Document:

exv4w7

Exhibit 4.7

GUARANTEE

BY WASTE MANAGEMENT HOLDINGS, INC.

(formerly known as Waste Management, Inc.)

in Favor of The Bank of New York Mellon Trust Company, N.A., as Trustee for the Holders

of Certain Debt Securities of

WASTE MANAGEMENT, INC.

$450,000,000

7.375% Senior Notes due 2019

 

 

     GUARANTEE, dated as of February 26, 2009 (as amended from time to time, this
“Guarantee”), made by Waste Management Holdings, Inc. (formerly known as Waste Management,
Inc.), a Delaware corporation (the “Guarantor”), in favor of The Bank of New York Mellon
Trust Company, N.A., as trustee for the holders of the $450 million 7.375% Senior Notes due 2019
(the “Debt Securities”) of Waste Management, Inc. (formerly known as USA Waste Services,
Inc.), a Delaware corporation (the “Issuer”).

WITNESSETH:

     SECTION 1. Guarantee. (a) The Guarantor hereby unconditionally guarantees the punctual payment when due, whether at
stated maturity, by acceleration or otherwise, of the principal of, premium, if any, and interest
on the Debt Securities (the “Obligations”), according to the terms of the Debt Securities
and as more fully described in the Indenture (as amended, modified or otherwise supplemented from
time to time, the “Indenture”), dated as of September 10, 1997, between the Issuer, as
successor to 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”).

          (b) It is the intention of the Guarantor that this Guarantee not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
this Guarantee. To effectuate the foregoing intention, the amount guaranteed by the Guarantor under
this Guarantee shall be limited to the maximum amount as will, after giving effect to such maximum
amount and all other contingent and fixed liabilities of the Guarantor (other than guarantees of
the Guarantor in respect of subordinated debt) that are relevant under such laws, result in the
Obligations of the Guarantor under this Guarantee not constituting a fraudulent transfer or
conveyance. For purposes hereof, “Bankruptcy Law” means Title 11, U.S. Code, or any similar
Federal or state law for the relief of debtors.

     SECTION 2. Guarantee Absolute. The Guarantor guarantees that the Obligations will be paid strictly in accordance with the terms
of the Indenture, regardless of any law, regulation or order now or hereafter in effect in any
jurisdiction affecting any of such terms or the rights of holders of the Debt Securities with
respect thereto. The liability of the Guarantor under this Guarantee shall be absolute and
unconditional irrespective of:

          (i) any lack of validity or enforceability of the Indenture, the Debt Securities or any
other agreement or instrument relating thereto;

          (ii) any change in the time, manner or place of payment of, or in any other term of, all or
any of the Obligations, or any other amendment or waiver of or any consent to departure from the
Indenture;

          (iii) any exchange, release or non-perfection of any collateral, or any release or
amendment or waiver of or consent to departure from any other guaranty, for all or any of the
Obligations; or

          (iv) any other circumstance which might otherwise constitute a defense available to, or a
discharge of, the Issuer or a guarantor.

 

 

     SECTION 3. Subordination. The Guarantor covenants and agrees that its obligation to make payments of the Obligations
hereunder constitutes an unsecured obligation of the Guarantor ranking (a) pari passu with all
existing and future senior indebtedness of the Guarantor and (b) senior in right of payment to all
existing and future subordinated indebtedness of the Guarantor.

     SECTION 4. Waiver; Subrogation. (a) The Guarantor hereby waives notice of acceptance of this Guarantee, diligence,
presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy
of the Issuer, any right to require a proceeding filed first against the Issuer, protest or notice
with respect to the Debt Securities or the indebtedness evidenced thereby and all demands
whatsoever.

          (b) The Guarantor shall be subrogated to all rights of the Trustee or the holders of any Debt
Securities against the Issuer in respect of any amounts paid to the Trustee or such holder by the
Guarantor pursuant to the provisions of this Guarantee; provided, however, that the Guarantor shall
not be entitled to enforce, or to receive any payments arising out of, or based upon, such right of
subrogation until all Obligations shall have been paid in full.

     SECTION 5. No Waiver, Remedies. No failure on the part of the Trustee or any holder of the Debt Securities to exercise, and no
delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or
partial exercise of any right hereunder preclude any other or further exercise thereof or the
exercise of any other right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

     SECTION 6. Continuing Guarantee; Transfer of Interest. This Guarantee is a continuing guaranty and shall (i) remain in full force and effect until the
earliest to occur of (A) the date, if any, on which the Guarantor shall consolidate with or merge
into the Issuer or any successor thereto, (B) the date, if any, on which the Issuer or any
successor thereto shall consolidate with or merge into the Guarantor, (C) payment in full of the
Obligations and (D) the release by the lenders under the Revolving Credit Agreement dated August
17, 2006, by and among the Issuer, the Guarantor (as guarantor), Citibank, N.A., as administrative
agent, J.P. Morgan Securities Inc. and Banc of America Securities LLC, as lead arrangers and joint
book runners (or under any replacement or new principal credit facility of the Issuer) of the
guarantee of the Guarantor thereunder, (ii) be binding upon the Guarantor, its successors and
assigns, and (iii) inure to the benefit of and be enforceable by any holder of Debt Securities, the
Trustee, and by their respective successors, transferees, and assigns.

     SECTION 7. Reinstatement. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any
time any payment of any of the Obligations is rescinded or must otherwise be returned by any holder
of the Debt Securities or the Trustee upon the insolvency, bankruptcy or reorganization of the
Issuer or otherwise, all as though such payment had not been made.

     SECTION 8. Amendment. The Guarantor may amend this Guarantee at any time for any purpose without the consent of the
Trustee or any holder of the Debt Securities; provided, however, that if such amendment adversely
affects the rights of the Trustee or any holder of the Debt Securities, the prior written consent
of the Trustee shall be required.

 

 

     SECTION 9. Governing Law. THIS GUARANTEE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK, WITHOUT REGARD TO THE PROVISIONS THEREOF RELATING TO CONFLICT OF LAWS.

     IN WITNESS WHEREOF, the Guarantor has caused this Guarantee to be duly executed and delivered
by its officer thereunto duly authorized as of the date first above written.

	 	 	 	 	 
	 	WASTE MANAGEMENT HOLDINGS, INC.,

 	 
	 	By:  	 	 
	 	 	Cherie C. Rice 	 
	 	 	Vice President and Treasurer 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	David P. LaPaul 	 
	 	 	Assistant Treasurerexv10w07

Exhibit 10.07

2002 NON-EXECUTIVE INCENTIVE PLAN OF

OCEANEERING INTERNATIONAL, INC.

First Amendment

          Oceaneering International, Inc., a Delaware corporation (the “Company”), having reserved the
right under Paragraph 12 of the 2002 Non-Executive Incentive Plan of Oceaneering International,
Inc. (the “Plan”), to amend the Plan, does hereby amend the Plan, effective as of the close of
business on December 31, 2008, as follows:

     1. The definition of “Fair Market Value” in Paragraph 3 of the Plan is hereby amended in its
entirety to read as follows:

“‘Fair Market Value’ of a share of Common Stock means, as of a particular date, (i)
if shares of Common Stock are listed or quoted on a national securities exchange,
the closing price per share of Common Stock reported or quoted on the consolidated
transaction reporting system for the principal national securities exchange on which
 shares of Common Stock are listed or quoted on that date, or, if there shall have
been no such sale so reported or quoted on that date, on the last preceding date on
which such a sale was so reported or quoted, (ii) if the Common Stock is not so
listed or quoted, the closing price on that date, or, if there are no quotations
available for such date, on the last preceding date on which such quotations shall
be available, as reported by the Nasdaq Stock Market, Inc. or, if not reported by
the Nasdaq Stock Market, Inc., by the National Quotation Bureau Incorporated, or
(iii) if shares of Common Stock are not publicly traded, the most recent value
determined by an independent appraiser appointed by the Company for such purpose.”

     2. The definition of “SAR” in Paragraph 3 of the Plan is hereby amended in its entirety to
read as follows:

“‘SAR’ means a right to receive a payment, in cash or Common Stock, equal to the
excess of the Fair Market Value of a share of Common Stock on the date the right is
exercised over the Fair Market Value of a share of Common Stock on the date of
grant.”

     3. The fourth sentence of Paragraph 6(a) of the Plan is hereby amended in its entirety to read
as follows:

“Subject to paragraph 6(c) and paragraph 19 hereof, the Committee may, in its
discretion, provide for the extension of the exercisability of an Award, accelerate
the vesting or exercisability of an Award, eliminate or make

 

 

less restrictive any restrictions contained in an Award, waive any restriction or
other provision of this Plan or an Award or otherwise amend or modify an Award in
any manner that is (i) not adverse to the Participant to whom such Award was
granted, (ii) consented to by such Participant or (iii) authorized by paragraph
14(c) hereof; provided, however, that no such action shall permit the term of any
Option to be greater than five years from the applicable grant date.”

4. Paragraph 9(b) of the Plan is deleted and Paragraph 9(c) of the Plan is hereby renumbered
as Paragraph 9(b) and any references thereto are revised accordingly.

5. The last sentence of Paragraph 11 of the Plan is deleted.

6. Paragraph 12 of the Plan is hereby amended by adding the following sentence to the end
thereof:

“Notwithstanding any provision in this Plan to the contrary, this Plan shall not be
amended or terminated in such manner that would cause this Plan or any amounts or
benefits payable hereunder to fail to comply with the requirements of Section 409A
of the Code, to the extent applicable, and any such amendment or termination that
may reasonably be expected to result in such non-compliance shall be of no force or
effect.”

     7. Paragraph 14 of the Plan is hereby amended by adding the following subparagraph 14(d) to
the end thereof:

“(d) No adjustment authorized by this paragraph 14 shall be made by the Company in
such manner that would cause or result in this Plan or any amounts or benefits
payable hereunder to fail to comply with the requirements of Section 409A of the
Code, to the extent applicable, and any such adjustment that may reasonably be
expected to result in such non-compliance shall be of no force or effect.”

     8. The Plan is hereby amended by adding the following new Paragraph 19 to the end thereof
which shall read as follows:

“19. Code Section 409A. Notwithstanding anything in this Plan to the contrary, if
any Plan provision or Award under the Plan would result in the imposition of an
additional tax under Code Section 409A and related regulations and Treasury
pronouncements (“Section 409A”), that Plan provision or Award will be reformed to
avoid imposition of the applicable tax and no action taken to comply with Section
409A shall be deemed to adversely affect the Participant’s rights to an Award. This
Plan is intended to comply with Section 409A, and ambiguous provisions hereof, if
any, shall be construed and interpreted in a manner that is compliant with the
application of Section 409A. The Plan shall neither cause nor permit any payment,
benefit or consideration to be substituted for a benefit that is

 

 

payable under this Plan if such action would result in the failure of any amount
that is subject to Section 409A to comply with the applicable requirements of
Section 409A.”

9. The Plan shall remain in full force and effect and, as amended by this First Amendment, is
hereby ratified and affirmed in all respects.

          IN WITNESS WHEREOF, Oceaneering International, Inc. has caused these presents to be executed
by its duly authorized officer in a number of copies, all of which shall constitute one and the
same instrument, which may be sufficiently evidenced by any executed copy hereof, on this
15th day of December 2008, but effective as of the close of business on December 31,
2008.

	 	 	 	 	 
	 	OCEANEERING INTERNATIONAL, INC.

 	 
	 	By:  	/s/ George R. Haubenreich, Jr.
 	 
	 	 	George R. Haubenreich, Jr. 	 
	 	 	Senior Vice President, General Counsel

and Secretary

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