Document:

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                                                                   EXHIBIT 10.01

                        SIXTH AMENDMENT TO LOAN AGREEMENT

         THIS SIXTH AMENDMENT TO LOAN AGREEMENT (this "Amendment"), dated as of
August 24, 2005, is by and among Steelcase SAS, a Societe par Actions Simplifiee
organized and existing under the laws of the Republic of France (the
"Borrower"), Steelcase Inc., a Michigan corporation (the "Guarantor"), and
Societe Generale, a bank organized and existing under the laws of the Republic
of France, acting through its Chicago Branch (the "Lender").

         WHEREAS, the Borrower, the Guarantor and the Lender are parties to that
certain Loan Agreement dated as of April 9, 1999, as amended by that certain
First Amendment to Loan Agreement dated as of June 15, 2001, as further amended
by that certain Second Amendment to Loan Agreement dated as of November 9, 2001,
as further amended by that certain Third Amendment to Loan Agreement dated as of
November 5, 2002, as further amended by that certain Fourth Amendment to Loan
Agreement and Waiver dated as of April 17, 2003 and as further amended by that
certain Fifth Amendment to Loan Agreement dated as of August 7, 2003 (the "Fifth
Amendment") (as such Loan Agreement is further amended hereby and as it may be,
from time to time hereafter, amended, restated, supplemented or otherwise
modified and in effect, the "Loan Agreement"), pursuant to which the Lender has
made certain loans to the Borrower;

         WHEREAS, the Guarantor has entered into a Credit Agreement (the "New
Credit Agreement") dated as of July 26, 2005 with JPMorgan Chase Bank, N.A., as
administrative agent, Bank of America, N.A. and BNP Paribas, as co-syndication
agents, Fifth Third Bank and Societe Generale, as co-documentation agents and
the financial institutions (including the Lender) party thereto; and

         WHEREAS, the parties hereto wish to conform the financial covenants in
Section 10.2 of the Loan Agreement with the analogous provisions of the New
Credit Agreement and to make certain other conforming changes.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants hereinafter contained, the parties hereto agree as follows:

         1.       Defined Terms. Capitalized terms used but not defined herein
shall have the meanings ascribed to such terms in the Loan Agreement.

         2.       Amendment of Loan Agreement. The Loan Agreement is hereby
amended as follows:

                  (a)      Section 1 - "Adjusted EBITDA". The definition of
"Adjusted EBITDA" in Section 1 is hereby amended by deleting the definition in
its entirety and replacing such definition with the following:

         (i)      'Adjusted EBITDA' means, with respect to the Guarantor and its
consolidated Subsidiaries (including for this purpose any consolidated Owned
Dealer Affiliate, all as determined in accordance with GAAP):

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                  (a)      EBITDA,

         minus    (b)      any extraordinary or unusual gains or non-recurring
                  gains (including any restructuring gains, all such
                  non-recurring gains to be determined by the Guarantor in a
                  manner consistent with the Guarantor's consolidated financial
                  statements for the fiscal year ending February 25, 2005) to
                  the extent added in computing such EBITDA (or plus any
                  extraordinary or unusual non-cash losses or charges or
                  non-recurring non-cash losses or charges (other than any such
                  non-cash loss or charge to the extent that it represents an
                  accrual of or reserve for cash expenditures in any future
                  period), including any non-cash restructuring losses or
                  charges, all such non-recurring non-cash losses or charges to
                  be determined by the Guarantor in a manner consistent with the
                  Guarantor's consolidated financial statements for the fiscal
                  year ending February 25, 2005) to the extent deducted in
                  computing such EBITDA),

         plus     (c)      any loss or charge on the sale of the Guarantor's
                  lease portfolio,

         plus     (d)      any non-cash impairments to fixed assets or goodwill
                           or other intangible assets to the extent deducted in
                           computing such EBITDA and such fixed assets or
                           goodwill or other intangible assets are identified on
                           the Guarantor's consolidated balance sheet for the
                           fiscal year ending February 25, 2005,

         plus     (e)      cash charges not to exceed $20,000,000 on the
                           disposition of the Guarantor's Grand Rapids campus or
                           otherwise in connection with the consolidation of the
                           Guarantor's Grand Rapids operations.

         Notwithstanding anything herein, in any financial statements of the
         Guarantor or in GAAP to the contrary, for purposes of calculating and
         determining Adjusted EBITDA for any fiscal quarter of the Guarantor,
         any acquisition made by the Guarantor or any of its Subsidiaries,
         including through mergers or consolidations and including any related
         financing transactions, during the period for which such Adjusted
         EBITDA was calculated may, at the Guarantor's option, be deemed to have
         occurred on the first day of the relevant period for which such
         Adjusted EBITDA was calculated on a pro forma basis acceptable to the
         Lender, but without giving effect to any projected synergies resulting
         from such acquisition.

                  (b)      Section 1 - "Debt". The definition of "Debt" in
Section 1 is hereby amended by adding the following proviso to the end of such
definition:

                           ; provided that, in the case of the Guarantor or any
                           of its Subsidiaries, "Debt" shall not include
                           intercompany indebtedness or obligations (i) of the
                           Guarantor owing to any of its Subsidiaries, (ii) of
                           any Subsidiary of the Guarantor owing to the
                           Guarantor or (iii) of any Subsidiary of the Guarantor
                           owing to any other Subsidiary of the Guarantor.

                                       -2-
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                  (c)      Section 1 - "Subsidiary". The definition of
"Subsidiary" in Section 1 is hereby amended by deleting the last sentence of
such definition in its entirety and replacing it with the following sentence:

                  Notwithstanding any other provision of this Agreement to the
                  contrary, except as expressly provided herein, the term
                  "Subsidiary" or "Subsidiaries" shall exclude the following
                  entities (each of which is referred to herein as an "Owned
                  Dealer Affiliate"): (i) each of New Tangram, LLC, Office
                  Environments of New England, LLC, Texas Wilson Office
                  Products, LLP, Lincoln Office LLC and Jupiter I, L.L.C. for so
                  long as (x) in the case of New Tangram, LLC, Lincoln Office
                  LLC and Jupiter I, L.L.C., such entity retains the
                  characteristics of an Owned Dealer Affiliate set forth in the
                  immediately succeeding clause (ii) (unless the Lender
                  otherwise consents) and (y) in the case of Office Environments
                  of New England, LLC and Texas Wilson Office Products, LLP,
                  each such entity retains the characteristics of an Owned
                  Dealer Affiliate set forth in the immediately succeeding
                  clauses (ii)(A) and (ii)(B) (unless the Lender otherwise
                  consents), and (ii) any other entity (A) of which the
                  Guarantor owns, directly or indirectly, a majority of the
                  voting interests of such entity or exercises management
                  control, (B) which was formed or acquired to facilitate the
                  restructuring, consolidation or sale of an entity that is an
                  authorized Steelcase dealer, (C) the management of which has
                  the right to buy out such entity's shares over time and (D)
                  the financial results of which are not incorporated in the
                  Guarantor's consolidated financial statements or, if such
                  entity's financial results are incorporated in the Guarantor's
                  consolidated financial statements, the net income attributable
                  to such entity is subtracted from the Guarantor's consolidated
                  financial results.

                  (d)      Section 1 - "Capital Expenditures" and "Consolidated
Net Worth". Section 1 is hereby further amended by deleting the definitions of
"Capital Expenditures" and "Consolidated Net Worth".

                  (e)      Section 10.1.1 Section 10.1.1 is hereby amended by
deleting clause (vii)(B) in its entirety and inserting the following new clause
(vii)(B):

                  "(B) Liens on the capital stock of any Subsidiary securing
                  Debt of the Guarantor or any Subsidiary in favor of JPMorgan
                  Chase Bank, N.A., as administrative agent (the "Administrative
                  Agent"), with respect to that certain Credit Agreement dated
                  as of July 26, 2005 among Guarantor, the financial
                  institutions party thereto, the Administrative Agent, Bank of
                  America, N.A. and BNP Paribas, as co-syndication agents and
                  Fifth Third Bank and Societe Generale, as co-documentation
                  agents, as the same may be amended, restated supplemented or
                  modified from time to time; and"

                  (f)      Section 10.2.1. Section 10.2.1 is hereby deleted in
its entirety and replaced with "[Intentionally omitted]".

                                       -3-
<PAGE>

                  (g)      Section 10.2.2. Section 10.2.2 is hereby deleted in
its entirety and replaced with the following new Section 10.2.2:

                  "10.2.2 Maximum Debt Ratio. The Guarantor shall not permit the
                  ratio (the "Debt Ratio") of (i) Debt of the Guarantor and its
                  consolidated Subsidiaries (including for this purpose any
                  consolidated Owned Dealer Affiliate) to (ii) Adjusted EBITDA
                  to be greater than 3.00 to 1.00 as of the end of each fiscal
                  quarter of the Guarantor.

                  The Debt Ratio shall be calculated, upon relevant financial
                  statements becoming publicly available, as of the last day of
                  each fiscal quarter of the Guarantor based upon (a) for Debt,
                  Debt as of the last day of each such fiscal quarter and (b)
                  for Adjusted EBITDA, the actual amount for the four (4) most
                  recently completed fiscal quarters."

                  (h)      Section 10.2.3. Section 10.2.3 is hereby deleted in
its entirety and replaced with the following new Section 10.2.3:

                  "10.2.3  Minimum Interest Coverage Ratio. The Guarantor shall
                  not permit the ratio (the "Interest Coverage Ratio") of (i)
                  Adjusted EBITDA to (ii) interest expense of the Guarantor and
                  its consolidated Subsidiaries (including for this purpose any
                  consolidated Owned Dealer Affiliate) to be less than 4.00 to
                  1.00 as of the end of each fiscal quarter of the Guarantor.

                  The Interest Coverage Ratio shall be calculated, upon relevant
                  financial statements becoming publicly available, as of the
                  last day of each fiscal quarter of the Guarantor based upon,
                  for Adjusted EBITDA and interest expense, the actual amount
                  for the four (4) most recently completed fiscal quarters;
                  provided, that to the extent otherwise required or elected
                  hereunder, the Interest Coverage Ratio shall be calculated,
                  with respect to any acquisition made by the Guarantor or any
                  of its Subsidiaries on a pro forma basis acceptable to the
                  Lender, but without giving effect to any projected synergies
                  resulting from such acquisition."

                  (i)      Section 12.1.6. Section 12.1.6 is hereby amended to
replace "$25,000,000" with "$35,000,000".

                  (j)      Section 12.1.8. Section 12.1.8(b) is hereby amended
by replacing the reference to "US$5,000,000" with "US$35,000,000".

         3.       Representations and Warranties. In order to induce the Lender
to enter into this Amendment, each of the Borrower and the Guarantor hereby
represents and warrants to the Lender that:

                  (a)      Power; Authority. It is validly existing in the
jurisdiction in which it has been organized; it has the power and authority to
enter into this Amendment; and this Amendment constitutes its legal, valid and
binding obligations and is enforceable against it in accordance with its terms.

                                       -4-
<PAGE>

                  (b)      No Default. After giving effect to this Amendment, no
Event of Default shall have occurred and be continuing.

         4.       Conditions to Effectiveness. The effectiveness of this
Amendment is expressly conditioned upon the Borrower delivering to the Lender
this Amendment executed by the Borrower, the Guarantor and the Lender.

         5.       Ratification. Each of the Guaranty and, except as specifically
amended hereby, the Loan Agreement shall remain unchanged and continue in full
force and effect and the Borrower and the Guarantor hereby ratify and confirm
the Guaranty and the Loan Agreement, as amended hereby. After the execution of
this Amendment by all parties, any references to the "Loan Agreement" or the
"Agreement" in the Loan Agreement, the Note, the Guaranty, the Participation
Agreement or any other document in connection therewith shall be to the Loan
Agreement, as amended hereby.

         6.       Miscellaneous.

                  (a)      Successors and Assigns. This Amendment shall be
binding upon and shall be enforceable by the Borrower, the Lender and their
respective permitted successors and assigns; provided that the Borrower shall
have no right to assign or transfer its rights or obligations hereunder without
the prior written consent of the Lender. The terms and provisions of this
Amendment are for the purpose of defining the relative rights and obligations of
Borrower and Lender with respect to the transactions contemplated hereby and
there shall be no third party beneficiaries of any of the terms and provisions
of this Amendment.

                  (b)      Entire Agreement. This Amendment and all documents
referred to herein constitute the entire agreement of the parties hereto with
respect to the subject matter hereof and supersede any prior expressions of
intent or understandings with respect to this Amendment.

                  (c)      Headings. Section headings in this Amendment are
included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose.

                  (d)      Severability. Wherever possible, each provision of
this Amendment shall be interpreted in such a manner as to be effective and
valid under applicable law, but if any provision of this Amendment shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Amendment.

                  (e)      Counterparts. This Amendment may be executed in any
number of separate counterparts, each of which shall collectively and separately
constitute one agreement. Delivery of an executed counterpart of a signature
page to this Amendment by telecopy shall be effective as delivery of a manually
executed counterpart of this Amendment.

                  (f)      Governing Law. This Amendment shall be governed by
and construed in accordance with the laws of the State of New York (including
without limitation

                                       -5-
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Sections 5-1401 and 5-1402 of the New York General Obligations Law) without
giving effect to the principles of conflicts of law.

                            [signature page follows]

                                       -6-
<PAGE>

         IN WITNESS WHEREOF, this Sixth Amendment to Loan Agreement has been
duly executed as of the date first written above.

                                        STEELCASE SAS,
                                        as Borrower

                                        By: /s/ Yvan Stehly
                                           ----------------
                                        Name:  Yvan Stehly
                                        Title: President

                                        STEELCASE INC.,
                                        as Guarantor

                                        By: /s/ Gary P. Malburg
                                           ----------------------------
                                        Name:  Gary P. Malburg
                                        Title: V.P. Finance & Treasurer

                                        SOCIETE GENERALE,
                                        as Lender

                                        By: /s/ Milissa Goeden
                                           -------------------
                                        Name:  Milissa Goeden
                                        Title: Vice Presidentexv10w1

 

Exhibit 10.1

EMPLOYMENT AGREEMENT

     This EMPLOYMENT AGREEMENT (the “Agreement”) is made and entered into on this 26th day of
August, 2005, but as effective as of the date set forth herein, by and between Waste Management,
Inc. (the “Company”), and Cherie C. Rice (the “Executive”).

     1. Employment.

     The Company shall employ Executive, and Executive shall be employed by the Company upon the
terms and subject to the conditions set forth in this Agreement.

     Executive acknowledges and represents that, any and all prior employment agreements, including
without limitation certain Employment Agreement between she and the Company dated July 17, 1998, is
terminated, and that any and all obligation of the Company created thereunder, whether express or
implied, are null and void and of no further force or effect, and that the only rights, obligations
and duties between the Company and Executive are those expressly set forth in this Agreement.

     2. Term of Employment.

     The period of Executive’s employment under this Agreement shall commence on March 7, 2005 (the
“Employment Date”), which is the Date of Executive’s induction to the Senior Leadership Team of the
Company,, and shall continue for a period of two (2) years, and shall automatically be renewed for
successive one (1) year periods on each anniversary of the Employment Date thereafter, unless
Executive’s employment is terminated in accordance with Section 5 below. The period during which
Executive is employed hereunder shall be referred to as the “Employment Period.”

     3. Duties and Responsibilities.

     (a) Executive shall serve as the Vice President, Finance and Treasurer. In such capacity,
Executive shall perform such duties and have the power, authority, and functions commensurate with
such position in similarly-sized public companies, and have and possess such other authority and
functions consistent with such position as may be assigned to Executive from time to time by the
Chief Executive Officer, President, Chief Operating Officer or the Board of Directors (the “Board”)
of the Company.

     (b) Executive shall devote substantially all of her working time, attention and energies to
the business of the Company, and its affiliated entities. Executive may make and manage her
personal investments (provided such investments in other activities do not violate, in any material
respect, the provisions of Section 10 of this Agreement), be involved in charitable and
professional activities, and, with the prior written consent of the Board, serve on boards of other
for profit entities, provided such activities do not materially interfere with the performance of
her duties hereunder (however, the Board does not typically allow officers to serve on more than
one public company board at a time).

 

 

     4. Compensation and Benefits.

     (a) Base Salary. During the Employment Period, the Company shall pay Executive a base salary
at the annual rate of Two Hundred Sixty Two Thousand Dollars ($262,000.00) per year, or such higher
rate as may be determined from time to time by the Company (“Base Salary”). Such Base Salary shall
be paid in accordance with the Company’s standard payroll practice for its executive officers.
Once increased, Base Salary shall not be reduced.

     (b) Annual Bonus. During the Employment Period, Executive will be entitled to participate in
an annual incentive compensation plan of the Company, as established by the Compensation Committee
of the Board from time to time. The Executive’s target annual bonus will be fifty percent (50%) of
her Base Salary in effect for such year (the “Target Bonus”), and her actual annual bonus may range
from 0% to 100% of Base Salary (i.e., a maximum possible bonus of two times the Target Bonus), and
will be determined based upon (i) the achievement of certain corporate performance goals, as may be
established and approved by from time to time by the Compensation Committee of the Board, and (ii)
the achievement of personal performance goals as may be established by Executive’s immediate
supervisor. The annual bonus for calendar year 2005 will be paid in 2006, if earned, at the same
time as similarly situated executive employees receive or would otherwise receive their bonuses,
provided that Executive remains employed through the end of the 2005 calendar year.

     (c) Benefit Plans and Vacation. Subject to the terms of such plans, Executive shall be
eligible to participate in or receive benefits under any pension plan, profit sharing plan, salary
deferral plan, medical and dental benefits plan, life insurance plan, short-term and long-term
disability plans, or any other health, welfare or fringe benefit plan, generally made available by
the Company to similarly-situated executive employees. The Company shall not be obligated to
institute, maintain, or refrain from changing, amending, or discontinuing any benefit plan, or
perquisite, so long as such changes are similarly applicable to similarly situated employees
generally.

     During the Employment Period, Executive shall be entitled to vacation each year in accordance
with the Company’s policies in effect from time to time, but in no event less than four (4) weeks
paid vacation per calendar year.

     (d) Expense Reimbursement. The Company shall promptly reimburse Executive for the ordinary
and necessary business expenses incurred by Executive in the performance of the duties hereunder in
accordance with the Company’s customary practices applicable to its executive officers.

     (e) Other Perquisites. Executive shall be entitled to all perquisites provided to Senior Vice
Presidents of the Company as approved by the Compensation Committee of the Board, and as they may
exist from time to time, including the following:

	 	(i)	 	Automobile allowance at the annual rate of Twelve Thousand Dollars
($12,000.00), payable in accordance with the Company’s standard payroll

2

 

	 	 	 	practice for its executive officers and prorated in any year that Executive does not
work a full calendar year;
	 
	 	(ii)	 	Financial planning services at actual cost, and not to exceed Fifteen Thousand
dollars ($15,000.00) annually;
	 
	 	(iii)	 	Additional one-time financial planning services at actual cost, not to exceed
$20,000, for services in preparation for voluntary retirement (for such purposes
voluntary retirement means retirement from the Company after attainment of both (x) the
age of 55 and (y) a sum of years of services with the Company plus age equal to 65 or
greater);
	 
	 	(iv)	 	Social organization initiation fees and dues with a benefit of a one-time
initiation fee at actual cost (not to exceed ten percent (10%) of Executive’s Base
Salary), and monthly dues at actual cost (not to exceed $500 per month); and
	 
	 	(v)	 	An annual physical examination on a program designated by the Company.

     5. Termination of Employment.

     Executive’s employment hereunder may be terminated during the Employment Period under the
following circumstances:

     (a) Death. Executive’s employment hereunder shall terminate upon Executive’s death.

     (b) Total Disability. The Company may terminate Executive’s employment hereunder upon
Executive becoming “Totally Disabled.” For purposes of this Agreement, Executive shall be
considered “Totally Disabled” if Executive has been physically or mentally incapacitated so as to
render Executive incapable of performing the essential functions of Executive’s position with or
without reasonable accommodation. Executive’s receipt of disability benefits under the Company’s
long-term disability plan or receipt of Social Security disability benefits shall be deemed
conclusive evidence of Total Disability for purpose of this Agreement; provided, however, that in
the absence of Executive’s receipt of such long-term disability benefits or Social Security
benefits, the Company’s Board may, in their reasonable discretion (but based upon appropriate
medical evidence), determine that Executive is Totally Disabled.

     (c) Termination by the Company for Cause. The Company may terminate Executive’s employment
hereunder for “Cause” at any time after providing a Notice of Termination for Cause to Executive.

	 	(i)	 	For purposes of this Agreement, the term “Cause” means any of the following:
(A) willful or deliberate and continual refusal to perform Executive’s employment
duties reasonably requested by the Company after receipt of written notice to Executive
of such failure to perform, specifying such failure (other than as a result of
Executive’s sickness, illness or injury) and Executive fails to cure such

3

 

	 	 	 	nonperformance within ten (10) days of receipt of said written notice; (B) breach of
any statutory or common law duty of loyalty to the Company; (C) has been convicted
of, or pleaded nolo contendre to, any felony; (D) willfully or intentionally caused
material injury to the Company, its property, or its assets; (E) disclosed to
unauthorized person(s) proprietary or confidential information of the Company; (F)
any material violation or a repeated and willful violation of Company policies or
procedures, including but not limited to, the Company’s Code of Business Conduct and
Ethics (or any successor policy) then in effect; or (G) breach of any of the
covenants set forth in Section 10 hereof.
	 
	 	(ii)	 	For purposes of this Agreement, the phrase “Notice of Termination for Cause”
shall mean a written notice that shall indicate the specific termination provision in
Section 5(c)(i) relied upon, and shall set forth in reasonable detail the facts and
circumstances which provide the basis for termination for Cause. Further, a
Notification of Termination for Cause shall be required to include a copy of a
resolution duly adopted by at least two-thirds (2/3) of the entire membership of the
Board of Directors at a meeting of the Board which was called for the purpose of
considering such employment termination, and at which Executive and her representative
had the right to attend and address the Board, finding that, in the good faith belief
of the Board, Executive engaged in conduct set forth in Section 5(c)(i) herein and
specifying the particulars thereof in reasonable detail. The date of termination for
Cause shall be the date indicated in the Notice of Termination for Cause. Any
purported termination for Cause which is held by an arbitrator not to have been based
on the grounds set forth in this Agreement or not to have followed the procedures set
forth in this Agreement shall be deemed a termination by the Company without Cause.

     (d) Voluntary Termination by Executive. Executive may terminate her employment hereunder with
or without Good Reason at any time upon written notice to the Company.

	 	(i)	 	A termination for “Good Reason” means a resignation of employment by Executive
by written notice (“Notice of Termination for Good Reason”) given to the Company’s
Chief Executive Officer or President within ninety (90) days after the occurrence of
the Good Reason event, unless such circumstances are substantially corrected prior to
the date of termination specified in the Notice of Termination for Good Reason. For
purposes of this Agreement, “Good Reason” shall mean the occurrence or failure to cause
the occurrence, as the case may be, without Executive’s express written consent, of any
of the following circumstances: (A) the Company substantially changes Executive’s core
duties or removes Executive’s responsibility for those core duties, so as to
effectively cause Executive to no longer be performing the duties of her position
(except in each case in connection with the termination of Executive’s employment for
Death, Total Disability, or Cause, or temporarily as a result of Executive’s illness or
other absence); provided that if the Company becomes a fifty percent or more subsidiary
of any other entity, Executive shall be deemed to have a substantial change in the core
duties of her position unless she is also the equivalent of Vice-

4

 

	 	 	 	President, Finance and Treasurer of the Company or such other successor entity of
the ultimate parent entity; (B) removal or the non-reelection of the Executive from
the officer position with the Company specified herein, or removal of the Executive
from any of her then officer positions; (C) any material breach by the Company of
any provision of this Agreement, including without limitation Section 10 hereof; or
(D) failure of any successor to the Company (whether direct or indirect and whether
by merger, acquisition, consolidation or otherwise) to assume in a writing delivered
to Executive upon the assignee becoming such, the obligations of the Company
hereunder; or (E) the reassignment of Executive to a geographic location more than
fifty (50) miles from her then business office location.
	 
	 	(ii)	 	A “Notice of Termination for Good Reason” shall mean a notice that shall
indicate the specific termination provision relied upon and shall set forth in
reasonable detail the facts and circumstances claimed to provide a basis for
Termination for Good Reason. The failure by Executive to set forth in the Notice of
Termination for Good Reason any facts or circumstances which contribute to the showing
of Good Reason shall not waive any right of Executive hereunder or preclude Executive
from asserting such fact or circumstance in enforcing her rights hereunder. The Notice
of Termination for Good Reason shall provide for a date of termination not less than
ten (10) nor more than sixty (60) days after the date such Notice of Termination for
Good Reason is given, provided that in the case of the events set forth in Sections
5(d)(i)(A) or (B), the date may be five (5) business days after the giving of such
notice. The Company, at its sole discretion, may waive this requirement.

     (e) Termination by the Company without Cause. The Company may terminate Executive’s
employment hereunder without Cause at any time upon written notice to Executive.

     (f) Effect of Termination. Upon any termination of employment for any reason, Executive shall
immediately resign from all Board memberships and other positions with the Company or any of its
subsidiaries held by him at such time.

     6. Compensation Following Termination of Employment.

     In the event that Executive’s employment hereunder is terminated in a manner as set forth in
Section 5 above, Executive shall be entitled to the compensation and benefits provided under this
Section 6, as applicable to the form of termination:

     (a) Termination by Reason of Death. In the event that Executive’s employment is terminated by
reason of Executive’s death, the Company shall pay the following amounts to Executive’s beneficiary
or estate:

	 	(i)	 	Any accrued but unpaid Base Salary for services rendered to the date of death,
any accrued but unpaid expenses required to be reimbursed under this Agreement, any
vacation accrued to the date of termination, any earned but unpaid bonuses for any
prior calendar year, and, to the extent not otherwise paid, a pro-rata bonus

5

 

	 	 	 	or incentive compensation payment for the current calendar year to the extent
payments are awarded to senior executives of the Company and paid at the same time
as senior executives are paid.
	 
	 	(ii)	 	Any benefits to which Executive may be entitled pursuant to the plans, policies
and arrangements (including those referred to in Section 4(d) hereof), as determined
and paid in accordance with the terms of such plans, policies and arrangements.

     (b) Termination by Reason of Total Disability. In the event that Executive’s employment is
terminated by the Company by reason of Executive’s Total Disability (as determined in accordance
with Section 5(b)), the Company shall pay the following amounts to Executive:

	 	(i)	 	Any accrued but unpaid Base Salary for services rendered to the date of
termination, any accrued but unpaid expenses required to be reimbursed under this
Agreement, any vacation accrued to the date of termination, and any earned but unpaid
bonuses for any prior calendar year. Executive shall also be eligible for a pro-rata
bonus or incentive compensation payment for the current calendar year to the extent
such awards are made to senior executives of the Company for the year in which
Executive is terminated, and to the extent not otherwise paid to the Executive.
	 
	 	(ii)	 	Any benefits to which Executive may be entitled pursuant to the plans, policies
and arrangements (including those referred to in Section 4(d) hereof) shall be
determined and paid in accordance with the terms of such plans, policies and
arrangements.

     (c) Termination for Cause. In the event that Executive’s employment is terminated by the
Company for Cause, the Company shall pay the following amounts to Executive:

	 	(i)	 	Any accrued but unpaid Base Salary for services rendered to the date of
termination, any accrued but unpaid expenses required to be reimbursed under this
Agreement, any vacation accrued to the date of termination, and any earned but unpaid
bonuses for any prior calendar year.
	 
	 	(ii)	 	Any benefits to which Executive may be entitled pursuant to the plans, policies
and arrangements (including those referred to in Section 4(d) hereof up to the date of
termination) shall be determined and paid in accordance with the terms of such plans,
policies and arrangements.

     (d) Voluntary Termination by Executive. In the event that Executive voluntarily terminates
employment other than for Good Reason, the Company shall pay the following amounts to Executive:

	 	(i)	 	Any accrued but unpaid Base Salary for services rendered to the date of
termination, any accrued but unpaid expenses required to be reimbursed under

6

 

	 	 	 	this Agreement, any vacation accrued to the date of termination, and any earned but
unpaid bonuses for any prior calendar year.
	 
	 	(ii)	 	Any benefits to which Executive may be entitled pursuant to the plans, policies
and arrangements (including those referred to in Section 4(d) hereof up to the date of
termination) shall be determined and paid in accordance with the terms of such plans,
policies and arrangements.

     (e) Termination by the Company Without Cause Outside a Change in Control Period; Termination
by Executive for Good Reason Outside a Change in Control Period. In the event that Executive’s
employment is terminated by the Company outside a Change in Control Period (as defined in Section
7) for reasons other than death, Total Disability or Cause, or Executive terminates her employment
for Good Reason outside of a Change in Control Period, the Company shall pay the following amounts
to Executive:

	 	(i)	 	Any accrued but unpaid Base Salary for services rendered to the date of
termination, any accrued but unpaid expenses required to be reimbursed under this
Agreement, any vacation accrued to the date of termination, and any earned but unpaid
bonuses for any prior calendar year.
	 
	 	(ii)	 	Any benefits to which Executive may be entitled pursuant to the plans, policies
and arrangements referred to in Section 4(c) hereof shall be determined and paid in
accordance with the terms of such plans, policies and arrangements.
	 
	 	(iii)	 	Subject to Executive’s execution of the Release (as defined in Section 7), an
amount equal to Executive’s Base Salary (as then in effect), of which one-half shall be
paid in a lump sum within ten (10) days after such termination and one-half shall be
paid during the one (1) year period beginning on the date of Executive’s termination
and shall be paid at the same time and in the same manner as Base Salary would have
been paid if Executive had remained in active employment until the end of such period.
	 
	 	(iv)	 	Subject to Executive’s execution of the Release (as defined in Section 7), the
Company at its expense will continue for Executive and Executive’s spouse and
dependents, all health benefit plans, programs or arrangements, whether group or
individual, disability, and other benefit plans, in which Executive was entitled to
participate at any time during the twelve-month period prior to the date of
termination, until the earliest to occur of (A) one year after the date of termination;
(B) Executive’s death (provided that benefits provided to Executive’s spouse and
dependents shall not terminate upon Executive’s death); or (C) with respect to any
particular plan, program or arrangement, the date Executive becomes eligible to
participate in a comparable benefit provided by a subsequent employer. In the event
that Executive’s continued participation in any such Company plan, program, or
arrangement is prohibited, the Company will arrange to provide Executive with benefits
substantially similar to those which Executive would have been entitled to receive
under such plan, program, or arrangement, for such period on a basis which provides
Executive with no additional after tax cost.

7

 

     (f) Suspension and Refund of Termination Benefits for Subsequently Discovered Cause.
Notwithstanding any provision of this Agreement to the contrary, if within one (1) year of
termination of employment of Executive by the Company for any reason other than for Cause, it is
determined by Company that Executive could have been terminated for Cause then, to the extent
permitted by law:

	 	(i)	 	the Company may elect to cancel any and all payments of any benefits otherwise
due Executive, but not yet paid, under this Agreement or otherwise; and
	 
	 	(ii)	 	Executive will refund to the Company any amounts, plus interest, previously
paid by Company to Executive pursuant to Subsections 6(e)(iii), 6(e)(iv) or 6(e)(v).

     7. Resignation by Executive for Good Reason or Termination by Company Without Cause During a
Change in Control Period.

     (a) Certain Terminations During a Change in Control Period. In the event a Change in Control
occurs and (x) Executive terminates her employment for Good Reason during a Change in Control
Period , or (y) the Company terminates Executive’s employment without Cause (and for reason other
than Death of Total Disability) during a Change in Control Period, subject to Executive’s execution
of the Release (as defined in this Section 7), the Company shall provide to Executive the payments
and benefits provided for in Section 6(e), except that the amount of severance calculated pursuant
to Section 6(e)(iii) shall be paid in a lump-sum.

     (b) Certain Additional Payments by the Company.

	 	(i)	 	In the event that the Executive shall become entitled to payments and/or
benefits provided by this Agreement or any other amounts in the “nature of
compensation” (whether pursuant to the terms of this Agreement or any other plan,
arrangement or agreement with the Company, any person whose actions result in a change
of ownership or effective control covered by Section 280G(b)(2) of the Code or any
person affiliated with the Company or such person) as a result of such change in
ownership or effective control (collectively the “Company Payments”), and such Company
Payments will be subject to the tax (the “Excise Tax”) imposed by Section 4999 of the
Code (and any similar tax that may hereafter be imposed by any taxing authority) the
Company shall pay to the Executive at the time specified in subsection (iv) below an
additional amount (the “Gross-up Payment”) such that the net amount retained by the
Executive, after deduction of any Excise Tax on the Company Payments and any U.S.
federal, state, and for local income or payroll tax upon the Gross-up Payment provided
for by this Section 7(b), but before deduction for any U.S. federal, state, and local
income or payroll tax on the Company Payments, shall be equal to the Company Payments.
	 
	 	(ii)	 	For purposes of determining whether any of the Company Payments and Gross-up
Payments (collectively the “Total Payments”) will be subject to the Excise Tax

8

 

	 	 	 	and the amount of such Excise Tax, (x) the Total Payments shall be treated as
“parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all
“parachute payments” in excess of the “base amount” (as defined under Code Section
280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and
except to the extent that, in the opinion of the Company’s independent certified
public accountants appointed prior to any change in ownership (as defined under Code
Section 280G(b)(2) or tax counsel selected by such accountants (the “Accountants”)
such Total Payments (in whole or in part) either do not constitute “parachute
payments,” represent reasonable compensation for services actually rendered within
the meaning of Section 280G(b)(4) of the Code in excess of the “base amount” or are
otherwise not subject to the Excise Tax, and (y) the value of any non-cash benefits
or any deferred payment or benefit shall be determined by the Accountants in
accordance with the principles of Section 280G of the Code.
	 
	 	(iii)	 	For purposes of determining the amount of the Gross-up Payment, the Executive
shall be deemed to pay U.S. federal income taxes at the highest marginal rate of U.S.
federal income taxation in the calendar year in which the Gross-up Payment is to be
made and state and local income taxes at the highest marginal rate of taxation in the
state and locality of the Executive’s residence for the calendar year in which the
Company Payment is to be made, net of the maximum reduction in U.S. federal income
taxes which could be obtained from deduction of such state and local taxes if paid in
such year. In the event that the Excise Tax is subsequently determined by the
Accountants to be less than the amount taken into account hereunder at the time the
Gross-up Payment is made, the Executive shall repay to the Company, at the time that
the amount of such reduction in Excise Tax is finally determined, the portion of the
prior Gross-up Payment attributable to such reduction (plus the portion of the Gross-up
Payment attributable to the Excise Tax and U.S. federal, state and local income tax
imposed on the portion of the Gross-up Payment being repaid by the Executive if such
repayment results in a reduction in Excise Tax or a U.S. federal, state and local
income tax deduction), plus interest on the amount of such repayment at the rate
provided in Section 1274(b)(2)(B) of the Code. Notwithstanding the foregoing, in the
event any portion of the Gross-up Payment to be refunded to the Company has been paid
to any U.S. federal, state and local tax authority, repayment thereof (and related
amounts) shall not be required until actual refund or credit of such portion has been
made to the Executive, and interest payable to the Company shall not exceed the
interest received or credited to the Executive by such tax authority for the period it
held such portion. The Executive and the Company shall mutually agree upon the course
of action to be pursued (and the method of allocating the expense thereof) if the
Executive’s claim for refund or credit is denied.
	 
	 	 	 	In the event that the Excise Tax is later determined by the Accountant or the
Internal Revenue Service to exceed the amount taken into account hereunder at the
time the Gross-up Payment is made (including by reason of any payment the existence
or amount of which cannot be determined at the time of the Gross-up Payment), the
Company shall make an additional Gross-up Payment in respect of

9

 

	 	 	 	such excess (plus any interest or penalties payable with respect to such excess) at
the time that the amount of such excess is finally determined.
	 
	 	(iv)	 	The Gross-up Payment or portion thereof provided for in subsection (iii) above
shall be paid not later than the thirtieth (30th) day following an event occurring
which subjects the Executive to the Excise Tax; provided, however, that if the amount
of such Gross-up Payment or portion thereof cannot be finally determined on or before
such day, the Company shall pay to the Executive on such day an estimate, as determined
in good faith by the Accountant, of the minimum amount of such payments and shall pay
the remainder of such payments (together with interest at the rate provided in Section
1274(b)(2)(B) of the Code), subject to further payments pursuant to subsection (iii)
hereof, as soon as the amount thereof can reasonably be determined, but in no event
later than the ninetieth day after the occurrence of the event subjecting the Executive
to the Excise Tax. In the event that the amount of the estimated payments exceeds the
amount subsequently determined to have been due, such excess shall constitute a loan by
the Company to the Executive, payable on the fifth day after demand by the Company
(together with interest at the rate provided in Section 1274(b)(2)(B) of the Code).
	 
	 	(v)	 	In the event of any controversy with the Internal Revenue Service (or other
taxing authority) with regard to the Excise Tax, the Executive shall permit the Company
to control issues related to the Excise Tax (at its expense), provided that such issues
do not potentially materially adversely affect the Executive, but the Executive shall
control any other issues. In the event the issues are interrelated, the Executive and
the Company shall in good faith cooperate so as not to jeopardize resolution of either
issue, but if the parties cannot agree the Executive shall make the final determination
with regard to the issues. In the event of any conference with any taxing authority as
to the Excise Tax or associated income taxes, the Executive shall permit the
representative of the Company to accompany the Executive, and the Executive and the
Executive’s representative shall cooperate with the Company and its representative.
	 
	 	(vi)	 	The Company shall be responsible for all charges of the Accountant.
	 
	 	(vii)	 	The Company and the Executive shall promptly deliver to each other copies of
any written communications, and summaries of any verbal communications, with any taxing
authority regarding the Excise Tax covered by this Section 7(b).

     (b) Certain Definitions.

	 	(i)	 	For purposes of this Agreement, “Change in Control” means the first to occur on
or after the date on which this Agreement is first signed, the occurrence of any of the
following events:

(a) any Person is or becomes the Beneficial Owner, directly or indirectly, of
securities of the Company representing twenty-five percent (25%) or more of the
combined voting power of the Company’s then outstanding voting securities;

10

 

(b) the following individuals cease for any reason to constitute a majority of the
number of directors then serving: individuals who, on the Commencement Date,
constitute the Board and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election contest,
including but not limited to a consent solicitation, relating or the election of
directors of the Company) whose appointment or election by the Board or nomination
for election by the Company’s stockholders was approved or recommended by a vote of
at least two-thirds (2/3rds) of the directors then still in office who either were
directors on the Commencement Date or whose appointment, election or nomination for
election was previously so approved or recommended (the “Incumbent Board”);

(c) there is a consummated merger or consolidation of the Company with any other
corporation, other than (1) a merger or consolidation which would result in the
voting securities of the Company outstanding immediately prior thereto continuing to
represent (either by remaining outstanding or by being converted into voting
securities of the surviving or parent entity) more than fifty percent (50%) of the
combined voting power of the voting securities of the Company or such surviving or
parent entity outstanding immediately after such merger or consolidation or (2) a
merger or consolidation effected to implement a recapitalization of the Company (or
similar transaction) in which no Person, directly or indirectly, acquired
twenty-five percent (25%) or more of the combined voting power of the Company’s then
outstanding securities; or

(d) the stockholders of the Company approve a plan of complete liquidation of the
Company or there is consummated an agreement for the sale or disposition by the
Company of all or substantially all of the Company’s assets (or any transaction
having a similar effect), other than a sale or disposition by the Company of all or
substantially all of the Company’s assets to an entity, at least fifty percent (50%)
of the combined voting power of the voting securities of which are owned by
stockholders of the Company in substantially the same proportions as their ownership
of the Company immediately prior to such sale.

	 	(ii)	 	For purposes of this Section 7, “Beneficial Owner” shall have the meaning set
forth in Rule 13d-3 under the Exchange Act;
	 
	 	(iii)	 	For purposes of this Agreement, “Change in Control Period” means the period
commencing on the date occurring six months immediately prior to the date on which a
Change in Control occurs and ending on the second anniversary of the date on which a
Change in Control occurs.
	 
	 	(iv)	 	For purposes of this Agreement, “Exchange Act’ means the Securities and
Exchange Act of 1934, as amended from time to time;
	 
	 	(v)	 	For purposes of this Section 7, “Person” shall have the meaning set forth in
Section 3(a)(9) of the Exchange Act, as modified and used in Sections 13(d) and 14(d)
thereof, except that such term shall not include (1) the Company, (2) a trustee or

11

 

	 	 	 	other fiduciary holding securities under an employee benefit plan of the Company, (3)
an employee benefit plan of the Company, (4) an underwriter temporarily holding
securities pursuant to an offering of such securities or (5) a corporation owned,
directly or indirectly, by the stockholders of the Company in substantially the same
proportions as their ownership of shares of Common Stock of the Company.
	 
	 	(vi)	 	For purposes of this Agreement, “Release” means that specific document which
the Company shall present to Executive for consideration and execution after any
termination of employment pursuant to Section 5(e) and Section 6(e), wherein if she
agrees to such, she will irrevocably and unconditionally release and forever discharge
the Company, it subsidiaries, affiliates and related parties from any and all causes of
action which Executive at that time had or may have had against the Company (excluding
any claim for indemnity under this Agreement, any claim under state workers’
compensation or unemployment laws, or any claim under COBRA).

     8. No Other Benefits or Compensation. Except as may be provided under this Agreement, or
under the terms of any incentive compensation, employee benefit, or fringe benefit plan applicable
to Executive at the time of Executive’s termination or resignation, Executive shall have no right
to receive any other compensation, or to participate in any other plan, arrangement or benefit,
with respect to future periods after such termination or resignation.

     9. No Mitigation; No Set-Off. In the event of any termination of employment hereunder,
Executive shall be under no obligation to seek other employment, and there shall be no offset
against any amounts due Executive under this Agreement on account of any remuneration attributable
to any subsequent employment that Executive may obtain. The amounts payable hereunder shall not be
subject to setoff, counterclaim, recoupment, defense or other right which the Company may have
against the Executive or others, except upon obtaining by the Company of a final non-appealable
judgment against Executive.

     10. Covenants

     (a) Company Property. All written materials, records, data, and other documents prepared or
possessed by Executive during Executive’s employment with the Company are the Company’s property.
All information, ideas, concepts, improvements, discoveries, and inventions that are conceived,
made, developed, or acquired by Executive individually or in conjunction with others during
Executive’s employment (whether during business hours and whether on the Company’s premises or
otherwise) which relate to the Company’s business, products, or services are the Company’s sole and
exclusive property. All memoranda, notes, records, files, correspondence, drawings, manuals,
models, specifications, computer programs, maps, and all other documents, data, or materials of any
type embodying such information, ideas, concepts, improvements, discoveries, and inventions are the
Company’s property. At the termination of Executive’s employment with the Company for any reason,
Executive shall return all of the Company’s documents, data, or other Company property to the
Company.

12

 

     (b) Confidential Information; Non-Disclosure. Executive acknowledges that the business of the
Company is highly competitive and that the Company has provided and will continue to provide
Executive with access to “Confidential Information” relating to the business of the Company and its
affiliates.

     For purposes of this Agreement, “Confidential Information” means and includes the Company’s
confidential and/or proprietary information and/or trade secrets that have been developed or used
and/or will be developed and that cannot be obtained readily by third parties from outside sources.
Confidential Information includes, by way of example and without limitation, the following
information regarding customers, employees, contractors, and the industry not generally known to
the public; strategies, methods, books, records, and documents; technical information concerning
products, equipment, services, and processes; procurement procedures and pricing techniques; the
names of and other information concerning customers, investors, and business affiliates (such as
contact name, service provided, pricing for that customer, type and amount of services used,
credit and financial data, and/or other information relating to the Company’s relationship with
that customer); pricing strategies and price curves; positions, plans, and strategies for expansion
or acquisitions; budgets; customer lists; research; weather data; financial and sales data; trading
methodologies and terms; evaluations, opinions, and interpretations of information and data;
marketing and merchandising techniques; prospective customers’ names and marks; grids and maps;
electronic databases; models; specifications; computer programs; internal business records;
contracts benefiting or obligating the Company; bids or proposals submitted to any third party;
technologies and methods; training methods and training processes; organizational structure;
personnel information, including salaries of personnel; payment amounts or rates paid to
consultants or other service providers; and other such confidential or proprietary information.
Information need not qualify as a trade secret to be protected as Confidential Information under
this Agreement, and the authorized and controlled disclosure of Confidential Information to
authorized parties by Company in the pursuit of its business will not cause the information to lose
its protected status under this Agreement. Executive acknowledges that this Confidential
Information constitutes a valuable, special, and unique asset used by the Company or its affiliates
in their businesses to obtain a competitive advantage over their competitors. Executive further
acknowledges that protection of such Confidential Information against unauthorized disclosure and
use is of critical importance to the Company and its affiliates in maintaining their competitive
position.

     Executive has and will continue to have access to, or knowledge of, Confidential Information
of third parties, such as actual and potential customers, suppliers, partners, joint venturers,
investors, financing sources, and the like, of the Company and its affiliates.

     The Company also agrees to provide Executive with one or more of the following: access to
Confidential Information; specialized training regarding the Company’s methodologies and business
strategies, and/or support in the development of goodwill such as introductions, information and
reimbursement of customer development expenses consistent with Company policy. The foregoing is
not contingent on continued employment, but is contingent upon Executive’s use of the Confidential
Information access, specialized training, and goodwill support provided by Company for the
exclusive benefit of the Company and upon Executive’s full compliance with the restrictions on
Executive’s conduct provided for in this Agreement.

13

 

     In addition to the requirements set forth in Section 5(c)(i), Executive agrees that Executive
will not after Executive’s employment with the Company, make any unauthorized disclosure of any
then Confidential Information or specialized training of the Company or its affiliates, or make any
use thereof, except in the carrying out of her employment responsibilities hereunder. Executive
also agrees to preserve and protect the confidentiality of third party Confidential Information to
the same extent, and on the same basis, as the Company’s Confidential Information.

     (c) Unfair Competition Restrictions. The Company agrees to and shall provide Executive with
immediate access to Confidential Information. Ancillary to the rights provided to Executive
following employment termination, the Company’s provision of Confidential Information, specialized
training, and/or goodwill support to Executive, and Executive’s agreements, regarding the use of
same, and in order to protect the value of any equity based incentive awards (including, without
limitation, stock options, restricted stock, restricted share units or performance share units),
training, goodwill support and/or the Confidential Information described above, the Company and
Executive agree to the following provisions against unfair competition. Executive agrees that for
a period of two (2) years following the termination of employment for any reason (“Restricted
Term”), Executive will not, directly or indirectly, for Executive or for others, anywhere in the
United States (including all parishes in Louisiana, and Puerto Rico) (the “Restricted Area”) do the
following, unless expressly authorized to do so in writing by the Chief Executive Officer of the
Company:

Engage in, or assist any person, entity, or business engaged in, the
selling or providing of products or services that would displace the
products or services that (i) the Company is currently in the
business of providing and was in the business of providing, or was
planning to be in the business of providing, at the time Executive
was employed with the Company, and (ii) that Executive had
involvement in or received Confidential Information about in the
course of employment; the foregoing is expressly understood to
include, without limitation, the business of the collection,
transfer, recycling and resource recovery, or disposal of solid
waste, hazardous or other waste, including the operation of
waste-to-energy facilities.

     It is further agreed that during the Restricted Term, Executive cannot engage in any of the
enumerated prohibited activities in the Restricted Area by means of telephone, telecommunications,
satellite communications, correspondence, or other contact from outside the Restricted Area.
Executive further understands that the foregoing restrictions may limit her ability to engage in
certain businesses during the Restricted Term, but acknowledges that these restrictions are
necessary to protect the Confidential Information the Company has provided to Executive.

     A failure to comply with the foregoing restrictions will create a presumption that Executive
is engaging in unfair competition. Executive agrees that this Section defining unfair competition
with the Company does not prevent Executive from using and offering the skills that Executive
possessed prior to receiving access to Confidential Information, confidential training,

14

 

and knowledge from the Company. This Agreement creates an advance approval process, and
nothing herein is intended, or will be construed as, a general restriction against the pursuit of
lawful employment in violation of any controlling state or federal laws. Executive shall be
permitted to engage in activities that would otherwise be prohibited by this covenant if such
activities are determined in the sole discretion of the Chief Executive Officer of the Company to
be no material threat to the legitimate business interests of the Company.

     (d) Non-Solicitation of Customers. For a period of two (2) years following the termination of
employment for any reason, Executive will not call on, service, or solicit competing business from
customers of the Company or its affiliates whom Executive, within the previous twelve (12) months,
(i) had or made contact with, or (ii) had access to information and files about, or induce or
encourage any such customer or other source of ongoing business to stop doing business with
Company.

     (e) Non-Solicitation of Employees. During Executive’s employment, and for a period of two (2)
years following the termination of employment for any reason, Executive will not, either directly
or indirectly, call on, solicit, encourage, or induce any other employee or officer of the Company
or its affiliates whom Executive had contact with, knowledge of, or association within the course
of employment with the Company to terminate her employment, and will not assist any other person or
entity in such a solicitation.

     (f) Non-Disparagement. Executive covenants and agrees that Executive shall not engage in any
pattern of conduct that involves the making or publishing of written or oral statements or remarks
(including, without limitation, the repetition or distribution of derogatory rumors, allegations,
negative reports or comments) which are disparaging, deleterious or damaging to the integrity,
reputation or good will of the Company, its management, or of management of corporations affiliated
with the Company.

     11. Enforcement of Covenants.

     (a) Termination of Employment and Forfeiture of Compensation. Executive agrees that any
breach by Executive of any of the covenants set forth in Section 10 hereof during Executive’s
employment by the Company, shall be grounds for immediate dismissal of Executive for Cause pursuant
to Section 5(c)(i), which shall be in addition to and not exclusive of any and all other rights and
remedies the Company may have against Executive.

     (b) Right to Injunction. Executive acknowledges that a breach of the covenants set forth in
Section 10 hereof will cause irreparable damage to the Company with respect to which the Company’s
remedy at law for damages will be inadequate. Therefore, in the event of breach or anticipatory
breach of the covenants set forth in this section by Executive, Executive and the Company agree
that the Company shall be entitled to seek the following particular forms of relief, in addition to
remedies otherwise available to it at law or equity: (A) injunctions, both preliminary and
permanent, enjoining or restraining such breach or anticipatory breach and Executive hereby
consents to the issuance thereof forthwith and without bond by any court of competent jurisdiction;
and (B) recovery of all reasonable sums as determined by a court of competent jurisdiction expended
and costs, including reasonable attorney’s fees, incurred by the Company to enforce the covenants
set forth in this section.

15

 

     (c) Separability of Covenants. The covenants contained in Section 10 hereof constitute a
series of separate but ancillary covenants, one for each applicable State in the United States and
the District of Columbia, and one for each applicable foreign country. If in any judicial
proceeding, a court shall hold that any of the covenants set forth in Section 10 exceed the time,
geographic, or occupational limitations permitted by applicable laws, Executive and the Company
agree that such provisions shall and are hereby reformed to the maximum time, geographic, or
occupational limitations permitted by such laws. Further, in the event a court shall hold
unenforceable any of the separate covenants deemed included herein, then such unenforceable
covenant or covenants shall be deemed eliminated from the provisions of this Agreement for the
purpose of such proceeding to the extent necessary to permit the remaining separate covenants to be
enforced in such proceeding. Executive and the Company further agree that the covenants in Section
10 shall each be construed as a separate agreement independent of any other provisions of this
Agreement, and the existence of any claim or cause of action by Executive against the Company
whether predicated on this Agreement or otherwise, shall not constitute a defense to the
enforcement by the Company of any of the covenants of Section 10.

     12. Indemnification.

     The Company shall indemnify and hold harmless Executive to the fullest extent permitted by
Delaware law for any action or inaction of Executive while serving as an officer and director of
the Company or, at the Company’s request, as an officer or director of any other entity or as a
fiduciary of any benefit plan. This provision includes the obligation and undertaking of the
Executive to reimburse the Company for any fees advanced by the Company on behalf of the Executive
should it later be determined that Executive was not entitled to have such fees advanced by the
Company under Delaware law. The Company shall cover the Executive under directors and officers
liability insurance both during and, while potential liability exists, after the Employment Period
in the same amount and to the same extent as the Company covers its other officers and directors.

     13. Arbitration.

     Except with respect to enforcement of the covenants contained in Section 11 herein, the
parties agree that any dispute relating to this Agreement, or to the breach of this Agreement,
arising between Executive and the Company shall be settled by arbitration in accordance with the
Federal Arbitration Act and the commercial arbitration rules of the American Arbitration
Association (“AAA”), or any other mutually agreed upon arbitration service. The arbitration
proceeding, including the rendering of an award, shall take place in Houston, Texas, and shall be
administered by the AAA (or any other mutually agreed upon arbitration service). The arbitrator
shall be jointly selected by the Company and Executive within thirty (30) days of the notice of
dispute, or if the parties cannot agree, in accordance with the commercial arbitration rules of the
AAA (or any other mutually agreed upon arbitration service). All fees and expenses associated with
the arbitration shall be borne equally by Executive and the Company during the arbitration, pending
final decision by the arbitrator as to who should bear fees, unless otherwise ordered by the
arbitrator. The arbitrator shall not be authorized to create a cause of action or remedy not
recognized by applicable state or federal law. The award of the arbitrator shall be final and
binding upon the parties without appeal or review, except as permitted by the arbitration laws of

16

 

the State of Texas. The award shall be enforceable through a court of law upon motion of
either party.

     14. Disputes and Payment of Attorney’s Fees.

     If at any time during the term of this Agreement or afterwards there should arise any dispute
as to the validity, interpretation or application of any term or condition of this Agreement, the
Company agrees, upon written demand by Executive (and Executive shall be entitled upon application
to any court of competent jurisdiction, to the entry of a mandatory injunction, without the
necessity of posting any bond with respect thereto, compelling the Company) to promptly provide
sums sufficient to pay on a current basis (either directly or by reimbursing Executive) Executive’s
costs and reasonable attorney’s fees (including expenses of investigation and disbursements for the
fees and expenses of experts, etc.) incurred by Executive in connection with any such dispute or
any litigation, provided that Executive shall repay any such amounts paid or advanced if Executive
is not the prevailing party with respect to at least one material claim or issue in such dispute or
litigation. The provisions of this Section 11, without implication as to any other section hereof,
shall survive the expiration or termination of this Agreement and of Executive’s employment
hereunder.

     15. Requirement of Timely Payments.

     If any amounts which are required, or determined to be paid or payable, or reimbursed or
reimbursable, to Executive under this Agreement (or any other plan, agreement, policy or
arrangement with the Company) are not so paid promptly at the times provided herein or therein,
such amounts shall accrue interest, compounded daily, at an 8% annual percentage rate, from the
date such amounts were required or determined to have been paid or payable, reimbursed or
reimbursable to Executive, until such amounts and any interest accrued thereon are finally and
fully paid, provided, however, that in no event shall the amount of interest contracted for,
charged or received hereunder, exceed the maximum non-usurious amount of interest allowed by
applicable law.

     16. Withholding of Taxes.

     The Company may withhold from any compensation and benefits payable under this Agreement all
applicable federal, state, local, or other taxes.

     17. Source of Payments.

     All payments provided under this Agreement, other than payments made pursuant to a plan which
provides otherwise, shall be paid from the general funds of the Company, and no special or separate
fund shall be established, and no other segregation of assets made, to assure payment. Executive
shall have no right, title or interest whatever in or to any investments which the Company may make
to aid the Company in meeting its obligations hereunder. To the extent that any person acquires a
right to receive payments from the Company hereunder, such right shall be no greater than the right
of an unsecured creditor of the Company.

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     18. Assignment.

     Except as otherwise provided in this Agreement, this Agreement shall inure to the benefit of
and be binding upon the parties hereto and their respective heirs, representatives, successors and
assigns. This Agreement shall not be assignable by Executive (but any payments due hereunder which
would be payable at a time after Executive’s death shall be paid to Executive’s designated
beneficiary or, if none, her estate) and shall be assignable by the Company only to any financially
solvent corporation or other entity resulting from the reorganization, merger or consolidation of
the Company with any other corporation or entity or any corporation or entity to or with which the
Company’s business or substantially all of its business or assets may be sold, exchanged or
transferred, and it must be so assigned by the Company to, and accepted as binding upon it by, such
other corporation or entity in connection with any such reorganization, merger, consolidation,
sale, exchange or transfer in a writing delivered to Executive in a form reasonably acceptable to
Executive (the provisions of this sentence also being applicable to any successive such
transaction).

     19. Entire Agreement; Amendment.

     This Agreement shall supersede any and all existing oral or written agreements,
representations, or warranties between Executive and the Company or any of its subsidiaries or
affiliated entities relating to the terms of Executive’s employment by the Company. It may not be
amended except by a written agreement signed by both parties.

     20. Governing Law.

     This Agreement shall be governed by and construed in accordance with the laws of the State of
Texas applicable to agreements made and to be performed in that State, without regard to its
conflict of laws provisions.

     21. Notices.

     Any notice, consent, request or other communication made or given in connection with this
Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed
by registered or certified mail, return receipt requested, or by facsimile or by hand delivery, to
those listed below at their following respective addresses or at such other address as each may
specify by notice to the others:

	 	 	 	 	 
	 

	 	To the Company:
	 	Waste Management, Inc.
	 

	 	 	 	1001 Fannin, Suite 4000
	 

	 	 	 	Houston, Texas 77002
	 

	 	 	 	Attention: Corporate Secretary
	 
	 	 	 	 
	 

	 	To Executive:
	 	At the address for Executive set forth below.

     22. Miscellaneous.

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     (a) Waiver. The failure of a party to insist upon strict adherence to any term of this
Agreement on any occasion shall not be considered a waiver thereof or deprive that party of the
right thereafter to insist upon strict adherence to that term or any other term of this Agreement.

     (b) Separability. Subject to Section 11 hereof, if any term or provision of this Agreement is
declared illegal or unenforceable by any court of competent jurisdiction and cannot be modified to
be enforceable, such term or provision shall immediately become null and void, leaving the
remainder of this Agreement in full force and effect.

     (c) Headings. Section headings are used herein for convenience of reference only and shall
not affect the meaning of any provision of this Agreement.

     (d) Rules of Construction. Whenever the context so requires, the use of the singular shall be
deemed to include the plural and vice versa.

     (e) Counterparts. This Agreement may be executed in any number of counterparts, each of which
so executed shall be deemed to be an original, and such counterparts will together constitute but
one Agreement.

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     IN WITNESS WHEREOF, this Agreement is executed as of the 26th day of August, 2005 and
effective as set forth therein.

	 	 	 	 	 
	/s/ Cherie C. Rice	 	WASTE MANAGEMENT, INC.
	 	 	 
	Cherie C. Rice
	 	(The “Company”)
	(“Executive”)
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Jimmy LaValley
	 

	 	 	 	 
	Home Address

	 	 	 	Jimmy LaValley
	 

	 	 	 	SVP – Human Resources
	 
	 	 	 	 
	 

	 	 	 	 
	City, State, ZIP Code
	 	 	 	 

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