under this Agreement in accordance with their respective terms and
conditions.

 

IN WITNESS WHEREOF, the parties have executed
this agreement effective as of the date first written above.

 

	 	
        "EXECUTIVE"

	 	 
	 	 
		/s/STUART W. EPPERSON
	 	Stuart W. Epperson
	 	 
	 	 
	 	 
	 	
        "COMPANY"

	 	 
	 	SALEM COMMUNICATIONS HOLDING CORPORATION
	 	 
	 	By:	/s/EDWARD G. ATSINGER III
	 	 	Edward G. Atsinger III
	 	 	Chief Executive Officer

 

 

I hereby certify that the terms and conditions of this Employment
Agreement have been reviewed and approved by the Compensation Committee of Salem Media Group, Inc.

 

	Effective Date: June 30, 2016  	/s/RICHARD RIDDLE
	 	Richard Riddle
	 	Chairman of the Compensation Committee,
	 	Salem Media Group, Inc.

 

 

    12Exhibit 10.1

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

WASTE CONNECTIONS, INC.

NONQUALIFIED DEFERRED COMPENSATION PLAN

 

Purpose

 

The purpose of this
Plan is to provide specified benefits to a select group of management or highly compensated Employees and Directors who contribute
materially to the continued growth, development and future business success of Waste Connections, Inc., a Delaware corporation,
and its subsidiaries, if any, that sponsor this Plan. This Plan shall be unfunded for tax purposes and for purposes of Title I
of ERISA.

 

This Plan, originally
effective July 1, 2004, was (i) amended and restated as of January 1, 2008 to reflect certain changes necessitated by Code Section
409A and related Treasury guidance; (ii) amended and restated effective as of January 1, 2010 to provide for a supplemental death
benefit and the deferral of certain equity incentive awards granted pursuant to equity incentive plans maintained by the Company;
(iii) amended and restated effective as of September 22, 2011 to provide for installment payment method elections for certain of
the benefits payable hereunder; (iv) amended effective as of January 1, 2014 to remove retirement provisions and to provide for
other administrative changes and (v) amended and restated effective as of December 1, 2014 to incorporate amendments into the Plan
and to provide discretion to the Committee to determine whether to permit the deferral of Restricted Stock Unit Awards pursuant
to the Plan. The Plan is intended to comply with all applicable law, including Code Section 409A and related Treasury guidance
and Regulations, and shall be operated and interpreted in accordance with this intention. Consistent with the foregoing, and in
order to transition the Plan to the requirements of Code Section 409A and related Treasury guidance and Regulations, the Committee
may make available to Participants certain transition relief described more fully in Appendix A of this Plan.

 

ARTICLE 1

Definitions

 

For the purposes of
this Plan, unless otherwise clearly apparent from the context, the following phrases or terms shall have the following indicated
meanings:

 

		1.1	“Account Balance” shall mean, with respect to a Participant, an entry on the records
of the Employer equal to the sum of (i) the Deferral Account balance, (ii) the Company Contribution Account balance, and (iii) the
Company Restoration Matching Account balance. The Account Balance shall be a bookkeeping entry only and shall be utilized solely
as a device for the measurement and determination of the amounts to be paid to a Participant, or his or her designated Beneficiary,
pursuant to this Plan.

 

		1.2	“Annual Deferral Amount” shall mean that portion of a Participant’s (i) Base
Salary; (ii) Bonus; (iii) Commissions; (iv) Director Fees; (v) LTIP Amounts and (vi) provided, that the Committee determines to
permit the deferral thereof, Company Common Stock issuable pursuant to Restricted Stock Unit Awards that a Participant defers in
accordance with Article 3 for any one Plan Year, without regard to whether such amounts are withheld and credited during such
Plan Year. In the event of a Participant’s Disability, death or Separation from Service prior to the end of a Plan Year,
such year’s Annual Deferral Amount shall be the actual amount withheld prior to such event.

 

    	 	-1-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		1.3	“Annual Installment Method” shall be an annual installment payment over the number
of years selected by the Participant in accordance with this Plan, calculated as follows: (i) for the first annual installment,
the Participant’s vested Account Balance shall be calculated as of the close of business on or around the last day
of the six-month period immediately following the date on which the Participant experiences a Separation from Service (as determined
by the Committee in its sole discretion), and (ii) for remaining annual installments, the Participant’s vested Account
Balance shall be calculated on every anniversary of such calculation date, as applicable. Each annual installment shall be calculated
by multiplying this balance by a fraction, the numerator of which is one and the denominator of which is the remaining number of
annual payments due the Participant. By way of example, if the Participant elects a ten (10) year Annual Installment Method, the
first payment shall be 1/10 of the vested Account Balance, calculated as described in this definition. The following year, the
payment shall be 1/9 of the vested Account Balance, calculated as described in this definition.

 

		1.4	“Base Salary” shall mean the annual cash compensation relating to services performed
during any calendar year, excluding distributions from nonqualified deferred compensation plans, bonuses, commissions, overtime,
fringe benefits, stock options, relocation expenses, incentive payments, non-monetary awards, director fees and other fees, and
automobile and other allowances paid to a Participant for employment services rendered (whether or not such allowances are included
in the Employee’s gross income). Base Salary shall be calculated before reduction for compensation voluntarily deferred or
contributed by the Participant pursuant to all qualified or nonqualified plans of any Employer and shall be calculated to include
amounts not otherwise included in the Participant’s gross income under Code Sections 125, 402(e)(3), 402(h), or 403(b) pursuant
to plans established by any Employer; provided, however, that all such amounts will be included in compensation only to the extent
that had there been no such plan, the amount would have been payable in cash to the Employee.

 

		1.5	“Beneficiary” shall mean one or more persons, trusts, estates or other entities, designated
in accordance with Article 10, that are entitled to receive benefits under this Plan upon the death of a Participant.

 

		1.6	“Beneficiary Designation Form” shall mean the form established from time to time by
the Committee that a Participant completes, signs and returns to the Committee to designate one or more Beneficiaries.

 

		1.7	“Benefit Distribution Date” shall mean the date that triggers distribution of a Participant’s
vested Account Balance. A Participant’s Benefit Distribution Date shall be determined upon the occurrence of any one of the
following:

 

		(a)	If the Participant experiences a Separation from Service, his or her Benefit Distribution Date
shall be the last day of the six-month period immediately following the date on which the Participant experiences a Separation
from Service; provided, however, in the event the Participant changes his or her Termination Benefit election in accordance with
Section 7.2 (b), his or her Benefit Distribution Date shall be postponed in accordance with Section 7.2 (b); or

 

		(b)	The date on which the Committee is provided with proof that is satisfactory to the Committee of
the Participant’s death, if the Participant dies prior to the complete distribution of his or her vested Account Balance;
or

 

		(c)	The date on which the Participant becomes Disabled; or

 

    	 	-2-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(d)	The date on which the Company experiences a Change in Control, as determined by the Committee in
its sole discretion, if (i) the Participant has elected to receive a Change in Control Benefit, as set forth in Section 5.2 below,
and (ii) if a Change in Control occurs prior to the Participant’s Separation from Service, death or Disability.

 

		1.8	“Board” shall mean the board of directors of the Company.

 

		1.9	“Bonus” shall mean any compensation, in addition to Base Salary, Commissions and LTIP
Amounts, earned by a Participant for services rendered during a Plan Year, under any Employer’s annual bonus and cash incentive
plans.

 

		1.10	“Change in Control” shall mean the occurrence of a “change in the ownership,”
a “change in the effective control” or a “change in the ownership of a substantial portion of the assets”
of a corporation, as determined in accordance with this Section.

 

In order for an event described
below to constitute a Change in Control with respect to a Participant, except as otherwise provided in part (b)(ii) of this Section,
the applicable event must relate to the corporation for which the Participant is providing services, the corporation that is liable
for payment of the Participant’s Account Balance (or all corporations liable for payment if more than one), as identified
by the Committee in accordance with Treas. Reg. Section 1.409A-3(i)(5)(ii)(A)(2), or such other corporation identified by the Committee
in accordance with Treas. Reg. Section 1.409A-3(i)(5)(ii)(A)(3).

 

In determining whether an event
shall be considered a “change in the ownership,” a “change in the effective control” or a “change
in the ownership of a substantial portion of the assets” of a corporation, the following provisions shall apply:

 

		(a)	A “change in the ownership” of the applicable corporation shall occur on the date on
which any one person, or more than one person acting as a group, acquires ownership of stock of such corporation that, together
with stock held by such person or group, constitutes more than 50% of the total fair market value or total voting power of the
stock of such corporation, as determined in accordance with Treas. Reg. Section 1.409A-3(i)(5)(v). If a person or group is considered
either to own more than 50% of the total fair market value or total voting power of the stock of such corporation, or to have effective
control of such corporation within the meaning of part (b) of this Section, and such person or group acquires additional stock
of such corporation, the acquisition of additional stock by such person or group shall not be considered to cause a “change
in the ownership” of such corporation.

 

		(b)	A “change in the effective control” of the applicable corporation shall occur on either
of the following dates:

 

		(i)	The date on which any one person, or more than one person acting as a group, acquires (or has acquired
during the 12-month period ending on the date of the most recent acquisition by such person or persons) ownership of stock of such
corporation possessing 50% or more of the total voting power of the stock of such corporation, as determined in accordance with
Treas. Reg. Section 1.409A-3(i)(5)(vi). If a person or group is considered to possess 50% or more of the total voting power of
the stock of a corporation, and such person or group acquires additional stock of such corporation, the acquisition of additional
stock by such person or group shall not be considered to cause a “change in the effective control” of such corporation;
or

 

    	 	-3-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(ii)	The date on which a majority of the members of the applicable corporation’s board of directors
is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members
of such corporation’s board of directors before the date of the appointment or election, as determined in accordance with
Treas. Reg. Section 1.409A-3(i)(5)(vi). In determining whether the event described in the preceding sentence has occurred, the
applicable corporation to which the event must relate shall only include a corporation identified in accordance with Treas. Reg.
Section 1.409A-3(i)(5)(ii) for which no other corporation is a majority shareholder.

 

A “change in the ownership
of a substantial portion of the assets” of the applicable corporation shall occur on the date on which any one person, or
more than one person acting as a group, acquires (or has acquired during the 12-month period ending on the date of the most recent
acquisition by such person or persons) assets from the corporation that have a total gross fair market value equal to or more than
40% of the total gross fair market value of all of the assets of the corporation immediately before such acquisition or acquisitions,
as determined in accordance with Treas. Reg. Section 1.409A-3(i)(5)(vii). A transfer of assets shall not be treated as a “change
in the ownership of a substantial portion of the assets” when such transfer is made to an entity that is controlled by the
shareholders of the transferor corporation, as determined in accordance with Treas. Reg. Section 1.409A-3(i)(5)(vii)(B).

 

		1.11	“Change in Control Benefit” shall have the meaning set forth in Article 5.

 

		1.12	“Claimant” shall have the meaning set forth in Section 14.1.

 

		1.13	“Code” shall mean the Internal Revenue Code of 1986, as it may be amended from time
to time.

 

		1.14	“Commissions” shall mean the cash commissions earned by a Participant from any Employer
for services rendered during a Plan Year, excluding Bonus, LTIP Amounts or other additional incentives or awards earned by the
Participant.

 

		1.15	“Committee” shall mean the committee described in Article 12.

 

		1.16	“Company” shall mean Waste Connections, Inc., a Delaware corporation, and any successor
to all or substantially all of the Company’s assets or business.

 

		1.17	“Company Contribution Account” shall mean (i) the sum of the Participant’s Company
Contribution Amounts, plus (ii) amounts credited or debited to the Participant’s Company Contribution Account in accordance
with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate
to the Participant’s Company Contribution Account.

 

		1.18	“Company Contribution Amount” shall mean, for any one Plan Year, the amount determined
in accordance with Section 3.5.

 

		1.19	“Company Restoration Matching Account” shall mean (i) the sum of all of a Participant’s
Company Restoration Matching Amounts, plus (ii) amounts credited or debited to the Participant’s Company Restoration Matching
Account in accordance with this Plan, less (iii) all distributions made to the Participant or his or her Beneficiary pursuant to
this Plan that relate to the Participant’s Company Restoration Matching Account.

 

    	 	-4-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		1.20	“Company Restoration Matching Amount” shall mean, for any one Plan Year, the amount
determined in accordance with Section 3.6.

 

		1.21	“Death Benefit” shall mean the benefit set forth in Section 9.1.

 

		1.22	“Deduction Limitation” shall mean the limitation on a benefit that may otherwise be
distributable pursuant to the provisions of this Plan, as set forth in Section 16.17.

 

		1.23	“Deferral Account” shall mean (i) the sum of all of a Participant’s Annual Deferral
Amounts, plus (ii) amounts credited or debited to the Participant’s Deferral Account in accordance with this Plan, less (iii)
all distributions made to the Participant or his or her Beneficiary pursuant to this Plan that relate to his or her Deferral Account.

 

		1.24	“Director” shall mean any member of the board of directors of any Employer.

 

		1.25	“Director Fees” shall mean the annual fees earned by a Director from any Employer,
including retainer fees and meetings fees, as compensation for serving on the board of directors.

 

		1.26	“Disability” or “Disabled” shall mean that a Participant is (i) unable
to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) by reason of
any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for
a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under
an accident or health plan covering employees of the Participant’s Employer.

 

		1.27	“Disability Benefit” shall mean the benefit set forth in Article 8.

 

		1.28	“Election Form” shall mean the form established from time to time by the Committee
that a Participant completes, signs and returns to the Committee to make an election under the Plan, whether in a paper or electronic
format.

 

		1.29	“Employee” shall mean a person who is an employee of any Employer.

 

		1.30	“Employer(s)” shall mean the Company and/or any of its subsidiaries (now in existence
or hereafter formed or acquired) that have been selected by the Board to participate in the Plan and have adopted the Plan as a
sponsor.

 

		1.31	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as it may be
amended from time to time.

 

		1.32	“First Plan Year” shall mean the period beginning July 1, 2004 and ending December
31, 2004.

 

		1.33	“LTIP Amounts” shall mean any portion of the compensation attributable to a Plan Year
that is earned by a Participant as an Employee under any Employer’s long-term cash incentive plan or any other long-term
cash incentive arrangement designated by the Committee.

 

		1.34	“Participant” shall mean any Employee or Director (i) who is selected to participate
in the Plan, (ii) who submits an executed Plan Agreement, Election Form and Beneficiary Designation Form, which are accepted
by the Committee, and (iii) whose Plan Agreement has not terminated.

 

		1.35	“Plan” shall mean the Waste Connections, Inc. Nonqualified Deferred Compensation Plan,
which shall be evidenced by this instrument and by each Plan Agreement, as they may be amended or amended and restated from time
to time.

 

    	 	-5-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		1.36	“Plan Agreement” shall mean a written agreement, as may be amended from time to time,
which is entered into by and between an Employer and a Participant. Each Plan Agreement executed by a Participant and the Participant’s
Employer shall provide for the entire benefit to which such Participant is entitled under the Plan; should there be more than one
Plan Agreement, the Plan Agreement bearing the latest date of acceptance by the Employer shall supersede all previous Plan Agreements
in their entirety and shall govern such entitlement. The terms of any Plan Agreement may be different for any Participant, and
any Plan Agreement may provide additional benefits not set forth in the Plan or limit the benefits otherwise provided under the
Plan; provided, however, that any such additional benefits or benefit limitations must be agreed to by both the Employer and the
Participant.

 

		1.37	“Plan Year” shall, except for the First Plan Year, mean a period beginning
on January 1 of each calendar year and continuing through December 31 of such calendar year.

 

		1.38	“Restricted Stock Unit Award” shall mean an incentive award relating to the Company’s
Common Stock made to a Participant in the form of an award of restricted stock units pursuant to the Third Amended and Restated
2004 Equity Incentive Plan, as may be amended from time to time, or other applicable stock-based incentive plan, including without
limitation, any stock-based long-term incentive plan or arrangement maintained by the Company.

 

		1.39	“Scheduled Distribution” shall mean the distribution set forth in Section 4.1.

 

		1.40	“Separation from Service” shall mean a termination of services provided by a Participant
to his or her Employer, whether voluntarily or involuntarily, other than by reason of death or Disability, as determined by the
Committee in accordance with Treas. Reg. Section 1.409A-1(h). In determining whether a Participant has experienced a Separation
from Service, the following provisions shall apply:

 

		(a)	For a Participant who provides services to an Employer as an Employee, except as otherwise provided
in part (c) of this Section, a Separation from Service shall occur when such Participant has experienced a termination of employment
with such Employer. A Participant shall be considered to have experienced a termination of employment when the facts and circumstances
indicate that the Participant and his or her Employer reasonably anticipate that either (i) no further services will be performed
for the Employer after a certain date, or (ii) that the level of bona fide services the Participant will perform for the Employer
after such date (whether as an Employee or as an independent contractor) will permanently decrease to no more than 20% of the average
level of bona fide services performed by such Participant (whether as an Employee or an independent contractor) over the immediately
preceding 36-month period (or the full period of services to the Employer if the Participant has been providing services to the
Employer less than 36 months).

 

If a Participant is on military
leave, sick leave, or other bona fide leave of absence, the employment relationship between the Participant and the Employer shall
be treated as continuing intact, provided that the period of such leave does not exceed 6 months, or if longer, so long as the
Participant retains a right to reemployment with the Employer under an applicable statute or by contract. If the period of a military
leave, sick leave, or other bona fide leave of absence exceeds 6 months and the Participant does not retain a right to reemployment
under an applicable statute or by contract, the employment relationship shall be considered to be terminated for purposes of this
Plan as of the first day immediately following the end of such 6-month period. In applying the provisions of this paragraph, a
leave of absence shall be considered a bona fide leave of absence only if there is a reasonable expectation that the Participant
will return to perform services for the Employer. 

 

    	 	-6-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(b)	For a Participant who provides services to an Employer as an independent contractor, except as
otherwise provided in part (c) of this Section, a Separation from Service shall occur upon the expiration of the contract (or in
the case of more than one contract, all contracts) under which services are performed for such Employer, provided that the expiration
of such contract(s) is determined by the Committee to constitute a good-faith and complete termination of the contractual relationship
between the Participant and such Employer.

 

		(c)	For a Participant who provides services to an Employer as both an Employee and an independent contractor,
a Separation from Service generally shall not occur until the Participant has ceased providing services for such Employer both
as an Employee and as an independent contractor, as determined in accordance with the provisions set forth in parts (a) and (b)
of this Section, respectively. Similarly, if a Participant either (i) ceases providing services for an Employer as an independent
contractor and begins providing services for such Employer as an Employee, or (ii) ceases providing services for an Employer as
an Employee and begins providing services for such Employer as an independent contractor, the Participant will not be considered
to have experienced a Separation from Service until the Participant has ceased providing services for such Employer in both capacities,
as determined in accordance with the applicable provisions set forth in parts (a) and (b) of this Section. Notwithstanding the
foregoing, if a Participant provides services to an Employer as both an Employee and a member of the Board, the services provided
as a director are not taken into account in determining whether a Participant has a Separation from Service as an Employee for
purposes of this Plan, and the services provided as an Employee are not taken into account in determining whether a Participant
has a Separation from Service as a Director for purposes of this Plan (i.e., a Participant who experiences a Separation from Service
as an Employee, determined in accordance with the provisions set forth in part (a) of this Section, shall be deemed to have experienced
a Separation from Service with respect to the portion of his or her Account Balance attributable to his or her services as an Employee,
notwithstanding the Participant’s continued service to the Board).

 

		1.41	“Stock Equivalent Account” refers to the subaccount of a Participant’s Deferral
Account that is deemed invested in the Company’s Common Stock.

 

		1.42	“Supplemental Survivor Benefit” shall mean the benefit set forth in Section 9.3.

 

		1.43	“Terminate the Plan”, “Termination of the Plan” shall mean a determination
by an Employer’s board of directors that (i) all of its Participants shall no longer be eligible to participate in
the Plan, (ii) no new deferral elections for such Participants shall be permitted, and (iii) such Participants shall no longer
be eligible to receive company contributions under this Plan.

 

		1.44	“Termination Benefit” shall mean the benefit set forth in Article 7.

 

		1.45	“Trust” shall mean one or more trusts established by the Company in accordance with
Article 15.

 

    	 	-7-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		1.46	“Unforeseeable Emergency” shall mean a severe financial hardship of the Participant
or his or her Beneficiary resulting from (i) an illness or accident of the Participant or Beneficiary, the Participant’s
or Beneficiary’s spouse, or the Participant’s or Beneficiary’s dependent (as defined in Code Section 152(a)),
(ii) a loss of the Participant’s or Beneficiary’s property due to casualty, or (iii) such other similar extraordinary
and unforeseeable circumstances arising as a result of events beyond the control of the Participant or the Participant’s
Beneficiary, all as determined in the sole discretion of the Committee.

 

		1.47	“Years of Service” shall mean for an Employee, the total number of full years in which
a Participant has been employed by one or more Employers. For purposes of this definition, a year of employment shall be a 365
day period (or 366 day period in the case of a leap year) that, for the first year, commences on the Employee’s date of hiring
and that, for any subsequent year, commences on an anniversary of that date. The Committee shall make a determination as to whether
any partial year of employment shall be counted as a Year of Service.

 

ARTICLE 2

Selection, Enrollment, Eligibility

 

		2.1	Selection by Committee.
Participation in the Plan shall be limited to a select group of management and highly compensated Employees and Directors of the
Employer, as determined by the Committee in its sole discretion. From that group, the Committee shall select, in its sole discretion,
Employees and Directors to participate in the Plan.

 

		2.2	Enrollment and Eligibility Requirements;
Commencement of Participation.

 

		(a)	As a condition to participation, each Employee or Director who is eligible to participate in the
Plan effective as of the first day of a Plan Year and elects to participate in the Plan, shall complete, execute and return to
the Committee a Plan Agreement, an Election Form and a Beneficiary Designation Form, prior to the first day of such Plan Year,
or such other earlier deadline as may be established by the Committee in its sole discretion. In addition, the Committee shall
establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary.

 

		(b)	As a condition to participation, each Employee or Director who becomes eligible to participate
in the Plan effective after the first day of a Plan Year and elects to participate in the Plan, or each Employee or Director who
is selected to participate for the First Plan Year of the Plan itself and elects to participate in the Plan, shall complete, execute
and return to the Committee a Plan Agreement, an Election Form and a Beneficiary Designation Form, all within thirty (30) days
after such Employee’s or Director’s eligibility to participate in the Plan becomes effective. In addition, the Committee
shall establish from time to time such other enrollment requirements as it determines in its sole discretion are necessary.

 

		(c)	Each Employee or Director who is eligible to participate in the Plan shall commence participation
in the Plan on the date that the Committee determines, in its sole discretion, that the Employee or Director has met all enrollment
requirements set forth in this Plan and required by the Committee, including returning all required documents to the Committee
within the specified time period. Notwithstanding the foregoing, the Committee shall process such Participant’s deferral
election as soon as administratively practicable after such deferral election is submitted to and accepted by the Committee.

 

    	 	-8-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(d)	If an Employee or a Director fails to meet all requirements contained in this Section 2.2 within
the period required, that Employee or Director shall not be eligible to participate in the Plan during such Plan Year.

 

ARTICLE 3

Deferral Commitments/Company Contribution Amounts/Company Restoration Matching Amounts/ Vesting/Crediting/Taxes

 

		3.1	Minimum Deferrals.

 

		(a)	Annual Deferral Amount. For each Plan Year, a Participant may elect to defer, as
his or her Annual Deferral Amount, (i) Base Salary; (ii) Bonus; (iii) Commissions; (iv) LTIP Amounts; (v) provided that the Committee
determines to permit the deferral thereof, Restricted Stock Unit Awards and/or (vi) Director Fees in the following minimum percentages
or amounts for each deferral elected:

 

	Deferral	 	Minimum Amount
	
        Base Salary, Bonus, Commissions and/or

        LTIP Amounts
	 	2%
	Restricted Stock Unit Awards, if applicable	 	The greater of 50% or 500 Shares
	Director Fees	 	2%

 

If an election is made for less
than the stated minimum amounts, or if no election is made, the amount deferred shall be zero.

 

		3.2	Maximum Deferral.

 

		(a)	Annual Deferral Amount. For each Plan Year, a Participant may elect to defer, as
his or her Annual Deferral Amount, (i) Base Salary; (ii) Bonus; (iii) Commissions; (iv) LTIP Amounts; (v) provided that the Committee
determines to permit the deferral thereof, Restricted Stock Unit Awards and/or (vi) Director Fees up to the following maximum percentages
for each deferral elected:

 

	Deferral	 	Maximum Percentage
	Base Salary	 	80%
	Bonus	 	100%
	Commissions	 	100%
	LTIP Amounts	 	100%
	Restricted Stock Unit Awards, if applicable	 	100%
	Director Fees	 	100%

 

    	 	-9-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(b)	Short Plan Year. Notwithstanding the foregoing, if a Participant first becomes a
Participant after the first day of a Plan Year, the maximum Annual Deferral Amount shall be limited to the amount of compensation
not yet earned by the Participant as of the date the Participant submits a Plan Agreement and Election Form to the Committee for
acceptance, except to the extent permissible under Code Section 409A and related Treasury guidance or Regulations. For compensation
that is earned based upon a specified performance period, the Participant’s deferral election will apply to the portion of
such compensation that is equal to (i) the total amount of compensation for the performance period, multiplied by (ii) a fraction,
the numerator of which is the number of days remaining in the service period after the Participant’s deferral election is
made, and the denominator of which is the total number of days in the performance period.

 

		3.3	Election to Defer; Effect of Election
Form.

 

		(a)	First Plan Year. In connection with a Participant’s commencement of participation
in the Plan, the Participant shall make an irrevocable deferral election for the Plan Year in which the Participant commences participation
in the Plan, along with such other elections as the Committee deems necessary or desirable under the Plan. For these elections
to be valid, the Election Form must be completed and signed by the Participant, timely delivered to the Committee (in accordance
with Section 2.2 above) and accepted by the Committee.

 

		(b)	General Timing Rule for Deferral Elections in Subsequent Plan Years. For each succeeding
Plan Year, a Participant may elect to defer (i) Base Salary; (ii) Bonus; (iii) Commissions; (iv) Director Fees; (v) LTIP Amounts
and (vi) provided that the Committee determines to permit the deferral thereof, Company Common Stock issuable pursuant to Restricted
Stock Unit Awards, and make such other elections as the Committee deems necessary or desirable under the Plan, by timely delivering
a new Election Form to the Committee, in accordance with its rules and procedures, before the December 31st preceding
the Plan Year in which such compensation is earned, or before such other deadline established by the Committee in accordance with
the requirements of Code Section 409A and related Treasury guidance or Regulations.

 

Any deferral election(s) made in
accordance with this Section 3.3(b) shall be irrevocable; provided, however, that if the Committee requires Participants to make
a deferral election for “performance-based compensation” by the deadline(s) described above, it may, in its sole discretion,
and in accordance with Code Section 409A and related Treasury guidance or Regulations, permit a Participant to subsequently change
his or her deferral election for such compensation by submitting an Election Form to the Committee no later than the deadline established
by the Committee pursuant to Section 3.3(c) below.

 

		(c)	Performance-Based Compensation. Notwithstanding the foregoing, the Committee may,
in its sole discretion, determine that an irrevocable deferral election pertaining to “performance-based compensation”
based on services performed over a period of at least twelve (12) months, may be made by timely delivering an Election Form to
the Committee, in accordance with its rules and procedures, no later than six (6) months before the end of the performance service
period. “Performance-based compensation” shall be compensation, the payment or amount of which is contingent on pre-established
organizational or individual performance criteria, which satisfies the requirements of Code Section 409A and related Treasury guidance
or Regulations. In order to be eligible to make a deferral election for performance-based compensation, a Participant must perform
services continuously from a date no later than the date upon which the performance criteria for such compensation are established
through the date upon which the Participant makes a deferral election for such compensation. In no event shall an election to defer
performance-based compensation be permitted after such compensation has become both substantially certain to be paid and readily
ascertainable.

 

    	 	-10-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(d)	Compensation Subject to Risk of Forfeiture. With respect to compensation (i) to which
a Participant has a legally binding right to payment in a subsequent year, and (ii) that is subject to a forfeiture condition requiring
the Participant’s continued services for a period of at least twelve (12) months from the date the Participant obtains the
legally binding right, the Committee may, in its sole discretion, determine that an irrevocable deferral election for such compensation
may be made by timely delivering an Election Form to the Committee in accordance with its rules and procedures, no later than the
30th day after the Participant obtains the legally binding right to the compensation, provided that the election is made at least
twelve (12) months in advance of the earliest date at which the forfeiture condition could lapse.

 

		3.4	Withholding and Crediting of Annual
Deferral Amounts. For each Plan Year, the Base Salary portion of the Annual Deferral Amount shall be withheld
from each regularly scheduled Base Salary payroll in equal amounts, as adjusted from time to time for increases and decreases in
Base Salary. The Bonus, Commissions, LTIP Amounts, Restricted Stock Unit Award, if applicable, and/or Director Fees portion of
the Annual Deferral Amount shall be withheld at the time the Bonus, Commissions, LTIP Amounts, Director Fees or Company Common
Stock issuable pursuant to Restricted Stock Unit Awards, if applicable, are or otherwise would be paid to the Participant, whether
or not this occurs during the Plan Year itself. Annual Deferral Amounts shall be credited to a Participant’s Deferral Account
at the time such amounts would otherwise have been paid to the Participant.

 

		3.5	Company Contribution Amount.

 

		(a)	For each Plan Year, an Employer may be required to credit amounts to a Participant’s Company
Contribution Account in accordance with employment or other agreements entered into between the Participant and the Employer. Such
amounts shall be credited on the date or dates prescribed by such agreements.

 

		(b)	For each Plan Year, an Employer, in its sole discretion, may, but is not required to, credit any
amount it desires to any Participant’s Company Contribution Account under this Plan, which amount shall be for that Participant
the Company Contribution Amount for that Plan Year. The amount so credited to a Participant may be smaller or larger than the amount
credited to any other Participant, and the amount credited to any Participant for a Plan Year may be zero, even though one or more
other Participants receive a Company Contribution Amount for that Plan Year. The Company Contribution Amount described in this
Section 3.5(b), if any, shall be credited on a date or dates to be determined by the Committee, in its sole discretion.

 

		3.6	Company Restoration Matching Amount.
A Participant’s Company Restoration Matching Amount for any Plan Year shall be an amount determined by the Committee, in
its sole discretion, to make up for certain limits applicable to the 401(k) Plan or other qualified plan for such Plan Year, as
identified by the Committee, or for such other purposes as determined by the Committee in its sole discretion. The amount so credited
to a Participant under this Plan for any Plan Year (i) may be smaller or larger than the amount credited to any other Participant,
and (ii) may differ from the amount credited to such Participant in the preceding Plan Year. The Participant’s Company Restoration
Matching Account, if any, shall be credited on a date or dates to be determined by the Committee, in its sole discretion.

 

    	 	-11-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		3.7	Crediting of Amounts after Benefit
Distribution. Notwithstanding any provision in this Plan to the contrary, should the complete distribution of a Participant’s
vested Account Balance occur prior to the date on which any portion of (i) the Annual Deferral Amount that a Participant has elected
to defer in accordance with Section 3.3, (ii) the Company Contribution Amount, or (iii) the Company Restoration Matching Amount,
would otherwise be credited to the Participant’s Account Balance, such amounts shall not be credited to the Participant’s
Account Balance, but shall be paid to the Participant in a manner determined by the Committee, in its sole discretion.

 

		3.8	Vesting. A Participant shall
at all times be 100% vested in his or her Deferral Account, Company Contribution Account and Company Restoration Matching Account.

 

		3.9	Crediting/Debiting of Account Balances.
In accordance with, and subject to, the rules and procedures that are established from time to time by the Committee, in its sole
discretion, amounts shall be credited or debited to a Participant’s Account Balance in accordance with the following rules:

 

		(a)	Measurement Funds. Subject to the restrictions found in this Section 3.9, a Participant
may elect one or more of the measurement funds selected by the Committee, in its sole discretion, which are based on certain mutual
funds (the “Measurement Funds”), for the purpose of crediting or debiting additional amounts to his or her Account
Balance. As necessary, the Committee may, in its sole discretion, discontinue, substitute or add a Measurement Fund. Each such
action will take effect as of the first day of the first calendar quarter that begins at least thirty (30) days after the day on
which the Committee gives Participants advance written notice of such change, or if necessary to comply with applicable tax law,
including but not limited to guidance issued after the effective date of this Plan, such other date designated by the Committee,
in its sole discretion. The portion of the Annual Deferral Amount deferred with respect to Restricted Stock Unit Awards; provided,
that the Committee determines to permit the deferral thereof, shall only be deemed invested in the Company’s Common Stock
and recorded in the Stock Equivalent Account.

 

		(b)	Election of Measurement Funds. A Participant, in connection with his or her initial
deferral election in accordance with Section 3.3(a) above, shall elect, on the Election Form, one or more Measurement Fund(s) (as
described in Section 3.9(a) above) to be used to determine the amounts to be credited or debited to his or her Account Balance.
If a Participant does not elect any of the Measurement Funds as described in the previous sentence, the Participant’s Account
Balance shall automatically be allocated into the lowest-risk Measurement Fund, as determined by the Committee, in its sole discretion.
The Participant may (but is not required to) elect, by submitting an Election Form to the Committee that is accepted by the Committee,
to add or delete one or more Measurement Fund(s) to be used to determine the amounts to be credited or debited to his or her Account
Balance, or to change the portion of his or her Account Balance allocated to each previously or newly elected Measurement Fund.
If an election is made in accordance with the previous sentence, it shall apply as of the first business day deemed reasonably
practicable by the Committee, in its sole discretion, and shall continue thereafter for each subsequent day in which the Participant
participates in the Plan, unless changed in accordance with the previous sentence. Notwithstanding any of the foregoing, amounts
credited or debited to a Participant’s Account Balance with respect to Restricted Stock Unit Awards, if applicable, shall
only be deemed invested in the Company’s Common Stock and recorded in the Stock Equivalent Account.  

 

    	 	-12-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(c)	Proportionate Allocation. In making any election described in Section 3.9(b) above,
the Participant shall specify on the Election Form, in increments of one percent (1%), the percentage of his or her Account Balance
or Measurement Fund, as applicable, to be allocated/reallocated. Notwithstanding the foregoing, one hundred percent (100%) of the
amounts credited or debited to a Participant’s Account Balance with respect to Restricted Stock Unit Awards, if applicable,
shall be recorded in the Participant’s Stock Equivalent Account.

 

		(d)	Crediting or Debiting Method. The performance of each Measurement Fund and the Participant’s
Stock Equivalent Account (either positive or negative) will be determined by the Committee, in its sole discretion, on a daily
basis based on the manner in which such Participant’s Account Balance has been hypothetically allocated among the Participant’s
Stock Equivalent Account and the Measurement Funds elected by the Participant.

 

		(e)	No Actual Investment. Notwithstanding any other provision of this Plan that may be
interpreted to the contrary, the Measurement Funds are to be used for measurement purposes only, and a Participant’s election
of any such Measurement Fund, the allocation of his or her Account Balance thereto, the calculation of additional amounts and the
crediting or debiting of such amounts to a Participant’s Account Balance shall not be considered or construed
in any manner as an actual investment of his or her Account Balance in any such Measurement Fund. In the event that the Company
or the Trustee (as that term is defined in the Trust), in its own discretion, decides to invest funds in any or all of the investments
on which the Measurement Funds are based or in the Company’s Common Stock, no Participant shall have any rights in or to
such investments themselves. Without limiting the foregoing, a Participant’s Account Balance, including the Stock Equivalent
Account, shall at all times be a bookkeeping entry only and shall not represent any investment made on his or her behalf by the
Company or the Trust; the Participant shall at all times remain an unsecured creditor of the Company.

 

    	 	-13-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(f)	Stock Equivalent Account. Any amounts credited to a Participant’s Stock Equivalent
Account are to be used for measurement purposes only. The amounts allocated to a Participant’s Stock Equivalent Account,
any Account Balance therein, or any additional amounts credited or debited to a Participant’s Stock Equivalent Account shall not be
considered or construed in any manner as an actual investment of his or her Account Balance in any shares of the Company’s
Common Stock. Fractional common stock equivalents shall be computed to two decimal places. The number of common stock equivalent
shares to be credited to the Stock Equivalent Account shall be the number of shares of Common Stock which would otherwise have
been payable under the Restricted Stock Unit Award to the Participant on or after the vesting date but as to which the Participant
has elected to defer delivery pursuant to the terms of the Plan, less any amounts withheld pursuant to Section 3.10. With respect
to any dividends or dividend equivalents made with respect to common stock equivalent shares deferred pursuant to Restricted Stock
Unit Awards, an amount equal to such number of common stock equivalent shares in the account as of the dividend record date multiplied
by the dividend paid per share on the Company’s common stock on each dividend record date shall be credited to the Participant’s
Deferral Account and allocated into Measurement Funds pursuant to the terms and conditions that relate to Measurement Funds in
Sections 3.9(a) through 3.9(e). Except as the Committee may otherwise permit upon request of the Participant, the number of shares
of the Company’s Common Stock to be paid to a Participant upon a distribution with respect to the Stock Equivalent Account
shall be equal to the number of common stock equivalent shares deferred pursuant to Restricted Stock Unit Awards (as appropriately
adjusted in the Committee’s sole discretion, in the event of any change in the number or kind of outstanding shares of the
Company’s Common Stock, including a stock split or splits) divided by the total number of payments remaining to be made from
the Stock Equivalent Account. Shares of Common Stock paid in respect of a Restricted Stock Unit Award shall be issued and delivered
pursuant to the Waste Connections, Inc. Third Amended and Restated 2004 Equity Incentive Plan (or such successor incentive stock
plan of the Company as is in effect at the time of the award) as an award thereunder and such distributions or payments shall be
subject to the terms and conditions of such plan (or plans) and any award agreements evidencing the applicable Restricted Stock
Unit Awards. All payments of the Company’s Common Stock from the Stock Equivalent Account shall be made in whole shares of
the Company’s common stock with fractional shares credited to federal income taxes withheld. 

 

Notwithstanding anything to the
contrary in the foregoing, any portion of the Stock Equivalent Account other than the common stock equivalent shares deferred pursuant
to Restricted Stock Unit Awards shall be credited to the Participant’s Deferral Account on each crediting date, as applicable,
and allocated into the Stock Equivalent Account (the “Stock Equivalent Account Balance”); provided, however, that the
Stock Equivalent Account Balance shall be credited to the Stock Equivalent Account in cash, without interest or other earnings.
The Stock Equivalent Account Balance shall be paid in cash in an amount equal to the Stock Equivalent Account Balance, divided
by the total number of payments remaining to be made from the Stock Equivalent Account.

 

Notwithstanding the preceding,
except if and to the extent that the Company’s Third Amended and Restated 2004 Equity Incentive Plan (or any successor incentive
stock plan) or any award agreement thereunder provides otherwise, and subject to any procedures that are established by the Committee
and further subject to applicable law, including Code Section 409A and related Treasury guidance and Regulations, a Participant
may elect with respect to any distribution to which he or she becomes entitled hereunder the deemed investment(s) (i.e., the Measurement
Fund(s) or the Stock Equivalent Account) that the Participant wishes to decrease to reflect the debiting of the Participant’s
Account Balance by the amount of such distribution.

 

    	 	-14-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		3.10	FICA and Other Taxes.

 

		(a)	Annual Deferral Amounts. For each Plan Year in which an Annual Deferral Amount is
being withheld from a Participant, the Participant’s Employer(s) shall withhold from that portion of the Participant’s
(i) Base Salary; (ii) Bonus; (iii) Commissions; (iv) provided, that the Committee determines to permit the deferral thereof, Restricted
Stock Unit Award and/or (v) LTIP Amounts that is not being deferred, in a manner determined by the Employer(s), the Participant’s
share of FICA and other employment taxes on such Annual Deferral Amount. If necessary, the Committee may reduce the Annual Deferral
Amount in order to comply with this Section 3.10. The Committee may in its sole discretion and in satisfaction of the foregoing
withholding requirements elect to have the Company withhold shares of the Company’s Common Stock otherwise payable to the
Participant. The number of shares of the Company’s Common Stock which may be so withheld shall be limited to the number of
shares which have a fair market value on the date of withholding equal to the aggregate amount of such withholding tax liabilities
based on the minimum statutory withholding rates for FICA and other applicable employment taxes purposes.

 

		(b)	Company Restoration Matching Account and Company Contribution Account. When a Participant
becomes vested in a portion of his or her Company Restoration Matching Account and/or Company Contribution Account, the Participant’s
Employer(s) shall withhold from that portion of the Participant’s Base Salary, Bonus, Commissions and/or LTIP Amounts that
is not deferred, in a manner determined by the Employer(s), the Participant’s share of FICA and other employment taxes on
such Company Restoration Matching Amount and/or Company Contribution Amount. If necessary, the Committee may reduce the vested
portion of the Participant’s Company Restoration Matching Account or Company Contribution Account, as applicable, in order
to comply with this Section 3.10.

 

		(c)	Distributions. The Participant’s Employer(s), or the trustee of the Trust,
shall withhold from any payments made to a Participant under this Plan all federal, state and local income, employment and other
taxes required to be withheld by the Employer(s), or the trustee of the Trust, in connection with such payments, in amounts and
in a manner to be determined in the sole discretion of the Employer(s) and the trustee of the Trust. The Committee may in its sole
discretion and in satisfaction of the foregoing withholding requirements elect to have the Company withhold shares of the Company’s
Common Stock otherwise payable to the Participant. The number of shares of the Company’s Common Stock which may be so withheld
shall be limited to the number of shares which have a fair market value on the date of withholding equal to the aggregate amount
of such withholding tax liabilities based on the minimum statutory withholding rates for Federal, state and local income tax purposes.

 

ARTICLE
4

Scheduled Distribution; Unforeseeable Emergencies

 

		4.1	Scheduled Distribution.

 

		(a)	In connection with each election to defer an Annual Deferral Amount for a given Plan Year, a Participant
may elect on an Election Form to receive a Scheduled Distribution from the Plan, in the form of a lump sum payment, with respect
to all or a portion of that Plan Year’s (i) Annual Deferral Amount, (ii) Company Contribution Amount, and (iii) Company Restoration
Matching Amount, and earnings or losses thereon. The Participant must affirmatively make such election for each Plan Year in order
to receive a Scheduled Distribution with respect to that Plan Year’s deferrals and contributions (i.e., an election made
in one Plan Year will not “evergreen” for any future Plan Year), which election must be made by the deadline(s) set
forth in Section 3.3 for making a deferral election in respect to that Plan Year (whether or not the Participant actually makes
a deferral election in respect to that Plan Year), and which election, except as provided in Section 4.2, is irrevocable after
that deadline has passed. If a Participant does not timely make an affirmative election in respect to a Plan Year, then such Participant
shall be deemed to have irrevocably elected not to receive a Scheduled Distribution in respect of that Plan Year. The Scheduled
Distribution shall be a lump sum payment in an amount that is equal to the portion of the Annual Deferral Amount, the vested portion
of the Company Contribution Amount and the vested portion of the Company Restoration Matching Amount that the Participant elected
to have distributed as a Scheduled Distribution, plus amounts credited or debited in the manner provided in Section 3.9 above on
that amount, calculated as of the close of business on or around the date on which the Scheduled Distribution becomes payable,
as determined by the Committee in its sole discretion.

 

    	 	-15-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(b)	Subject to the other terms and conditions of this Plan, each Scheduled Distribution elected shall
be paid out during a sixty (60) day period commencing immediately after the first day of any Plan Year designated by the Participant.
The Plan Year designated by the Participant must be at least three (3) Plan Years after the end of the Plan Year to which the Participant’s
deferral election described in Section 3.3 relates, unless otherwise provided on an Election Form approved by the Committee in
its sole discretion. By way of example, if a Scheduled Distribution is elected for Annual Deferral Amounts, Company Contribution
Amounts, and Company Restoration Matching Amounts that are earned and/or contributed in the Plan Year commencing January 1,
2004, the Scheduled Distribution would become payable during a sixty (60) day period commencing January 1, 2008. Notwithstanding
the language set forth above, the Committee shall, in its sole discretion, adjust the amount distributable as a Scheduled Distribution
if any portion of the Company Contribution Amount or Company Restoration Matching Amount is unvested on the Scheduled Distribution
Date.

 

		4.2	Postponing Scheduled Distributions.
A Participant may elect to postpone any lump sum distribution described in Section 4.14.1 above, and have such amount paid out
during a sixty (60) day period commencing immediately after an allowable alternative distribution date designated by the Participant
in accordance with this Section 4.2. In order to make this election, the Participant must submit a new Scheduled Distribution Election
Form to the Committee in accordance with the following criteria:

 

		(a)	Such Scheduled Distribution Election Form must be submitted to and accepted by the Committee at
least twelve (12) months prior to the Participant’s previously designated Scheduled Distribution Date; and

 

		(b)	The new Scheduled Distribution Date selected by the Participant must be the first day of a Plan
Year, and must be at least five (5) years after the previously designated Scheduled Distribution Date.

 

		(c)	The election of the new Scheduled Distribution Date shall have no effect until at least twelve
(12) months after the date on which the election is made.

 

		4.3	Other Benefits Take Precedence Over
Scheduled Distributions. Should a Benefit Distribution Date occur that triggers a benefit under Articles 5, 7, 8, or
9, any Annual Deferral Amount, Company Contribution Amount and/or Company Restoration Matching Amount, plus amounts credited or
debited thereon, that are subject to a Scheduled Distribution election under Section 4.1 shall not be paid in accordance with Section
4.1, but shall be paid in accordance with the other applicable Article. Notwithstanding the foregoing, the Committee shall interpret
this Section 4.3 in a manner that is consistent with Code Section 409A and related Treasury guidance and Regulations.

 

    	 	-16-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		4.4	Unforeseeable Emergencies.

 

		(a)	If the Participant experiences an Unforeseeable Emergency, the Participant may petition the Committee
to receive a partial or full payout from the Plan, subject to the provisions set forth below.

 

		(b)	The payout, if any, from the Plan shall not exceed the lesser of (i) the Participant’s vested
Account Balance, calculated as of the close of business on or around the date on which the amount becomes payable, as determined
by the Committee in its sole discretion, or (ii) the amount necessary to satisfy the Unforeseeable Emergency, plus amounts reasonably
necessary to pay Federal, state, or local income taxes or penalties reasonably anticipated as a result of the distribution. Notwithstanding
the foregoing, a Participant may not receive a payout from the Plan to the extent that the Unforeseeable Emergency is or may be
relieved (A) through reimbursement or compensation by insurance or otherwise, (B) by liquidation of the Participant’s assets,
to the extent the liquidation of such assets would not itself cause severe financial hardship or (C) by cessation of deferrals
under this Plan.

 

		(c)	If the Committee, in its sole discretion, approves a Participant’s petition for payout from
the Plan, the Participant shall receive a payout from the Plan within sixty (60) days of the date of such approval, and the Participant’s
deferrals under the Plan shall be terminated as of the date of such approval.

 

		(d)	In addition, a Participant’s deferral elections under this Plan shall be terminated to the
extent the Committee determines, in its sole discretion, that termination of such Participant’s deferral elections is required
pursuant to Treas. Reg. §1.401(k)-1(d)(3) for the Participant to obtain a hardship distribution from an Employer’s 401(k)
Plan. If the Committee determines, in its sole discretion, that a termination of the Participant’s deferrals is required
in accordance with the preceding sentence, the Participant’s deferrals shall be terminated as soon as administratively practicable
following the date on which such determination is made.

 

		(e)	Notwithstanding the foregoing, the Committee shall interpret all provisions relating to a payout
and/or termination of deferrals under this Section 4.4 in a manner that is consistent with Code Section 409A and related Treasury
guidance and Regulations.

 

ARTICLE
5 

Change in Control Benefit 

 

		5.1	Change in Control Benefit.
The Participant will receive a Change in Control Benefit, which shall be equal to the Participant’s vested Account Balance,
calculated as of the close of business on or around the Participant’s Benefit Distribution Date, as selected by the Committee
in its sole discretion.

 

    	 	-17-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		5.2	Payment of Change in Control Benefit.
In connection with each election to defer an Annual Deferral Amount for a given Plan Year, a Participant shall elect on an Election
Form to receive a Change in Control Benefit from the Plan with respect to all or a portion of that Plan Year’s (i) Annual
Deferral Amount, (ii) Company Contribution Amount, and (iii) Company Restoration Matching Amount, and earnings or losses thereon,
or to have those amounts remain in the Plan upon the occurrence of a Change in Control and remain subject to the terms and conditions
of the Plan. Except as provided in the following sentence, the Participant must affirmatively make such election for each Plan
Year (i.e., an election made in one Plan Year will not “evergreen” for any future Plan Year), which election must be
made by the deadline(s) set forth in Section 3.3 for making a deferral election in respect to that Plan Year (whether or not the
Participant actually makes a deferral election in respect to that Plan Year), and which election is irrevocable after that deadline
has passed. If a Participant does not make any election with respect to the payment of the Change in Control Benefit, then such
Participant shall be deemed to have elected to receive a Change in Control Benefit upon the occurrence of a Change in Control.
The Change in Control Benefit, if any, shall be paid to the Participant in a lump sum no later than sixty (60) days after
the Participant’s Benefit Distribution Date. Notwithstanding the foregoing, the Committee shall interpret all provisions
in this Plan relating to a Change in Control Benefit in a manner that is consistent with Code Section 409A and related Treasury
guidance and Regulations.

 

ARTICLE 6

Intentionally Omitted

 

ARTICLE 7

Termination Benefit

 

		7.1	Termination Benefit. A Participant
who experiences a Separation from Service shall receive, as a Termination Benefit, his or her vested Account Balance, calculated
as of the close of business on or around the Participant’s Benefit Distribution Date, as determined by the Committee in its
sole discretion.

 

		7.2	Payment of Termination Benefit.

 

		a.	In connection with each election to defer an Annual Deferral Amount for a given Plan Year, a Participant
shall elect on an Election Form to receive a Termination Benefit from the Plan, in the form of a lump sum payment or pursuant to
an Annual Installment Method of up to 15 years, with respect to all or a portion of that Plan Year’s (i) Annual Deferral
Amount, (ii) Company Contribution Amount, and (iii) Company Restoration Matching Amount, and earnings or losses thereon. Except
as provided in the following sentence, the Participant must affirmatively make such election for each Plan Year (i.e., an election
made in one Plan Year will not “evergreen” for any future Plan Year), which election must be made by the deadline(s)
set forth in Section 3.3 for making a deferral election in respect to that Plan Year (whether or not the Participant actually makes
a deferral election in respect to that Plan Year), and which election, except as provided in Section 7.2(b), is irrevocable after
that deadline has passed. If a Participant does not timely make an affirmative election with respect to the payment of the Termination
Benefit in respect of a Plan Year, then such Participant shall be deemed to have irrevocably elected (except as provided in Section
7.2(b)) to receive the Termination Benefit in a lump sum.

 

		b.	A Participant may change the form of payment of the Termination Benefit by submitting an Election
Form to the Committee in accordance with the following criteria:

 

    	 	-18-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		i.	The election to modify the Termination Benefit shall have no effect until at least twelve (12)
months after the date on which the election is made; and

 

		ii.	The first Termination Benefit payment shall be delayed at least five (5) years from the Participant’s
originally scheduled Benefit Distribution Date described in Section 1.7(a).

 

For purposes of applying the requirements
above, the right to receive the Termination Benefit in installment payments shall be treated as the entitlement to a single payment.
The Committee shall interpret all provisions relating to changing the Termination Benefit election under this Section 7.2 in a
manner that is consistent with Code Section 409A and related Treasury guidance or Regulations.

 

The Election Form most recently
accepted by the Committee that has become effective shall govern the payout of the Termination Benefit.

 

		c.	The lump sum payment shall be made, or installment payments shall commence, no later than sixty
(60) days after the Participant’s Benefit Distribution Date. Remaining installments, if any, shall be paid no later
than sixty (60) days after each anniversary of the Participant’s Benefit Distribution Date.

 

ARTICLE 8

Disability Benefit

 

		8.1	Disability Benefit. Upon
a Participant’s Disability, the Participant shall receive a Disability Benefit, which shall be equal to the Participant’s
vested Account Balance, calculated as of the close of business on or around the Participant’s Benefit Distribution Date,
as selected by the Committee in its sole discretion.

 

		8.2	Payment of Disability Benefit.
The Disability Benefit shall be paid to the Participant in a lump sum payment no later than sixty (60) days after the Participant’s
Benefit Distribution Date.

 

ARTICLE 9

Death Benefits

 

		9.1	Death Benefit. The Participant’s
Beneficiary(ies) shall receive a Death Benefit upon the Participant’s death which will be equal to the Participant’s
vested Account Balance, calculated as of the close of business on or around the Participant’s Benefit Distribution Date,
as selected by the Committee in its sole discretion.

 

		9.2	Payment of Death Benefit.
The Death Benefit shall be paid to the Participant’s Beneficiary(ies) in a lump sum payment no later than sixty (60) days
after the Participant’s Benefit Distribution Date.

 

		9.3	Supplemental Survivor Benefit. If a Participant dies prior to undergoing a Separation From
Service during any Plan Year for which the Participant has made an election to defer any portion of his or her Base Salary, then,
in addition to the Death Benefit, his or her Beneficiary(ies) shall receive a taxable survivor benefit in an amount determined
from time to time by the Committee. Notwithstanding the foregoing, to be eligible for the Supplemental Survivor Benefit, the Participant
must at least be insurable at standard rates at the time the Participant makes the election to defer his or her Base Salary for
such Plan Year.

 

    	 	-19-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		9.4	Payment of Supplemental Survivor Benefit.
The Supplemental Survivor Benefit shall be paid to the Participant’s Beneficiary(ies) in a lump sum payment no later than
sixty (60) days after the Participant’s Benefit Distribution Date.

 

ARTICLE 10

Beneficiary Designation

 

		10.1	Beneficiary. Each Participant
shall have the right, at any time, to designate his or her Beneficiary(ies) (both primary as well as contingent) to receive any
benefits payable under the Plan to a beneficiary upon the death of a Participant. The Beneficiary designated under this Plan may
be the same as or different from the Beneficiary designation under any other plan of an Employer in which the Participant participates.

 

		10.2	Beneficiary Designation; Change; Spousal
Consent. A Participant shall designate his or her Beneficiary by completing and signing the Beneficiary Designation
Form, and returning it to the Committee or its designated agent. A Participant shall have the right to change a Beneficiary by
completing, signing and otherwise complying with the terms of the Beneficiary Designation Form and the Committee’s rules
and procedures, as in effect from time to time. If the Participant names someone other than his or her spouse as a Beneficiary,
the Committee may, in its sole discretion, determine that spousal consent is required to be provided in a form designated by the
Committee, executed by such Participant’s spouse and returned to the Committee. Upon the acceptance by the Committee of a
new Beneficiary Designation Form, all Beneficiary designations previously filed shall be canceled. The Committee shall be entitled
to rely on the last Beneficiary Designation Form filed by the Participant and accepted by the Committee prior to his or her death.

 

		10.3	Acknowledgment. No designation
or change in designation of a Beneficiary shall be effective until received and acknowledged in writing by the Committee or its
designated agent.

 

		10.4	No Beneficiary Designation.
If a Participant fails to designate a Beneficiary as provided in Sections 10.1, 10.2, and 10.3 above or, if all designated
Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the Participant’s
designated Beneficiary shall be deemed to be his or her surviving spouse. If the Participant has no surviving spouse, the benefits
remaining under the Plan to be paid to a Beneficiary shall be payable to the executor or personal representative of the Participant’s
estate.

 

		10.5	Doubt as to Beneficiary.
If the Committee has any doubt as to the proper Beneficiary to receive payments pursuant to this Plan, the Committee shall have
the right, exercisable in its discretion, to cause the Participant’s Employer to withhold such payments until this matter
is resolved to the Committee’s satisfaction.

 

		10.6	Discharge of Obligations.
The payment of benefits under the Plan to a Beneficiary shall fully and completely discharge all Employers and the Committee from
all further obligations under this Plan with respect to the Participant, and that Participant’s Plan Agreement shall terminate
upon such full payment of benefits.

 

    	 	-20-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

ARTICLE 11

Termination of Plan, Amendment or Modification

 

		11.1	Termination of Plan. Although
each Employer anticipates that it will continue the Plan for an indefinite period of time, there is no guarantee that any Employer
will continue the Plan or will not terminate the Plan at any time in the future. Accordingly, each Employer reserves the right
to Terminate the Plan (as defined in Section 1.431.42). Following a Termination of the Plan, Participant Account Balances shall
remain in the Plan until the Participant becomes eligible for the benefits provided in Articles 4, 5, 7, 8 or 9 in accordance with
the provisions of those Articles. The Termination of the Plan shall not adversely affect any Participant or Beneficiary who has
become entitled to the payment of any benefits under the Plan as of the date of termination. Notwithstanding the foregoing, to
the extent permissible under Code Section 409A and related Treasury guidance or Regulations, during the thirty (30) days preceding
or within twelve (12) months following a Change in Control an Employer shall be permitted to (i) terminate the Plan by action of
its board of directors, and (ii) distribute the vested Account Balances to Participants in a lump sum no later than twelve (12)
months after the Change in Control, provided that all other substantially similar arrangements sponsored by such Employer are also
terminated and all balances in such arrangements are distributed within twelve (12) months of the termination of such arrangements.

 

		11.2	Amendment.

 

		(a)	Any Employer may, at any time, amend or modify the Plan in whole or in part with respect to that
Employer. Notwithstanding the foregoing, (i) no amendment or modification shall be effective to decrease the value of a Participant’s
vested Account Balance in existence at the time the amendment or modification is made, (ii) no amendment or modification shall
be effective to change a deferral election or distribution election of a Participant that has been submitted to, and accepted by
the Committee, prior to the time the amendment or modification is made without the consent of the Participant, and (iii) no amendment
or modification of this Section 11.2 or Section 12.2 of the Plan shall be effective.

 

		(b)	Notwithstanding the foregoing, in the event that the Company determines that any provision of the
Plan may cause amounts deferred under the Plan to become immediately taxable to any Participant under Code Section 409A, and related
Treasury guidance or Regulations, the Company may (i) adopt such amendments to the Plan and appropriate policies and procedures,
including amendments and policies with retroactive effect, that the Company determines necessary or appropriate to preserve the
intended tax treatment of the Plan benefits provided by the Plan and/or (ii) take such other actions as the Company determines
necessary or appropriate to comply with the requirements of Code Section 409A, and related Treasury guidance or Regulations.

 

		11.3	Plan Agreement. Despite
the provisions of Sections 11.1 and 11.2 above, if a Participant’s Plan Agreement contains benefits or limitations that
are not in this Plan document, the Employer may only amend or terminate such provisions with the written consent of the Participant.

 

		11.4	Effect of Payment. The full
payment of the Participant’s vested Account Balance under Articles 4, 5, 7, 8, or 9 of the Plan shall completely discharge
all obligations to a Participant and his or her designated Beneficiaries under this Plan, and the Participant’s Plan Agreement
shall terminate.

 

    	 	-21-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

ARTICLE 12

Administration

 

		12.1	Committee Duties. Except
as otherwise provided in this Article 12, this Plan shall be administered by a Committee, which shall consist of the Board, or
such committee as the Board shall appoint. Members of the Committee may be Participants under this Plan. The Committee shall also
have the discretion and authority to (i) make, amend, interpret, and enforce all appropriate rules and regulations for the
administration of this Plan and (ii) decide or resolve any and all questions including interpretations of this Plan, as may
arise in connection with the Plan. Any individual serving on the Committee who is a Participant shall not vote or act on any matter
relating solely to himself or herself, but shall not be prohibited from voting or acting on any matter in which such individual’s
interest is affected in the same manner as other Participants generally. When making a determination or calculation, the Committee
shall be entitled to rely on information furnished by a Participant or the Company.

 

		12.2	Administration Upon Change In Control.
For purposes of this Plan, the Committee shall be the “Administrator” at all times prior to the occurrence of a Change
in Control. Within one hundred and twenty (120) days following a Change in Control, an independent third party “Administrator”
may be selected by the individual who, immediately prior to the Change in Control, was the Company’s Chief Executive Officer
or, if not so identified, the Company’s highest ranking officer (the “Ex-CEO”), and approved by the Trustee.
The Committee, as constituted prior to the Change in Control, shall continue to be the Administrator until the earlier of (i) the
date on which such independent third party is selected and approved, or (ii) the expiration of the one hundred and twenty (120)
day period following the Change in Control. If an independent third party is not selected within one hundred and twenty (120) days
of such Change in Control, the Committee, as described in Section 12.1 above, shall be the Administrator. The Administrator shall
have the discretionary power to determine all questions arising in connection with the administration of the Plan and the interpretation
of the Plan and Trust including, but not limited to benefit entitlement determinations; provided, however, upon and after the occurrence
of a Change in Control, the Administrator shall have no power to direct the investment of Plan or Trust assets or select any investment
manager or custodial firm for the Plan or Trust. Upon and after the occurrence of a Change in Control, the Company must: (1) pay
all reasonable administrative expenses and fees of the Administrator; (2) indemnify the Administrator against any costs, expenses
and liabilities including, without limitation, attorney’s fees and expenses arising in connection with the performance of
the Administrator hereunder, except with respect to matters resulting from the gross negligence or willful misconduct of the Administrator
or its employees or agents; and (3) supply full and timely information to the Administrator on all matters relating to the Plan,
the Trust, the Participants and their Beneficiaries, the Account Balances of the Participants, the date and circumstances of the
Disability, death or Separation from Service of the Participants, and such other pertinent information as the Administrator may
reasonably require. Upon and after a Change in Control, the Administrator may be terminated (and a replacement appointed) by the
Trustee only with the approval of the Ex-CEO. Upon and after a Change in Control, the Administrator may not be terminated by the
Company.

 

    	 	-22-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		12.3	Agents. In the administration
of this Plan, the Committee may, from time to time, employ agents and delegate to them such administrative duties as it sees fit
(including acting through a duly appointed representative) and may from time to time consult with counsel who may be counsel to
any Employer.

 

		12.4	Binding Effect of Decisions.
The decision or action of the Administrator with respect to any question arising out of or in connection with the administration,
interpretation and application of the Plan and the rules and regulations promulgated hereunder shall be final and conclusive and
binding upon all persons having any interest in the Plan.

 

		12.5	Indemnity of Committee.
All Employers shall indemnify and hold harmless the members of the Committee, any Employee to whom the duties of the Committee
may be delegated, and the Administrator against any and all claims, losses, damages, expenses or liabilities arising from any action
or failure to act with respect to this Plan, except in the case of willful misconduct by the Committee, any of its members, any
such Employee or the Administrator.

 

		12.6	Employer Information. To
enable the Committee and/or Administrator to perform its functions, the Company and each Employer shall supply full and timely
information to the Committee and/or Administrator, as the case may be, on all matters relating to the compensation of its Participants,
the date and circumstances of the Disability, death or Separation from Service of its Participants, and such other pertinent information
as the Committee or Administrator may reasonably require.

 

ARTICLE 13

Other Benefits and Agreements

 

		13.1	Coordination with Other Benefits.
The benefits provided for a Participant and Participant’s Beneficiary under the Plan are in addition to any other benefits
available to such Participant under any other plan or program for employees of the Participant’s Employer. The Plan shall
supplement and shall not supersede, modify or amend any other such plan or program except as may otherwise be expressly provided.

 

ARTICLE 14

Claims Procedures

 

		14.1	Presentation of Claim. Any
Participant or Beneficiary of a deceased Participant (such Participant or Beneficiary being referred to below as a “Claimant”)
may deliver to the Committee a written claim for a determination with respect to the amounts distributable to such Claimant from
the Plan. If such a claim relates to the contents of a notice received by the Claimant, the claim must be made within sixty (60) days
after such notice was received by the Claimant. All other claims must be made within 180 days of the date on which the event
that caused the claim to arise occurred. The claim must state with particularity the determination desired by the Claimant.

 

		14.2	Notification of Decision.
The Committee shall consider a Claimant’s claim within a reasonable time, but no later than ninety (90) days after receiving
the claim. If the Committee determines that special circumstances require an extension of time for processing the claim, written
notice of the extension shall be furnished to the Claimant prior to the termination of the initial ninety (90) day period. In no
event shall such extension exceed a period of ninety (90) days from the end of the initial period. The extension notice shall indicate
the special circumstances requiring an extension of time and the date by which the Committee expects to render the benefit determination.
The Committee shall notify the Claimant in writing:

 

    	 	-23-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(a)	that the Claimant’s requested determination has been made, and that the claim has been allowed
in full; or

 

		(b)	that the Committee has reached a conclusion contrary, in whole or in part, to the Claimant’s
requested determination, and such notice must set forth in a manner calculated to be understood by the Claimant:

 

		(i)	the specific reason(s) for the denial of the claim, or any part of it;

 

		(ii)	specific reference(s) to pertinent provisions of the Plan upon which such denial was based;

 

		(iii)	a description of any additional material or information necessary for the Claimant to perfect the
claim, and an explanation of why such material or information is necessary;

 

		(iv)	an explanation of the claim review procedure set forth in Section 14.3 below; and

 

		(v)	a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a) following
an adverse benefit determination on review.

 

		14.3	Review of a Denied Claim.
On or before sixty (60) days after receiving a notice from the Committee that a claim has been denied, in whole or in part,
a Claimant (or the Claimant’s duly authorized representative) may file with the Committee a written request for a review
of the denial of the claim. The Claimant (or the Claimant’s duly authorized representative):

 

		(a)	may, upon request and free of charge, have reasonable access to, and copies of, all documents,
records and other information relevant to the claim for benefits;

 

		(b)	may submit written comments or other documents; and/or

 

		(c)	may request a hearing, which the Committee, in its sole discretion, may grant.

 

		14.4	Decision on Review. The
Committee shall render its decision on review promptly, and no later than sixty (60) days after the Committee receives the
Claimant’s written request for a review of the denial of the claim. If the Committee determines that special circumstances
require an extension of time for processing the claim, written notice of the extension shall be furnished to the Claimant prior
to the termination of the initial sixty (60) day period. In no event shall such extension exceed a period of sixty (60) days from
the end of the initial period. The extension notice shall indicate the special circumstances requiring an extension of time and
the date by which the Committee expects to render the benefit determination. In rendering its decision, the Committee shall take
into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard
to whether such information was submitted or considered in the initial benefit determination. The decision must be written in a
manner calculated to be understood by the Claimant, and it must contain:

 

		(a)	specific reasons for the decision;

 

		(b)	specific reference(s) to the pertinent Plan provisions upon which the decision was based;

 

    	 	-24-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		(c)	a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable
access to and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to
the Claimant’s claim for benefits; and

 

		(d)	a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).

 

		14.5	Legal Action. A Claimant’s
compliance with the foregoing provisions of this Article 14 is a mandatory prerequisite to a Claimant’s right to commence
any legal action with respect to any claim for benefits under this Plan.

 

ARTICLE 15

Trust

 

		15.1	Establishment of the Trust.
In order to provide assets from which to fulfill its obligations to the Participants and their Beneficiaries under the Plan, the
Company shall establish a trust by a trust agreement with a third party, the trustee, to which each Employer may, in its discretion,
contribute cash or other property, including securities issued by the Company, to provide for the benefit payments under the Plan,
(the “Trust”).

 

		15.2	Interrelationship of the Plan and the
Trust. The provisions of the Plan and the Plan Agreement shall govern the rights of a Participant to receive distributions
pursuant to the Plan. The provisions of the Trust shall govern the rights of the Employers, Participants and the creditors of the
Employers to the assets transferred to the Trust. Each Employer shall at all times remain liable to carry out its obligations under
the Plan.

 

		15.3	Distributions From the Trust.
Each Employer’s obligations under the Plan may be satisfied with Trust assets distributed pursuant to the terms of the Trust,
and any such distribution shall reduce the Employer’s obligations under this Plan.

 

ARTICLE 16

Miscellaneous

 

		16.1	Status of Plan. The Plan
is intended to be a plan that is not qualified within the meaning of Code Section 401(a) and that “is unfunded and is maintained
by an employer primarily for the purpose of providing deferred compensation for a select group of management or highly compensated
employees” within the meaning of ERISA Sections 201(2), 301(a)(3) and 401(a)(1). The Plan shall be administered and interpreted
(i) to the extent possible in a manner consistent with that intent, and (ii) in accordance with Code Section 409A and related Treasury
guidance and Regulations.

 

		16.2	Unsecured General Creditor.
Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims
in any specific property or assets of an Employer. For purposes of the payment of benefits under this Plan, any and all of an Employer’s
assets shall be, and remain, the general, unpledged unrestricted assets of the Employer. An Employer’s obligation under the
Plan shall be merely that of an unfunded and unsecured promise to pay money in the future.

 

		16.3	Employer’s Liability.
An Employer’s liability for the payment of benefits shall be defined only by the Plan and the Plan Agreement, as entered
into between the Employer and a Participant. An Employer shall have no obligation to a Participant under the Plan except as expressly
provided in the Plan and his or her Plan Agreement.

 

    	 	-25-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		16.4	Nonassignability. Neither
a Participant nor any other person shall have any right to commute, sell, assign, transfer, pledge, anticipate, mortgage or otherwise
encumber, transfer, hypothecate, alienate or convey in advance of actual receipt, the amounts, if any, payable hereunder, or any
part thereof, which are, and all rights to which are expressly declared to be, unassignable and non-transferable. No part of the
amounts payable shall, prior to actual payment, be subject to seizure, attachment, garnishment or sequestration for the payment
of any debts, judgments, alimony or separate maintenance owed by a Participant or any other person, be transferable by operation
of law in the event of a Participant’s or any other person’s bankruptcy or insolvency or be transferable to a spouse
as a result of a property settlement or otherwise.

 

		16.5	Not a Contract of Employment.
The terms and conditions of this Plan shall not be deemed to constitute a contract of employment between any Employer and the Participant.
Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time
for any reason, or no reason, with or without cause, and with or without notice, unless expressly provided in a written employment
agreement. Nothing in this Plan shall be deemed to give a Participant the right to be retained in the service of any Employer,
either as an Employee or a Director, or to interfere with the right of any Employer to discipline or discharge the Participant
at any time.

 

		16.6	Furnishing Information.
A Participant or his or her Beneficiary will cooperate with the Committee by furnishing any and all information requested by the
Committee and take such other actions as may be requested in order to facilitate the administration of the Plan and the payments
of benefits hereunder, including but not limited to taking such physical examinations as the Committee may deem necessary.

 

		16.7	Terms. Whenever any words
are used herein in the masculine, they shall be construed as though they were in the feminine in all cases where they would so
apply; and whenever any words are used herein in the singular or in the plural, they shall be construed as though they were used
in the plural or the singular, as the case may be, in all cases where they would so apply.

 

		16.8	Captions. The captions of
the articles, sections and paragraphs of this Plan are for convenience only and shall not control or affect the meaning or construction
of any of its provisions.

 

		16.9	Governing Law. Subject
to ERISA, the provisions of this Plan shall be construed and interpreted according to the internal laws of the State of Delaware
without regard to its conflicts of laws principles. Venue shall lie in Wilmington, Delaware.  

 

		16.10	Notice. Any notice or filing
required or permitted to be given to the Committee under this Plan shall be sufficient if in writing and hand-delivered, or sent
by registered or certified mail, to the address below:

 

	Waste Connections, Inc.
	Attn: Patrick J. Shea, Senior Vice President, General Counsel and Secretary
	3 Waterway Square Place, Suite 110
	The Woodlands, TX 77380
	 
	Copy to: Worthing Jackman, Executive Vice President and Chief Financial Officer
	(at same address)

 

    	 	-26-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

Such notice shall be deemed given
as of the date of delivery or, if delivery is made by mail, as of the date shown on the postmark on the receipt for registration
or certification.

 

Any notice or filing required
or permitted to be given to a Participant under this Plan shall be sufficient if in writing and hand-delivered, or sent by mail,
to the last known address of the Participant.

 

		16.11	Successors. The provisions
of this Plan shall bind and inure to the benefit of the Participant’s Employer and its successors and assigns and the Participant
and the Participant’s designated Beneficiaries.

 

		16.12	Spouse’s Interest.
The interest in the benefits hereunder of a spouse of a Participant who has predeceased the Participant shall automatically pass
to the Participant and shall not be transferable by such spouse in any manner, including but not limited to such spouse’s
will, nor shall such interest pass under the laws of intestate succession.

 

		16.13	Validity. In case any provision
of this Plan shall be illegal or invalid for any reason, said illegality or invalidity shall not affect the remaining parts hereof,
but this Plan shall be construed and enforced as if such illegal or invalid provision had never been inserted herein.

 

		16.14	Incompetent. If the Committee
determines in its discretion that a benefit under this Plan is to be paid to a minor, a person declared incompetent or to a person
incapable of handling the disposition of that person’s property, the Committee may direct payment of such benefit to the
guardian, legal representative or person having the care and custody of such minor, incompetent or incapable person. The Committee
may require proof of minority, incompetence, incapacity or guardianship, as it may deem appropriate prior to distribution of the
benefit. Any payment of a benefit shall be a payment for the account of the Participant and the Participant’s Beneficiary,
as the case may be, and shall be a complete discharge of any liability under the Plan for such payment amount.

 

		16.15	Court Order. The
Committee is authorized to comply with any court order in any action in which the Plan or the Committee has been named as a party,
including any action involving a determination of the rights or interests in a Participant’s benefits under the Plan. Notwithstanding
the foregoing, the Committee shall interpret this provision in a manner that is consistent with Code Section 409A and other applicable
tax law. In addition, if necessary to comply with a qualified domestic relations order, as defined in Code Section 414(p)(1)(B),
pursuant to which a court has determined that a spouse or former spouse of a Participant has an interest in the Participant’s
benefits under the Plan, the Committee, in its sole discretion, shall have the right to immediately distribute the spouse’s
or former spouse’s interest in the Participant’s benefits under the Plan to such spouse or former spouse.

 

		16.16	Distribution in the Event
of Income Inclusion Under 409A. If any portion of a Participant’s Account Balance under this Plan is required to be included
in income by the Participant prior to receipt due to a failure of this Plan to meet the requirements of Code Section 409A and related
Treasury guidance or Regulations, the Participant may petition the Committee or Administrator, as applicable, for a distribution
of that portion of his or her Account Balance that is required to be included in his or her income. Upon the grant of such a petition,
which grant shall not be unreasonably withheld, the Participant’s Employer shall distribute to the Participant immediately
available funds in an amount equal to the portion of his or her Account Balance required to be included in income as a result of
the failure of the Plan to meet the requirements of Code Section 409A and related Treasury guidance or Regulations, which amount
shall not exceed the Participant’s unpaid vested Account Balance under the Plan. If the petition is granted, such distribution
shall be made within ninety (90) days of the date when the Participant’s petition is granted. Such a distribution shall affect
and reduce the Participant’s benefits to be paid under this Plan.

 

    	 	-27-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

		16.17	Deduction Limitation
on Benefit Payments. If an Employer reasonably anticipates that the Employer’s deduction with respect to any distribution
from this Plan would be limited or eliminated by application of Code Section 162(m), then to the extent deemed necessary by the
Employer to ensure that the entire amount of any distribution from this Plan is deductible, the Employer may delay payment of any
amount that would otherwise be distributed from this Plan. Any amounts for which distribution is delayed pursuant to this Section
shall continue to be credited/debited with additional amounts in accordance with Section 3.9 above. The delayed amounts (and any
amounts credited thereon) shall be distributed to the Participant (or his or her Beneficiary in the event of the Participant’s
death) at the earliest date the Employer reasonably anticipates that the deduction of the payment of the amount will not be limited
or eliminated by application of Code Section 162(m).

 

		16.18	Insurance. The Employers, on their own behalf or on behalf of the trustee of the Trust,
and, in their sole discretion, may apply for and procure insurance on the life of the Participant, in such amounts and in such
forms as the Trust may choose. The Employers or the trustee of the Trust, as the case may be, shall be the sole owner and beneficiary
of any such insurance. The Participant shall have no interest whatsoever in any such policy or policies, and at the request of
the Employers shall submit to medical examinations and supply such information and execute such documents as may be required by
the insurance company or companies to whom the Employers have applied for insurance.

 

    	 	-28-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

IN WITNESS WHEREOF, the Company has signed
this Plan document effective as of December 1, 2014.

 

	 	“Company”
	 	Waste Connections, Inc., a Delaware corporation
	 	 
	 	By:	 
	 	Title: Executive Vice President and Chief Financial Officer

 

    	 	-29-	 

     

    

 

Waste Connections, Inc.

Nonqualified Deferred Compensation
Plan

Master
Plan Document

 

 

APPENDIX A

 

LIMITED TRANSITION RELIEF MADE
AVAILABLE IN ACCORDANCE WITH CODE SECTION 409A AND RELATED TREASURY GUIDANCE AND REGULATIONS

 

Unless otherwise provided below, the capitalized
terms below shall have the same meaning as provided in the Plan.

 

		1.	Opportunity to Make New Distribution Elections. Notwithstanding the required deadline
for the submission of an initial distribution election described in Articles 4 and 5, the Committee may, as permitted by Code Section
409A and related Treasury guidance or Regulations, provide a limited period in which Participants may make new distribution elections
by submitting an Election Form on or before the deadline established by the Committee, which in no event shall be later than December
31, 2006. Any distribution election made in accordance with the requirements established by the Committee, pursuant to this section,
shall not be treated as a change in the form or timing of a Participant’s benefit payment for purposes Code Section 409A
or the Plan.

 

The Committee shall interpret
all provisions relating to an election submitted in accordance with this section in a manner that is consistent with Code Section
409A and related Treasury guidance or Regulations. If any distribution election submitted in accordance with this section either
(i) relates to payments that a Participant would otherwise receive in 2006, or (ii) would cause payments to be made in 2006, such
election shall not be effective.

 

    	 	-30-

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