Document:

Exhibit 4.2

 

WASTE MANAGEMENT, INC.

Officers’ Certificate Delivered Pursuant to

Section 301 of the Indenture dated as of September 10, 1997

 

May 12, 2021

 

The undersigned, the Vice President
and Treasurer, and the Vice President and Corporate Secretary of Waste Management, Inc. (the “Company”), hereby certify
that:

 

1.            This
Certificate is delivered to The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas Commerce Bank National Association),
as trustee (the “Trustee”), pursuant to Sections 102 and 301 of the Indenture dated as of September 10, 1997 between
the Company, formerly known as USA Waste Services, Inc., and the Trustee in connection with the Company Order dated May 12,
2021 (the “Order”) for the authentication and delivery by the Trustee of $475,000,000 aggregate principal amount of 2.00%
Senior Notes due 2029 (the “Notes”).

 

2.            The
undersigned have read Sections 102, 103, 301 and 303 of the Indenture and the definitions in the Indenture relating thereto.

 

3.           The
statements made herein are based either upon the personal knowledge of the persons making this Certificate or on information, data and
reports furnished to such persons by the officers, counsel, department heads or employees of the Company who have knowledge of the facts
involved.

 

4.            The
undersigned have examined the Order, and they have read the covenants, conditions and provisions of the Indenture relating thereto.

 

5.            In
the opinion of the persons making this Certificate, they have made such examination or investigation as is necessary to enable them to
express an informed opinion as to whether or not all covenants and conditions provided for in the Indenture with respect to the Order
have been complied with.

 

6.            All
covenants and conditions (including all conditions precedent) provided in the Indenture to the authentication and delivery by the Trustee
of $475,000,000 aggregate principal amount of the Notes have been complied with, and such Notes may be delivered in accordance with the
Order as provided in the Indenture.

 

7.            The
terms of the Notes (including the Form of Note) as set forth in Annex A to this Officers’ Certificate have been
approved by officers of the Company as authorized by resolutions duly adopted on June 23, 2020 by the Board of Directors of the
Company, which are in full force and effect as of the date hereof.

 

[signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has hereunto
executed this Officers’ Certificate as of the date first written above.

 

	 	 
	 	David L. Reed
	 	Vice President and Treasurer
	 	 
	 	 
	 	Courtney A. Tippy
	 	Vice President and Corporate Secretary

 

WASTE MANAGEMENT, INC.

Officers’ Certificate Delivered Pursuant
to

Section 301 of the Indenture dated as of
September 10, 1997

Signature Page

 

     

     

    

 

Annex A

Terms of the Notes

 

Pursuant to authority granted
by the Board of Directors of the Company on June 23, 2020 and the Sole Director of Waste Management Holdings, Inc. on April 23,
2021, the Company has approved the establishment, issuance, execution and delivery of a new series of Securities (as defined in the Indenture)
to be issued under the Indenture dated as of September 10, 1997 (the “Indenture”), between the Company, formerly known
as USA Waste Services, Inc., and The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas Commerce Bank National
Association), as trustee (the “Trustee”), the terms of which are set forth below. Capitalized terms used but not defined
herein are used herein as defined in the Indenture.

 

		(1)	The
                                            title of the series of Securities shall be “2.00% Senior Notes due 2029” (the
                                            “Notes”).

 

		(2)	The
                                            Notes shall be general unsecured, senior obligations of the Company.

 

		(3)	The
                                            initial aggregate principal amount of the Notes that may be authenticated and delivered under
                                            the Indenture shall be $475,000,000 (except for Notes authenticated and delivered upon registration
                                            of transfer of, or in exchange for, or in lieu of, other Notes pursuant to Section 304,
                                            305, 306, 906 or 1107 of the Indenture); provided, however, that the authorized aggregate
                                            principal amount of such series may be increased before or after the issuance of any Notes
                                            of such series by a Board Resolution (or action pursuant to a Board Resolution) to such effect.

 

		(4)	The
                                            principal amount of each Note shall be payable on June 1, 2029.

 

		(5)	Each
                                            Note shall bear interest from May 12, 2021 at the fixed rate of 2.00% per annum; the
                                            Interest Payment Dates on which such interest shall be payable shall be June 1 and December 1,
                                            of each year, commencing December 1, 2021, until maturity unless such date falls on
                                            a day that is not a Business Day, in which case, such payment shall be made on the next day
                                            that is a Business Day. The Regular Record Date for the determination of Holders to whom
                                            interest is payable shall be May 15 or November 15, respectively, immediately preceding
                                            such date, as the case may be.

 

		(6)	If
                                            a “Change of Control Triggering Event” (as defined in the Notes) occurs, each
                                            Holder of the Notes may require the Company to purchase all or a portion of such Holder’s
                                            Notes at a price equal to 101% of the principal amount, plus accrued interest, if any, to
                                            the date of purchase, on the terms and subject to the conditions set forth in the Notes.

 

		(7)	The
                                            Notes are to be issued as Registered Securities only. Each Note is to be issued as a book-entry
                                            note (“Book-Entry Note”) but in certain circumstances may be represented by Notes
                                            in definitive form. The Book-Entry Notes shall be issued, in whole or in part, in the form
                                            of one or more Notes in global form as contemplated by Section 203 of the Indenture.
                                            The Depositary with respect to the Book-Entry Notes shall be The Depository Trust Company,
                                            New York, New York.

 

		(8)	Payments
                                            of principal of, premium, if any, and interest due on the Notes representing Book-Entry Notes
                                            on any Interest Payment Date or at maturity will be made available to the Trustee by 11:00
                                            a.m., New York City time, on such date, unless such date falls on a day which is not a Business
                                            Day, in which case such payments will be made available to the Trustee by 11:00 a.m., New
                                            York City time, on the next Business Day. As soon as possible thereafter, the Trustee will
                                            make such payments to the Depositary.

 

     

     

    

 

		(9)	Before
                                            the Par Call Date, the Notes will be redeemable and repayable, at the option of the Company,
                                            at any time in whole, or from time to time in part, at a Redemption Price equal to the greater
                                            of (i) 100% of the principal amount of the Notes to be redeemed or (ii) the sum,
                                            as calculated by the Company, of the present values of the remaining scheduled payments of
                                            principal and interest thereon that would be due if the Notes matured on the Par Call Date
                                            (exclusive of interest accrued to the Redemption Date (as defined in the Notes) discounted
                                            to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve
                                            30-day months) at the applicable Treasury Yield (as defined in the Notes) plus 12.5 basis
                                            points; plus, in either case, accrued interest to the Redemption Date. On or after the Par
                                            Call Date, the Notes will be redeemable and repayable, at the option of the Company, at any
                                            time in whole, or from time to time in part, at a Redemption Price equal to 100% of the principal
                                            amount of the Notes to be redeemed plus accrued interest on the Notes to be redeemed to the
                                            Redemption Date. “Par Call Date” means April 1, 2029.

 

		(10)	The
                                            Company shall have no obligation to redeem, purchase or repay the Notes pursuant to any mandatory
                                            redemption, sinking fund or analogous provisions or at the option of a Holder thereof.

 

		(11)	The
                                            Notes will be subject to defeasance and discharge as contemplated by Section 1302 of
                                            the Indenture and to covenant defeasance under Section 1303 of the Indenture.

 

		(12)	The
                                            Notes shall be entitled to the benefit of the covenants contained in Sections 1008 and 1009
                                            of the Indenture.

 

		(13)	The
                                            Bank of New York Mellon Trust Company, N.A. shall serve initially as Security Registrar for
                                            the Notes.

 

		(14)	The
                                            Notes shall be substantially in the form of Exhibit A hereto.

 

		(15)	The
                                            Notes will be fully and unconditionally guaranteed on a senior basis by the Company’s
                                            wholly owned subsidiary, Waste Management Holdings, Inc., pursuant to the terms and
                                            conditions of a Guarantee Agreement dated May 12, 2021 (the “Guarantee”).
                                            The amount of the Guarantee will be limited to the extent required under applicable fraudulent
                                            conveyance laws to cause the Guarantee to be enforceable. The terms and conditions of the
                                            Guarantee shall continue in full force and effect for the benefit of holders of the Notes
                                            until release thereof as set forth in Section 6 of the Guarantee.

 

		(16)	The
                                            Notes shall be subject to the satisfaction and discharge provisions set forth in Section 401
                                            of the Indenture, as such provisions are supplemented or modified by the terms and conditions
                                            set forth in the Notes in accordance with the Indenture.

 

     

     

    

 

BOOK-ENTRY SECURITY

 

THIS SECURITY IS A BOOK-ENTRY
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A
DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY
AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF
THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY
(AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION FOR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

	RGN	 	Principal Amount
	 	 	 
	 	 

     

     

     

    WASTE MANAGEMENT, INC.
	U.S. $                   ,
    

    which may be decreased

    by the Schedule of 

    Exchanges of Definitive 

    Security attached hereto
	 	 	 
	 	2.00% SENIOR NOTES DUE 2029	 
	 	 	CUSIP 94106L BQ1

 

WASTE MANAGEMENT, INC.,
a Delaware corporation (the “Company,” which term includes any successors under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & CO. or registered assigns, at the office or agency of the Company, the principal
sum of         Million ($         ) U.S. dollars, or
such lesser principal sum as is shown on the attached Schedule of Exchanges of Definitive Security, on June 1, 2029 in such coin
or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts,
and to pay interest at an annual rate of 2.00% payable on June 1 and December 1 of each year, to the person in whose name this
Security is registered at the close of business on the record date for such interest, which shall be the preceding May 15 or November 15,
respectively, payable commencing December 1, 2021, with interest accruing from May 12, 2021, or the most recent date to which
interest has been paid.

 

     

     

    

 

Reference is made to the
further provisions of this Security set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect
as though fully set forth at this place.

 

The statements in the legends
set forth above are an integral part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be
subject to, and bound by, the terms and provisions set forth in each such legend.

 

This Security is issued in
respect of a series of Securities of an initial aggregate of U.S. $475,000,000 in principal amount designated as the 2.00% Senior Notes
due 2029 of the Company and is governed by the Indenture dated as of September 10, 1997, duly executed and delivered by the Company,
formerly known as USA Waste Services, Inc., to The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas Commerce
Bank National Association) as trustee (the “Trustee”), as supplemented by Board Resolutions (as defined in the Indenture)
(such Indenture and Board Resolutions, collectively, the “Indenture”). The terms of the Indenture are incorporated herein
by reference. This Security shall in all respects be entitled to the same benefits as definitive Securities under the Indenture.

 

If and to the extent that
any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included
in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the Trust Indenture Act of 1939, as amended,
such required provision shall control.

 

The Company hereby irrevocably
undertakes to the Holder hereof to exchange this Security in accordance with the terms of the Indenture without charge.

 

     

     

    

 

This Security shall not be
valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been manually signed by the Trustee
under the Indenture.

 

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed under its corporate seal.

 

	Dated:	WASTE MANAGEMENT, INC.,
	 	a Delaware corporation
	 	 
	 	By:	 
	 	 	David L. Reed
	 	 	Vice President and Treasurer

 

	 	Attest:
	 	 
	 	By:	 
	 	 	Courtney A. Tippy
	 	 	Vice President and Corporate Secretary

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.

 

 

	Date of Authentication:	The Bank of New York Mellon Trust Company, N.A., as Trustee
	 	 
	 	By:	 
	 	 	Authorized Officer

 

     

     

    

 

 

REVERSE OF BOOK-ENTRY SECURITY

 

WASTE MANAGEMENT, INC.

 

2.00% SENIOR NOTES DUE 2029

 

This Security is one of a
duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the Company (the “Debt Securities”)
of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture, to which Indenture reference is
hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the Holders of the Debt Securities. The Debt Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject
to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the Indenture. This Security is one
of a series designated as the 2.00% Senior Notes due 2029 of the Company, in initial aggregate principal amount of $475,000,000 (the
“Securities”).

 

1.            Interest.

 

The Company promises to pay
interest on the principal amount of this Security at the rate of 2.00% per annum.

 

The Company will pay interest
semi-annually on June 1 and December 1 of each year (each an “Interest Payment Date”), commencing December 1,
2021. Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid
on the Securities, from May 12, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
The Company shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on overdue installments
of interest (without regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand
at the rate of 2.00% per annum, in each case to the extent lawful.

 

2.            Method
of Payment.

 

The
Company shall pay interest on the Securities (except Defaulted Interest) to the persons who are the registered Holders at the close of
business on the Regular Record Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly
provided for (“Defaulted Interest”) may be paid to the persons who are registered Holders at the close of business on a Special
Record Date for the payment of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities
exchange on which such Securities may then be listed if such manner of payment shall be deemed practicable by the Trustee, as more fully
provided in the Indenture. Except as provided below, the Company shall pay principal and interest in such coin or currency of the United
States of America as at the time of payment shall be legal tender for payment of public and private debts (“U.S. Legal Tender”).
Payments in respect of a Book-Entry Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately
available funds to the accounts specified by the Depository. Payments in respect of Securities in definitive form (including principal,
premium, if any, and interest) will be made at the office or agency of the Company maintained for such purpose within the Borough of
Manhattan, the City of New York, which initially will be at the corporate trust office of The Bank of New York Mellon, located at 240
Greenwich Street, New York, New York, 10286 or at the option of the Company, payment of interest may be made by check mailed
to the Holders on the Regular Record Date or on the Special Record Date at their addresses set forth in the Security Register of Holders.

 

     

     

    

 

3.            Paying
Agent and Registrar.

 

Initially, The Bank of New
York Mellon Trust Company, N.A. will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar
at any time upon notice to the Trustee and the Holders. The Company or any of its Subsidiaries may, subject to certain exceptions, act
as Paying Agent, Registrar or co-Registrar.

 

4.            Indenture.

 

This Security is one of a
duly authorized issue of Debt Securities of the Company issued and to be issued in one or more series under the Indenture.

 

Capitalized terms herein
are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the Indenture
and all indentures supplemental thereto, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended,
as in effect on the date of the Indenture, and those terms stated in the Officers’ Certificate to the Trustee, duly authorized
by resolutions of the Board of Directors of the Company on June 23, 2020 (the “Resolutions”) and the written consent
of the Sole Director of Waste Management Holdings, Inc. on April 23, 2021 (the “Consent”). The Securities are subject
to all such terms, and Holders of Securities are referred to the Indenture, all indentures supplemental thereto, said Act, said Resolutions
and said Consent and Officers’ Certificate for a statement of them. The Securities of this series are general unsecured obligations
of the Company limited with an initial aggregate principal amount of $475,000,000.

 

5.            Redemption.

 

Before the Par Call Date,
the Securities will be redeemable and repayable, at the option of the Company, at any time in whole, or from time to time in part, at
a Redemption Price (the “Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities
to be redeemed; or (ii) the sum, as calculated by the Company, of the present values of the remaining scheduled payments of principal
and interest on the Securities that would be due if such Securities matured on the Par Call Date (exclusive of interest accrued to the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the applicable Treasury Yield plus 12.5 basis points; plus, in either case, accrued interest to the Redemption Date.

 

On or after the Par Call
Date, the Securities will be redeemable and repayable, at the option of the Company, at any time in whole, or from time to time in part,
at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest on the Securities
to be redeemed to the Redemption Date.

 

     

     

    

 

Securities called for redemption
become due on the Redemption Date. Notices of redemption will be mailed at least 10 but not more than 60 days before the Redemption Date
to each holder of record of the Securities to be redeemed at its registered address. The notice of redemption for the Securities will
state, among other things, the amount of Securities to be redeemed, the Redemption Date, the Redemption Price or, if not ascertainable,
the manner of determining the Make-Whole Price and the place(s) that payment will be made upon presentation and surrender of Securities
to be redeemed. Unless the Company defaults in payment of the Make-Whole Price, interest will cease to accrue on any Securities that
have been called for redemption at the Redemption Date. If less than all the Securities are redeemed at any time, the Trustee will select
the Securities to be redeemed on a pro rata basis or by any other method the Trustee deems fair and appropriate (or with respect to Securities
in global form, by such method as the Depository may require).

 

For purposes of determining
the Make-Whole Price, the following definitions are applicable:

 

“Treasury Yield”
means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the semi-annual equivalent yield
to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming
a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury
Price for such Redemption Date.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Securities, calculated as if the maturity date of such Securities were the Par Call Date (the “Remaining
Life”), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the Remaining Life of the Securities.

 

“Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by us to act as the Independent Investment Banker from time to time.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for the Redemption
Date, after excluding the highest and lowest of all Reference Treasury Dealer Quotations obtained, or (ii) if the Independent Investment
Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations.

 

“Par Call Date”
means April 1, 2029.

 

“Reference
Treasury Dealer” means (i) each of Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Wells Fargo
Securities, LLC (and their respective successors or affiliates), unless any of them ceases to be a primary U.S. government securities
dealer in New York City (a “Primary Treasury Dealer”), in which case the Company will substitute therefor another Primary
Treasury Dealer, and (ii) any other Primary Treasury Dealer selected by the Company.

 

     

     

    

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Securities, an average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

Except as set forth above,
the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any sinking fund.

 

The Securities may be redeemed
in part in a minimum principal amount of $2,000, or any integral multiple of $1,000 in excess thereof.

 

Any such redemption will
also comply with Article Eleven of the Indenture.

 

6.            Change
of Control Offer.

 

If a Change of Control Triggering
Event occurs, unless the Company has exercised its option to redeem the Securities as described in Section 5, the Company shall
make an offer (a “Change of Control Offer”) to each Holder of the Securities to repurchase all or any part (equal to $2,000
or an integral multiple of $1,000 in excess thereof) of that Holder’s Securities on the terms set forth herein. In a Change of
Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of Securities repurchased (a “Change
of Control Payment”), plus accrued and unpaid interest, if any, on the Securities repurchased to the date of repurchase, subject
to the right of holders of record on the applicable record date to receive interest due on the next Interest Payment Date.

 

Within 30 days following
any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement
of the transaction that constitutes or may constitute the Change of Control, the Company shall mail a notice to Holders of the Securities
describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such
Securities on the date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from
the date such notice is mailed (a “Change of Control Payment Date”). The notice may, if mailed prior to the date of consummation
of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on
or prior to the applicable Change of Control Payment Date.

 

Upon the Change of Control
Payment Date, the Company shall, to the extent lawful:

 

		·	accept
                                            for payment all Securities or portions of Securities properly tendered and not withdrawn
                                            pursuant to the Change of Control Offer;

 

		·	deposit
                                            with the Paying Agent an amount equal to the Change of Control Payment in respect of all
                                            Securities or portions of Securities properly tendered; and

 

     

     

    

 

		·	deliver
                                            or cause to be delivered to the Trustee the Securities properly accepted together with an
                                            Officers’ Certificate stating the aggregate principal amount of Securities or portions
                                            of Securities being repurchased.

 

The Company need not make
a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner,
at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all Securities
properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Securities if there has occurred
and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment
of the Change of Control Payment upon a Change of Control Triggering Event.

 

The Company will comply with
the applicable requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the
repurchase of the Securities as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities
laws or regulations conflict with the Change of Control Offer provisions of this Security, the Company will comply with those securities
laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of this Security
by virtue of any such conflict.

 

For purposes of the Change
of Control Offer provisions of the Securities, the following terms are applicable:

 

“Change of Control”
means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s
assets and the assets of its Subsidiaries, taken as a whole, to any person, other than the Company or one of its Subsidiaries; (2) the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes
the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
outstanding Voting Stock of the Company or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or
into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in
which any of the outstanding Voting Stock of the Company or the Voting Stock of such other person is converted into or exchanged for
cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately
prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person
or any direct or indirect parent company of the surviving person, measured by voting power rather than number of shares, immediately
after giving effect to such transaction; or (4) the adoption of a plan relating to the liquidation or dissolution of the Company.

 

     

     

    

 

Notwithstanding the preceding,
a transaction will not be deemed to involve a Change of Control under clause (2) above if (i) the Company becomes a direct
or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such
holding company immediately following that transaction are substantially the same as the holders of Voting Stock of the Company immediately
prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements
of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The
term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Fitch” means
Fitch Inc. and its successors.

 

“Investment Grade Rating”
means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected
by the Company.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Rating Agencies”
means (1) each of Fitch, Moody’s and S&P and (2) if any of Fitch, Moody’s or S&P ceases to rate the Securities
or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company
(as certified by a resolution of our Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them,
as the case may be.

 

“Rating Event”
means the rating on the Securities is lowered by at least two of the three Rating Agencies and the Securities are rated below an Investment
Grade Rating by at least two of the three Rating Agencies, in any case on any day during the period (which period will be extended so
long as the rating of the Securities is under publicly announced consideration for a possible downgrade by any of the rating agencies)
commencing 60 days prior to the first public notice of the occurrence of a Change of Control or the Company’s intention to effect
a Change of Control and ending 60 days following consummation of such Change of Control.

 

“S&P” means
S&P Global Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as
of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors
of such person.

 

7.            Denominations;
Transfer; Exchange.

 

The Securities are issued
in registered form, without coupons, in a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof. A Holder
may register the transfer of, or exchange, Securities in accordance with the Indenture. The Securities Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted
by the Indenture.

 

     

     

    

 

8.            Person
Deemed Owners.

 

The registered Holder of
a Security may be treated as the owner of it for all purposes.

 

9.            Amendment;
Supplement; Waiver.

 

Subject to certain exceptions,
the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any provision may be waived, with
the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent
of any Holder, the parties thereto may amend or supplement the Indenture or the Securities to, among other things, cure any ambiguity,
defect or inconsistency, or make any other change that does not adversely affect the interests of any Holder of a Security in any material
respect. Any such consent or waiver by the Holder of this Security (unless revoked as provided in the Indenture) shall be conclusive
and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange
or substitution herefor, irrespective of whether or not any notation thereof is made upon this Security or such other Securities.

 

10.           Defaults
and Remedies.

 

If an Event of Default with
respect to the Securities occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal
amount of the Securities then Outstanding may declare the principal amount of all the Securities to be due and payable immediately in
the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such
a declaration of acceleration has been made and before judgment or decree for payment of the money due has been obtained by the Trustee
as provided in the Indenture, the Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Company
and to the Trustee, may rescind and annul such declaration and its consequences if (1) the Company has paid or deposited with the
Trustee a sum sufficient to pay (A) all overdue interest on all Securities, (B) the principal of (and premium, if any, on)
any Securities which has become due otherwise than by such declaration of acceleration and any interest thereon at the rate prescribed
therefor herein, (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate prescribed
therefor herein, and (D) all sums paid or advanced by the Trustee and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel and (2) all Events of Default under the Indenture with respect to the Securities, other than
the nonpayment of the principal of Securities which has become due solely by such declaration acceleration, shall have been cured or
shall have been waived. No such rescission shall affect any subsequent Event of Default or shall impair any right consequent thereon.
Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity
satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate
principal amount of the Securities then outstanding may direct the Trustee in its exercise of any trust or power.

 

     

     

    

 

11.            Trustee
Dealings with Company.

 

The Trustee under the Indenture,
in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company and its Affiliates
and any subsidiary of the Company’s Affiliates, and may otherwise deal with the Company and its Affiliates as if it were not the
Trustee.

 

12.            Authentication.

 

This Security shall not be
valid until the Trustee or authenticating agent signs the certificate of authentication on the other side of this Security.

 

13.            Abbreviations
and Defined Terms.

 

Customary abbreviations may
be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants by the entireties),
JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors
Act).

 

14.            CUSIP
Numbers.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Note Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities
as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities
and reliance may be placed only on the other identification numbers printed hereon.

 

15.            Absolute
Obligation.

 

No reference herein to the
Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of, premium, if any, and interest on this Security in the manner, at the respective times, at the
rate and in the coin or currency herein prescribed.

 

16.            No
Recourse.

 

No recourse under or upon
any obligation, covenant or agreement contained in the Indenture or in any Security, or because of any indebtedness evidenced thereby,
shall be had against any incorporator, past, present or future stockholder, officer or director, as such of the Company or of any successor,
either directly or through the Company or of any successor, either directly or through the Company or any successor, under any rule of
law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance of the Security by the Holder and as part of the consideration
for the issue of the Security.

 

     

     

    

 

17.            Governing
Law.

 

This Security shall be construed
in accordance with and governed by the laws of the State of New York.

 

18.            Guarantee.

 

The Securities will be fully
and unconditionally guaranteed on a senior basis by the Company’s wholly owned subsidiary, Waste Management Holdings, Inc.,
pursuant to the terms and conditions of a Guarantee, dated as of May 12, 2021 (the “Guarantee”). The amount of the Guarantee
will be limited to the extent required under applicable fraudulent conveyance laws to cause the Guarantee to be enforceable. The terms
and conditions of the Guarantee shall continue in full force and effect for the benefit of holders of the Securities until release thereof
as set forth in Section 6 of the Guarantee.

 

19.            Satisfaction
and Discharge.

 

The Securities will be subject
to Section 401 of the Indenture; provided, however, that solely with respect to the Securities, the following sentence shall be
added to the end of Section 401(1)(B) of the Indenture: “(provided that, upon any redemption that requires the payment
of any make-whole or other premium, (x) the amount of cash that must be deposited shall be determined using an assumed applicable
premium calculated as of the date of such deposit and (y) the Company shall deposit any deficit in trust on or prior to the Redemption
Date as necessary to pay the applicable premium as determined by such date)”.

 

     

     

    

 

SCHEDULE OF EXCHANGES OF DEFINITIVE SECURITY

 

The following exchanges of
a part of this Book-Entry Security for definitive Securities have been made:

 

	Date
                                            of Exchange
	 	
Amount
                                            of

                                            decrease in

                                            Principal Amount

                                            of this Book-Entry

                                            Security
	 	Amount
    of increase

    in Principal

    Amount of this

    Book-Entry

    Security	 	Principal
    Amount

    of this Book-Entry

    Security following

    such decrease (or

    increase)	 	Signature
    of

    authorized officer

    of Trustee or

    Security CustodianExhibit 4.3

 

WASTE MANAGEMENT, INC.

Officers’ Certificate Delivered Pursuant to

Section 301 of the Indenture dated as of September 10, 1997

 

May 12, 2021

 

The undersigned, the Vice President
and Treasurer, and the Vice President and Corporate Secretary of Waste Management, Inc. (the “Company”), hereby certify
that:

 

1.           This
Certificate is delivered to The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas Commerce Bank National Association),
as trustee (the “Trustee”), pursuant to Sections 102 and 301 of the Indenture dated as of September 10, 1997 between
the Company, formerly known as USA Waste Services, Inc., and the Trustee in connection with the Company Order dated May 12,
2021 (the “Order”) for the authentication and delivery by the Trustee of $475,000,000 aggregate principal amount of 2.95%
Senior Notes due 2041 (the “Notes”).

 

2.           The
undersigned have read Sections 102, 103, 301 and 303 of the Indenture and the definitions in the Indenture relating thereto.

 

3.           The
statements made herein are based either upon the personal knowledge of the persons making this Certificate or on information, data and
reports furnished to such persons by the officers, counsel, department heads or employees of the Company who have knowledge of the facts
involved.

 

4.            The
undersigned have examined the Order, and they have read the covenants, conditions and provisions of the Indenture relating thereto.

 

5.            In
the opinion of the persons making this Certificate, they have made such examination or investigation as is necessary to enable them to
express an informed opinion as to whether or not all covenants and conditions provided for in the Indenture with respect to the Order
have been complied with.

 

6.           All
covenants and conditions (including all conditions precedent) provided in the Indenture to the authentication and delivery by the Trustee
of $475,000,000 aggregate principal amount of the Notes have been complied with, and such Notes may be delivered in accordance with the
Order as provided in the Indenture.

 

7.            The
terms of the Notes (including the Form of Note) as set forth in Annex A to this Officers’ Certificate have been
approved by officers of the Company as authorized by resolutions duly adopted on June 23, 2020 by the Board of Directors of the
Company, which are in full force and effect as of the date hereof.

 

[signature page follows]

 

     

     

    

 

IN WITNESS WHEREOF, the undersigned has hereunto
executed this Officers’ Certificate as of the date first written above.

 

 

	 	 
	 	David L. Reed
	 	Vice President and Treasurer
	 	 
	 	 
	 	Courtney A. Tippy
	 	Vice President and Corporate
    Secretary

 

WASTE MANAGEMENT, INC.

Officers’ Certificate Delivered Pursuant
to

Section 301 of the Indenture dated as of
September 10, 1997

Signature Page

 

     

     

    

 

 

Annex A

Terms of the Notes

 

Pursuant to authority granted
by the Board of Directors of the Company on June 23, 2020 and the Sole Director of Waste Management Holdings, Inc. on April 23,
2021, the Company has approved the establishment, issuance, execution and delivery of a new series of Securities (as defined in the Indenture)
to be issued under the Indenture dated as of September 10, 1997 (the “Indenture”), between the Company, formerly known
as USA Waste Services, Inc., and The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas Commerce Bank National
Association), as trustee (the “Trustee”), the terms of which are set forth below. Capitalized terms used but not defined
herein are used herein as defined in the Indenture.

 

		(1)	The title of the series of Securities shall
                                            be “2.95% Senior Notes due 2041” (the “Notes”).

 

		(2)	The Notes shall be general unsecured, senior
                                            obligations of the Company.

 

		(3)	The initial aggregate principal amount of
                                            the Notes that may be authenticated and delivered under the Indenture shall be $475,000,000
                                            (except for Notes authenticated and delivered upon registration of transfer of, or in exchange
                                            for, or in lieu of, other Notes pursuant to Section 304, 305, 306, 906 or 1107 of the
                                            Indenture); provided, however, that the authorized aggregate principal amount of such series
                                            may be increased before or after the issuance of any Notes of such series by a Board Resolution
                                            (or action pursuant to a Board Resolution) to such effect.

 

		(4)	The principal amount of each Note shall be
                                            payable on June 1, 2041.

 

		(5)	Each Note shall bear interest from May 12,
                                            2021 at the fixed rate of 2.95% per annum; the Interest Payment Dates on which such interest
                                            shall be payable shall be June 1 and December 1, of each year, commencing December 1,
                                            2021, until maturity unless such date falls on a day that is not a Business Day, in which
                                            case, such payment shall be made on the next day that is a Business Day. The Regular Record
                                            Date for the determination of Holders to whom interest is payable shall be May 15 or
                                            November 15, respectively, immediately preceding such date, as the case may be.

 

		(6)	If a “Change of Control Triggering Event”
                                            (as defined in the Notes) occurs, each Holder of the Notes may require the Company to purchase
                                            all or a portion of such Holder’s Notes at a price equal to 101% of the principal amount,
                                            plus accrued interest, if any, to the date of purchase, on the terms and subject to the conditions
                                            set forth in the Notes.

 

		(7)	The Notes are to be issued as Registered Securities
                                            only. Each Note is to be issued as a book-entry note (“Book-Entry Note”) but
                                            in certain circumstances may be represented by Notes in definitive form. The Book-Entry Notes
                                            shall be issued, in whole or in part, in the form of one or more Notes in global form as
                                            contemplated by Section 203 of the Indenture. The Depositary with respect to the Book-Entry
                                            Notes shall be The Depository Trust Company, New York, New York.

 

     

     

    

 

		(8)	Payments of principal of, premium, if any,
                                            and interest due on the Notes representing Book-Entry Notes on any Interest Payment Date
                                            or at maturity will be made available to the Trustee by 11:00 a.m., New York City time, on
                                            such date, unless such date falls on a day which is not a Business Day, in which case such
                                            payments will be made available to the Trustee by 11:00 a.m., New York City time, on the
                                            next Business Day. As soon as possible thereafter, the Trustee will make such payments to
                                            the Depositary.

 

		(9)	Before the Par Call Date, the Notes will be
                                            redeemable and repayable, at the option of the Company, at any time in whole, or from time
                                            to time in part, at a Redemption Price equal to the greater of (i) 100% of the principal
                                            amount of the Notes to be redeemed or (ii) the sum, as calculated by the Company, of
                                            the present values of the remaining scheduled payments of principal and interest thereon
                                            that would be due if the Notes matured on the Par Call Date (exclusive of interest accrued
                                            to the Redemption Date (as defined in the Notes) discounted to the Redemption Date on a semi-annual
                                            basis (assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury
                                            Yield (as defined in the Notes) plus 15 basis points; plus, in either case, accrued interest
                                            to the Redemption Date. On or after the Par Call Date, the Notes will be redeemable and repayable,
                                            at the option of the Company, at any time in whole, or from time to time in part, at a Redemption
                                            Price equal to 100% of the principal amount of the Notes to be redeemed plus accrued interest
                                            on the Notes to be redeemed to the Redemption Date. “Par Call Date” means December 1,
                                            2040.

 

		(10)	The Company shall have no obligation to redeem,
                                            purchase or repay the Notes pursuant to any mandatory redemption, sinking fund or analogous
                                            provisions or at the option of a Holder thereof.

 

		(11)	The Notes will be subject to defeasance and
                                            discharge as contemplated by Section 1302 of the Indenture and to covenant defeasance
                                            under Section 1303 of the Indenture.

 

		(12)	The Notes shall be entitled to the benefit
                                            of the covenants contained in Sections 1008 and 1009 of the Indenture.

 

		(13)	The Bank of New York Mellon Trust Company,
                                            N.A. shall serve initially as Security Registrar for the Notes.

 

		(14)	The Notes shall be substantially in the form
                                            of Exhibit A hereto.

 

		(15)	The Notes will be fully and unconditionally
                                            guaranteed on a senior basis by the Company’s wholly owned subsidiary, Waste Management
                                            Holdings, Inc., pursuant to the terms and conditions of a Guarantee Agreement dated
                                            May 12, 2021 (the “Guarantee”). The amount of the Guarantee will be limited
                                            to the extent required under applicable fraudulent conveyance laws to cause the Guarantee
                                            to be enforceable. The terms and conditions of the Guarantee shall continue in full force
                                            and effect for the benefit of holders of the Notes until release thereof as set forth in
                                            Section 6 of the Guarantee.

 

		(16)	The Notes shall be subject to the satisfaction
                                            and discharge provisions set forth in Section 401 of the Indenture, as such provisions
                                            are supplemented or modified by the terms and conditions set forth in the Notes in accordance
                                            with the Indenture.

 

     

     

    

 

BOOK-ENTRY SECURITY

 

THIS SECURITY IS A BOOK-ENTRY
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A
DEPOSITORY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE
ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY
AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF
THE DEPOSITORY) MAY BE REGISTERED EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

 

UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY
(AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION FOR TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

	RGN	 	Principal Amount
	 	 	 
	 	 

     

     

    WASTE MANAGEMENT, INC.
	U.S. $                   ,
    which may be decreased by the Schedule of Exchanges of Definitive Security attached hereto
	 	 	 
	 	2.95% SENIOR NOTES DUE 2041	 
	 	 	 
	 	 	      CUSIP 94106L BR9

 

WASTE MANAGEMENT, INC.,
a Delaware corporation (the “Company,” which term includes any successors under the Indenture hereinafter referred to), for
value received, hereby promises to pay to CEDE & CO. or registered assigns, at the office or agency of the Company, the principal
sum of                 Million ($                  )
U.S. dollars, or such lesser principal sum as is shown on the attached Schedule of Exchanges of Definitive Security, on June 1,
2041 in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public
and private debts, and to pay interest at an annual rate of 2.95% payable on June 1 and December 1 of each year, to the person
in whose name this Security is registered at the close of business on the record date for such interest, which shall be the preceding
May 15 or November 15, respectively, payable commencing December 1, 2021, with interest accruing from May 12, 2021,
or the most recent date to which interest has been paid.

 

     

     

    

 

Reference is made to the
further provisions of this Security set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect
as though fully set forth at this place.

 

The statements in the legends
set forth above are an integral part of the terms of this Security and by acceptance hereof the Holder of this Security agrees to be
subject to, and bound by, the terms and provisions set forth in each such legend.

 

This Security is issued in
respect of a series of Securities of an initial aggregate of U.S. $475,000,000 in principal amount designated as the 2.95% Senior Notes
due 2041 of the Company and is governed by the Indenture dated as of September 10, 1997, duly executed and delivered by the Company,
formerly known as USA Waste Services, Inc., to The Bank of New York Mellon Trust Company, N.A. (the current successor to Texas Commerce
Bank National Association) as trustee (the “Trustee”), as supplemented by Board Resolutions (as defined in the Indenture)
(such Indenture and Board Resolutions, collectively, the “Indenture”). The terms of the Indenture are incorporated herein
by reference. This Security shall in all respects be entitled to the same benefits as definitive Securities under the Indenture.

 

If and to the extent that
any provision of the Indenture limits, qualifies or conflicts with any other provision of the Indenture that is required to be included
in the Indenture or is deemed applicable to the Indenture by virtue of the provisions of the Trust Indenture Act of 1939, as amended,
such required provision shall control.

 

The Company hereby irrevocably
undertakes to the Holder hereof to exchange this Security in accordance with the terms of the Indenture without charge.

 

     

     

    

 

This Security shall not be
valid or become obligatory for any purpose until the Certificate of Authentication hereon shall have been manually signed by the Trustee
under the Indenture.

 

IN WITNESS WHEREOF, the Company
has caused this instrument to be duly executed under its corporate seal.

 

	Dated: 	WASTE MANAGEMENT, INC.,
	 	a Delaware corporation
	 	 
	 	By:	 
	 	 	David L. Reed
	 	 	Vice President and Treasurer
	 	 
	 	 
	 	Attest:
	 	 
	 	By:	 
	 	 	Courtney A. Tippy
	 	 	Vice President and Corporate Secretary

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities
of the series designated therein referred to in the within-mentioned Indenture.

 

	Date of
    Authentication: 	The Bank of New
    York Mellon Trust Company, N.A., as Trustee
	 	 
	 	By:	 
	 	 	Authorized Officer

 

     

     

    

 

REVERSE OF BOOK-ENTRY SECURITY

 

WASTE MANAGEMENT, INC.

 

2.95% SENIOR NOTES DUE 2041

 

This Security is one of a
duly authorized issue of unsecured debentures, notes or other evidences of indebtedness of the Company (the “Debt Securities”)
of the series hereinafter specified, all issued or to be issued under and pursuant to the Indenture, to which Indenture reference is
hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the
Company and the Holders of the Debt Securities. The Debt Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject
to different sinking, purchase or analogous funds (if any) and may otherwise vary as provided in the Indenture. This Security is one
of a series designated as the 2.95% Senior Notes due 2041 of the Company, in initial aggregate principal amount of $475,000,000 (the
“Securities”).

 

		1.	Interest.

 

The Company promises to pay
interest on the principal amount of this Security at the rate of 2.95% per annum.

 

The Company will pay interest
semi-annually on June 1 and December 1 of each year (each an “Interest Payment Date”), commencing December 1,
2021. Interest on the Securities will accrue from the most recent date to which interest has been paid or, if no interest has been paid
on the Securities, from May 12, 2021. Interest will be computed on the basis of a 360-day year consisting of twelve 30-day months.
The Company shall pay interest (including post-petition interest in any proceeding under any applicable bankruptcy laws) on overdue installments
of interest (without regard to any applicable grace period) and on overdue principal and premium, if any, from time to time on demand
at the rate of 2.95% per annum, in each case to the extent lawful.

 

		2.	Method
                                            of Payment.

 

The Company shall pay interest
on the Securities (except Defaulted Interest) to the persons who are the registered Holders at the close of business on the Regular Record
Date immediately preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for (“Defaulted
Interest”) may be paid to the persons who are registered Holders at the close of business on a Special Record Date for the payment
of such Defaulted Interest, or in any other lawful manner not inconsistent with the requirements of any securities exchange on which
such Securities may then be listed if such manner of payment shall be deemed practicable by the Trustee, as more fully provided in the
Indenture. Except as provided below, the Company shall pay principal and interest in such coin or currency of the United States of America
as at the time of payment shall be legal tender for payment of public and private debts (“U.S. Legal Tender”). Payments in
respect of a Book-Entry Security (including principal, premium, if any, and interest) will be made by wire transfer of immediately available
funds to the accounts specified by the Depository. Payments in respect of Securities in definitive form (including principal, premium,
if any, and interest) will be made at the office or agency of the Company maintained for such purpose within the Borough of Manhattan,
the City of New York, which initially will be at the corporate trust office of The Bank of New York Mellon, located at 240
Greenwich Street, New York, New York, 10286 or at the option of the Company, payment of interest may be made by check mailed to
the Holders on the Regular Record Date or on the Special Record Date at their addresses set forth in the Security Register of Holders.

 

     

     

    

 

		3.	Paying
                                            Agent and Registrar.

 

Initially, The Bank of New
York Mellon Trust Company, N.A. will act as Paying Agent and Registrar. The Company may change any Paying Agent, Registrar or co-Registrar
at any time upon notice to the Trustee and the Holders. The Company or any of its Subsidiaries may, subject to certain exceptions, act
as Paying Agent, Registrar or co-Registrar.

 

		4.	Indenture.

 

This Security is one of a
duly authorized issue of Debt Securities of the Company issued and to be issued in one or more series under the Indenture.

 

Capitalized terms herein
are used as defined in the Indenture unless otherwise defined herein. The terms of the Securities include those stated in the Indenture
and all indentures supplemental thereto, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended,
as in effect on the date of the Indenture, and those terms stated in the Officers’ Certificate to the Trustee, duly authorized
by resolutions of the Board of Directors of the Company on June 23, 2020 (the “Resolutions”) and the written consent
of the Sole Director of Waste Management Holdings, Inc. on April 23, 2021 (the “Consent”). The Securities are subject
to all such terms, and Holders of Securities are referred to the Indenture, all indentures supplemental thereto, said Act, said Resolutions
and said Consent and Officers’ Certificate for a statement of them. The Securities of this series are general unsecured obligations
of the Company limited with an initial aggregate principal amount of $475,000,000.

 

		5.	Redemption.

 

Before the Par Call Date,
the Securities will be redeemable and repayable, at the option of the Company, at any time in whole, or from time to time in part, at
a Redemption Price (the “Make-Whole Price”) equal to the greater of: (i) 100% of the principal amount of the Securities
to be redeemed; or (ii) the sum, as calculated by the Company, of the present values of the remaining scheduled payments of principal
and interest on the Securities that would be due if such Securities matured on the Par Call Date (exclusive of interest accrued to the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months)
at the applicable Treasury Yield plus 15 basis points; plus, in either case, accrued interest to the Redemption Date.

 

On or after the Par Call
Date, the Securities will be redeemable and repayable, at the option of the Company, at any time in whole, or from time to time in part,
at a Redemption Price equal to 100% of the principal amount of the Securities to be redeemed plus accrued interest on the Securities
to be redeemed to the Redemption Date.

 

     

     

    

 

Securities called for redemption
become due on the Redemption Date. Notices of redemption will be mailed at least 10 but not more than 60 days before the Redemption Date
to each holder of record of the Securities to be redeemed at its registered address. The notice of redemption for the Securities will
state, among other things, the amount of Securities to be redeemed, the Redemption Date, the Redemption Price or, if not ascertainable,
the manner of determining the Make-Whole Price and the place(s) that payment will be made upon presentation and surrender of Securities
to be redeemed. Unless the Company defaults in payment of the Make-Whole Price, interest will cease to accrue on any Securities that
have been called for redemption at the Redemption Date. If less than all the Securities are redeemed at any time, the Trustee will select
the Securities to be redeemed on a pro rata basis or by any other method the Trustee deems fair and appropriate (or with respect to Securities
in global form, by such method as the Depository may require).

 

For purposes of determining
the Make-Whole Price, the following definitions are applicable:

 

“Treasury Yield”
means, with respect to any Redemption Date applicable to the Securities, the rate per annum equal to the semi-annual equivalent yield
to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming
a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the applicable Comparable Treasury
Price for such Redemption Date.

 

“Comparable Treasury
Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Securities, calculated as if the maturity date of such Securities were the Par Call Date (the “Remaining
Life”), that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues
of corporate debt securities of comparable maturity to the Remaining Life of the Securities.

 

“Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by us to act as the Independent Investment Banker from time to time.

 

“Comparable Treasury
Price” means, with respect to any Redemption Date, (i) the average of the Reference Treasury Dealer Quotations for the Redemption
Date, after excluding the highest and lowest of all Reference Treasury Dealer Quotations obtained, or (ii) if the Independent Investment
Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all Reference Treasury Dealer Quotations.

 

“Par Call Date”
means December 1, 2040.

 

“Reference Treasury
Dealer” means (i) each of Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and Wells Fargo Securities,
LLC (and their respective successors or affiliates), unless any of them ceases to be a primary U.S. government securities dealer in New
York City (a “Primary Treasury Dealer”), in which case the Company will substitute therefor another Primary Treasury Dealer,
and (ii) any other Primary Treasury Dealer selected by the Company.

 

     

     

    

 

“Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date for the Securities, an average,
as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Securities
(expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date.

 

Except as set forth above,
the Securities will not be redeemable prior to their Stated Maturity and will not be entitled to the benefit of any sinking fund.

 

The Securities may be redeemed
in part in a minimum principal amount of $2,000, or any integral multiple of $1,000 in excess thereof.

 

Any such redemption will
also comply with Article Eleven of the Indenture.

 

		6.	Change
                                            of Control Offer.

 

If a Change of Control Triggering
Event occurs, unless the Company has exercised its option to redeem the Securities as described in Section 5, the Company shall
make an offer (a “Change of Control Offer”) to each Holder of the Securities to repurchase all or any part (equal to $2,000
or an integral multiple of $1,000 in excess thereof) of that Holder’s Securities on the terms set forth herein. In a Change of
Control Offer, the Company shall offer payment in cash equal to 101% of the aggregate principal amount of Securities repurchased (a “Change
of Control Payment”), plus accrued and unpaid interest, if any, on the Securities repurchased to the date of repurchase, subject
to the right of holders of record on the applicable record date to receive interest due on the next Interest Payment Date.

 

Within 30 days following
any Change of Control Triggering Event or, at the Company’s option, prior to any Change of Control, but after public announcement
of the transaction that constitutes or may constitute the Change of Control, the Company shall mail a notice to Holders of the Securities
describing the transaction that constitutes or may constitute the Change of Control Triggering Event and offering to repurchase such
Securities on the date specified in the applicable notice, which date shall be no earlier than 30 days and no later than 60 days from
the date such notice is mailed (a “Change of Control Payment Date”). The notice may, if mailed prior to the date of consummation
of the Change of Control, state that the Change of Control Offer is conditioned on the Change of Control Triggering Event occurring on
or prior to the applicable Change of Control Payment Date.

 

Upon the Change of Control
Payment Date, the Company shall, to the extent lawful:

 

		·	accept
                                            for payment all Securities or portions of Securities properly tendered and not withdrawn
                                            pursuant to the Change of Control Offer;

 

		·	deposit
                                            with the Paying Agent an amount equal to the Change of Control Payment in respect of all
                                            Securities or portions of Securities properly tendered; and

 

     

     

    

 

		·	deliver
                                            or cause to be delivered to the Trustee the Securities properly accepted together with an
                                            Officers’ Certificate stating the aggregate principal amount of Securities or portions
                                            of Securities being repurchased.

 

The Company need not make
a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner,
at the times and otherwise in compliance with the requirements for an offer made by the Company and the third party repurchases all Securities
properly tendered and not withdrawn under its offer. In addition, the Company shall not repurchase any Securities if there has occurred
and is continuing on the Change of Control Payment Date an Event of Default under the Indenture, other than a default in the payment
of the Change of Control Payment upon a Change of Control Triggering Event.

 

The Company will comply with
the applicable requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the
repurchase of the Securities as a result of a Change of Control Triggering Event. To the extent that the provisions of any securities
laws or regulations conflict with the Change of Control Offer provisions of this Security, the Company will comply with those securities
laws and regulations and will not be deemed to have breached its obligations under the Change of Control Offer provisions of this Security
by virtue of any such conflict.

 

For purposes of the Change
of Control Offer provisions of the Securities, the following terms are applicable:

 

“Change of Control”
means the occurrence of any of the following: (1) the direct or indirect sale, lease, transfer, conveyance or other disposition
(other than by way of merger or consolidation), in one or more series of related transactions, of all or substantially all of the Company’s
assets and the assets of its Subsidiaries, taken as a whole, to any person, other than the Company or one of its Subsidiaries; (2) the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any person becomes
the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the
outstanding Voting Stock of the Company or other Voting Stock into which the Company’s Voting Stock is reclassified, consolidated,
exchanged or changed, measured by voting power rather than number of shares; (3) the Company consolidates with, or merges with or
into, any person, or any person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction in
which any of the outstanding Voting Stock of the Company or the Voting Stock of such other person is converted into or exchanged for
cash, securities or other property, other than any such transaction where the shares of the Voting Stock of the Company outstanding immediately
prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person
or any direct or indirect parent company of the surviving person, measured by voting power rather than number of shares, immediately
after giving effect to such transaction; or (4) the adoption of a plan relating to the liquidation or dissolution of the Company.

 

     

     

    

 

Notwithstanding the preceding,
a transaction will not be deemed to involve a Change of Control under clause (2) above if (i) the Company becomes a direct
or indirect wholly-owned subsidiary of a holding company and (ii)(A) the direct or indirect holders of the Voting Stock of such
holding company immediately following that transaction are substantially the same as the holders of Voting Stock of the Company immediately
prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements
of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company. The
term “person,” as used in this definition, has the meaning given thereto in Section 13(d)(3) of the Exchange Act.

 

“Change of Control
Triggering Event” means the occurrence of both a Change of Control and a Rating Event.

 

“Fitch” means
Fitch Inc. and its successors.

 

“Investment Grade Rating”
means a rating equal to or higher than BBB- (or the equivalent) by Fitch, Baa3 (or the equivalent) by Moody’s and BBB- (or the
equivalent) by S&P, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected
by the Company.

 

“Moody’s”
means Moody’s Investors Service, Inc. and its successors.

 

“Rating Agencies”
means (1) each of Fitch, Moody’s and S&P and (2) if any of Fitch, Moody’s or S&P ceases to rate the Securities
or fails to make a rating of the Securities publicly available for reasons outside of the Company’s control, a “nationally
recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company
(as certified by a resolution of our Board of Directors) as a replacement agency for Fitch, Moody’s or S&P, or all of them,
as the case may be.

 

“Rating Event”
means the rating on the Securities is lowered by at least two of the three Rating Agencies and the Securities are rated below an Investment
Grade Rating by at least two of the three Rating Agencies, in any case on any day during the period (which period will be extended so
long as the rating of the Securities is under publicly announced consideration for a possible downgrade by any of the rating agencies)
commencing 60 days prior to the first public notice of the occurrence of a Change of Control or the Company’s intention to effect
a Change of Control and ending 60 days following consummation of such Change of Control.

 

“S&P” means
S&P Global Ratings, a division of S&P Global Inc., and its successors.

 

“Voting Stock”
means, with respect to any specified “person” (as that term is used in Section 13(d)(3) of the Exchange Act) as
of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors
of such person.

 

		7.	Denominations;
                                            Transfer; Exchange.

 

The Securities are issued
in registered form, without coupons, in a minimum denomination of $2,000 and integral multiples of $1,000 in excess thereof. A Holder
may register the transfer of, or exchange, Securities in accordance with the Indenture. The Securities Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted
by the Indenture.

 

     

     

    

 

		8.	Person
                                            Deemed Owners.

 

The registered Holder of
a Security may be treated as the owner of it for all purposes.

 

		9.	Amendment;
                                            Supplement; Waiver.

 

Subject to certain exceptions,
the Indenture may be amended or supplemented, and any existing Event of Default or compliance with any provision may be waived, with
the consent of the Holders of a majority in principal amount of the Outstanding Debt Securities of each series affected. Without consent
of any Holder, the parties thereto may amend or supplement the Indenture or the Securities to, among other things, cure any ambiguity,
defect or inconsistency, or make any other change that does not adversely affect the interests of any Holder of a Security in any material
respect. Any such consent or waiver by the Holder of this Security (unless revoked as provided in the Indenture) shall be conclusive
and binding upon such Holder and upon all future Holders and owners of this Security and any Securities which may be issued in exchange
or substitution herefor, irrespective of whether or not any notation thereof is made upon this Security or such other Securities.

 

		10.	Defaults
                                            and Remedies.

 

If an Event of Default with
respect to the Securities occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal
amount of the Securities then Outstanding may declare the principal amount of all the Securities to be due and payable immediately in
the manner and with the effect provided in the Indenture. Notwithstanding the preceding sentence, however, if at any time after such
a declaration of acceleration has been made and before judgment or decree for payment of the money due has been obtained by the Trustee
as provided in the Indenture, the Holders of a majority in principal amount of the Outstanding Securities, by written notice to the Company
and to the Trustee, may rescind and annul such declaration and its consequences if (1) the Company has paid or deposited with the
Trustee a sum sufficient to pay (A) all overdue interest on all Securities, (B) the principal of (and premium, if any, on)
any Securities which has become due otherwise than by such declaration of acceleration and any interest thereon at the rate prescribed
therefor herein, (C) to the extent that payment of such interest is lawful, interest upon overdue interest at the rate prescribed
therefor herein, and (D) all sums paid or advanced by the Trustee and the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel and (2) all Events of Default under the Indenture with respect to the Securities, other than
the nonpayment of the principal of Securities which has become due solely by such declaration acceleration, shall have been cured or
shall have been waived. No such rescission shall affect any subsequent Event of Default or shall impair any right consequent thereon.
Holders of Securities may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity
satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate
principal amount of the Securities then outstanding may direct the Trustee in its exercise of any trust or power.

 

     

     

    

 

		11.	Trustee
                                            Dealings with Company.

 

The Trustee under the Indenture,
in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company and its Affiliates
and any subsidiary of the Company’s Affiliates, and may otherwise deal with the Company and its Affiliates as if it were not the
Trustee.

 

		12.	Authentication.

 

This Security shall not be
valid until the Trustee or authenticating agent signs the certificate of authentication on the other side of this Security.

 

		13.	Abbreviations
                                            and Defined Terms.

 

Customary abbreviations may
be used in the name of a Holder of a Security or an assignee, such as: TEN COM (tenant in common), TEN ENT (tenants by the entireties),
JT TEN (joint tenants with right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts to Minors
Act).

 

		14.	CUSIP
                                            Numbers.

 

Pursuant to a recommendation
promulgated by the Committee on Uniform Note Identification Procedures, the Company has caused CUSIP numbers to be printed on the Securities
as a convenience to the Holders of the Securities. No representation is made as to the accuracy of such number as printed on the Securities
and reliance may be placed only on the other identification numbers printed hereon.

 

		15.	Absolute
                                            Obligation.

 

No reference herein to the
Indenture and no provision of this Security or the Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of, premium, if any, and interest on this Security in the manner, at the respective times, at the
rate and in the coin or currency herein prescribed.

 

		16.	No
                                            Recourse.

 

No recourse under or upon
any obligation, covenant or agreement contained in the Indenture or in any Security, or because of any indebtedness evidenced thereby,
shall be had against any incorporator, past, present or future stockholder, officer or director, as such of the Company or of any successor,
either directly or through the Company or of any successor, either directly or through the Company or any successor, under any rule of
law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise,
all such liability being expressly waived and released by the acceptance of the Security by the Holder and as part of the consideration
for the issue of the Security.

 

		17.	Governing
                                            Law.

 

This Security shall be construed
in accordance with and governed by the laws of the State of New York.

 

		18.	Guarantee.

 

The Securities will be fully
and unconditionally guaranteed on a senior basis by the Company’s wholly owned subsidiary, Waste Management Holdings, Inc.,
pursuant to the terms and conditions of a Guarantee, dated as of May 12, 2021 (the “Guarantee”). The amount of the Guarantee
will be limited to the extent required under applicable fraudulent conveyance laws to cause the Guarantee to be enforceable. The terms
and conditions of the Guarantee shall continue in full force and effect for the benefit of holders of the Securities until release thereof
as set forth in Section 6 of the Guarantee.

 

		19.	Satisfaction
                                            and Discharge.

 

The Securities will be subject
to Section 401 of the Indenture; provided, however, that solely with respect to the Securities, the following sentence shall be
added to the end of Section 401(1)(B) of the Indenture: “(provided that, upon any redemption that requires the payment
of any make-whole or other premium, (x) the amount of cash that must be deposited shall be determined using an assumed applicable
premium calculated as of the date of such deposit and (y) the Company shall deposit any deficit in trust on or prior to the Redemption
Date as necessary to pay the applicable premium as determined by such date)”.

 

     

     

    

 

SCHEDULE OF EXCHANGES OF DEFINITIVE SECURITY

 

The following exchanges of
a part of this Book-Entry Security for definitive Securities have been made:

 

	Date
                                            of Exchange
	 	

    Amount of 

    decrease in 

    Principal Amount 

    of this Book-Entry 
 Security

	 	Amount
                                            of increase

                                            in Principal 

                                            Amount of this 

                                            Book-Entry 

                                            Security

	 	Principal
                                            Amount 

                                            of this Book-Entry

                                            Security following

                                            such decrease (or 

                                            increase)
	 	Signature
                                            of 

                                            authorized officer

                                            of Trustee or 

                                            Security Custodian

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]