Document:

Blueprint

 

 

  Exhibit
10.5

 

 

SECURITIES PURCHASE AGREEMENT

 

between

 

CEL-SCI CORPORATION

 

and

 

ERGOMED plc

 

dated as
of

 

August 30, 2018

 

 

	

 

 

1

 

 

TABLE OF CONTENTS

 

	

ARTICLE I DEFINITIONS

	

3

	

ARTICLE II PURCHASE AND SALE

	

5

	
 

	

Section 2.01 Purchase and Sale.

	

5

	
 

	

Section 2.02 Transactions Effected at the
Closing.

	

5

	
 

	

Section 2.03 Closing.

	

6

	

ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

	

6

	
 

	

Section 3.01 Organization, Qualification and Authority of the
Company.

	

6

	
 

	

Section 3.02 Valid Issuance of Shares.

	

6

	
 

	

Section 3.03 No Conflicts; Consents.

	

6

	
 

	

Section 3.04 Brokers.

	

6

	
 

	

Section 3.05 Offering.

	

6

	
 

	

Section 3.06 Reports and Financial Statements; Absence of Certain
Changes.

	

6

	

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF
CREDITOR

	

7

	
 

	

Section 4.01 Organization and Authority of
Creditor.

	

7

	
 

	

Section 4.02 No Conflicts; Consents.

	

7

	
 

	

Section 4.03 Restricted Securities.

	

7

	
 

	

Section 4.04 Brokers.

	

7

	

ARTICLE V CONDITIONS TO CLOSING

	

7

	
 

	

Section 5.01 Conditions to Obligations of All
Parties.

	

7

	
 

	

Section 5.02 Conditions to Obligations of
Creditor.

	

7

	
 

	

Section 5.03 Conditions to Obligations of the
Company.

	

8

	

ARTICLE VI COVENANTS

	

8

	
 

	

Section 6.01 Affirmative Covenants of the
Company.

	

8

	
 

	

Section 6.02 Negative Covenant of Creditor.

	

8

	
 

	

Section 6.03 Application of Resale Proceeds.

	

8

	
 

	

Section 6.04 Further Assurances.

	

8

	

ARTICLE VII INDEMNIFICATION

	

9

	
 

	

Section 7.01 Survival.

	

9

	
 

	

Section 7.02 Indemnification By Company.

	

9

	
 

	

Section 7.03 Payments.

	

9

	
 

	

Section 7.04 Tax Treatment of Indemnification
Payments.

	

9

	
 

	

Section 7.05 Effect of Investigation.

	

9

	
 

	

Section 7.06 Exclusive Remedies.

	

9

	

ARTICLE VIII MISCELLANEOUS

	

9

	
 

	

Section 8.01 Expenses.

	

9

	
 

	

Section 8.02 Notices.

	

9

	
 

	

Section 8.03 Interpretation.

	

10

	
 

	

Section 8.04 Headings.

	

10

	
 

	

Section 8.05 Severability.

	

10

	
 

	

Section 8.06 Entire Agreement.

	

10

	
 

	

Section 8.07 Successors and Assigns.

	

10

	
 

	

Section 8.08 No Third-Party Beneficiaries.

	

10

	
 

	

Section 8.09 Amendment and Modification;
Waiver.

	

11

	
 

	

Section 8.10 Governing Law; Submission to Jurisdiction; Waiver of
Jury Trial.

	

11

	
 

	

Section 8.11 Counterparts.

	

11

 

 

2

 

 

SECURITIES PURCHASE AGREEMENT

 

 

This Securities Purchase Agreement (this
"Agreement"),
dated as of August 30, 2018, is entered into by and between CEL-SCI
Corporation, a Colorado corporation (the "Company")
and Ergomed plc, a public limited company organized under the laws
of England and Wales ("Creditor").

 

Recitals

WHEREAS, the Company has authorized the
issuance by the Company of up to 1,200,000 shares (the
"Shares") of the Company’s Common Stock, par
value $0.01 per share (the "Common
Stock");

 

WHEREAS, as of the date of this Agreement,
the Company owes Creditor $1,173,493.82, as detailed in
Annex A
(the "Debt"), in connection with a certain
co-development agreement dated as of April 19, 2013, as amended
(the "Co-development
Agreement"), a certain
master services agreement of the same date (the
"MSA")
and the clinical trial orders making up an integral part of the MSA
(the "CTOs", and together with the Co-development
Agreement and MSA, the "Principal Relationship
Agreements");
and

 

WHEREAS, the Company wishes to issue the Shares to Creditor in
exchange for Creditor agreeing to provisionally forebear collection
of the Debt and to allow partial satisfaction of the Debt balance
in an amount equal to the Net Proceeds, if any, received by
Creditor upon any resale by Creditor of the Shares, subject to the
terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual covenants and
agreements hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto agree as
follows:

 

ARTICLE
I

DEFINITIONS

 

The following terms have the meanings specified or referred to in
this Agreement:

 

"Action" means any claim, action, cause of action,
demand, lawsuit, arbitration, inquiry, audit, notice of violation,
proceeding, litigation, citation, summons, subpoena or
investigation of any nature, civil, criminal, administrative,
regulatory or otherwise, whether at law or in
equity.

 

"Affiliate"
of a Person means any other Person that directly or indirectly,
through one or more intermediaries, controls, is controlled by, or
is under common control with, such Person. The term "control"
(including the terms "controlled by" and "under common control
with") means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of
a Person, whether through the ownership of voting securities, by
contract or otherwise .

 

"Agreement"
has the meaning set forth in the
preamble.

 

"Business
Day" means any day except
Saturday, Sunday or any other day on which commercial banks located
in London or Colorado are authorized or required by Law to be
closed for business.

 

 

3

 

 

"Closing"
has the meaning set forth in Section 2.03.

 

"Closing
Date" has the meaning set
forth in Section
2.03.

 

"Co-development
Agreement" has the
meaning set forth in the recitals.

 

"Common
Stock" has the meaning
set forth in the recitals.

 

"Company"
has the meaning set forth in the
preamble.

 

"Contracts"
means all contracts, leases, deeds, mortgages, licenses,
instruments, notes, loans, commitments, undertakings, indentures,
joint ventures and all other agreements, commitments and legally
binding arrangements, whether written or
oral.

 

"Creditor"
has the meaning set forth in the
preamble.

 

"Creditor
Indemnitees" has the
meaning set forth in Section 7.02.

 

"CTOs" has the meaning set forth in the
recitals.

 

"Debt" has the meaning set forth in the
recitals.

 

"Disclosure
Schedules" means the
Disclosure Schedules delivered by the Company and Creditor
concurrently with the execution and delivery of this
Agreement.

 

"Dollars or
$" means the lawful
currency of the United States.

 

"Encumbrance"
means any charge, claim, community property interest, pledge,
condition, equitable interest, lien (statutory or other), option,
security interest, mortgage, easement, encroachment, right of way,
right of first refusal, or restriction of any kind, including any
restriction on use, voting, transfer, receipt of income or exercise
of any other attribute of ownership.

 

"Exchange
Act" has the meaning set
forth in Section 3.06.

 

"Governmental
Authority" means any
federal, state, local or foreign government or political
subdivision thereof, or any agency or instrumentality of such
government or political subdivision, or any self-regulated
organization or other non-governmental regulatory authority or
quasi-governmental authority (to the extent that the rules,
regulations or orders of such organization or authority have the
force of Law), or any arbitrator, court or tribunal of competent
jurisdiction.

 

"Governmental
Order" means any order,
writ, judgment, injunction, decree, stipulation, determination or
award entered by or with any Governmental
Authority.

 

"Law" means any statute, law, ordinance,
regulation, rule, code, order, constitution, treaty, common law,
judgment, decree, other requirement or rule of law of any
Governmental Authority.

 

"Losses" means losses, damages, liabilities,
deficiencies, Actions, judgments, interest, awards, penalties,
fines, costs or expenses of whatever kind, including reasonable
attorneys' fees and the cost of enforcing any right to
indemnification hereunder and the cost of pursuing any insurance
providers; provided,
that "Losses" shall not include punitive damages, except
in the case of fraud or to the extent actually awarded to a
Governmental Authority or other third
party.

 

 

4

 

 

"Material Adverse
Effect" means any event,
occurrence, fact, condition or change that is, or could reasonably
be expected to become, individually or in the aggregate, materially
adverse to the business, results of operations, prospects,
condition (financial or otherwise) or assets of the
Company.

 

"MSA" has the meaning set forth in the
recitals.

 

"Net
Proceeds" means proceeds
in cash, checks or wire transfers, as and when received by Creditor
upon the sale of any Shares, net of out-of-pocket fees, costs and
expenses paid or payable by Creditor as a result of or relating to
the sale of the Shares (including brokers’ fees, commissions
or discounts and other transaction fees incurred in connection with
such sale).

 

"Permits"
means all permits, licenses, franchises, approvals, authorizations,
registrations, certificates, variances and similar rights obtained,
or required to be obtained, from Governmental
Authorities.

 

"Person" means an individual, corporation,
partnership, joint venture, limited liability company, Governmental
Authority, unincorporated organization, trust, association or other
entity.

 

"Registration
Statement" has the
meaning set forth in Section 6.01(c).

 

"Representative"
means, with respect to any Person, any and all directors, officers,
employees, consultants, financial advisors, counsel, accountants
and other agents of such Person.

 

"SEC" has the meaning set forth in Section
3.06.

 

"SEC
Documents" has the
meaning set forth in Section 3.06.

 

"Securities
Act" has the meaning set
forth in Section 3.05.

 

"Shares" has the meaning set forth in the
recitals.

 

ARTICLE
II

PURCHASE AND SALE

 

Section 2.01 Purchase and Sale.
Subject to the terms and
conditions set forth herein, at the Closing, the Company shall
issue 1,000,000 Shares to Creditor in exchange for Creditor
agreeing to provisionally forbear collection of the Debt and to
allow partial satisfaction of the Debt balance in an amount equal
to the Net Proceeds, if any, from any resales of Shares, subject to
Section 6.01(c) and 6.03.

 

Section 2.02 Transactions Effected at
the Closing. 

 

(a) At
the Closing, Creditor shall deliver to the
Company:

 

(i) all documents, instruments or certificates
required to be delivered by Creditor at or prior to the Closing
pursuant to Section
5.03 of this
Agreement.

 

(b) At
the Closing, the Company shall deliver to
Creditor:

 

 

5

 

 

(i) stock
certificates evidencing the Shares; and

 

(ii) all agreements, documents, instruments or
certificates required to be delivered by the Company at or prior to
the Closing pursuant to Section 5.02 of this
Agreement.

 

Section 2.03 Closing.
Subject to the terms and
conditions of this Agreement, the purchase and sale of the Shares
contemplated hereby shall take place at a closing (the
"Closing")
remotely by electronic mail, or at such other time or on such other
date or at such other place or by such other method as the Company
and Creditor may mutually agree upon orally or in writing (the day
on which the Closing takes place, the "Closing
Date"). If the Closing
does not take place prior to August 31, 2018, either party may
terminate this Agreement by written notice to the other
party.

 

ARTICLE
III

REPRESENTATIONS AND WARRANTIES OF THE
COMPANY

 

The Company represents and warrants to
Creditor that the statements contained in this ARTICLE III are true and correct as of the date
hereof.

 

Section 3.01 Organization,
Qualification and Authority of the Company. The Company is a corporation duly organized,
validly existing and in good standing under the Laws of the state
of Colorado and has full corporate power and authority to (a) enter
into this Agreement, to carry out its obligations hereunder and to
consummate the transactions contemplated hereby. The execution and
delivery by the Company of this Agreement, the performance by the
Company of its obligations hereunder and the consummation by the
Company of the transactions contemplated hereby have been duly
authorized by all requisite corporate action on the part of the
Company. This Agreement has been duly executed and delivered by the
Company, and (assuming due authorization, execution and delivery by
Creditor) this Agreement constitutes a legal, valid and binding
obligation of the Company enforceable against the Company in
accordance with its terms.

 

Section 3.02 Valid Issuance of
Shares. The Shares,
when issued, sold and delivered in accordance with the terms of
this Agreement for the consideration expressed herein, will be duly
and validly issued, fully paid, and non-assessable, and will be
free of any Encumbrances or restrictions on transfer other than
restrictions on transfer under this Agreement or under applicable
securities laws or Encumbrances created or imposed by
Creditor.

 

Section 3.03 No Conflicts;
Consents. The execution,
delivery and performance by the Company of this Agreement, and the
consummation of the transactions contemplated hereby, do not and
will not: (a) conflict with or result in a violation or breach of,
or default under, any provision of the certificate of
incorporation, by-laws or other organizational documents of the
Company; (b) conflict with or result in a violation or breach of
any provision of any Law or Governmental Order applicable to the
Company; (c) except as set forth in Section 3.03 of the Disclosure Schedules, require the
consent or waiver of, notice to or other action by any Person
under, give rise to any rights under, conflict with, result in a
violation or breach of, constitute a default or an event that, with
or without notice or lapse of time or both, would constitute a
default under, result in the acceleration of or create in any party
the right to accelerate, terminate, modify or cancel any Contract
to which the Company is a party or by which the Company is bound or
to which any of its properties and assets are subject or any Permit
affecting the properties, assets or business of the Company
(including without limitation any Contract with respect to any
outstanding rights of first refusal, rights of first offer,
pre-emptive rights, anti-dilution rights ,redemption or repurchase
rights or registration rights); or (d) result in the creation or
imposition of any Encumbrance on any properties or assets of the
Company. Except as set forth in Section 3.03 of the Disclosure Schedules, no consent,
approval, Permit, Governmental Order, declaration or filing with,
or notice to, any Governmental Authority is required by or with
respect to the Company in connection with the execution and
delivery of this Agreement and the consummation of the transactions
contemplated hereby.

 

Section 3.04 Brokers.
No broker, finder or investment
banker is entitled to any brokerage, finder's or other fee or
commission in connection with the transactions contemplated by this
Agreement based upon arrangements made by or on behalf of the
Company.

 

Section 3.05 Offering.
Subject in part to the truth and
accuracy of Creditor’s representations set forth in Article
IV of this Agreement, the offer, sale and issuance of the Shares
are exempt from the registration requirements of the Securities Act
of 1933, as amended (the "Securities
Act"), and will not
result in a violation of the qualification or registration
requirements of any applicable securities laws of any U.S. state or
any jurisdiction outside the U.S., and neither the Company nor any
authorized agent acting on its behalf will take any action
hereafter that would cause the loss of such
exemption.

 

Section 3.06 Reports and Financial
Statements; Absence of Certain Changes. The Company has filed all reports,
schedules, forms, statements and other documents required to be
filed by the Company with the Securities and Exchange Commission
(the "SEC") pursuant to the Securities Act and the
reporting requirements of the Securities Exchange Act of 1934, as
amended (the "Exchange
Act") (such documents,
together with any documents otherwise filed by the Company with the
SEC, the "SEC
Documents"), and has
previously furnished or made available to Creditor true and
complete copies of such SEC Documents and shall promptly deliver or
make available to Creditor any SEC Documents filed between the date
hereof and the Closing Date. None of such SEC Documents, as of
their respective dates (and as amended through the date hereof),
contained or, with respect to SEC Documents filed after the date
hereof, will contain any untrue statement of material fact or omit
to state a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under
which they were made, not misleading. Since June 30, 2018, there
has been no event that would have a Material Adverse Effect, except
as disclosed in Section 3.06 of the Disclosure Schedules and in the
SEC Documents.

 

 

6

 

 

ARTICLE
IV

REPRESENTATIONS AND WARRANTIES OF
CREDITOR

 

Creditor represents and warrants to the
Company that the statements contained in this ARTICLE IV are true and correct as of the date
hereof.

 

Section 4.01 Organization and
Authority of Creditor. Creditor is a public limited company
properly organized under the Laws of England and Wales. Creditor
has all requisite power and authority to enter into this Agreement,
to carry out its obligations hereunder and to consummate the
transactions contemplated hereby. The execution and delivery by
Creditor of this Agreement, the performance by Creditor of its
obligations hereunder and the consummation by Creditor of the
transactions contemplated hereby have been duly authorized by all
requisite action on the part of Creditor. This Agreement has been
duly executed and delivered by Creditor, and (assuming due
authorization, execution and delivery by the Company) this
Agreement constitutes a legal, valid and binding obligation of
Creditor enforceable against Creditor in accordance with its
terms.

 

Section 4.02 No Conflicts;
Consents. The execution,
delivery and performance by Creditor of this Agreement, and the
consummation of the transactions contemplated hereby, do not and
will not: (a) conflict with or result in a violation or breach of,
or default under, any provision of the constitutional or other
organizational documents of Creditor; (b) conflict with or result
in a violation or breach of any provision of any Law or
Governmental Order applicable to Creditor; or (c) require the
consent, notice or other action by any Person under any Contract to
which Creditor is a party. No consent, approval, Permit,
Governmental Order, declaration or filing with, or notice to, any
Governmental Authority is required by or with respect to Creditor
in connection with the execution and delivery of this Agreement and
the consummation of the transactions contemplated
hereby.

 

Section 4.03 Restricted
Securities. Creditor
acknowledges that the Shares are not registered under the
Securities Act, or any state securities laws, and that the Shares
may not be transferred or sold except pursuant to the registration
provisions of the Securities Act or pursuant to an applicable
exemption therefrom and subject to state securities laws and
regulations, as applicable.

 

Section 4.04 Brokers.
No broker, finder or investment
banker is entitled to any brokerage, finder's or other fee or
commission in connection with the transactions contemplated by this
Agreement based upon arrangements made by or on behalf of
Creditor.

 

ARTICLE
V

CONDITIONS TO
CLOSING

 

Section 5.01 Conditions to Obligations
of All Parties. The
obligations of each party to consummate the transactions
contemplated by this Agreement shall be subject to the fulfilment,
at or prior to the Closing, of each of the following
conditions:

 

(a) No
Governmental Authority shall have enacted, issued, promulgated,
enforced or entered any Governmental Order which is in effect and
has the effect of making the transactions contemplated by this
Agreement illegal, otherwise restraining or prohibiting
consummation of such transactions or causing any of the
transactions contemplated hereunder to be rescinded following
completion thereof.

 

(b) The Company shall have received all
consents, authorizations, orders and approvals from the
Governmental Authorities referred to in Section 3.03, in each case, in form and
substance reasonably satisfactory to Creditor and the Company, and
no such consent, authorization, order and approval shall have been
revoked.

 

Section 5.02 Conditions to Obligations
of Creditor. The
obligations of Creditor to consummate the transactions contemplated
by this Agreement shall be subject to the fulfilment or Creditor's
waiver (with the exception of (b) below), at or prior to the
Closing, of each of the following
conditions:

 

(a) The
representations and warranties of the Company contained in Article
III shall be true on and as of the Closing with the same effect as
though such representations and warranties had been made on and as
of the Closing Date.

 

(b)  The
Company will have received the approval of the NYSE American for
the issuance of the Shares. The Company (i) will take all
reasonable steps to obtain such approval as soon as possible, (ii)
maintain the listing until all of the Shares have been sold or
returned to the Company and (iii) pay all of the reasonable and
customary fees and expenses incurred in connection with the listing
of the Shares. In the event that the Shares are not listed with the
NYSE American in accordance with the foregoing or the listing
ceases to be maintained at any time, Creditor shall have a right to
return any unsold Shares to the Company for
cancellation.

 

(c) This
Agreement shall have been executed and delivered by the parties
thereto and true and complete copies thereof shall have been
delivered to Creditor.

 

(d) Creditor
shall have received a certificate of the Secretary or an Assistant
Secretary (or equivalent officer) of the Company
certifying:

 

(i) that
attached thereto are true and complete copies of all resolutions
and other consents adopted by the board of directors and
stockholders of the Company authorizing and approving the
execution, delivery, filing and performance of this Agreement and
the consummation of the transactions contemplated hereby, and that
all such resolutions and consents are in full force and effect as
of the Closing and are all the resolutions and consents adopted in
connection with the transactions contemplated
hereby;

 

 

7

 

 

(ii) that
attached thereto are true and complete copies of the certificate of
incorporation and by-laws of the Company and that such
organizational documents are in full force and effect as of the
Closing; and

 

(iii) the
names and signatures of the officers of the Company authorized to
sign this Agreement and the other documents to be delivered
hereunder.

 

(e) The
Company shall have delivered to Creditor a good standing
certificate (or its equivalent) for the Company from the secretary
of state or similar Governmental Authority of the jurisdiction
under the Laws in which the Company is
organized.

 

(f) The
Company shall have delivered, or caused to be delivered, to
Creditor each of the following, each in form and substance
satisfactory to Creditor:

 

(i) stock certificates evidencing the Shares;
and

 

(ii) such
other documents or instruments as Creditor reasonably requests and
are reasonably necessary to consummate the transactions
contemplated by this Agreement.

 

Section 5.03 Conditions to Obligations
of the Company. The
obligations of the Company to consummate the transactions
contemplated by this Agreement shall be subject to the fulfillment
or the Company's waiver, at or prior to the Closing, of each of the
following conditions:

 

(a) The
representations and warranties of Creditor contained in Article IV
shall be true on and as of the Closing with the same effect as
though such representations and warranties had been made on and as
of the Closing Date.

 

(b) This
Agreement shall have been executed and delivered by the parties
thereto and true and complete copies thereof shall have been
delivered to the Company.

 

ARTICLE
VI

COVENANTS

 

Section 6.01 Affirmative Covenants of
the Company. Unless the
Company has received the prior written consent or waiver of
Creditor, the Company shall be subject to each of the following
covenants:

 

(a) The
Company shall at all times maintain under the Laws of the state of
Colorado its valid corporate existence and good standing and (ii)
all material Permits necessary to the conduct of its
businesses.

 

(b) The
Company shall comply with all Laws applicable to it or its
business, properties or assets, the violation of which would
reasonably be expected to have a Material Adverse
Effect.

 

(c) Promptly following the Closing, the Company
shall register the Shares under a Registration Statement on Form
S-1 under the Securities Act (the "Registration
Statement"). The Company
(i) will take all reasonable steps to have the Registration
Statement declared effective as soon as possible, (ii) maintain the
effectiveness of such Registration Statement until all of the
Shares have been sold thereunder or the Shares can be sold pursuant
to Rule 144 of the Securities Act, and (iii) pay all of the
reasonable and customary fees and expenses incurred in connection
with the registration of the Shares. In the event that the Shares
are not registered on the Registration Statement in accordance with
the preceding sentence or the Registration Statement ceases to be
effective at any time, Creditor shall have a right to return any
unsold Shares to the Company for
cancellation.

 

(d) In the event that for any reason any of the
Shares have not been resold by Creditor as of December 31, 2018,
Creditor may, as its option, return the Shares to the Company for
cancellation. The Company
shall perform and observe all of its obligations and covenants set
forth in this Agreement.

 

Section 6.02 Negative Covenant of
Creditor. Unless Creditor
has received the prior written consent or waiver of the Company,
Creditor shall not sell more than 2% of that day’s trading
volume on any single day.

 

Section 6.03 Debt
Reduction/Application of Net Proceeds. The Debt owed will be
reduced by $2,550,000, which was the fair market value of the
1,000,000 shares of the Company’s common stock as of Close on
August 29, 2018. The Debt will be increased or decreased, as the
case may be, by the amount received by the Creditor from the Net
Proceeds received by the Creditor from the sale of the Shares. If
the Net Proceeds received by the Creditor from the sale of the
Shares is less than $2,550,000, the Debt will be increased by the
difference between $2,550,000 and the Net Proceeds. If the Net
Proceeds received by the Creditor from the sale of the Shares is
more than $2,550,000, the Debt will be reduced by the difference
between $2,550,000 and the Net Proceeds. Any Net Proceeds received
in excess of the Debt will be applied towards satisfaction of any
future amounts owed to Creditor by the Company in connection with
the Principal Relationship Agreements. The Creditor shall not sell
the Shares to the extent that Net Proceeds exceed the total of $7.0
million or any other total amount pursuant to an amendment of the
Principal Relationship Agreements (“the Ceiling”). If
the Ceiling is achieved with Net Proceeds, the Creditor will return
all unsold Shares to the Company within 30 (thirty) days from
achieving the Ceiling.

 

Section 6.04 Further
Assurances. Following the
Closing, each of the parties hereto shall, and shall cause their
respective Affiliates to, execute and deliver such additional
documents, instruments, conveyances and assurances and take such
further actions as may be reasonably required to carry out the
provisions hereof and give effect to the transactions contemplated
by this Agreement.

 

8

 

 

ARTICLE
VII

INDEMNIFICATION

 

Section 7.01 Survival. The
representations and warranties, covenants and agreements contained
herein shall survive the Closing and shall remain in full force and
effect following the Closing Date.

 

Section 7.02 Indemnification By
Company. Subject to the
other terms and conditions of this ARTICLE VII, the Company shall indemnify and
defend each of Creditor and its Affiliates and their respective
Representatives (collectively, the "Creditor
Indemnitees") against,
and shall hold each of them harmless from and against, and shall
pay and reimburse each of them for, any and all Losses incurred or
sustained by, or imposed upon, the Creditor Indemnitees based upon,
arising out of, with respect to or by reason
of:

 

(a) any
inaccuracy in or breach of any of the representations or warranties
of the Company contained in this Agreement or in any certificate or
instrument delivered by or on behalf of the Company pursuant to
this Agreement; or

 

(b) any
breach or non-fulfillment of any covenant, agreement or obligation
to be performed by the Company pursuant to this
Agreement.

 

Section 7.03 Payments.
Once a Loss is agreed to by the
Company or finally adjudicated to be payable pursuant to
this ARTICLE VII, the
Company shall satisfy its obligations within 15 Business Days of
such agreement or final, non-appealable adjudication by wire
transfer of immediately available funds.

 

Section 7.04 Tax Treatment of
Indemnification Payments. All indemnification payments made under this
Agreement shall be treated by the parties as an adjustment to the
Net Proceeds for Tax purposes, unless otherwise required by
Law.

 

Section 7.05 Effect of
Investigation. Neither
the representations, warranties and covenants of the Company, nor
the right to indemnification of any Creditor Indemnitee making a
claim under this ARTICLE
VII with respect thereto,
shall be affected or deemed waived by reason of any investigation
made by or on behalf of an Creditor Indemnitee (including by any of
its Representatives) or by reason of the fact that an Creditor
Indemnitee or any of its Representatives knew or should have known
that any such representation or warranty is, was or might be
inaccurate or by reason of an Creditor Indemnitee's waiver of any
condition set forth in Section 5.02.

 

Section 7.06 Exclusive
Remedies. The parties
acknowledge and agree that their sole and exclusive remedy with
respect to any and all claims (other than claims arising from
breach of contract, fraud, criminal activity or willful misconduct
on the part of a party hereto in connection with the transactions
contemplated by this Agreement) for any breach of any
representation, warranty, covenant, agreement or obligation set
forth herein or otherwise relating to the subject matter of this
Agreement, shall be pursuant to the indemnification provisions set
forth in this ARTICLE
VII. In furtherance of the foregoing, each party hereby waives, to
the fullest extent permitted under Law, any and all rights, claims
and causes of action for any breach of any representation,
warranty, covenant, agreement or obligation set forth herein or
otherwise relating to the subject matter of this Agreement it may
have against the other parties hereto and their Affiliates and each
of their respective Representatives arising under or based upon any
Law, except pursuant to the indemnification provisions set forth in
this ARTICLE VII. Nothing
in this Section
7.06 shall limit any
Person's right to seek and obtain any equitable relief to which any
Person shall be entitled or to seek any remedy on account of any
party's fraudulent, criminal or intentional
misconduct.

 

ARTICLE
VIII

MISCELLANEOUS

 

Section 8.01 Expenses.
Except as otherwise expressly
provided herein, all costs and expenses of either party, including,
without limitation, fees and disbursements of counsel, financial
advisors and accountants, incurred in connection with this
Agreement and the transactions contemplated hereby shall be paid by
the party who incurred the costs and
expenses.

 

Section 8.02 Notices.
All notices, requests, consents,
claims, demands, waivers and other communications hereunder shall
be in writing and shall be deemed to have been given (a) when
delivered by hand (with written confirmation of receipt); (b) when
received by the addressee if sent by a nationally recognized
overnight courier (receipt requested); (c) on the date sent by
facsimile or e-mail of a PDF document (with confirmation of
transmission) if sent during normal business hours of the
recipient, and on the next Business Day if sent after normal
business hours of the recipient or (d) on the seventh day after the
date mailed, by certified or registered mail, return receipt
requested, postage prepaid. Such communications must be sent to the
respective parties at the following addresses (or at such other
address for a party as shall be specified in a notice given in
accordance with this Section 8.02):

 

If to the
Company: 

CEL-SCI Corporation

8229 Boone Boulevard, Suite 802

Vienna, Virginia 22182

Facsimile: (703) 506-9471

E-mail: grkersten@cel-sci.com,

Attention: 
Geert Kersten, Chief Executive Officer

 

 

9

 

 

with a copy
to: 

Hart & Hart, LLC

 

Facsimile: 
(303) 839-5414

 

E-mail: harttrinen@aol.com

 

Attention: 
William T. Hart

 

If to
Creditor: 

Ergomed plc

 

The Surrey
Research Park

 

26-28
Frederick Sanger Road

 

Guildford,
Surrey GU2 7YD

 

United
Kingdom

Facsimile: +385 1 4628 501

E-mail stephen.stamp@ergomedplc.com

Attention: Stephen Stamp, Chief Financial
Officer

 

with a copy
to: 

Covington & Burling LLP

 

265
Strand

 

London
WC2R 1BH

 

Facsimile:

+44 20 7067 2222

 

E-mail: kwiggert@cov.com

 

Attention: 
Kristian Wiggert

 

Section 8.03 Interpretation.
For purposes of this Agreement,
(a) the words "include," "includes" and "including" shall be deemed
to be followed by the words "without limitation"; (b) the word "or"
is not exclusive; and (c) the words "herein," "hereof," "hereby,"
"hereto" and "hereunder" refer to this Agreement as a whole. Unless
the context otherwise requires, references herein: (x) to Articles,
Sections, Disclosure Schedules and Exhibits mean the Articles and
Sections of, and Disclosure Schedules and Exhibits attached to,
this Agreement; (y) to an agreement, instrument or other document
means such agreement, instrument or other document as amended,
supplemented and modified from time to time to the extent permitted
by the provisions thereof and (z) to a statute means such statute
as amended from time to time and includes any successor legislation
thereto and any regulations promulgated thereunder. This Agreement
shall be construed without regard to any presumption or rule
requiring construction or interpretation against the party drafting
an instrument or causing any instrument to be drafted. The
Disclosure Schedules and Exhibits referred to herein shall be
construed with, and as an integral part of, this Agreement to the
same extent as if they were set forth verbatim
herein.

 

Section 8.04 Headings.
The headings in this Agreement
are for reference only and shall not affect the interpretation of
this Agreement.

 

Section 8.05 Severability.
If any term or provision of this
Agreement is invalid, illegal or unenforceable in any jurisdiction,
such invalidity, illegality or unenforceability shall not affect
any other term or provision of this Agreement or invalidate or
render unenforceable such term or provision in any other
jurisdiction. Upon such determination that any term or other
provision is invalid, illegal or unenforceable, the parties hereto
shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in
a mutually acceptable manner in order that the transactions
contemplated hereby be consummated as originally contemplated to
the greatest extent possible.

 

Section 8.06 Entire Agreement.
This Agreement constitutes the
sole and entire agreement of the parties to this Agreement with
respect to the subject matter contained herein and therein, and
supersedes all prior and contemporaneous understandings and
agreements, both written and oral, with respect to such subject
matter. In the event of any inconsistency between the statements in
the body of this Agreement and those in the Exhibits and Disclosure
Schedules (other than an exception expressly set forth as such in
the Disclosure Schedules), the statements in the body of this
Agreement will control.

 

Section 8.07 Successors and
Assigns. This Agreement
shall be binding upon and shall inure to the benefit of the parties
hereto and their respective successors and permitted assigns.
Neither party may assign its rights or obligations hereunder
without the prior written consent of the other party, which consent
shall not be unreasonably withheld or delayed; provided, that
Creditor may, without the prior written consent of the Company,
assign all or any portion of its rights under this Agreement to one
or more of its direct or indirect wholly-owned subsidiaries. No
assignment shall relieve the assigning party of any of its
obligations hereunder.

 

Section 8.08 No Third-Party
Beneficiaries. Except as
provided in ARTICLE VII,
this Agreement is for the sole benefit of the parties hereto and
their respective successors and permitted assigns and nothing
herein, express or implied, is intended to or shall confer upon any
other Person or entity any legal or equitable right, benefit or
remedy of any nature whatsoever under or by reason of this
Agreement.

 

 

10

 

 

Section 8.09 Amendment and
Modification; Waiver. This Agreement may only be amended, modified
or supplemented by an agreement in writing signed by each party
hereto. No waiver by any party of any of the provisions hereof
shall be effective unless explicitly set forth in writing and
signed by the party so waiving. No waiver by any party shall
operate or be construed as a waiver in respect of any failure,
breach or default not expressly identified by such written waiver,
whether of a similar or different character, and whether occurring
before or after that waiver. No failure to exercise, or delay in
exercising, any right, remedy, power or privilege arising from this
Agreement shall operate or be construed as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, remedy, power or
privilege.

 

Section 8.10 Governing Law; Submission
to Jurisdiction; Waiver of Jury Trial. 

 

(a) This
Agreement shall be governed by and construed in accordance with the
internal laws of the State of New York without giving effect to any
choice or conflict of law provision or rule (whether of the State
of New York or any other jurisdiction).

 

(b) ANY
LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR BASED UPON THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY MAY BE INSTITUTED
IN THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA OR THE COURTS
OF THE STATE OF NEW YORK IN EACH CASE LOCATED IN THE CITY OF NEW
YORK AND COUNTY OF NEW YORK, AND EACH PARTY IRREVOCABLY SUBMITS TO
THE EXCLUSIVE JURISDICTION OF SUCH COURTS IN ANY SUCH SUIT, ACTION
OR PROCEEDING. SERVICE OF PROCESS, SUMMONS, NOTICE OR OTHER
DOCUMENT BY MAIL TO SUCH PARTY'S ADDRESS SET FORTH HEREIN SHALL BE
EFFECTIVE SERVICE OF PROCESS FOR ANY SUIT, ACTION OR OTHER
PROCEEDING BROUGHT IN ANY SUCH COURT. THE PARTIES IRREVOCABLY AND
UNCONDITIONALLY WAIVE ANY OBJECTION TO THE LAYING OF VENUE OF ANY
SUIT, ACTION OR ANY PROCEEDING IN SUCH COURTS AND IRREVOCABLY WAIVE
AND AGREE NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN
BROUGHT IN AN INCONVENIENT FORUM.

 

(c) EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE
UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND
UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN
RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY TO
THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A) NO
REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR
OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT SEEK TO ENFORCE THE
FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B) SUCH PARTY HAS
CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) SUCH PARTY MAKES
THIS WAIVER VOLUNTARILY, AND (D) SUCH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVERS AND CERTIFICATIONS IN THIS SECTION
10.10(c).

 

Section 8.11 Counterparts.
This Agreement may be executed
in counterparts, each of which shall be deemed an original, but all
of which together shall be deemed to be one and the same agreement.
A signed copy of this Agreement delivered by facsimile, e-mail or
other means of electronic transmission shall be deemed to have the
same legal effect as delivery of an original signed copy of this
Agreement.

 

 

 

[SIGNATURE PAGE
FOLLOWS]

 

 

11

 

 

            

IN WITNESS WHEREOF, the parties hereto have caused this Agreement
to be executed as of the date first written above by their
respective officers thereunto duly authorized.

 

 

 

CEL-SCI CORPORATION

 

 

 

By:
                                      

 

Name: Geert R. Kersten

 

Title: Chief Executive Officer

 

 

ERGOMED plc

 

 

 

By:                                                                     

 

Name: Stephen Stamp

 

Title: Chief Financial Officer

  

 

 

12

 

 

ANNEX A

 

 

 

See
Attached.

 

 

 

 

 

 

 

A-1

 

 

	
  
CEL-SCI Corporation

	
  
Aged Payables - ERGOMED PLC

	
  
As of Aug 30, 2018

	

Invoice/CM #

	
 

	

Date

	
 

	

Date Due

	
 

	

Amount Due

	

CRGB1-1803SIN0000322

	
 

	

3/31/18

	
 

	

6/30/18

	
 

	

              132,774.43

	

CRGB1-1803SIN0000323

	
 

	

3/31/18

	
 

	

6/30/18

	
 

	

                24,916.50

	

CRGB1-1803SIN0000324

	
 

	

3/31/18

	
 

	

6/30/18

	
 

	

                     138.65

	

CRGB1-1803SIN0000325

	
 

	

3/31/18

	
 

	

6/30/18

	
 

	

                     138.64

	

CRGB1-1803SIN0000326

	
 

	

3/31/18

	
 

	

6/30/18

	
 

	

                  1,170.28

	

CRGB1-1803SIN0000327

	
 

	

3/31/18

	
 

	

6/30/18

	
 

	

                  4,247.45

	

CRGB1-1803SIN0000338

	
 

	

3/31/18

	
 

	

6/30/18

	
 

	

                36,263.55

	

CRGB1-1803SIN0000339

	
 

	

3/31/18

	
 

	

6/30/18

	
 

	

                     704.12

	

066/17

	
 

	

4/1/18

	
 

	

4/1/18

	
 

	

              (39,117.72)

	

CRGB1-1804SIN0000380

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                11,135.25

	

CRGB1-1804SIN0000381

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

              141,620.50

	

CRGB1-1804SIN0000388

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                21,770.39

	

CRGB1-1804SIN0000389

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                  2,684.49

	

CRGB1-1804SIN0000390

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                  1,374.29

	

CRGB1-1804SIN0000423

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                  5,335.33

	

CRGB1-1804SIN0000424

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                  2,675.90

	

CRGB1-1804SIN0000425

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                     606.20

	

CRGB1-1804SIN0000426

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                     737.28

	

CRGB1-1804SIN0000428

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                34,358.25

	

CRGB1-1804SIN0000430

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                13,904.45

	

CRGB1-1804SIN0000437

	
 

	

4/30/18

	
 

	

7/31/18

	
 

	

                  2,275.00

	

CRGB1-1805SCR0000047

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                (2,675.90)

	

CRGB1-1805SCR0000048

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                   (737.28)

	

CRGB1-1805SIN0000533

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                53,844.82

	

CRGB1-1805SIN0000555

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                  3,556.89

	

CRGB1-1805SIN0000556

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                  4,247.45

	

CRGB1-1805SIN0000557

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                     606.20

	

CRGB1-1805SIN0000558

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                  1,170.28

	

CRGB1-1805SIN0000559

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                45,213.86

	

CRGB1-1805SIN0000560

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                     138.64

	

CRGB1-1805SIN0000561

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                11,119.80

	

CRGB1-1805SIN0000562

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                     138.65

	

CRGB1-1805SIN0000566

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                  4,247.45

	

CRGB1-1805SIN0000567

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                  1,170.28

	

CRGB1-1805SIN0000570

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                  1,030.00

	

CRGB1-1805SIN0000571

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

              141,620.50

	

CRGB1-1805SIN0000572

	
 

	

5/31/18

	
 

	

8/31/18

	
 

	

                15,655.50

	

CRGB1-1806SIN0000610

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                34,880.72

	

CRGB1-1806SIN0000612

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                     114.00

	

CRGB1-1806SIN0000620

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                     523.08

	

CRGB1-1806SIN0000647

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                  4,956.59

	

CRGB1-1806SIN0000648

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                  4,247.45

	

CRGB1-1806SIN0000649

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                  1,170.28

	

CRGB1-1806SIN0000651

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                29,659.28

	

CRGB1-1806SIN0000652

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                     138.64

	

CRGB1-1806SIN0000653

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                11,000.10

	

CRGB1-1806SIN0000654

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                     138.65

 

 

A-2

 

 

	

Invoice/CM #

	
 

	

Date

	
 

	

Date Due

	
 

	

Amount Due

	

CRGB1-1806SIN0000688

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

              141,620.50

	

CRGB1-1806SIN0000689

	
 

	

6/30/18

	
 

	

9/30/18

	
 

	

                  9,481.50

	

CRGB1-1807SIN0000748

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                15,104.25

	

CRGB1-1807SIN0000749

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

              141,620.50

	

CRGB1-1807SIN0000792

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                  2,437.13

	

CRGB1-1807SIN0000793

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                  4,247.45

	

CRGB1-1807SIN0000794

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                  1,170.28

	

CRGB1-1807SIN0000795

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                29,737.88

	

CRGB1-1807SIN0000797

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                     138.64

	

CRGB1-1807SIN0000798

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                  9,941.70

	

CRGB1-1807SIN0000799

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                     138.65

	

CRGB1-1807SIN0000815

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                48,615.18

	

CRGB1-1807SIN0000816

	
 

	

7/31/18

	
 

	

10/31/18

	
 

	

                  2,351.00

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	

Report Total

	
 

	
 

	
 

	
 

	
 

	

 $ 1,173,493.82

 

 

 

 

 

A-3

 

DISCLOSURE SCHEDULES

 

Section 3.03 Approval of the issuance
of the Shares by the NYSE American.

 

 

 

EXHIBITS

 

 

 

None.

 

 

 

 

 

A-4Exhibit 10.1

 

SEPARATION BENEFITS PLAN

(AND SUMMARY PLAN DESCRIPTION)

EFFECTIVE JULY 24, 2018

 

Waste Connections US, Inc.
(the “Company”) has established this Plan to provide for severance and change in control benefits to certain
eligible executives of the Company in the event that employment with the Company is involuntarily terminated. This Plan is hereby
amended and restated as of the Effective Date. This Plan is intended to be an unfunded “top hat” welfare plan subject
to the ERISA. This Plan document is also the summary plan description of this Plan.

 

		1.	General Eligibility. An executive is eligible for the benefits provided under this Plan
only if (i) the Compensation Committee designates the executive as a Participant in the Plan, and (ii) the Company, through a duly
authorized officer of the Company, and the executive execute a Letter Agreement confirming the executive’s eligibility for,
and participation in, the Plan. A Participant’s Letter Agreement shall designate his or her status as a “President/EVP
Participant,” an “SVP Participant” or a “VP Participant”.

 

		2.	Position and Responsibilities. The Participant’s position and responsibilities shall
be as set forth in his or her Letter Agreement. The Participant shall devote such time and attention to his or her duties as are
necessary to the proper discharge of his or her responsibilities hereunder. The Participant agrees to perform all duties consistent
with (i) policies established from time to time by the Company, and (ii) all applicable legal requirements.

 

		3.	Term. The period of this Plan shall commence on the Effective Date and shall continue through
to the third anniversary of the Effective Date (the “Term”). On each anniversary of the Effective Date, this
Plan shall be extended automatically an additional year, thus extending the Term of this Plan to three years from such date for
each Participant in the Plan, unless the Company shall have given Notice of Termination or non-renewal hereof to the Participant
or the Participant shall have given Notice of Termination to the Company, as provided herein.

 

		4.	Compensation and Benefits. The Participant’s Base Salary, Bonus, equity grant eligibility,
benefits, and participation level shall be as set forth in his or her Letter Agreement.

 

		5.	Confidentiality. During the Employment Period and at all times thereafter, the Participant
shall not, without the prior written consent of the Company, divulge to any third party or use for his or her own benefit or the
benefit of any third party or for any purpose other than the exclusive benefit of the Company, any confidential or proprietary
business or technical information revealed, obtained or developed in the course of his or her employment with the Company and which
is otherwise the property of the Company or any of its affiliated entities, including, but not limited to, trade secrets, customer
lists, formulae and business processes; provided, however, that nothing herein contained shall restrict the Participant’s
ability to make such disclosures during the course of his or her employment as may be necessary or appropriate to the effective
and efficient discharge of his or her duties to the Company.

 

    	 	1	 

     

    

 

		6.	Property. Both during the Employment Period and thereafter, the Participant shall not remove
from the Company’s offices or premises any Company documents, records, notebooks, files, correspondence, reports, memoranda
and similar materials or property of any kind unless necessary in accordance with the duties and responsibilities of his or her
employment. In the event that any such material or property is removed, it shall be returned to its proper file or place of safekeeping
as promptly as possible. The Participant shall not make, retain, remove or distribute any copies, or divulge to any third person
the nature or contents of any of the foregoing or of any other oral or written information to which he may have access, except
as disclosure shall be necessary in the performance of his or her assigned duties. On the termination of his or her employment
with the Company, the Participant shall leave with or return to the Company all originals and copies of the foregoing then in his
or her possession or subject to his or her control, whether prepared by the Participant or by others.

 

		7.	Termination By Company.

 

		a.	Termination for Cause. The employment of the Participant may be terminated for Cause at
any time by the Board on delivery to the Participant of a written Notice of Termination; provided, however, that before the Board
may terminate the employment of a President/EVP Participant for Cause, the Board shall first send the Participant written notice
of its intention to terminate the Participant’s employment with the Company for Cause, specifying in such notice the reasons
for such Cause and those conditions that, if satisfied by the Participant, would cure the reasons for such Cause.

 

Immediately on termination of employment
pursuant to this Section 7(a), the Company shall pay to the Participant in a lump sum his or her then current Base Salary
on a prorated basis to the Date of Termination. For the avoidance of doubt, upon termination of employment for Cause, the Participant
shall be subject to the non-competition and non-solicitation provisions of Section 12. On the Participant’s termination
of employment pursuant to this Section 7(a), the Participant (i) shall not be entitled to any additional benefits or compensation
above accrued but unpaid amounts, except to the extent required by applicable law, (ii) shall forfeit his or her Bonus for the
year in which such termination occurs, and (iii) shall forfeit all outstanding but unvested Equity Awards.

 

		b.	Termination Without Cause. The employment of the Participant may be terminated without Cause
at any time by the Board on delivery to the Participant of a written Notice of Termination. On a termination of the Participant’s
employment without Cause, in lieu of any payments under Section 4 for the remainder of the Term, the Company shall make
the following payments to the Participant:

 

    	 	2	 

     

    

 

		1.	Severance Payment. The Company shall pay to the Participant an amount equal to the Severance
Amount. Unless otherwise provided for in the Participant’s Letter Agreement, provided that the Participant has complied with
the provisions of Section 12 hereof as of the date a payment is scheduled to be paid, the Severance Amount shall be paid
as follows: (i) for a President/EVP Participant, one-third on the Date of Termination and one-third on each of the first and second
anniversaries of the Date of Termination, and (ii) for an SVP Participant or a VP Participant, in installments during the twelve
month period following his or her Date of Termination in accordance with the Company’s normal payroll practices.

 

		2.	Accelerated Vesting. On termination of the Participant under this Section 7(b), the
Accelerated Vesting Benefit shall apply to the Participant’s then outstanding Equity Awards.

 

		3.	Additional Benefits. If the Participant is an SVP Participant, the Company also shall provide
the Health Insurance Benefit and the Outplacement Benefit to the Participant.

 

		c.	Termination on Disability. If during the Term the Participant becomes Disabled, the Board
shall have the right, on written Notice of Termination delivered to the Participant, to terminate the Participant’s employment
under this Plan. During the period that the Participant shall have been incapacitated due to Disability, the Participant shall
continue to receive the full Base Salary at the rate then in effect until the Date of Termination pursuant to this Section 7(c).
On a termination of the Participant’s employment due to Disability, in lieu of any payments under Section 4 for the
remainder of the Term, the Company shall make each of the payments to the Participant as would be made if the Participant’s
employment had been terminated by the Company without Cause under Section 7(b); provided, however, that (i) the Participant
shall not receive the Outplacement Benefit, and (ii) if, following the Participant’s termination of employment pursuant to
this Section 7(c), the Participant dies or becomes disabled (as such term is defined under Treasury Regulation Section 1.409A-3(i)(4)),
any unpaid portion of the Severance Amount shall be paid to the Participant or, if applicable, the Participant’s heirs, executors,
administrators, legatees, beneficiaries or assigns, in a single lump sum payment as soon as administratively practicable after
the date on which such death or disability occurs.

 

		d.	Death. If the Participant dies during the Term, the Company shall pay to the Participant’s
estate each of the payments the Company would have paid if the Participant’s employment had been terminated by the Company
without Cause under Section 7(b); provided, however, that the Participant’s estate shall not receive the Health Insurance
Benefit or the Outplacement Benefit. The provisions of this Section 7(d) shall not affect the entitlements of the Participant’s
heirs, executors, administrators, legatees, beneficiaries or assigns under any employee benefit plan, fund or program of the WCI
Group.

 

    	 	3	 

     

    

 

		e.	Release. As a condition to the payment of any amount under this Section 7, including
the acceleration of vesting or payment for any Equity Awards, the Participant (or the Participant’s executor, legal guardian,
or other legal representative in the case of the Participant’s death or Disability) shall execute and not revoke a waiver
and release of all claims against the WCI Group in a form reasonably acceptable to the Company within 21 days following the Participant’s
receipt of the release agreement; provided, however, that if the Participant’s employment is terminated due to his death
or Disability, such release shall not apply to any claims the Participant or his estate may have against the Company or the Parent
for wrongful death or gross negligence.

 

		8.	Termination By Participant.

 

		a.	Termination for Good Reason. Unless otherwise provided for in the Participant’s Letter
Agreement, in the event the Participant terminates his or her employment with the Company for Good Reason, in lieu of any payments
under Section 4 for the remainder of the Term, the Company shall make each of the payments to the Participant as would be
made if the Participant’s employment had been terminated by the Company without Cause under Section 7(b). For the
avoidance of doubt, a Participant may not terminate his or her employment with the Company for Good Reason unless such Participant
is, on his or her Date of Termination, eligible to terminate his or her employment with the Company for Good Reason.

 

		b.	Termination Without Good Reason. The Participant may terminate his or her employment hereunder
without Good Reason on written Notice of Termination delivered to the Company. If the Participant terminates his or her employment
without Good Reason, he or she shall be entitled to receive, and the Company agrees to pay on the Date of Termination, his or her
current Base Salary on a prorated basis to such Date of Termination. For the avoidance of doubt, upon termination of employment
without Good Reason, the Participant shall be subject to the non-competition and non-solicitation provisions of Section 12.
On the Participant’s termination of employment pursuant to this Section 8(b), the Participant shall not be entitled
to any additional benefits or compensation above accrued but unpaid amounts, except to the extent required by applicable law; and,
the Participant shall forfeit his or her Bonus for the year in which such termination occurs. In addition, the Participant shall
forfeit all outstanding but unvested Equity Awards.

 

		c.	Release. As a condition to the payment of any benefit related to the termination of employment
under Section 8(a), a Participant shall execute and not revoke a waiver and release of all claims against the WCI Group
in a form reasonably acceptable to the Company within 21 days following the Participant’s receipt of the release agreement.

 

    	 	4	 

     

    

 

		9.	Provisions Applicable to Termination of Employment.

 

		a.	Notice of Termination. Any purported termination of Participant’s employment by the
Company pursuant to Section 7 shall be communicated by delivery of a Notice of Termination to the Participant. If the Participant
terminates under Section 8, he or she shall give the Company a Notice of Termination.

 

		b.	Benefits on Termination. Except as otherwise provided herein, on termination of the Participant’s
employment by the Company pursuant to Section 7 or by the Participant pursuant to Section 8, all profit-sharing,
deferred compensation and other retirement benefits payable to the Participant under benefit plans in which the Participant then
participated shall be paid to the Participant in accordance with the provisions of the respective plans.

 

		c.	Required Payment Delay. Notwithstanding anything to the contrary in this Plan, no compensation
or benefits payable by reason of the Participant’s termination of employment that are deemed non-qualified deferred compensation
subject to Section 409A shall be payable by reason of the Participant’s termination of employment pursuant to this Plan unless
such termination of employment constitutes a “separation from service” with the Company (“Separation from
Service”) within the meaning of Section 409A. If the Participant is deemed to be a “specified employee” (as
determined by the Company in accordance with Section 409A) at the time of the Participant’s Separation from Service, to the
extent delayed commencement of any portion of the benefits to which the Participant is entitled under this Plan is required in
order to avoid a prohibited distribution under Section 409A, such portion of the Participant’s benefits shall not be provided
to the Participant prior to the first business day following the expiration of the six-month period measured from the date of the
Participant’s Separation from Service (or such earlier date upon which such amount can be paid under Section 409A without
resulting in a prohibited distribution, including as a result of Participant’s death). Upon the first business day following
the expiration of the applicable period described in the foregoing sentence, all payments deferred pursuant to this Section shall
be paid in a lump sum to the Participant, and any remaining payments due under this Plan shall be paid as otherwise provided herein.

 

		d.	Non-Renewal of Plan. For the avoidance of doubt, the Company’s notice of its intent
not to extend the Term of this Plan with respect to a Participant shall be treated as a termination of the Participant by the Company
without Cause.

 

    	 	5	 

     

    

 

		10.	Change In Control.

 

		a.	Payments on Change in Control. Subject to Section 9(c) above, if a Change in Control
occurs during the Term and the Participant’s employment with the Company is terminated by the Company without Cause or by
the Participant for Good Reason, in each case within two (2) years after the effective date of the Change in Control, then (i)
the Participant shall be entitled to receive and the Company agrees to pay to the Participant, in lieu of payments under Section
4 for the remainder of the Term, the amount payable under Section 7(b) or Section 8(a), as applicable, provided
the Participant executes the associated waiver in Section 7(e) or Section 8(c), as applicable; and (ii) such amount
shall be paid in a lump sum on or within 60 days following the Date of Termination.

 

		b.	Section 409A Limitation. No benefits deemed non-qualified deferred compensation subject
to Section 409A shall be payable upon a Change in Control pursuant to this Plan unless such Change in Control constitutes a “change
in control event” with respect to the Company within the meaning of Section 409A.

 

		11.	Limitation on Payments. Notwithstanding any other provisions of this Plan, in the event
that any payment or benefit received or to be received by the Participant, whether pursuant to the terms of this Plan or any other
plan, arrangement or agreement (all such payments and benefits being hereinafter referred to as the “Total Payments”),
would be subject (in whole or part), to the excise tax imposed under Section 4999 of the Code (the “Excise Tax”),
then, after taking into account any reduction in the Total Payments provided by reason of Section 280G of the Code in such other
plan, arrangement or agreement, the Total Payments shall be reduced as set forth herein, to the extent necessary so that no portion
of the Total Payments is subject to the Excise Tax but only if (i) the net amount of such Total Payments, as so reduced (and after
subtracting the amount of all federal, state and local income and employment taxes payable with respect to the foregoing calculated
at the maximum marginal income tax rate for each year in which the foregoing shall be paid to the Participant (based on the rate
in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing) on such reduced
Total Payments and after taking into account the phase out of itemized deductions and personal exemptions attributable to such
reduced Total Payments) is greater than or equal to (ii) the net amount of such Total Payments without such reduction (but after
subtracting the amount of all federal, state and local income and employment taxes payable with respect to the foregoing calculated
at the maximum marginal income tax rate for each year in which the foregoing shall be paid to the Participant (based on the rate
in effect for such year as set forth in the Code as in effect at the time of the first payment of the foregoing) on such Total
Payments and the amount of Excise Tax to which the Participant would be subject in respect of such unreduced Total Payments and
after taking into account the phase out of itemized deductions and personal exemptions attributable to such unreduced Total Payments).
The Total Payments shall be reduced by the Company in its reasonable discretion in the following order: (A) reduction of any cash
severance payments otherwise payable to the Participant that are exempt from Section 409A, (B) reduction of any other cash payments
or benefits otherwise payable to the Participant that are exempt from Section 409A, but excluding any payment attributable to the
acceleration of vesting or payment with respect to any Equity Award that is exempt from Section 409A, (C) reduction of any other
payments or benefits otherwise payable to the Participant on a pro-rata basis or such other manner that complies with Section 409A,
but excluding any payment attributable to the acceleration of vesting and payment with respect to any Equity Award that is exempt
from Section 409A, and (D) reduction of any payments attributable to the acceleration of vesting or payment with respect to any
Equity Award that is exempt from Section 409A. For purposes of determining whether and the extent to which the Total Payments will
be subject to the Excise Tax, (i) no portion of the Total Payments the receipt or enjoyment of which the Participant shall have
waived at such time and in such manner as not to constitute a “payment” within the meaning of Section 280G(b) of the
Code shall be taken into account, (ii) no portion of the Total Payments shall be taken into account which, in the opinion of independent
counsel, consultants or advisors of nationally recognized standing (“Independent Advisors”) selected by the
Company, does not constitute a “parachute payment” within the meaning of Section 280G(b)(2) of the Code (including
by reason of Section 280G(b)(4)(A) of the Code) and, in calculating the Excise Tax, no portion of such Total Payments shall be
taken into account which, in the opinion of Independent Advisors, constitutes reasonable compensation for services actually rendered,
within the meaning of Section 280G(b)(4)(B) of the Code, in excess of the Base Amount (as defined in Section 280G(b)(3) of the
Code) allocable to such reasonable compensation, and (iii) the value of any non-cash benefit or any deferred payment or benefit
included in the Total Payments shall be determined by the Independent Advisors in accordance with the principles of Sections 280G(d)(3)
and (4) of the Code.

 

    	 	6	 

     

    

 

		12.	Non-Competition and Non-Solicitation.

 

		a.	The Participant acknowledges that in his or her employment with the Company, the Participant occupies
a position of trust and confidence. The Participant agrees that the consideration and other benefits being given to him or her
by the WCI Group clearly justify the following restrictions which, in any event, given the Participant’s skills and ability,
will not prevent the Participant from earning a living. The Participant acknowledges that all restrictions contained in this Section
12 are reasonable and valid as to time, geographical area, and scope of activity to be restrained for the adequate protection
of the legitimate business interests and goodwill of the WCI Group, and are no broader than is necessary to protect such interests
and goodwill. The Participant agrees and acknowledges that due to the high-level nature of his or her duties for the WCI Group,
the Participant’s key role within the Parent and the Company, and the nature and depth of the Confidential Information that
the WCI Group shares with the Participant, it is reasonable for the Parent and the Company to expect the Participant not to engage
in competition (as set forth in this Section 12(a)) anywhere in any county of any U.S. state, or any province or territory
in Canada, in which the Participant provides services to the WCI Group, or about which the Participant has access to Confidential
Information relating to the WCI Group’s current or planned operations in such county, province or territory (the “Restricted
Territory”).1 In consideration
of the provisions hereof, during the Employment Period and for the twelve (12)-month period following the Date of Termination (the
“Restricted Period”), the Participant will not, except as specifically provided below and/or for the benefit
of the WCI Group, anywhere in the Restricted Territory, directly or indirectly, acting individually or as the owner, shareholder,
partner or management employee of any entity (whether current or planned to be formed), or as a consultant to any such entity,
(i) engage or prepare to engage in any business principally focusing on liquid, semi-solid or solid waste collection, transportation,
disposal, recycling and/or composting, including disposal or treatment of exempt and non-exempt oil field wastes derived from the
exploration and production of hydrocarbons, and the operation of transfer stations, recycling facilities, materials recovery facilities
or landfills, and/or any other business engaged in by the WCI Group (collectively the “Restricted Business”);
or (ii) enter the employ of, or render any personal services to or for the benefit of, or assist in or facilitate the solicitation
of customers for, or receive remuneration in the form of management salary, commissions or otherwise from, or act as a consultant
or in any other advisory role, whether paid or unpaid, to any Restricted Business; or (iii) receive or purchase a financial interest
in, make a loan to, make a gift in support of, or otherwise provide financial support to any Restricted Business in any capacity,
including without limitation, as a sole proprietor, partner, shareholder, officer, director, principal agent or trustee. The term
“solicit” and related terms such as “soliciting” or “solicitation” mean
to knowingly engage in acts or communications, in person or through others, that are intended or can reasonably be expected to
induce or encourage a particular responsive action (such as buying a good or service), regardless of which party first initiates
the contact or communication or whether the communication is in response to an inquiry or not. Provided, that the Participant may
own, directly or indirectly, solely as an investment, securities of any business traded on any national securities exchange or
quoted on any NASDAQ market, provided the Participant is not a controlling person of, or a member of a group which controls, such
business and further provided that the Participant does not, in the aggregate, directly or indirectly, own Two Percent (2%) or
more of any class of securities of such business.

 

		b.	During the Restricted Period, the Participant shall not (i) solicit any customer of the WCI Group
to whom any such the WCI Group entity provides service pursuant to a franchise agreement with a public entity in the Restricted
Territory, (ii) solicit on behalf of a competitor any customer of the WCI Group to enter into a relationship involving the Restricted
Business with a competitor of the WCI Group in the Restricted Territory, (iii) solicit on behalf of a competitor any public entity
with which the WCI Group has a franchise agreement to enter into a franchise agreement involving the Restricted Business with a
competitor of the WCI Group in the Restricted Territory, (iv) solicit any officer or employee of the WCI Group to enter into employment
with a competitor of the WCI Group, or otherwise interfere in any such relationship, or (v) solicit on behalf of a competitor of
the WCI Group any prospective customer of the WCI Group in the Restricted Territory that the Participant called on or was involved
in soliciting on behalf of the WCI Group during the Employment Period.

 

 

 

		1	Within the state of Louisiana, the Restricted Territory shall include the following parishes: Caddo,
Bossier, Webster, Bienville, Lincoln, Jackson, Union, Morehouse, West Carroll, East Carroll, Madison, Richland, Franklin, Tensas,
Quachita, Winn, Caldwell, Red River, Desoto, Sabine, Natchitoches, Grant, LaSalle, Avoyelles, Beauregard, Allen, Evangeline, St
Landry, Lafayette, Point Coupee, East Baton Rouge, West Baton Rouge, Iberville, Assumption, St. Martin, St. Mary, Calcasieu, Jeff
Davis, Allen, Acadia, Vermillion, Cameron, Iberia, Terrebonne, Lafourche, Ascension, St John, St James, St Charles, Jefferson,
St Tammany, Orleans, St Bernard, Plaquemines, and Tangipahoa.

 

    	 	7	 

     

    

 

		c.	If a court of competent jurisdiction declares that any term or provision of this Section 12
is invalid or unenforceable, the parties agree that the court making the determination of invalidity or unenforceability shall
have the power to reduce the scope, duration or area of the term or provision, to delete specified words or phrases or to replace
any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to
expressing the intention of the invalid or unenforceable term or provision.

 

		13.	Indemnification. As an officer, employee and/or agent of the WCI Group, the Participant
shall be indemnified by Parent and/or Company to the fullest extent permitted by applicable law in connection with his employment
hereunder, unless Participant is asserting claims against the WCI Group or any member entity thereof. The indemnification provided
under this Section 13 shall be in addition to, and shall not limit in any manner, any indemnification available to the Participant
from the WCI Group under any other agreement, program or provision.

 

		14.	Survival of Provisions. The obligations of the Participant under Sections 5, 6
and 12 of this Plan and of the Company under Section 13 of this Plan shall survive both the termination of the Participant’s
employment and this Plan.

 

		15.	ERISA Matters.

 

		a.	Generally. This Plan is intended to be an unfunded “top hat” welfare plan within
the meaning of US Department of Labor Regulation Section 2540.104-24 (a “Top Hat Plan”), and, to the extent
applicable, shall be subject to ERISA.

 

		b.	Funding. This Plan shall be maintained in a manner to be considered “unfunded”
for purposes of ERISA. The Company shall be required to make payments only as benefits become due and payable. No person shall
have any right, other than the right of an unsecured general creditor against the Company, with respect to the benefits payable
hereunder, or which may be payable hereunder, to any Participant, surviving spouse or beneficiary hereunder. If the Company, acting
in its sole discretion, establishes a reserve or other fund associated with this Plan, no person shall have any right to or interest
in any specific amount or asset of such reserve or fund by reason of amounts which may be payable to such person under this Plan,
nor shall such person have any right to receive any payment under this Plan except as and to the extent expressly provided in this
Plan. The assets in any such reserve or fund shall be part of the general assets of the Company, subject to the control of the
Company.

 

		c.	Claims Procedures.

 

		1.	Participant does not normally need to present a formal claim to receive benefits payable under
this Plan.

 

    	 	8	 

     

    

 

		2.	If any person (the “Claimant”) believes that benefits are being denied improperly,
that the Plan is not being operated properly, that fiduciaries of the Plan have breached their duties, or that the Claimant’s
legal rights are being violated with respect to the Plan, the Claimant must file a formal claim, in writing, with the Board. This
requirement applies to all claims that any Claimant has with respect to the Plan, including claims against fiduciaries and former
fiduciaries, except to the extent the Board determines, in its sole discretion, that it does not have the power to grant all relief
reasonably being sought by the Claimant.

 

		3.	A formal claim must be filed within 90 days after the date the Claimant first knew or should have
known of the facts on which the claim is based, unless Board in writing consents otherwise. The Board will provide a Claimant,
on request, with a copy of the claims procedures established under subsection (d).

 

		4.	The Board has adopted procedures for considering claims (which are set forth in Appendix A), which
it may amend from time to time, as it sees fit. These procedures will comply with all applicable legal requirements. These procedures
may provide that final and binding arbitration will be the ultimate means of contesting a denied claim (even if the Board or its
delegates have failed to follow the prescribed procedures with respect to the claim). The right to receive benefits under this
Plan is contingent on a Claimant using the prescribed claims procedures to resolve any claim.

 

		d.	Rights Under ERISA. Appendix B sets forth certain rights and information to which
the Participant is entitled under ERISA.

 

		16.	Section 409A Matters.

 

		a.	To the extent applicable, this Plan shall be interpreted and applied consistent and in accordance
with or exempt from Section 409A. Notwithstanding any provision of this Plan to the contrary, if the Company determines that any
compensation or benefits payable under this Plan may not either be exempt from or compliant with Section 409A, the Company may,
with the Participant’s prior written consent, adopt such amendments to this Plan or adopt other policies and procedures (including
amendments, policies and procedures with retroactive effect), or take any other actions, that the Company determines are necessary
or appropriate to (i) exempt the compensation and benefits payable under this Plan from Section 409A and/or preserve the intended
tax treatment of such compensation and benefits, or (ii) comply with the requirements of Section 409A; provided, however, that
this Section 16(a) does not create an obligation on the part of the Company to adopt any such amendment, policy or procedure
or take any such other action, and in any event, no such action shall reduce the amount of compensation that is owed to the Participant
under this Plan without the Participant’s prior written consent.

 

		b.	To the extent permitted under Section 409A, any separate payment or benefit under this Plan or
otherwise shall not be deemed “nonqualified deferred compensation” subject to Section 409A to the extent provided in
the exceptions in Treasury Regulation Section 1.409A-1(b)(4), Section 1.409A-1(b)(9) or any other applicable exception or provision
of Section 409A.

 

    	 	9	 

     

    

 

		c.	To the extent that any payments or reimbursements provided to the Participant under this Plan are
deemed to constitute compensation to which Treasury Regulation Section 1.409A-3(i)(1)(iv) would apply, such amounts shall be paid
or reimbursed to the Participant reasonably promptly, but not later than December 31 of the year following the year in which the
expense was incurred. The amount of any such payments eligible for reimbursement in one year shall not affect the payments or expenses
that are eligible for payment or reimbursement in any other taxable year, and the Participant’s right to such payments or
reimbursement shall not be subject to liquidation or exchange for any other benefit.

 

		d.	For purposes of Section 409A, the Participant’s right to receive any installment payments
under this Plan shall be treated as a right to receive a series of separate payments and, accordingly, each such installment payment
shall at all times be considered a separate and distinct payment.

 

		e.	In the event that the Participant is required to execute a release to receive any payments from
the Company that constitute nonqualified deferred compensation under Section 409A, payment of such amounts shall not be made or
commence until the sixtieth (60th) day following the Participant’s Date of Termination. Any payments that are suspended during
the sixty (60) day period shall be paid on the date the first regular payroll is made immediately following the end of such period.

 

		17.	No Duty to Mitigate; No Offset. The Participant shall not be required to mitigate damages
or the amount of any payment contemplated by this Plan, nor shall any such payment be reduced by any earnings that the Participant
may receive from any other sources or offset against any other payments made to the Participant or required to be made to him or
her pursuant to this Plan.

 

		18.	Assignment; Binding Plan. The Company, at the direction of the Board, may assign this Plan
to any parent, subsidiary, affiliate or successor of the Company. This Plan is not assignable by the Participant and is binding
on the Participant and his or her executors and other legal representatives. This Plan shall bind the Company and its successors
and assigns and inure to the benefit of the Participant and his or her heirs, executors, administrators, personal representatives,
legatees or devisees.

 

		19.	Notice. Any written notice under this Plan shall be personally delivered to the other party
or sent by certified or registered mail, return receipt requested and postage prepaid, to such party at the address set forth in
the records of the Company or to such other address as either party may from time to time specify by written notice.

 

    	 	10	 

     

    

 

		20.	Entire Plan; Amendments. This Plan contains the entire agreement of the parties relating
to the Participant’s employment and supersedes all oral or written prior discussions, agreements and understandings of every
nature between them. This Plan may not be amended except by an agreement in writing signed by the Company and the Participant.

 

		21.	Waiver. The waiver of a breach of any provision of this Plan shall not operate as or be
construed to be a waiver of any other provision or subsequent breach of this Plan.

 

		22.	Governing Law and Jurisdictional Agreement. This Plan is intended to be a Top Hat Plan and
shall be interpreted, administered and enforced in accordance with ERISA. It is expressly intended that ERISA preempt the application
of state laws to this Plan to the maximum extent permitted by Section 514 of ERISA. To the extent that state law is applicable,
the statutes and common law of the State of Texas shall apply, excluding any that mandate the use of another jurisdiction’s
laws. Except as otherwise provided in Appendix A, the parties irrevocably and unconditionally submit to the jurisdiction
and venue of any court, federal or state, situated within Harris County, Texas, for the purpose of any suit, action or other proceeding
arising out of, or relating to or in connection with, the Plan.

 

		23.	Severability. In case any one or more of the provisions contained in this Plan is, for any
reason, held invalid in any respect, such invalidity shall not affect the validity of any other provision of this Plan, and such
provision shall be deemed modified to the extent necessary to make it enforceable.

 

		24.	Enforcement. It is agreed that it is impossible to measure fully, in money, the damage which
will accrue to the WCI Group in the event of a breach or threatened breach of Section 5, 6 or 12 of this Plan,
and, in any action or proceeding to enforce the provisions of Section 5, 6 or 12 hereof, the Participant waives
the claim or defense that the WCI Group has an adequate remedy at law and will not assert the claim or defense that such a remedy
at law exists. Notwithstanding any claim procedure or arbitration requirement as set forth in Appendix A, the Company is
entitled to injunctive relief to enforce the provisions of such sections as well as any and all other remedies available to it
at law or in equity without the posting of any bond and the Company and the Participant hereby agree that the Company is entitled
to seek such remedies in the jurisdiction set forth in Section 22 hereof. The Participant agrees that if the Participant
breaches any provision of Section 12, the Company and the Parent may discontinue and terminate all severance payments and
benefits under Sections 7 and 8 of this Plan, as applicable, and recover as partial damages all profits realized
by the Participant at any time prior to such recovery arising from the acceleration of any Equity Award in connection with the
Participant’s termination of employment, including the subsequent sale of common shares of the Parent received in connection
with vesting of such awards, and may also cancel any or all outstanding Equity Awards held by the Participant.

 

		25.	Counterparts. This Plan may be executed in counterparts, each of which shall be deemed an
original and both of which together shall constitute one and the same instrument.

 

		26.	Due Authorization. The execution of this Plan has been duly authorized by the Company by
all necessary corporate action.

 

    	 	11	 

     

    

 

		27.	Definitions. Capitalized terms not otherwise defined herein shall have the following meanings
unless specifically stated otherwise in a Participant’s Letter Agreement.

 

		a.	“Accelerated Vesting Benefit” shall mean, with respect to a Participant’s
Equity Awards, the following:

 

		1.	all outstanding but unvested Equity Awards for which, on the Participant’s Date of Termination,
only time-based vesting is applicable, shall, on the Participant’s Date of Termination (i) for Options, immediately vest
and become exercisable, and (ii) for all other Equity Awards, any and all restrictions thereon shall immediately lapse and such
Equity Awards shall become fully vested and settled as soon as administratively practicable thereafter;

 

		2.	all outstanding but unvested Equity Awards for which, on the Participant’s Date of Termination,
performance-based vesting is applicable, the designated performance goals for such awards shall be deemed to have been satisfied
(and, for any award with different levels of potential payment, such performance shall be deemed to be at the target level) and
any remaining vesting conditions shall be deemed to be satisfied on the Participant’s Date of Termination and such Equity
Awards shall be settled as soon as administratively practicable thereafter; and

 

		3.	the term of any Options shall be extended to the earlier of (i) the third anniversary of the Participant’s
Date of Termination (or such other date, as provided for in the Participant’s Letter Agreement) or (ii) the expiration of
the original term of such Options.

 

By executing a Letter Agreement, a
Participant acknowledges that extending the term of any incentive share option to which the Accelerated Vesting Benefit applies
could cause such Equity Award to lose its tax-qualified status under the Code, and agrees that the Company shall have no obligation
to compensate the Participant or, if applicable the Participant’s heirs, executors, administrators, legatees, beneficiaries
or assigns the for any additional taxes incurred as a result of such extension.

 

		b.	“Base Salary” means the Participant’s annual base salary from the Company.

 

		c.	“Board” means the Board of Directors of the Parent.

 

		d.	“Bonus” means the annual bonus that the Participant is eligible to receive under
the WCI Group’s then current performance bonus plan.

 

		e.	“Cause”, for purposes of this Plan, shall mean:

 

		1.	gross negligence or willful misconduct of a material nature in connection with the performance
of the Participant’s duties;

 

    	 	12	 

     

    

 

		2.	the Participant’s conviction of (or pleading guilty or pleading no contest or nolo contendere
to) a felony;

 

		3.	a non-de minimis intentional act of dishonesty or misappropriation (or attempted misappropriation)
of property belonging to the Company or any member of the WCI Group (other than a good faith expense account dispute related to
a business expense);

 

		4.	a material breach by the Participant of any of the obligations under this Agreement or any other
agreement with the Company or any member of the WCI Group or any policy of the WCI Group; or

 

		5.	a breach (material or otherwise) of any of the provisions of Sections 5, 6 or 12.

 

For a Participant
who is a President/EVP Participant, he or she shall receive written notice of an opportunity to cure such failure or breach, to
the extent such failure or breach is curable, during the sixty (60) day period which begins upon receipt of such written notice.
If such the failure or breach is cured within such sixty (60)-day period, the Board shall so advise the Participant in writing.
If such failure or breach is not cured within such sixty (60)-day period, the Board may thereafter terminate the Participant’s
employment with the Company for Cause on written Notice of Termination delivered to the Participant describing with specificity
the grounds for termination.

 

		f.	“Change in Control” means the occurrence of one of the following events:

 

		1.	there shall be consummated (i) any reorganization, liquidation or consolidation of Parent, or any
merger or other business combination of Parent with any other corporation, other than any such merger or other combination that
would result in the voting securities of Parent outstanding immediately prior thereto continuing to represent (either by remaining
outstanding or by being converted into voting securities of the surviving entity) at least fifty percent (50%) of the total voting
power represented by the voting securities of Parent or such surviving entity outstanding immediately after such transaction, or
(ii) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially
all, of the assets of Parent, or

 

		2.	any “person” (as defined in Section 13(d) and 14(d) of the Securities Exchange Act
of 1934, as amended (the “Exchange Act”)), shall become the “beneficial owner” (as defined in Rule
13d-3 under the Exchange Act), directly or indirectly, of fifty percent (50%) or more of the Parent’s outstanding voting
securities; or

 

    	 	13	 

     

    

 

		3.	during any period of two consecutive years, individuals who at the beginning of such period constituted
the entire Board shall cease for any reason to constitute at least one-half of the membership thereof unless the election, or the
nomination for election by Parent’s shareholders, of each new director was approved by a vote of at least one-half of the
directors then still in office who were directors at the beginning of the period.

 

		g.	“Code” means the Internal Revenue Code of 1986, as amended.

 

		h.	“Compensation Committee” means the Compensation Committee of the Board.

 

		i.	“Date of Termination” means: (i) if the Participant’s employment is terminated
by the Board for Disability, thirty (30) days after Notice of Termination is given to the Participant (provided the Participant
has not returned to duty on a full-time basis during such 30-day period); (ii) if the Participant’s employment is terminated
by the Board for any reason other than Disability, the date specified in the Notice of Termination; (iii) if the Participant’s
employment is terminated due to the Participant’s death, the date such death occurred; and (iv) if the Participant’s
employment is terminated by the Participant for any reason, the date specified in the Notice of Termination which shall be within
30 days of the date such Notice of Termination is given.

 

		j.	“Disabled” or “Disability” means a Participant is unable
to perform his or her duties to the Company on account of physical or mental illness or other incapacity which the Board shall
in good faith determine renders the Participant incapable of performing his or her duties to the Company, and such illness or other
incapacity shall continue for a period of more than six (6) consecutive months.

 

		k.	“Effective Date” means July 24, 2018. The Plan’s original effective date
was February 13, 2012.

 

		l.	“Employment Period” means the term of a Participant’s employment with
the Company.

 

		m.	“ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

 

		n.	“Equity Award” means an award of restricted share units, performance share units,
restricted shares, share options (“Options”), or any other unvested equity awards related to the common shares
of the Parent.

 

		o.	“Good Reason”, for purposes of this Plan, shall mean, (i) for periods prior
to a Change in Control, with respect to any Participant who is designated as a President/EVP Participant, and (ii) during the twenty-four
(24) month period commencing on the date a Change in Control occurs, with respect to any Participant:

 

    	 	14	 

     

    

 

		1.	assignment to the Participant of duties inconsistent with and resulting in a diminution of his
or her position (including status, offices, titles, responsibilities and reporting requirements), authority, duties or responsibilities
as they existed on the Effective Date of this Plan; or any other action by the Company which results in a diminution in such position,
authority, duties or responsibilities; a substantial alteration in the title(s) of the Participant (so long as the existing corporate
structure of the WCI Group is maintained); provided, however, that the Participant’s failure to serve in the same position
(including status, offices, titles, responsibilities and reporting requirements) with the ultimate parent of the Company shall
constitute “Good Reason”;

 

		2.	the relocation of the Participant’s principal place of employment to a location more than
fifty (50) miles from its present location without the Participant’s prior approval;

 

		3.	a material reduction by the Company, without the Participant’s prior approval, (i) for periods
prior to a Change in Control, in the Participant’s total annual cash compensation, defined as Base Salary and target Bonus;
and (ii) for periods on or after a Change in Control, in the Participant’s total annual compensation, defined as Base Salary,
target Bonus and equity incentive compensation opportunities;

 

		4.	a failure by the WCI Group to continue in effect, without substantial change, any benefit plan
or arrangement in which the Participant was participating or the taking of any action by the WCI Group which would adversely affect
the Participant’s participation in or materially reduce his or her benefits under any benefit plan (unless such changes apply
equally to all other management employees of Company);

 

		5.	any material breach by the Company of any provision of this Plan without the Participant having
committed any material breach of his or her obligations hereunder, which breach is not cured within twenty (20) days following
written notice thereof to the Company of such breach; or

 

		6.	the failure of the Parent to obtain the assumption of this Plan by any successor employer of the
Participant which results from any reorganization of the WCI Group or a Change in Control or similar transaction which causes the
Participant to be employed by an entity that is not a member of the WCI Group.

 

		p.	“Health Insurance Benefit” means a series of payments from the Company to the
Participant during the one (1) year period immediately following the Participant’s Date of Termination during which the Company
shall pay to the Participant an amount equal to the Company’s portion (but not the Participant’s portion) of the cost
of medical insurance at the rate in effect on the Participant’s Date of Termination, which shall be paid in installments
in accordance with the Company’s normal payroll practices. If the Company determines, in its sole discretion, that the payment
of the Health Insurance Benefit will result in a potential violation of applicable law, or would potentially cause the Company
or the Participant to incur penalties, excise taxes or fees pursuant to the Code and the Department of Treasury regulations promulgated
thereunder (including, without limitation, Section 2716 of the Public Health Service Act), the Health Insurance Benefit shall immediately
terminate and the Participant shall not have any further rights to receive such payments.

 

    	 	15	 

     

    

 

		q.	“Letter Agreement” means a written agreement between the Company and an executive
documenting the executive’s status as a Participant under the Plan. The Letter Agreement shall be in the form attached hereto
(which form may be amended from time to time in the sole discretion of the Plan Administrator) and shall designate the Participant
as a President/EVP Participant, an SVP Participant, or a VP Participant, where applicable, for purposes of this Plan.

 

		r.	“Notice of Termination” means written notice delivered by the Board or the Participant,
as applicable, which states that the Participant’s employment with the Company is being terminated and, to the extent applicable,
cites the specific termination provisions in this Plan relied on and set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of the Participant’s employment. The Notice of Termination shall specify the Participant’s
Date of Termination.

 

		s.	“Outplacement Benefit” means reimbursement by the Company of the Participant’s
post-termination expenses for career counseling and resume development; provided, however, that (i) such amount shall not exceed
Fifteen Thousand Dollars ($15,000), and (ii) such expenses shall be incurred within twelve (12) months after the Participant’s
Date of Termination.

 

		t.	“Parent” means Waste Connections, Inc., an Ontario corporation (f/k/a Progressive
Waste Solutions Ltd.).

 

		a.	“Plan” means the Waste Connections US, Inc. Separation Benefits Plan, which
shall be documented with respect to each Participant through (i) this plan document, and (ii) the individual Letter Agreement executed
between the Company and such Participant.

 

		b.	“Plan Administrator” means the Compensation Committee of the Board.

 

		c.	“Section 409A” means Section 409A of the Code and the Department of Treasury
regulations and other guidance promulgated thereunder.

 

		d.	“Severance Amount” means (i) for a President/EVP Participant, an amount as set
forth in the Participant’s Letter Agreement; (ii) for an SVP Participant, the sum of (1) one year of the Participant’s
then applicable Base Salary amount, plus (2) the target Bonus available to the Participant under Section 4 for the year
in which the termination occurs; and (iii) for a VP Participant, the sum of (1) one year of the Participant’s then applicable
Base Salary amount, plus (2) a pro-rated portion of the target Bonus available to the Participant under Section 4 for the
year in which the termination occurs.

 

		e.	“WCI Group” means the Parent, the Company and each of their subsidiaries and
affiliates.

 

    	 	16	 

     

    

 

APPENDIX A

 

Detailed Claims And Arbitration Procedures

 

		1.	Claims Procedure

 

Initial Claims

 

All claims shall be presented
to the Plan Administrator in writing. Within ninety (90) days after receiving a claim, a claims official appointed by the Plan
Administrator shall consider the claim and issue his or her determination thereon in writing. If the Plan Administrator or claims
official determines that an extension of time is necessary, the claims official may extend the determination period for up to an
additional ninety (90) days by giving the Claimant written notice indicating the special circumstances requiring the extension
of time prior to the termination of the initial ninety (90) day period. Any claims that the Claimant does not pursue in good faith
through the initial claims stage shall be treated as having been irrevocably waived.

 

Claims Decisions

 

If the claim is granted,
the benefits or relief the Claimant seeks shall be provided. If the claim is wholly or partially denied, the claims official shall,
within ninety (90) days (or a longer period, as described above), provide the Claimant with written notice of the denial, setting
forth, in a manner calculated to be understood by the Claimant: (1) the specific reason or reasons for the denial; (2) specific
references to the provisions on which the denial is based; (3) a description of any additional material or information necessary
for the Claimant to perfect the claim, together with an explanation of why the material or information is necessary; and (4) an
explanation of the procedures for appealing denied claims. If the Claimant can establish that the claims official has failed to
respond to the claim in a timely manner, the Claimant may treat the claim as having been denied by the claims official.

 

Appeals of Denied Claims

 

Each Claimant shall have
the opportunity to appeal the claims official’s denial of a claim in writing to an appeals official appointed by the Plan
Administrator (which may be a person, committee, or other entity). A Claimant must appeal a denied claim within sixty (60) days
after receipt of written notice of denial of the claim, or within sixty (60) days after it was due if the Claimant did not receive
it by its due date. The Claimant shall have the opportunity to submit written comments, documents, records and other information
relating to the Claimant’s claim. The Claimant (or the Claimant’s duly authorized representative) shall be provided
upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to
the Claimant’s claim. The appeals official shall take into account during its review all comments, documents, records and
other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or
considered in the initial benefits review. Any claims that the Claimant does not pursue in good faith through the appeals stage,
such as by failing to file a timely appeal request, shall be treated as having been irrevocably waived.

 

    	 	Appendix A-1	 

     

    

 

Appeals Decisions

 

The decision by the appeals
official shall be made not later than sixty (60) days after the written appeal is received by the Plan Administrator, however,
if the appeals official determines that an extension of time is necessary, the appeals official may extend the determination period
for up to an additional sixty (60) days by giving the Claimant written notice indicating the special circumstances requiring the
extension of time prior to the termination of the initial sixty (60) day period. The appeal decision shall be in writing, shall
be set forth in a manner calculated to be understood by the Claimant and shall include the following: (1) the specific reason or
reasons for the denial; (2) specific references to the provisions on which the denial is based; (3) a statement that the Claimant
is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other
information relevant to the Claimant’s claim. If a Claimant does not receive the appeal decision by the date it is due, the
Claimant may deem the appeal to have been denied.

 

Procedures

 

The Plan Administrator
shall adopt procedures by which initial claims shall be considered and appeals shall be resolved; different procedures may be established
for different claims. All procedures shall be designed to afford a Claimant full and fair consideration of his or her claim.

 

Additional Disability
Claims Procedures

 

Notwithstanding anything to the contrary above, disability claims
and appeals under this Plan shall comply with the following requirements (in addition to any requirements above):

 

Initial Claims

 

Within forty-five (45) days after receiving
a claim, a claims official appointed by the Plan Administrator shall consider the claim and issue his or her determination thereon
in writing. If the Plan Administrator or claims official determines that an extension of time is necessary, the claims official
may extend the determination period twice by thirty (30) days by giving the Claimant prior written notice indicating the special
circumstances requiring the extension of time and the date by which we expect to render a decision. If such an extension is necessary
due to the Claimant’s failure to submit the information necessary to decide the claim, the notice of extension will specifically
describe the required information, and the Claimant will be afforded at least forty-five (45) days within which to provide the
specified information. If the Claimant delivers the requested information within the time specified, any thirty (30)-day extension
period will begin after the Claimant has provided that information.

 

    	 	Appendix A-2	 

     

    

 

Appeals

 

A Claimant must appeal
a denied claim within one hundred eighty (180) days after receipt of written notice of denial of the claim. The decision by the
appeals official shall be made not later than forty-five (45) days after the written appeal is received by the Plan Administrator,
however, if the appeals official determines that an extension of time is necessary, the appeals official may extend the determination
period for up to an additional forty-five (45) days by giving the Claimant written notice indicating the special circumstances
requiring the extension of time prior to the termination of the initial forty-five (45) day period. If an extension is necessary
due to the Claimant’s failure to submit the information necessary to decide the appeal, the notice of extension will specifically
describe the required information, and the Claimant will be afforded at least forty-five (45) days to provide the specified information.
If the Claimant delivers the requested information within the time specified, the forty-five (45) day extension of the appeal period
will begin after the Claimant has provided that information.

 

Effective as of April 1,
2018, the following provisions apply with respect to a claim for disability benefits under this Plan. The claims requirements above
shall apply as the internal claims process except as provided under DOL Reg. 2650.503-1 and any superseding guidance.

 

(1)          Independent
and Impartial Review. The Plan must meet the conflict of interest requirements under DOL Reg. 2560.503-1(b)(7). All claims
and appeals for disability benefits must be adjudicated in a manner designed to ensure the independence and impartiality of the
persons involved in making the decision. Accordingly, decisions regarding hiring, compensation, termination, promotion, or other
similar matters with respect to any individual (such as a claims adjudicator or medical or vocational expert) must not be made
based upon the likelihood that the individual will support the denial of benefits.

 

(2)          Adverse
Benefit Determination. An adverse benefit determination also includes any rescission of coverage as described in DOL Reg. 2560.503-1(m)(4)(ii).

 

(3)          Full
and Fair Review. A Claimant must be allowed to review the file and present evidence and testimony as part of the appeals process.
Claimants must be provided, free of charge, with any new or additional evidence considered, relied upon or generated by the Plan
in connection with the claim sufficiently in advance of the final adverse benefit determination to give the Claimant a reasonable
opportunity to respond prior to that date in accordance with DOL Reg. 2560.503-1(h)(4).

 

(4)          Deemed
Exhaustion of Claims Process. If the Plan fails to adhere to the requirements of DOL Reg. 2560.503-1, except as provided under
DOL Reg. 2560.503-1(l)(2)(ii), the Claimant may bring an action under section 502(a) of ERISA as provided in DOL Reg. 2560.503-1(l)(2)(i)
and any superseding guidance.

 

(5)          Notices.
A notice of adverse benefit determination must include the information required under DOL Reg. 2560.503-1(g)(vii), (j)(4) and (j)(6),
as applicable. The notice of adverse benefit determination must include a discussion of the decision, including an explanation
of the basis for disagreeing with or not following:

 

    	 	Appendix A-3	 

     

    

 

(A)          The views presented
by the Claimant to the Plan of health care professionals treating the Claimant and vocational professionals who evaluated the claimant;

 

(B)          The views of
medical or vocational experts whose advice was obtained on behalf of the plan in connection with a Claimant’s adverse benefit
determination, without regard to whether the advice was relied upon in making the benefit determination; and

 

(C)          A disability
determination regarding the claimant presented by the Claimant to the Plan made by the Social Security Administration;

 

If the adverse benefit
determination is based on a medical necessity or experimental treatment or similar exclusion or limit, the notice should contain
an explanation of the scientific or clinical judgment for the determination, applying the terms of the Plan to the Claimant’s
medical circumstances, or a statement that such explanation will be provided free of change upon request. In addition, if any specific
internal rules, guidelines, protocols, standards or other similar criteria of the plan were relied upon in making the adverse determination,
the notice should describe such criteria or, alternatively, a statement that such rules, guidelines, protocols, standards or other
similar criteria of the plan do not exist.

 

The notice must be provided
in a culturally and linguistically appropriate manner as provided under DOL Reg. 2560.503-1(g)(viii), (j)(7), and (o). If the Plan
maintains a contractual deadline to file a civil action under section 502(a) of ERISA, the notice of adverse benefit determination
shall disclose the specific deadline, including the calendar date on which the Claimant’s rights expire, as required by DOL
Reg. 2560.503-1(j)(4)(ii).

 

Arbitration of Rejected
Appeals

 

If a Claimant has pursued
a claim through the appeal stage of these claims procedures, the Claimant may contest the actual or deemed denial of that claim
through arbitration, as described below. In no event shall any denied claim be subject to resolution by any means (such as in a
court of law) other than arbitration in accordance with the following provisions.

 

		2.	Arbitration Procedure

 

Request for Arbitration

 

A Claimant must submit
a request for arbitration to the Plan Administrator within 60 days after receipt of the written denial of an appeal (or within
sixty (60) days after he or she should have received the determination). The Claimant or the Plan Administrator may bring an action
in any court of appropriate jurisdiction to compel arbitration in accordance with these procedures.

 

    	 	Appendix A-4	 

     

    

 

Applicable Arbitration
Rules

 

If the Claimant has entered
into a separate and valid arbitration agreement with the Company, the arbitration shall be conducted in accordance with that agreement.
If not, the rules set forth in the balance of this Appendix shall apply: The arbitration shall be held under the auspices of the
American Arbitration Association (“AAA”). Except as provided below, the arbitration shall be in accordance with the
AAA’s then-current employment dispute resolution rules. The Arbitrator shall apply the Federal Rules of Evidence and shall
have the authority to entertain a motion to dismiss or a motion for summary judgment by any party and shall apply the standards
governing such motions under the Federal Rules of Civil Procedure. The Federal Arbitration Act shall govern all arbitrations that
take place under these Detailed Claims and Arbitration Procedures (or that are required to take place under them), and shall govern
the interpretation or enforcement of these Procedures or any arbitration award. To the extent that the Federal Arbitration Act
is inapplicable, Texas law pertaining to arbitration agreements shall apply.

 

Arbitrator

 

The arbitrator (the “Arbitrator”)
shall be an attorney familiar with employee benefit matters who is licensed to practice law in the state in which the arbitration
is convened. The Arbitrator shall be selected in the following manner from a list of eleven arbitrators drawn by the sponsoring
organization under whose auspices the arbitration is being conducted and taken from its panel of labor and employment arbitrators.
Each party shall designate all arbitrators on the list whom they find acceptable; the parties shall then alternately strike arbitrators
from the list of arbitrators acceptable to both parties, with the party who did not initiate the arbitration striking first. If
only one arbitrator is acceptable to both parties, he or she will be the Arbitrator. If none of the arbitrators is acceptable to
both parties, a new panel of arbitrators shall be obtained from the sponsoring organization and the selection process shall be
repeated.

 

Location

 

The arbitration will take
place in or near the city in which the Claimant is or was last employed by the Company or in which the Plan is principally administered,
whichever is specified by the Plan Administrator, or in such other location as may be acceptable to both the Claimant and the Plan
Administrator.

 

Authority of Arbitrator

 

The Arbitrator shall have
the authority to resolve any factual or legal claim relating to the Plan or relating to the interpretation, applicability, or enforceability
of these arbitration procedures, including, but not limited to, any claim that these procedures are void or voidable. The Arbitrator
may grant a Claimant’s claim only if the Arbitrator determines that it is justified because: (1) the appeals official erred
on an issue of law; or (2) the appeals official’s findings of fact, if applicable, were not supported by substantial evidence.
The arbitration shall be final and binding on all parties.

 

Limitation on Scope
of Arbitration

 

The Claimant may not present
any evidence, facts, arguments, or theories at the arbitration that the Claimant did not pursue in his or her appeal, except in
response to new evidence, facts, arguments, or theories presented on behalf of the other parties to the arbitration. However, an
arbitrator may permit a Claimant to present additional evidence or theories if the Arbitrator determines that the Claimant was
precluded from presenting them during the claim and appeal procedures due to procedural errors of the Plan Administrator or its
delegates.

 

    	 	Appendix A-5	 

     

    

 

Administrative Record

 

The Plan Administrator
shall submit to the Arbitrator a certified copy of the record on which the appeals official’s decision was made.

 

Experts, Depositions,
and Discovery

 

Except as otherwise permitted
by the Arbitrator on a showing of substantial need, either party may: (1) designate one expert witness; (2) take the deposition
of one individual and the other party’s expert witness; (3) propound requests for production of documents; and (4) subpoena
witnesses and documents relating to the discovery permitted in this paragraph.

 

Pre-Hearing Procedures

 

At least thirty (30) days
before the arbitration hearing, the parties must exchange lists of witnesses, including any expert witnesses, and copies of all
exhibits intended to be used at the hearing. The Arbitrator shall have jurisdiction to hear and rule on pre-hearing disputes and
is authorized to hold pre-hearing conferences by telephone or in person, as the Arbitrator deems necessary.

 

Transcripts

 

Either party may arrange
for a court reporter to provide a stenographic record of the proceedings at the party’s own cost.

 

Post-Hearing Procedures

 

Either party, on request
at the close of the hearing, may be given leave to file a post-hearing brief within the time limits established by the Arbitrator.

 

Costs and Attorneys’
Fees

 

The prevailing party shall
be entitled to reasonable attorneys’ fees, costs and necessary disbursements in addition to any other relief to which such
party may be entitled, except as required by applicable law.

 

Procedure for Collecting
Costs From Claimant

 

Before the arbitration
commences, the Claimant must deposit with the Plan Administrator a payment equal to the amount of any fees that he or she would
pay to file a claim in court. The Company shall pay any portion of the anticipated fees and costs of the Arbitrator in excess of
that amount. In the event the Company is the prevailing party in any arbitration, the Arbitrator shall be permitted to reallocate
the fees and costs associated with the arbitration from the Company to the Participant and in such event the Participant shall
be obligated to reimburse the Company for such fees and costs within 10 days after such determination is made.

 

    	 	Appendix A-6	 

     

    

 

Arbitration Award

 

The Arbitrator shall render
an award and opinion in the form typically rendered in labor arbitrations. Within twenty (20) days after issuance of the Arbitrator’s
award and opinion, either party may file with the Arbitrator a motion to reconsider, which shall be accompanied by a supporting
brief. If such a motion is filed, the other party shall have twenty (20) days from the date of the motion to respond, after which
the Arbitrator shall reconsider the issues raised by the motion and either promptly confirm or promptly change his or her decision.
The decision shall then be final and conclusive on the parties. Arbitrator fees and other costs of a motion for reconsideration
shall be borne by the losing party, unless the Arbitrator orders otherwise. Either party may bring an action in any court of appropriate
jurisdiction to enforce an arbitration award. A party opposing enforcement of an arbitration award may not do so in an enforcement
proceeding, but must bring a separate action in a court of competent jurisdiction to set aside the award. In any such action, the
standard of review shall be the same as that applied by an appellate court reviewing the decision of a trial court in a nonjury
trial.

 

Severability

 

The invalidity or unenforceability
of any part of these arbitration procedures shall not affect the validity of the rest of the procedures.

 

    	 	Appendix A-7	 

     

    

 

APPENDIX B

 

ADDITIONAL INFORMATION

Rights
under ERISA

 

As a participant in the
Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan participants will be entitled
to:

 

Receive Information About Your Plan and
Benefits

 

1.          Examine,
without charge, at the Company’s headquarters, all documents governing the Plan including collective bargaining agreements,
if any, and annual reports and Plan descriptions.

 

2.          Obtain,
upon written request to the Plan administrator, copies of documents governing the operation of the Plan, including collective bargaining
agreements, if any, and copies of the latest annual report (Form 5500 Series) and summary plan description. The Plan Administrator
may make a reasonable charge for the copies.

 

3.          Receive
a summary of the Plan’s annual financial report, if any. The Plan administrator is required by law to furnish each participant
with a copy of this summary annual report.

 

Prudent Actions by Plan Fiduciaries

 

In addition to creating
rights for Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit
plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the
interest of you and other Plan participants and beneficiaries. No one, including the Company, your union, or any other person,
may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your
right under ERISA.

 

Enforce Your Rights

 

If your claim for a welfare
benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating
to the decision without charge, and to appeal any denial, all within certain time schedules. Under ERISA, there are steps you can
take to enforce the above rights. For instance, if you request a copy of plan documents or the latest annual report from the Plan
and do not receive them within thirty (30) days, you may file suit in a Federal court. In such a case, the court may require the
Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials
were not sent because of reasons beyond the control of the Plan administrator. If you have a claim for benefits, which is denied
or ignored, in whole or in part, you may file suit in a state or Federal court. In addition, if you disagree with the Plan’s
decision or lack thereof concerning the qualified status of a domestic relations order or a medical child support order, you may
file suit in Federal court. If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated
against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal
court. The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you
have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it finds
your claim is frivolous.

 

    	 	Appendix B-1	 

     

    

 

Assistance with Your Questions

 

If you have any questions
about your Plan, you should contact the Plan Administrator. If you should have any questions about this statement or about your
rights under ERISA, or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest
office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the
Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution
Avenue N. W., Washington, D. C. 20210. You may also obtain certain publications about your rights and responsibilities under ERISA
by calling the publications hotline of the Employee Benefits Security Administration.

 

	ADMINISTRATIVE INFORMATION
	 	 
	Name of Plan:	Separation Benefits Plan
	 	 
	Plan Administrator and Sponsor:	
        Compensation Committee of the Board of Directors

        Waste Connections, Inc.

        3 Waterway Square Place, Suite 110

        The Woodlands, TX 77380

        Tel: (832) 442-2200

        Fax: (832) 442-2290

	 	 
	Type of Administration:	Self-Administered
	 	 
	Type of Plan:	Severance Pay “Top Hat” Welfare Benefit Plan
	 	 
	Employer Identification Number:	94-3283464  
	 	 
	Direct Questions Regarding the Plan to:	
        Compensation Committee of the Board of Directors

        Waste Connections, Inc.

        3 Waterway Square Place, Suite 110

        The Woodlands, TX 77380

        Tel: (832) 442-2200

        Fax: (832) 442-2290

	 	 
	Agent for Service of Legal Process:	
        Corporate Secretary

        Waste Connections, Inc.

        3 Waterway Square Place, Suite 110

        The Woodlands, TX 77380

        Tel: (832) 442-2200

        Fax: (832) 442-2290

        Service of Legal Process may also be made upon the Plan Administrator

	 	 
	Plan Year End:	December 31
	 	 
	Plan Number:	502

 

    	 	Appendix B-2

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