Document:

Exhibit 10.10

Exhibit 10.10

RUSH ENTERPRISES, INC.

AMENDED AND RESTATED

2006 NON-EMPLOYEE DIRECTOR STOCK PLAN

(Amended and restated effective March 3, 2011)

1. Purpose. This Rush Enterprises, Inc. Amended and Restated 2006 Non-Employee Director Stock
Plan (the “Plan”) sponsored by Rush Enterprises, Inc., a Texas corporation (the “Company”), is
adopted for the benefit of the directors of the Company who at the time of their service are not
employees of the Company or any of its subsidiaries (“Non-Employee Directors”), and is intended to
advance the interests of the Company by providing the Non-Employee Directors with additional
incentive to serve the Company by increasing their proprietary interest in the success of the
Company.

2. Administration. The Plan shall be administered by the Board of Directors of the Company
(the “Board”) or a committee of the Board which shall consist solely of two or more directors
appointed by the Board who are not employees of the Company (the Board acting in such capacity or
such committee being referred to as the “Committee”). For the purposes of the Plan, a majority of
the members of the Committee shall constitute a quorum for the transaction of business, and the
vote of a majority of those members present at any meeting shall decide any question brought before
that meeting. In addition, the Committee may take any action otherwise proper under the Plan by
the affirmative vote, taken without a meeting, of a majority of its members. No member of the
Committee shall be liable for any act or omission of any other member of the Committee or for any
act or omission on his own part, including but not limited to the exercise of any power or
discretion given to him under the Plan, except those resulting from his own gross negligence or
willful misconduct. Except as otherwise expressly provided for herein, all questions of
interpretation and application of the Plan, or as to an option (“Option”) or stock award (“Stock
Award”) granted hereunder (an “Option” and “Stock Award” sometimes hereinafter referred to as an
“Award” or collectively as “Awards”), shall be subject to the determination, which shall be final
and binding, of a majority of the whole Committee. 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 Non-Employee Director to whom such Award was granted,
(ii) consented to by such Non-Employee Director or (iii) authorized by Section 8 hereof; provided,
however, that no such action shall permit the term of any Option to be greater than ten years from
the applicable grant date, or to be extended beyond the original stated term of the Option, if less
than ten years, if such extension would cause the Option to be subject to adverse tax consequences
under Section 409A of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).
Notwithstanding anything to the contrary contained herein, the Committee may not amend or replace
outstanding Options in a transaction that constitutes a repricing without the approval of the
shareholders of the Company. For these purposes, a cancellation, exchange or other modification to
an outstanding Option that occurs in connection with a merger, acquisition, spin-off or other
corporate transaction, including under Section 8 hereof will not be deemed a repricing.

 

 

 

3. Shares Available for Awards.

(a) Aggregate Number of Shares Available for Awards. The aggregate number of shares of
the Company’s Class A Common Stock, $.01 par value (or such other par value as may be
designated by act of the Company’s shareholders) (the “Common Stock”), with respect to which
Options or Stock Awards may be granted under the Plan shall not exceed 500,000 shares (as
adjusted pursuant to the 3-for-2 stock split effected by the Company on October 10, 2007);
provided, that the class and aggregate number of shares which may be subject to such Options
or Stock Awards granted hereunder shall be subject to adjustment in accordance with the
provisions of Section 8 hereof. Such shares may be treasury shares or authorized but
unissued shares.

(b) Expired, Terminated or Forfeited Shares. In the event that any outstanding Option
or Stock Award for any reason shall expire, terminate, or be forfeited by reason of (i) the
death of a Non-Employee Director, (ii) the fact that the Non-Employee Director ceases to be
a director, (iii) the surrender of any such Award, or (iv) any other cause, the shares of
Common Stock allocable to the unexercised or unvested portion of such Option or Stock Award
may again be subject to an Award under the Plan.

4. Options.

(a) Grant of Options. Subject to the terms and provisions of the Plan, the Committee,
at any time and from time to time, may grant Options to a Non-Employee Director in such
amounts as the Committee shall determine, in its sole and absolute discretion.

(b) Exercise Price of Options. The exercise price per share of Common Stock covered by
an Option granted pursuant to the Plan shall be not less than 100% of the fair market value,
as defined in paragraph (e) of this Section 4, of a share of Common Stock on the date such
Option is granted.

(c) Duration of Options. Each Option granted under the Plan shall be exercisable for a
term of ten years from the date of grant, subject to earlier termination as provided in
paragraph (g) of this Section 4.

(d) Amount Exercisable. Each Option granted pursuant to the Plan shall be fully
exercisable on the date of grant.

(e) Exercise of Options. Payment of the purchase price of the shares of Common Stock
subject to an Option granted hereunder may be made (i) in cash or cash equivalents
(including certified check or bank check payable to the order of the Company), (ii) by
tendering previously acquired shares of Common Stock (either actually or by attestation,
valued at their then “fair market value”), (iii) in shares of Common Stock withheld by the
Company from the shares of Common Stock otherwise issuable to the optionee as a result of
the exercise of the Option, or (iv) by any combination of any the foregoing. Subject to the
terms and conditions of this Plan, an Option may be exercised by written notice to the
Company at its principal office, attention

 

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of the Secretary. Such notice shall (i) state the election to exercise such Option, the
number of shares in respect of which it is being exercised and the manner of payment for
such shares and (ii) be signed by the person or persons so exercising such Option and, in
the event such Option is being exercised pursuant to paragraph (f) of this Section 4 by any
person or persons other than the optionee, accompanied by appropriate proof of the right of
such person or persons to exercise such Option. If payment of the purchase price of the
 shares is being paid in cash or by tendering previously acquired shares of Common Stock,
such notice shall be accompanied by payment of the full purchase price of such shares. All
cash and Common Stock payments shall, in either case, be delivered to the Company at its
principal office, attention of the Secretary. All shares issued as provided herein will be
fully paid and nonassessable.

For purposes of this paragraph (e), the “fair market value” of a share of Common Stock
as of any particular date shall mean:

(i) if the respective shares of Common Stock are listed on any established
stock exchange or a national market system, including without limitation, the
NASDAQ® Global Select Market, NASDAQ® Global Market or
NASDAQ® Capital Market, the fair market value will be the closing sales
price of such respective shares (or the closing bid, if no sales were reported) as
quoted on such system or exchange (or the exchange or system with the greatest
volume of trading in the respective Shares) on the date of determination (or, if no
closing sales price or closing bid was reported on that date, as applicable, on the
last trading date such closing sales price or closing bid was reported), as reported
in The Wall Street Journal or such other source as the Committee deems reliable; or

(ii) if the respective shares of Common Stock are regularly quoted on an
automated quotation system (including the OTC Bulletin Board) or by a recognized
securities dealer, but selling prices are not reported, the fair market value of
such respective shares will be the mean between the high bid and high asked prices
for such shares on the date of determination (or, if no such prices were reported on
that date, on the last date such prices were reported), as reported in The Wall
Street Journal or such other source as the Committee deems reliable; or

(iii) in the absence of an established market for such respective shares of
Common Stock of the type described in (i) and (ii), above, the fair market value
thereof will be determined by the Committee in good faith.

(f) Transferability of Options. Options shall not be transferable by the optionee other
than by will or under the laws of descent and distribution, and shall be exercisable, during
his lifetime, only by the optionee.

 

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(g) Termination. Except as may be otherwise expressly provided herein, each Option, to
the extent it shall not previously have been exercised, shall terminate on the earliest of
the following:

(1) On the last day of the thirty-day period commencing on the date on which
the optionee ceases to be a member of the Board, for any reason other than the death
or permanent disability of the optionee or his resignation after five years of
service;

(2) On the last day of the one-year period commencing on the date on which the
optionee ceases to be a member of the Board because of permanent disability;

(3) On the last day of the one-year period commencing on the date of the
optionee’s death while serving as a member of the Board (during which period the
executor or administrator of the optionee’s estate or the person or persons to whom
the optionee’s Option shall have been transferred by will or the laws of descent or
distribution, shall be entitled to exercise the Option in respect of the number of
 shares that the optionee would have been entitled to purchase had the optionee
exercised the Option on the date of his death);

(4) On the last day of the one-year period commencing on the date an optionee
who has had at least five years of service on the Board resigns from the Board; and

(5) Ten years after the date of grant of such Option.

Unless otherwise specifically provided in an Award agreement, for purposes of this
paragraph (g), “permanent disability” means permanent and total disability within the
meaning of section 22(e)(3) of the Internal Revenue Code.

(h) No Rights as Shareholder. No optionee shall have rights as a shareholder with
respect to shares of Common Stock covered by an Option until shares are issued to the
optionee upon the exercise of such Option; and, except as otherwise provided in Section 8
hereof, no adjustment for dividends, or otherwise, shall be made if the record date therefor
is prior to the date of issuance of such shares.

5. Stock Awards.

(a) Grant of a Stock Award. Subject to the terms and provisions of the Plan, the
Committee, at any time and from time to time, may grant a Stock Award in the form of an
outright grant of shares of Common Stock or in the form of restricted stock (“Restricted
Stock Awards”) to a Non-Employee Director in such amounts as the Committee shall determine,
in its sole and absolute discretion.

(b) Award Restrictions. The Committee may impose such terms, conditions, and/or
restrictions as the Committee deems appropriate on any Restricted Stock Award. Such terms,
conditions, and/or restrictions may include, but not be limited to, the requirement that a
Non-Employee Director pay a purchase price for each share of Common Stock subject to the
Award, restrictions on transferability, requirements regarding continued service as a member
of the Board or other time-based restrictions, or the achievement of individual performance
goals or attainment of pre-established
performance targets. The period of vesting and the lapsing of any applicable
forfeiture restrictions shall be established by the Committee at the time of grant.

 

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(c) Transferability. Except as may otherwise be provided by the Committee or the terms
of any Restricted Stock Award agreement, shares subject to a Restricted Stock Award shall
generally not be transferable until all forfeiture restrictions applicable to such
Restricted Stock Award have lapsed or, in the sole and absolute discretion of the Committee,
cancelled. Once the forfeiture restrictions have lapsed or been cancelled, the shares of
Common Stock that were subject to the Restricted Stock Award shall, subject to any
restrictions under applicable securities laws, become freely transferable. Any Restricted
Stock Award granted under the Plan may be evidenced in such manner as the Committee deems
appropriate, including, without limitation, book entry registration or issuance of a stock
certificate or certificates. The Company may retain the certificates, if any, representing
the shares of Common Stock that are subject to a Restricted Stock Award in the Company’s
possession until such time as all conditions and/or restrictions applicable to such shares
of Common Stock have been satisfied.

(d) Rights as Shareholders. During the period in which any restricted shares of Common
Stock are subject to forfeiture restrictions imposed under paragraph (b) of this Section 5,
the Committee may, in its sole discretion, grant to the Non-Employee Director to whom such
restricted shares have been awarded, all or any of the rights of a shareholder with respect
to such shares, including, but not limited to, the right to vote such shares and to receive
dividends.

6. Written Agreement. Each Option or Stock Award granted hereunder shall be, to the extent
necessary, embodied in a written Award agreement, which shall be subject to the terms and
conditions of this Plan, as applicable, and shall be signed by the Non-Employee Director and by the
appropriate officer of the Company for and in the name and on behalf of the Company. Such an Award
agreement shall contain the specific terms applicable to the Non-Employee Director’s Award and
shall contain such other provisions as the Committee in its sole discretion shall deem advisable.

7. Requirements of Law. The Company shall not be required to sell or issue any shares under
any Option or Stock Award if the issuance of such shares shall constitute a violation by the
Non-Employee Director or the Company of any provisions of any law or regulation of any governmental
authority. Each Option and Stock Award granted under the Plan shall be subject to the requirement
that, if at any time the Board or the Committee shall determine that the listing, registration or
qualification of the shares subject thereto upon any securities exchange or under any state or
federal law of the United States or of any other country or governmental subdivision thereof, or
the consent or approval of any governmental regulatory body, or investment or other
representations, are necessary or desirable in connection with the issue or purchase of shares
subject thereto, no such Option or Stock Award may be exercised in whole or in part unless such
listing, registration, qualification, consent, approval or representation shall have been effected
or obtained free of any conditions not acceptable to the Board. If required at any time by the
Board or the Committee, an Option may not be exercised and any restrictions applicable to a Stock
Award shall not lapse until the Non-Employee Director has delivered an investment letter to the
Company. In addition, specifically in connection with the Securities Act of 1933 (as now in effect

 

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or
hereafter amended), upon exercise of any Option, or the lapsing of any restrictions
applicable to a Stock Award, the Company shall not be required to issue the underlying shares
unless the Committee has received evidence satisfactory to it to the effect that the holder of such
Award will not transfer such shares except pursuant to a registration statement in effect under
such Act or unless an opinion of counsel satisfactory to the Company has been received by the
Committee to the effect that such registration is not required. Any determination in this regard
by the Committee shall be final, binding and conclusive. In the event the shares issuable on
exercise of an Option or Stock Award are not registered under the Securities Act of 1933, the
Company may imprint on the certificate for such shares the following legend or any other legend
which counsel for the Company considers necessary or advisable to comply with the Securities Act of
1933:

The shares of stock represented by this certificate have not been registered under
the Securities Act of 1933 or under the securities laws of any state and may not be
sold or transferred except upon such registration or upon receipt by Rush
Enterprises, Inc., a Texas corporation (the “Corporation”) of an opinion of counsel
satisfactory, in form and substance, to the Corporation that registration is not
required for such sale or transfer.

The Company may, but shall in no event be obligated to, register any securities covered hereby
pursuant to the Securities Act of 1933 (as now in effect or as hereafter amended) and, in the event
any shares are so registered, the Company may remove any legend on certificates representing such
shares. The Company shall not be obligated to take any other affirmative action in order to cause
the exercise of an Option or the issuance of shares pursuant thereto, or pursuant to the terms of a
Stock Award to comply with any law or regulation of any governmental authority.

8. Changes in the Company’s Capital Structure. In the event of any stock dividends, stock
splits, recapitalizations, combinations, exchanges of shares, mergers, consolidation, liquidations,
split-ups, split-offs, spin-offs, or other similar changes in capitalization, or any distribution
to shareholders, including a rights offering, other than regular cash dividends, changes in the
outstanding stock of the Company by reason of any increase or decrease in the number of issued
shares of Common Stock resulting from a split-up or consolidation of shares or any similar capital
adjustment or the payment of any stock dividend, any share repurchase at a price in excess of the
market price of the Common Stock at the time such repurchase is announced or other increase or
decrease in the number of such shares, the Committee shall make appropriate adjustment (a) in the
aggregate number and kind of shares authorized by the Plan and (b) in the number, kind and price,
as applicable, of any outstanding Awards granted under the Plan (or, if deemed appropriate, the
Committee may, where applicable, make provision for a payment of cash or property to the holder in
cancellation of an outstanding Award with respect to which Common Stock has not been previously
issued); provided, however, that no such adjustment shall increase the aggregate value of any
outstanding Option or Stock Award.

In the event of any adjustment in the number of shares covered by any Award, any fractional
shares resulting from such adjustment shall be disregarded and each such Award shall cover only the
number of full shares resulting from such adjustment.

 

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9. Amendment or Termination of Plan. The Board may at any time and from time to time modify,
revise or amend the Plan in such respects as the Board may deem advisable in order that Options or
Stock Awards granted hereunder may conform to any changes in the law or in any other respect that
the Board may deem to be in the best interests of the Company; provided, however, that without
approval by the shareholders of the Company, no such amendment shall make any change in the Plan
for which shareholder approval is required in order to comply with any rules for listed companies
promulgated by any national securities exchange on which the Common Stock is traded or any other
applicable rule or law. All Options and Stock Awards granted under the Plan shall be subject to
the terms and provisions of the Plan and, except as otherwise provided in the Plan, any amendment,
modification or revision of the Plan shall be deemed to amend, modify or revise all Options and
Stock Awards outstanding under the Plan at the time of the amendment, modification or revision.
The Board may terminate the Plan at any time. The rights of any Non-Employee Director with respect
to any Award granted under the Plan that is outstanding at the time of the termination of the Plan
shall not be affected solely by reason of the termination of the Plan and shall continue in
accordance with the terms of the Award and of the Plan.

10. Indemnification of Committee. The Company shall indemnify each present and future member
of the Committee against any action, suit or proceeding in which he may be involved by reason of
his being or having been a member of the Committee. Each member of the Committee shall be
entitled, without further act on his part, to indemnity from the Company for all expenses
(including the amount of judgments and the amount of approved settlements made with a view to the
curtailment of costs of litigation, other than amounts paid to the Company itself) reasonably
incurred by him in connection with or arising out of any action, suit or proceeding in which he may
be involved by reason of his being or having been a member of the Committee, whether or not he
continues to be such member of the Committee at the time of incurring such expenses. Such
indemnity, however, shall not include any expenses incurred by any such member of the Committee (i)
in respect of matters as to which he shall be finally adjudged in any such action, suit or
proceeding to have been guilty of gross negligence or willful misconduct in the performance of his
duty as such member of the Committee, or (ii) in respect of any matter in which any settlement is
effected, to an amount in excess of the amount approved by the Company on the advice of its legal
counsel. No right of indemnification under the provisions set forth herein shall be available to
or enforceable by any such member of the Committee unless, within sixty (60) days after institution
of any such action, suit or proceeding, he shall have offered the Company, in writing, the
opportunity to handle and defend same at its own expense. The foregoing right of indemnification
shall inure to the benefit of the heirs, executors or administrators of each such member of the
Committee and shall be in addition to all other rights to which such member of the Committee may be
entitled to as a matter of law, contract, or otherwise. Nothing in this Section 10 shall be
construed to limit or otherwise affect any right to indemnification, or payment of expense, or any
provisions limiting the liability of any officer or director of the Company or any member of the
Committee, provided by law, the Articles of Incorporation of the Company or otherwise.

11. Effective Date of Plan. The Plan as amended and restated shall become effective upon its
approval by the shareholders of the Company.

 

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Exhibit 10.1

PERFORMANCE SHARE UNIT AWARD AGREEMENT

     This Performance Share Unit Award Agreement (“Agreement”) is entered into effective as of
March 9, 2011, (the “Grant Date”), by and between Waste Management, Inc., a Delaware corporation
(together with its Subsidiaries and Affiliates, the “Company”), and you, (the “Employee”),
pursuant to the Waste Management, Inc. 2009 Stock Incentive Plan (the “Plan”). Employee and the
Company agree to execute such further instruments and to take such further action as may reasonably
be necessary to carry out the intent of this Agreement. The terms and conditions of this Agreement
as offered herein must be accepted by Employee prior to April 8, 2011. Failure to timely accept
the terms by such time will result in the immediate and irrevocable cancellation of the Award
offered.

     1. Grant. In accordance with, and subject to, the terms of the Plan, the Company
hereby grants to Employee a Performance Share Unit Award (the “Award”) subject to the terms and
conditions set forth herein. Performance Share Units are notational units of measurement
denominated in shares of common stock of Waste Management, Inc., $.01 par value, (“Common Stock”),
subject to the conditions and restrictions on transferability set forth below and in the Plan.

     2. Performance Vesting Requirement.

     (a) The “Performance Period” for this Award shall be the 36-month period commencing on
January 1, 2011 and ending on December 31, 2013. The Award shall be subject to performance
vesting requirements based upon the achievement of the Incentive Formula established under
the Plan, adjusted so that the Award that is paid to the Employee hereunder does not exceed
the amount computed under the performance goal specified below, subject to certification of
the degree of achievement of such performance goal by the Committee.

     (b) The measurement tool for determining level of achievement shall be Average Return
on Invested Capital for the 36-month period beginning January 1, 2011 and ending December
31, 2013. Calculation of this measurement tool will be performed by the Committee, subject
to all authority granted under the terms of the Plan.

     (c) Notwithstanding any other term of this Agreement to the contrary, in order to be
eligible to vest in any portion of the Award, Employee must also have entered into an
agreement containing restrictive covenants concerning limitations on Employee’s behavior
following termination of employment that is satisfactory to the Company and its affiliates.

3. Determining Number of Performance Share Units Earned.

     (a) The “Target Award” for Employee under this Agreement is the target number of
Performance Share Units announced on March 9, 2011. The

 

 

actual number of Performance Share Units earned by Employee will be determined as
described below, based upon the actual achievement of the performance goal for the
Performance Period. “Threshold Performance” is the minimum level of performance that must
be achieved to qualify for any Award; “Target Performance” is the expected achievement in
Average Return on Invested Capital; and “Maximum Performance” is the maximum level of
performance that could be achieved that would result in an increase in the number of
Performance Share Units earned under this Award. The target levels of achievement for the
performance goal will be announced by no later than March 15, 2011, following calculation
of year-end financial reporting for 2010. Subject to adjustment pursuant to Subsection
3(b), 3(c) and 3(d), each such percentage correlates to a number of Performance Share Units
that may be earned under this Award, as follows:

	 	 	 	 	 
	Level Achieved During Performance Period	 	Resulting Performance Share Units Earned	 
	Threshold Performance
	 	60% of Target Award
	Target Performance
	 	100% of Target Award
	Maximum Performance
	 	200% of Target Award

     (b) In the event that the Company’s actual performance does not meet the Threshold
Performance, no Performance Share Units shall be earned under this Award.

     (c) If the Company’s actual performance for the Performance Period is between
Threshold Performance and Target Performance, the number of Performance Share Units earned
shall be interpolated between Threshold Performance and Target Performance amounts.

     (d) If the Company’s actual performance for the Performance Period is between Target
Performance and Maximum Performance, the number of Performance Share Units earned shall be
interpolated between Target Performance and Maximum Performance amounts.

     4. Timing and Form of Payout. Except as hereinafter provided, after the end of the
Performance Period, Employee shall be entitled to receive his total number of Performance Shares
Units determined under Section 3 and Dividend Equivalents under Section 11. Unless timely deferred
by Employee in accordance with Section 12, upon vesting, each Performance Share Unit will be
settled by payment of one share of Common Stock, free of any restrictions. Payment of such shares
of Common Stock shall be made as soon as administratively feasible after the Committee certifies
the actual performance of the Company during the Performance Period. The Company shall not be
required to issue any fractional shares of Common Stock.

     5. Termination of Employment Due to Death or Disability. Upon Termination of
Employment from the Company by reason of Employee’s death or disability (as determined by the
Committee and within the meaning of Section 409A of

 

 

the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”)), or upon
Employee’s disability prior to a Termination of Employment (as determined by the Committee and
within the meaning of Section 409A of the Internal Revenue Code), Employee (or in the case of
Employee’s death, Employee’s beneficiary) shall be entitled to receive the Performance Share Units
Employee would have been entitled to under Section 3 if he had remained employed until the last day
of the Performance Period. Unless further deferred pursuant to Employee’s deferral election, the
delivery of shares of Common Stock in satisfaction of such Performance Share Units shall be made as
soon as administratively feasible after the end of the Performance Period.

     6. Involuntary Termination of Employment Without Cause by the Company or Retirement by
Employee. Upon either an involuntary Termination of Employment from the Company without Cause
by the Company or a qualifying Retirement by Employee, Employee shall be entitled to receive the
Performance Share Units and related Dividend Equivalents that Employee would have been entitled to
under Section 3 if he or she had remained employed until the last day of the Performance Period,
multiplied by the fraction which has as its numerator the total number of days that Employee was
employed by the Company during the Performance Period and has as its denominator 1,096 (being the
number of calendar days in the Performance Period). Unless further deferred pursuant to Employee’s
deferral election, the delivery of shares of Common Stock in satisfaction of such Performance Share
Units shall be made as soon as administratively feasible after the end of the Performance Period.

     7. Termination of Employment for Any Other Reason. Except as provided in Sections 5
and 6, Employee must be an employee of the Company continuously from the date of this Award until
the last day of the Performance Period to be entitled to receive any shares of Common Stock with
respect to any Performance Share Units he may have earned hereunder.

     8. Repayment of Benefits Arising from Misconduct.

     (a) Notwithstanding any provision of this Agreement to the contrary, if it is
determined by the Committee that Employee either engaged in or benefited from Misconduct,
as defined below, then, to the extent permitted by law, Employee will refund to the Company
any amounts, plus interest, received by Employee under this Agreement. For purposes of
this Section, “Misconduct” means (i) any act or failure to act by any employee of the
Company that (ii) caused or was intended to cause a violation of the Company’s policies,
generally accepted accounting principles or any applicable laws in effect at the time of
the act(s) or failure(s) to act in question and that (iii) materially increased the value
of the payment or award received by Employee under this Agreement. Determination as to the
existence of Misconduct shall be made by an independent third party (either a law firm or
an accounting firm) appointed by the Committee.

     (b) Following finding of Misconduct by such a third party, if Employee has been
accused engaging in Misconduct may dispute the occurrence of Misconduct pursuant to binding
arbitration. Individuals determined to have

 

 

benefited from, but not engaged in, Misconduct will have no right to challenge the
finding of Misconduct through arbitration. The Company and Employee hereby agree that any
dispute arising out of or relating to a finding that Employee engaged in Misconduct shall
be settled exclusively by final and binding arbitration, as governed by the Federal
Arbitration Act (9 U.S.C. 1 et seq.). The arbitration proceeding, including the rendering
of an award, shall be administered by JAMS pursuant to its Employment Arbitration Rules and
Procedures, which may be found on the JAMS web site www.jamsadr.com. All expenses
associated with the arbitration shall be borne by Company. Such arbitration expenses will
not include attorney fees incurred by the respective parties. The award of the arbitrator
shall be final and binding upon the parties. Judgment on any arbitration award may be
entered in any court having jurisdiction.

     (c) The Company must initiate any attempt at recovery pursuant to this Section within
the earlier to occur of (i) one year after discovery of alleged Misconduct or (ii) the
second anniversary of Employee’s termination of employment.

     (d) The provisions of this Section 8, without implication as to any other section
hereof, shall survive the expiration or termination of this Agreement and of Employee’s
employment.

     9. Acceleration upon Change in Control. Notwithstanding anything to the contrary, if
there is a Change in Control of Waste Management, Inc. prior to the end of the Performance Period,
Employee will be entitled to immediately receive both (a) and (b), as follows:

     (a) the Performance Share Units that he would have otherwise received based upon
achievement of Average Return on Invested Capital after reducing the Performance Period so
that it ends on the last day of the quarter preceding the Change in Control (the “Early
Measurement Date”) and making adjustments to Target Performance so as to be equal to the
performance budgeted for that period and appropriate adjustments to Threshold Performance
and Maximum Performance so that they bear the same ratio to the Threshold Performance and
Maximum Performance amounts above as the revised Target Performance amount bear to the
Target Performance amount above, converted into a cash payment equivalent to the number of
Performance Share Units earned under this Section 9 multiplied by the closing price of the
Common Stock on the Early Measurement Date; and

     (b) as a substitute award for the lost opportunity to earn Performance Share Units for
the entire length of the original Performance Period:

     (i) if the successor entity was a publicly traded company as of the Early
Measurement Date, an award of restricted stock units in the successor entity equal
to the number of shares of common stock of the successor entity that could have
been purchased on the Early Measurement

 

 

Date with an amount of cash equal to the product of the following equation:

TAP x EMD x CP

 

1096-EMD

TAP = the number of Performance Share Units that could be earned for achievement of the original Target Performance specified in Section 3(a)

EMD = the number of days occurring from the Grant Date to the Early Measurement Date

CP = the closing price of a share of Common Stock of Waste Management, Inc. on the Early Measurement Date

Any stock units in the successor entity awarded under this Section 9(b)(i) will
vest completely on or before December 31, 2013, provided that Employee remain
continuously employed with the successor entity until such date. The foregoing
notwithstanding, if there is an involuntary Termination of Employee for reason
other than Cause during the Window Period, Employee will become immediately vested
in full in the stock units in the successor entity awarded pursuant to this Section
9(b)(i).

     (ii) if the successor entity was not a publicly traded company as of the Early
Measurement Date, a cash payment equal to the product of the following equation:

TAP x EMD x CP

 

1096-EMD

TAP = the number of Performance Share Units that could be earned for achievement of
the original Target Performance specified in Section 3(a)

EMD = the number of days occurring from the Grant Date to the Early Measurement
Date

CP = the closing price of a share of Common Stock of Waste Management, Inc. on the
Early Measurement Date

Any cash payment calculated under this Section 9(b)(ii) will be paid to Employee on
December 31, 2013, provided that Employee remain continuously employed with the
successor entity until such date. The foregoing notwithstanding, if there is an
involuntary Termination of Employee for reason other than Cause during the Window
Period, Employee will be paid by the successor entity the amount determined
pursuant to this Section 9(b)(ii).

     10. Forfeiture of Award. Upon Termination of Employment from the Company for any
reason other than death, retirement, disability, involuntary termination by the Company without
Cause, or Change in Control, Employee shall immediately forfeit the Award, without the payment of
any consideration or further consideration by

 

 

the Company. Upon forfeiture, neither Employee nor any successors, heirs, assigns, or legal
representatives of Employee shall thereafter have any further rights or interest in the unvested
portion of the Award.

     11. Dividend Equivalents. No Dividend Equivalents will be paid on the Performance
Share Units until such time as: (i) the Performance Period has ended; (ii) Employee has vested in
the Award, and; (iii) the number of Performance Share Units earned under this Award has been
certified by the Committee based on the actual performance of the Company during the Performance
Period. Reasonably promptly after all such events have occurred, the Company will pay Employee a
lump-sum cash amount in payment of Dividend Equivalents based on the number of Performance Share
Units earned under the Award multiplied by the per share quarterly dividend payments made to
shareholders of Company’s Common Stock during the Performance Period (without any interest or
compounding). Notwithstanding the foregoing, any accumulated and unpaid Dividend Equivalents
attributable to Performance Share Units that are cancelled or forfeited will not be paid and are
immediately forfeited upon cancellation of the Performance Share Units. Following the end of the
Performance Period, Dividend Equivalents will also be paid on vested Performance Share Units for
which a valid deferral election has been made pursuant to Section 12. With respect to validly
deferred and vested Performance Share Units, the Company will pay Dividend Equivalents in cash at
such times as dividends are paid on the Company’s outstanding shares of Common Stock.

12. Elective Deferrals.

     (a) The Committee may establish procedures pursuant to which Employee may elect to
defer, until a time or times later than the vesting of a Performance Share Unit, receipt of
all or a portion of the shares of Common Stock deliverable in respect of a Performance
Share Unit, all on such terms and conditions as the Committee (or its designee) shall
determine in its sole discretion. If any such deferrals are permitted for Employee, then
notwithstanding any provision of this Agreement or the Plan to the contrary, an Employee
who elects such deferral shall not have any rights as a stockholder with respect to any
such deferred shares of Common Stock unless and until the date the deferral expires and
certificates representing such shares are required to be delivered to Employee. The
foregoing notwithstanding, no deferrals of Dividend Equivalents related to any Performance
Share Units under this Award will be permitted. Moreover, the Committee further retains
the authority and discretion to modify and/or terminate existing deferral elections,
procedures and distribution options.

     (b) Notwithstanding any provision to the contrary in this Agreement, if deferral of
Performance Share Units is permitted, each provision of this Agreement shall be interpreted
to permit the deferral of compensation only as allowed in compliance with the requirements
of Section 409A of the Internal Revenue Code and any provision that would conflict with
such requirements shall not be valid or enforceable. Employee acknowledges, without
limitation, and

 

 

consents that application of Section 409A of the Internal Revenue Code to this
Agreement may require additional delay of payments otherwise payable under this Agreement.
Employee and the Company further hereby agree to execute such further instruments and take
such further action as reasonably may be necessary to comply with Section 409A of the
Internal Revenue Code.

13. Restrictions on Transfer.

     (a) Absent prior written consent of the Committee, the Award granted hereunder to
Employee may not be sold, assigned, transferred, pledged or otherwise encumbered, whether
voluntarily or involuntarily, by operation of law or otherwise; provided, however, that the
transfer of any shares of Common Stock with respect to the Performance Share Units earned
hereunder shall not be restricted by virtue of this Agreement.

     (b) Consistent with the foregoing, except as contemplated by Section 14, no right or
benefit under this Agreement shall be subject to transfer, anticipation, alienation, sale,
assignment, pledge, encumbrance or charge, whether voluntary, involuntary, by operation of
law or otherwise, and any attempt to transfer, anticipate, alienate, sell, assign, pledge,
encumber or charge the same shall be void. No right or benefit hereunder shall in any
manner be liable for or subject to any debts, contracts, liabilities or torts of the person
entitled to such benefits. If Employee or his Beneficiary hereunder shall attempt to
transfer, anticipate, alienate, assign, sell, pledge, encumber or charge any right or
benefit hereunder, other than as contemplated by Section 14, or if any creditor shall
attempt to subject the same to a writ of garnishment, attachment, execution sequestration,
or any other form of process or involuntary lien or seizure, then such attempt shall have
no effect and shall be void.

     14. Assignment and Transfers. Prior to the end of the Performance Period and the
delivery of the Common Stock with respect to any Performance Share Units earned, the Award is not
transferable (either voluntarily or involuntarily), other than pursuant to a domestic relations
order. Employee may designate a beneficiary or beneficiaries (the “Beneficiary”) to whom the
Performance Share Units will pass upon Employee’s death and may change such designation from time
to time by filing a written designation of beneficiary on such form as may be prescribed by the
Company, provided that no such designation shall be effective until filed with the Company.
Following Employee’s death, the Performance Share Units will pass to the designated Beneficiary and
such person will be deemed Employee for purposes of any applicable provisions of this Agreement.
If no such designation is made or if the designated Beneficiary does not survive Employee’s death,
the Performance Share Units shall pass by will or, if none, then by the laws of descent and
distribution.

     15. Withholding Tax. To the extent that the receipt of this Award, vesting, or the
delivery of the Common Stock with respect to any Performance Share Units earned results in a
taxable event to Employee for federal or state tax purposes, Employee shall deliver to the Company
at the time of such receipt, such amount of money or shares of

 

 

Common Stock earned or owned by Employee, at Employee’s election, as the Company may require
to meet its obligation under applicable tax laws or regulations, and, if Employee fails to do so,
the Company is authorized to withhold from any cash or other form of remuneration then or
thereafter payable to Employee any tax required to be withheld by reasons of such resulting
taxation.

     16. Changes in Capital Structure. If the outstanding shares of Common Stock or other
securities of Waste Management, Inc., or both, shall at any time be changed or exchanged by
declaration of a stock dividend, stock split, combination of shares, or recapitalization, the
number of Performance Share Units shall be appropriately and equitably adjusted so as to maintain
the proportionate number of shares.

     17. Compliance with Securities Laws. The Company will not be required to deliver any
shares of Common Stock pursuant to this Agreement, if, in the opinion of counsel for the Company,
such issuance would violate the Securities Act of 1933 or any other applicable federal or state
securities laws or regulations. Prior to the issuance of any shares pursuant to this Agreement,
the Company may require that Employee (or Employee’s legal representative upon Employee’s death or
disability) enter into such written representations, warranties and agreements as the Company may
reasonably request in order to comply with applicable securities laws or with this Agreement.

     18. Employee to Have no Rights as a Stockholder. Employee shall have no rights as a
stockholder with respect to any shares of Common Stock subject to this Award prior to the date on
which he or she is recorded as the holder of such shares of Common Stock on the records of the
Company, including no right to dividends declared on the Common Stock underlying the Award.

     19. Successors and Assigns.

     (a) This Agreement shall bind and inure to the benefit of and be enforceable by
Employee, the Company and their respective permitted successors or assigns (including
personal representatives, heirs and legatees), except that Employee may not assign any
rights or obligations under this Agreement except to the extent, and in the manner,
expressly permitted herein.

     (b) The Company shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business and/or
assets of the Company to assume expressly and agree to perform this Agreement in the same
manner and to the same extent that the Company would be required to perform it if no such
succession had taken place.

20. Limitation of Rights. Nothing in this Agreement or the Plan may be construed
to:

     (a) give Employee any right to be awarded any further Performance Share Units (or
other form of stock incentive awards) other than in the sole discretion of the Committee;

 

 

     (b) give Employee or any other person any interest in any fund or in any specified
asset or assets of the Company (other than the Award and applicable Common Stock following
the vesting of such Award); or

     (c) confer upon Employee the right to continue in the employment or service of the
Company.

     21. Governing Law. This Agreement shall be governed by and construed in accordance
with the internal laws of the State of Texas, without reference to principles of conflict of laws.

     22. Severability. The invalidity or unenforceability of any provision of this
Agreement shall not affect the validity or enforceability of any other provision of this Agreement.

     23. No Waiver. The failure of Employee or the Company to insist upon strict
compliance with any provision of this Agreement or the failure to assert any right Employee or the
Company may have under this Agreement shall not be deemed to be a waiver of such provision or right
or any other provision or right of this Agreement.

     24. Definitions. Capitalized terms used in this Agreement and not otherwise defined
herein shall have the meanings set forth in the Plan. Certain other terms used herein have
definitions given to them in the first place in which they are used. In addition, the following
terms shall have the meanings set forth in this Section 24.

     (a) “Average Return on Invested Capital” is defined to mean (i) average NOPAT for the
Performance Period, divided by (ii) average Invested Capital for the Performance Period.
For purposes of this Agreement, the Average Return on Invested Capital for the Performance
Period will be the product of:

     Numerator: (2011 NOPAT + 2012 NOPAT +2013 NOPAT) / 3

     divided by

	 	 	 	Denominator: (2011 Invested Capital + 2012 Invested Capital + 2013 Invested Capital) / 3

     (b) “Board” means the Board of Directors of Waste Management, Inc.

     (c) “Cash” means cash as reported by the Company in publicly filed financial
statements during the Performance Period, plus Short-Term Investments Available for Use.

     (d) “Cause” means any of the following: (i) willful or deliberate and continual
refusal to materially perform Employee’s employment duties reasonably requested by the
Company after receipt of written notice to Employee of such

 

 

failure to perform, specifying such failure (other than as a result of Employee’s
sickness, illness, injury, death or disability) and Employee fails to cure such
nonperformance within ten (10) days of receipt of said written notice; (ii) breach of any
statutory or common law duty of loyalty to the Company; (iii) Employee has been convicted
of, or pleaded nolo contendre to, any felony; (iv) Employee willfully or intentionally
caused material injury to the Company, its property, or its assets; (v) Employee disclosed
to unauthorized person(s) proprietary or confidential information of the Company that
causes a material injury to the Company; (vi) any material violation or a repeated and
willful violation of the Company’s policies or procedures, including but not limited to,
the Company’s Code of Business Conduct and Ethics (or any successor policy) then in effect.

     (e) “Change in Control” means the first to occur on or after the Grant Date of any of
the following events:

     (i) any Person, or Persons acting as a group (within the meaning of
Section 409A), acquires, directly or indirectly, including by purchase, merger,
consolidation or otherwise, ownership of securities of the Company that, together
with securities held by such Person or Persons, represents fifty percent (50%) or
more of the total voting power or total fair market value of the Company’s then
outstanding securities;

     (ii) any Person, or Persons acting as a group (within the meaning
of Section 409A), acquires (or has acquired during the 12-month period ending on
the date of the most recent acquisition by such Person or Persons), directly or
indirectly, including by purchase, merger, consolidation or otherwise, ownership of
securities of the Company that represents thirty percent (30%) or more of the total
voting power of the Company’s then outstanding voting securities;

     (iii) the following individuals cease for any reason to constitute a majority
of the number of directors then serving: individuals who, at the Grant Date,
constitute the Board and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election
contest, including but not limited to a consent solicitation, relating or the
election of directors of the Company) whose appointment or election by the Board or
nomination for election by the Company’s stockholders was approved or recommended
by a vote of at least a majority of the directors before the date of such
appointment or election or whose appointment, election or nomination for election
was previously so approved or recommended; or

     (iv) the stockholders of the Company approve a plan of complete liquidation of
the Company and such liquidation is actually commenced or there is consummated an
agreement for the sale or disposition by the Company of all or substantially all of
the Company’s assets (or any transaction having a similar effect), other than a
sale or disposition by the Company of all or substantially all of the Company’s
assets to an entity, at

 

 

least fifty percent (50%) of the combined voting power of the voting
securities of which are owned by stockholders of the Company in substantially the
same proportions as their ownership of the Company immediately prior to such sale.
For purposes hereof, a “sale or other disposition by the Company of all or
substantially all of the Company’s assets” will not be deemed to have occurred if
the sale involves assets having a total gross fair market value of less than forty
percent (40%) of the total gross fair market value of all assets of the Company
immediately prior to such sale.

     For purposes of this definition, the following terms shall have the
following meanings:

     (A) “Exchange Act” means the Securities and Exchange Act of 1934, as
amended from time to time;

     (B) “Person” shall have the meaning set forth in Section 3(a)(9) of
the Exchange Act, as modified and used in Sections 13(d) and 14(d)
thereof, except that such term shall not include (1) the Company, (2) a
trustee or other fiduciary holding securities under an employee benefit
plan of the Company, (3) an employee benefit plan of the Company, (4) an
underwriter temporarily holding securities pursuant to an offering of such
securities or (5) a corporation owned, directly or indirectly, by the
stockholders of the Company in substantially the same proportions as their
ownership of shares of Common Stock.

     (f) “Committee” means the Management Development and Compensation Committee of the
Board or such other committee of the Board as the Board may designate from time to time.

     (g) “Depreciation and Amortization Costs and Expenses” has the meaning assigned such
term by the Company in publicly filed financial statements during the Performance Period.

     (h) “Dividend Equivalent” means an amount of cash equal to all dividends and other
distributions (or the economic equivalent thereof) that are payable by the Company on one
share of Common Stock to stockholders of record.

     (i) “EBIT” means the sum of Operating Revenue, less Operating Costs and Expenses, less
Selling, General and Administrative Costs and Expenses, less Depreciation and Amortization
Costs and Expenses.

     (j) “Goodwill” means the excess of the cost of an acquired company over the sum of the
fair market value of its identifiable individual assets, less the liabilities. For
purposes of calculation of this Award, the value of Goodwill shall

 

 

be the balance of such as reported by the Company in publicly filed financial
statements for each applicable year.

     (k) “Income Before Income Taxes” has the meaning assigned such terms by the Company in
publicly filed financial statements during the Performance Period.

     (l) “Invested Capital” means economic resources that are expected to help generate
future cash inflows or help reduce future cash outflows. Invested Capital is equivalent to
current maturities of long-term debt, plus long-term debt, plus stockholders’ equity, less
Cash and less Goodwill. For purposes of calculation of this Award, the value of Invested
Capital shall be the balance of such as reported by the Company in publicly filed financial
statements for each applicable year.

     (m) “Misconduct” has the meaning assigned in Section 8.

     (n) “Net Operating Profit After Taxes” or “NOPAT” means the product of EBIT multiplied
by the sum of 1 minus the Tax Rate.

     (n) “Operating Costs and Expenses” has the meaning assigned such term by the Company
in publicly filed financial statements during the Performance Period, exclusive of
Depreciation and Amortization.

     (o) “Operating Revenue” has the meaning assigned such term by the Company in publicly
filed financial statements during the Performance Period.

     (p) “Provision for Income Taxes” has the meaning assigned such term by the Company in
publicly filed financial statements during the Performance Period.

     (q) “Retirement” means the voluntary resignation of employment by Employee, after
Employee: (i) has attained the age of 55 or greater; (ii) has a sum of age plus full years
of Service with the Company equal to 65 or greater; and, (iii) has completed at least 5
consecutive full years of Service with the Company during the 5 year period immediately
preceding the resignation.

     (r) “Selling, General and Administrative Costs and Expenses” has the meaning assigned
such term by the Company in publicly filed financial statements during the Performance
Period.

     (s) “Service” is measured from Employee’s original date of hire by the Company, except
as provided below. In the case of a break of employment by Employee from the Company of
one year or more in length, Employee’s service before the break of employment shall not be
included in his or her Service hereunder. In the case of service with an entity acquired
by the Company, Employee’s service with such entity shall be considered Service hereunder,
so

 

 

long as Employee remained continuously employed with such predecessor company(ies) and
the Company. In the case of a break of employment between a predecessor company and the
Company of any length, Employee’s Service shall be measured from the original date of hire
by the Company and shall not include any service with any predecessor company.

     (t) “Short-Term Investments Available for Use” has the meaning assigned such term by
the Company in publicly filed financial statements during the Performance Period.

     (u) “Tax Rate” means the product of Provision for Income Taxes divided by Income
Before Income Taxes.

     (v) “Termination of Employment” means the termination of Employee’s employment with
the Company. Temporary absences from employment because of illness, vacation or leave of
absence and transfers among Waste Management, Inc. and its Subsidiaries and Affiliates will
not be considered a Termination of Employment. Any questions as to whether and when there
has been a Termination of Employment, and the cause of such termination, shall be
determined by the Committee, and its determination will be final.

     (w) “Window Period” means the period commencing on the date occurring six (6) months
immediately prior to the date on which a Change in Control first occurs and ending the
second anniversary of the date on which a Change in Control occurs.

25. Entire Agreement.

     (a) Employee hereby acknowledges that he has received, reviewed and accepted the terms
and conditions applicable to this Agreement. Employee hereby accepts such terms and
conditions, subject to the provisions of the Plan and administrative interpretations
thereof including the attainment of the Incentive Formula described therein. Employee
further agrees that such terms and conditions will control this Agreement, notwithstanding
any provisions in any employment agreement or in any prior awards.

     (b) Employee hereby acknowledges that he is to consult with and rely upon only
Employee’s own tax, legal, and financial advisors regarding the consequences and risks of
this Agreement and the award of Performance Share Units.

     (c) This Agreement may not be amended or modified except by a written agreement
executed by the parties hereto or their respective successors and legal representatives.
The captions of this Agreement are not part of the provisions hereof and shall have no
force or effect.

 

 

     26. Compliance with Code Section 409A. It is the intention of the Company and
Employee that his Agreement not result in an unfavorable tax consequences to Employee under Code
Section 409A. Accordingly, Employee consents to any amendment of this Agreement as the Company may
reasonably make in furtherance of such intention, and the Company shall promptly provide, or make
available to, Employee a copy of such amendment. Any such amendments shall be made in a manner
that preserves to the maximum extent possible the intended benefits to Employee. This Section 26
does not create an obligation on the part of Company to modify this Agreement and does not
guarantee that the amounts or benefits owed under the Agreement will not be subject to interest and
penalties under Code Section 409A.

     27. Use of Personal Data. By executing this Agreement, Employee acknowledges and
agrees to the collection, use, processing and transfer of certain personal data, including his or
her name, salary, nationality, job title, position, social security number (or other tax
identification number) and details of all past Awards and current Awards outstanding under the Plan
(“Data”), for the purpose of managing and administering the Plan. The Employee is not obliged to
consent to such collection, use, processing and transfer of personal data, but a refusal to provide
such consent may affect his or her ability to participate in the Plan. The Company, or its
Subsidiaries, may transfer Data among themselves or to third parties as necessary for the purpose
of implementation, administration and management of the Plan. These various recipients of Data may
be located elsewhere throughout the world. The Employee authorizes these various recipients of
Data to receive, possess, use, retain and transfer the Data, in electronic or other form, for the
purposes of implementing, administering and managing the Plan. The Employee may, at any time,
review Data with respect to the Employee and require any necessary amendments to such Data. The
Participant may withdraw his or her consent to use Data herein by notifying the Company in writing;
however, the Participant understands that by withdrawing his or her consent to use Data, the
Participant may affect his or her ability to participate in the Plan.

     28. Notices. Any notice which either party hereto may be required or permitted to
give the other shall be in writing and may be delivered personally or by mail, postage prepaid,
addressed to the Secretary of the Company, at its then corporate headquarters, and the Employee at
the Employee’s address as shown on the Company’s records, or to such other address as Employee, by
notice to the Company, may designate in writing from time to time.

     29. Electronic Delivery. The Company may, in its sole discretion, deliver any
documents related to the Performance Share Units awarded under this Agreement or the Plan by
electronic means or request Employee’s consent to participate in the administration of this
Agreement and the Plan by electronic means. Employee hereby consents to receive such documents by
electronic delivery and agrees to participate in the Plan through an on-line or electronic system
established and maintained by the Company or another third party designated by the Company.

     30. Counterparts. This Agreement may be executed in counterparts, which together
shall constitute one and the same original.

 

 

     IN WITNESS WHEREOF, Waste Management, Inc. has caused this Agreement to be duly executed by
one of its officers thereunto duly authorized and Employee has executed this Agreement, effective
as of the day and year first above written.

	 	 	 	 	 
	 	WASTE MANAGEMENT, INC.

 	 
	 	/s/ Jay Romans
 	 
	 	Senior Vice President, 	 
	 	Human Resources 	 
	 	 	 
	 	
 	 
	 	Employee 	 
	 
	 	Accepted by electronic confirmation

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