Document:

EX-10.1

 Exhibit 10.1 

SEPARATION AND RELEASE AGREEMENT 

THIS SEPARATION AND RELEASE AGREEMENT (“Separation Agreement”) is entered into between Waste Management, Inc. (the
“Company”) and David P. Steiner (“Executive”). 
 This Separation Agreement is binding upon, and extends
to, the parties and their past and present officers, directors, employees, shareholders, parent corporations, subsidiaries, parents, affiliates, partners, agents, representatives, heirs, executors, assigns, administrators, successors, predecessors,
family members, d/b/a’s, assumed names, and insurers, whether specifically mentioned hereafter or not. A reference to a party in this Separation Agreement necessarily includes those persons and/or entities described in the foregoing sentence,
unless the context clearly requires otherwise. 
 PREAMBLE 

WHEREAS, the Company and Executive previously entered into that certain Employment Agreement dated May 6, 2002, as amended from
time to time (the “Employment Agreement”); 
 WHEREAS, pursuant to such Employment Agreement, Executive has been
continuously employed by one or more direct or indirect subsidiaries of the Company; 
 WHEREAS, Executive’s employment with
such subsidiary or subsidiaries terminated effective as of November 10, 2016 (the “Employment Termination Date”) and Executive was removed from the position of Chief Executive Officer of the Company, entitling him to certain
payments and benefits pursuant to Sections 6(e)(i) – (e)(v) of the Employment Agreement; 
 WHEREAS, the Company and Executive
now jointly desire to enter into this Separation Agreement to supplement the continuing provisions of said Employment Agreement as set forth below and to stipulate the treatment of Executive’s termination for purposes of equity compensation
awards; and 
 NOW, THEREFORE, in consideration of the premises and agreements contained herein, and for other good and valuable
consideration, the Company and Executive hereby agree as follows: 
 1.    Separation Matters. Executive
hereby resigns from his position as a director on the Board of Directors of the Company (the “Board”) and any and all board, committee and other positions he holds at the Company or any entity controlled by, controlling or under
common control with the Company (the “Affiliated Group”). Executive agrees to take any and all further acts necessary to accomplish these resignations, which resignations Executive represents and agrees are required by the terms of
the Employment Agreement and are not due to any disagreement over the Company’s operations, policies or practices. 
 The parties agree
that Executive is entitled to those certain compensation and benefits (a) as set forth in Section 6(e)(i) – (e)(v) of the Employment Agreement and (b) with respect to outstanding performance share units, as provided in
Section 2.a. of Important Award Details in the award agreements (the “Award Agreements”) that are Exhibit 10.1 to Forms 8-K filed on March 12, 2014, March 3, 2015 and March 2, 2016, in each case, as
set forth in Exhibit A to this Separation Agreement and, in some instances, as may have been already paid prior to the Effective Date. Executive acknowledges and agrees that the amounts set forth and described on Exhibit A are true,
correct and complete and Executive has no right to any separation benefit under the Employment Agreement other than as set forth in Exhibit A. 

 The Company and Executive agree that the text attached hereto as Attachment A shall be filed
under Item 5.02 of Form 8-K by the Company with the U.S. Securities and Exchange Commission promptly following the Effective Date (as defined on the signature page to this Separation Agreement), but in any event, within 4 business days
following the Effective Date. 
 2.    Additional Consideration. The Company’s provision of the
compensation and benefits set forth in this Section 2 (the “Additional Benefits”) is fully subject to Executive’s execution of this Separation Agreement, execution and non-revocation of the Supplemental Release attached as
Exhibit C (the “Supplemental Release”), and satisfaction of the terms of both this Separation Agreement and such Supplemental Release, including, without limitation, the terms of Section 7 of this Separation Agreement
and Section 8 of the Employment Agreement, as incorporated by reference herein. 
 (a)    The Parties agree that,
notwithstanding anything to the contrary in any other agreement and subject to the other terms and conditions set forth in this Separation Agreement, Executive’s termination of employment shall be considered “Retirement” pursuant to
the terms of each of the applicable Award Agreements. Accordingly: 
  

	 	(i)	All stock option awards granted to Executive pursuant to the Waste Management, Inc. 2009 Stock Incentive Plan and the Waste Management, Inc. 2014 Stock Incentive Plan (together, the “Incentive Plans”)
that remain outstanding as of the Employment Termination Date shall continue to become exercisable under the exercise schedule set forth in the applicable Award Agreement for three years following the Employment Termination Date, and all options
held as of the Employment Termination Date that were exercisable or become exercisable shall remain exercisable until the end of the three year period commencing on the Employment Termination Date (or, if earlier, the end of the original term of the
option award); and 

  

	 	(ii)	In event of Executive’s death prior to exercise of the options described in this Section 2, Executive’s beneficiary shall have the same rights as Executive under this Separation Agreement with respect to
exercise of the options. 

 (b)    The Company shall pay executive an additional cash lump sum in the
amount of $75,000 in lieu of any obligation to reimburse Executive for his reasonable legal fees in connection with negotiation of this Separation Agreement. Such reimbursement shall be paid on or prior to January 31, 2017. 

  
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 3.    Releases Effective Upon Execution of this Separation
Agreement. In consideration of the premises and promises contained herein (excluding those set forth in Section 2 hereof, which are provided in consideration for the Supplemental Release, as described therein), Executive, on behalf of
his heirs, personal representatives, successors, and assigns, releases and discharge the Company, its past and present parent, subsidiary and affiliated companies, and its and their agents, directors, managers, members, partners, officers,
attorneys, accountants, employees, and representatives, and all persons acting by, through, under or in concert with the Company (collectively referred to as the “Released Parties”), from any and all causes of action, claims,
liabilities, obligations, promises, agreements, controversies, damages, and expenses, known or unknown, whether in law or equity, which Executive ever had, or now has, against the Released Parties to the date of this Separation Agreement. The claims
Executive releases include, but are not limited to, claims that the Released Parties: 
  

	 	•	 	discriminated against Executive on the basis of Executive’s race, color, sex (including sexual harassment), national origin, ancestry, disability, religion, sexual orientation, marital status, parental status,
veteran status, source of income, entitlement to benefits, union activities, or any other status protected by local, state or federal laws, constitutions, regulations, ordinances, executive orders, including but not limited to Title VII of the Civil
Rights Act of 1964, as amended by the Civil Rights Act of 1991, the Massachusetts Fair Employment Practices Act, the New Jersey Conscientious Employee Protection Act, the New Jersey Law Against Discrimination, the New Jersey Whistleblower Act, North
Dakota Century Code §9-13-02 and South Dakota Code Laws § 20-7-11, the Texas Labor Code; or 

  

	 	•	 	failed to give proper notice of this employment termination under the Workers Adjustment and Retraining Notification Act (“WARN”), or any similar state or local statute or ordinance; or

  

	 	•	 	violated any other federal, state, or local employment statute, such as the Employee Retirement Income Security Act of 1974, which, among other things, protects employee benefits; the Fair Labor Standards Act, which
regulates wage and hour matters; the Family and Medical Leave Act, which requires employers to provide leaves of absence under certain circumstances; the Americans With Disabilities Act; the Rehabilitation Act; OSHA; and any other laws relating to
employment; or 

  

	 	•	 	violated their personnel policies, handbooks, any covenant of good faith and fair dealing, or any contract of employment between Executive and any of the Released Parties, including the Employment Agreement; or

  

	 	•	 	violated public policy or common law, including claims for: personal injury, invasion of privacy, retaliatory discharge, negligent hiring, retention or supervision, defamation, intentional or negligent infliction of
emotional distress and/or mental anguish, impairment of economic opportunities, intentional interference with contract, unlawful interference with employment rights, wrongful termination or discharge, negligence, detrimental reliance, defamation,
loss of consortium to Executive or any member of Executive’s family, and/or promissory estoppel; or 

  
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	 	•	 	are in any way obligated for any reason to pay Executive’s damages, expenses, litigation costs (including attorneys’ fees), bonuses, commissions, disability benefits, compensatory damages, punitive damages,
and/or interest, except as provided for in (i) Section 2(c) of this Separation Agreement, (ii) Section 10 of the Employment Agreement, (iii) Executive’s Indemnity Agreement with the Company dated December 21, 2012
(the “Indemnification Agreement”) or (iv) as otherwise provided by applicable law or the Company’s bylaws and certificates of incorporation as in effect from time to time (the rights described in (ii) through
(iv) are collectively referred to herein as “Indemnification Rights”); or 

  

	 	•	 	violated any rights Executive has or may have had as a member of the Board or as an officer of the Company, whether pursuant to corporate, contract or other laws. 

Executive understands and agrees that the release contained in this Separation Agreement includes all claims that Executive may have including
claims that Executive does not now know or have reason to suspect to exist in Executive’s favor against the Released Parties, and that the release contained in this Separation Agreement extinguishes those claims. Executive is not
prohibited from making or asserting (a) any claim or right under state workers’ compensation or unemployment laws; (b) any claim or right, which by law cannot be waived through private agreement; (c) any claims that relate to
Indemnification Rights; or (d) any claims or rights that may arise after Executive executes this Separation Agreement, including any claim to enforce the terms of this Separation Agreement and its Exhibits. 

Executive also acknowledges that he has reviewed the summary set forth on Exhibit B and that, except as set forth on Exhibit B,
Executive has no other options, awards, stock units or other outstanding or contingent rights in respect of the Company’s common stock (other than shares owned outright). 

In consideration of the premises and promises contained herein, the Company releases and discharges Executive from any and all Company Claims.
For purposes of the release set forth in the preceding sentence, “Company Claims” is limited to claims and causes of action that are actually known by the Company to exist as of the Effective Date and expressly excludes: (i) any claim
or cause of action brought by any creditor or shareholder of the Company, without the direction, assistance or participation of the Company, alleging any direct, derivative or class claim against any of the Company, its directors or its officers (a
“Stockholder/Creditor Initiated Claim”); (ii) any claim or cause of action (including any cross-claim, claim for contribution, or otherwise) made by any of the Company, its directors or its officers in connection with, arising
out of or otherwise relating to any Stockholder/Creditor Initiated Claim; (iii) any claim, cause of action or right of any Released Party, whether under applicable law, pursuant to any benefit plan or agreement, or pursuant to any Company
policy, to clawback or otherwise seek recoupment of compensation (including equity or equity-based compensation) paid or payable to Executive; or (iv) any matter arising out of facts or circumstances presently known by the Company where the
Company does not presently have actual knowledge of a resulting claim or cause of action. For purposes of the release set forth in this subsection, the burden of proving the actual knowledge of the Company for purposes of determining whether a
Company Claim exists shall be Executive’s burden, and shall only be established by the actual knowledge (without any concept of constructive knowledge) of the Chairman of the Board, a majority of the independent members of the Board (not
including Executive) or the Company’s Chief Executive Officer or Chief Operating Officer. 

  
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 4.    Covenant Not to Sue. For the purpose of giving a full and
complete release, Executive covenants and agrees that he has no pending claims or charges against the Released Parties. If Executive has any pending claims in a federal, state or local court, or in an arbitral forum, Executive agrees to promptly
file all appropriate papers requesting withdrawal and dismissal of such claims. Executive further agrees not to sue any of the Released Parties or become a party to a lawsuit on the basis of any claims of any type to date that arise out of any
aspect of Executive’s employment or termination of employment. Executive understands that this is an affirmative promise by Executive not to sue any of the Released Parties, which is in addition to Executive’s general release of claims in
Section 3 above. 
 5.    Protected Rights. Nothing in this Separation Agreement prohibits Executive
from filing a charge with, or reporting possible violations of federal law or regulation to any governmental agency or entity, including but not limited to the U.S. Equal Opportunity Commission, the Department of Justice, the Securities and Exchange
Commission, Congress, and any agency Inspector General, or making other disclosures that are protected under the whistleblower provisions of federal law or regulation. This Separation Agreement does not limit Executive’s ability to communicate
with any government agencies or participate in any investigation or proceeding that may be conducted by any government agency, including providing documents or other information, without notice to the Company. In addition, this Separation Agreement
does not limit Executive’s right to receive an award for information provided to any government agencies. Further, Executive is advised that an individual shall not be held criminally or civilly liable under any federal or state trade secret
law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or
investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. An individual who files a lawsuit for retaliation by an employer for
reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under
seal; and (B) does not disclose the trade secret, except pursuant to court order. 
 6.    Supplemental
Release. Executive acknowledges that Section 2 of this Separation Agreement provides Executive with certain rights and privileges to which Executive would not otherwise be entitled to in the absence of the execution of a waiver and
release and, in exchange for the same, Executive agrees to execute a full and complete release of claims against the Company, its affiliates, officers and directors in the form of the Supplemental Release attached hereto as Exhibit C.
Notwithstanding anything herein to the contrary, (a) if Executive has not executed and delivered to the Company such Supplemental Release on or before the twenty-first (21st) day after the Effective Date or (b) if the Supplemental
Release is subsequently revoked during the time provided therein to do so, Executive shall have no rights to the payments and benefits specified in Section 2 hereof and shall be obligated to return any such amounts received prior to the
expiration or revocation of such Supplemental Release. In such event, the remaining provisions of this Separation Agreement shall continue in full force and effect. 

  
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 7.    Continuing Obligations. Executive waives and releases any
and all claims that the covenants contained in Section 8 of the Employment Agreement, including the non-competition, confidentiality and non-disparagement covenants (the “Employment Agreement Covenants”) are not enforceable or
are against public policy. The parties agree that the payments and benefits referred to in Section 2 herein are, in part, in consideration of the settlement of all disputes regarding the enforceability and application of goodwill, trade
secrets, and confidential information developed by Executive in the course of his employment with the Company. To help preserve the value of the goodwill, trade secrets, and confidential information acquired herewith, it is agreed that Executive
will comply with the Employment Agreement Covenants (incorporated herein by reference) for the applicable periods of time set forth in the Employment Agreement. It is specifically agreed that the two-year Restricted Term (as defined in the
Employment Agreement) set forth in Section 8(c) of the Employment Agreement, the two-year non-solicitation periods set forth in Sections 8(d) and (e) and the restrictions provided for in Section 8 therein commenced upon the Employment
Termination Date. 
 For the avoidance of doubt, any reference in this Separation Agreement to this Section 7 shall include the
Employment Agreement Covenants, as if the Employment Agreement Covenants were restated herein. This Section 7, Section 8 below, and the Employment Agreement Covenants are expressly made subject to Section 5 of this Separation
Agreement. 
 8.    Non-Disparagement. Executive further agrees, from and after the Effective Date, not to
disclose, communicate, or publish any statement that is disparaging, deleterious or damaging to the integrity, reputation or goodwill of any Released Party including, without limitation, written communications, oral communications, electronic or
magnetic communications, writings, oral or written statements, comments, opinions, or remarks (collectively, “Disparaging Information”). Subject to Section 5, Executive understands and acknowledges that this non-disparagement
clause prevents Executive from disclosing, communicating, or publishing any Disparaging Information concerning or related to the Released Parties. The Company agrees, from and after the Employment Termination Date, not to issue any press release or
public filing that is disparaging, deleterious or damaging to the integrity, reputation or goodwill of Executive. 

9.    Standstill; Corporate Opportunities. Executive agrees that from the Effective Date until the date that
is three (3) years from the Effective Date, Executive shall not, in any manner, directly or indirectly, on Executive’s own behalf or on behalf of, through or in association with any other person or entity, take any of the following
actions: (a) acquire, agree or seek to acquire or make any proposal or offer to acquire, or announce any intention to acquire, any securities, including any debt securities (“Securities”) of the Company, or beneficial ownership
thereof, or any Securities convertible or exchangeable into or exercisable for any Securities of the Company, or beneficial ownership thereof (other than any acquisition of Securities by Executive pursuant to the exercise or vesting of any options
or other equity incentive awards or any acquisition of Securities issued pursuant to a stock split, stock dividend or similar corporate action initiated by the Company with respect to any Securities beneficially owned by Executive on the date of
this Separation Agreement or acquired pursuant to the exercise or vesting of any options or other equity incentive awards); provided, however, that Executive shall be permitted to purchase additional shares of the Company’s common
stock to the extent his aggregate beneficial ownership of the Company’s common stock does not exceed 1.0% of the Company’s outstanding shares of common stock, (b) acquire, agree or seek to acquire or make any proposal or offer to
acquire, or announce any intention to acquire, any property, asset or business of the Company or any of its affiliates, (c) acquire, agree or seek to acquire or make any proposal or offer to acquire, or announce any intention to acquire, any
ownership interest in any joint venture in which the Company or any of its affiliates is a party or 

  
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any ownership interest in any partner of the Company or any of its affiliates in such a joint venture, (d) propose to any person, or effect or seek to effect, whether alone or in concert
with others, any tender or exchange offer, merger, consolidation, acquisition, scheme, business combination, recapitalization, restructuring, liquidation, dissolution or other extraordinary transaction with respect to the Company, (e) make, or
in any way participate in any “solicitation” of “proxies” (as such terms are used in the proxy rules of the Securities and Exchange Commission but without regard to the exclusion set forth in Rule 14a-l(1)(2)(iv)) to vote with
respect to any proposal for which such solicitation is being made (other than in favor of any proposal supported by the Board), or seek to advise or influence any person with respect to the voting of, any voting securities of the Company for any
purpose, (f) form, join, influence, advise or in any way participate in a “group” (within the meaning of Section 13(d) of the Securities Exchange Act of 1934) with respect to any voting securities of the Company or otherwise in
any manner agree, attempt, seek or propose to deposit any voting securities of the Company or any securities convertible or exchangeable into or exercisable for any such securities in any voting trust or similar arrangement, (g) otherwise act,
alone or in concert with others, to seek to control, change or knowingly influence the management, Board, governing instruments, policies or affairs of the Company, (h) disclose in a public statement any intention, plan or arrangement which, if
completed, would result in a violation of any of the foregoing or (i) knowingly assist the taking of any actions by any other person in connection with any of the foregoing; provided, however, that none of the foregoing shall
prevent Executive from (i) voting Securities beneficially owned by Executive in his sole discretion or (ii) taking actions with respect to Securities the sole purpose of which is estate or tax planning, provided that any trust, family
partnership or similar family-related or family-controlled entity to which any Securities are transferred shall also be bound by the restrictions in this Section 9. Additionally, following execution of this Separation Agreement, Executive is
permitted to transfer unexercised nonqualified stock options directly to one or more “Family Members” (as defined in Instruction 1.(a)(5) to Form S-8), or to a trust for the benefit of one or more Family Members (provided that
Family Members have more than 50% of the beneficial interests in such trust), for estate planning purposes and not for consideration, provided further that (x) any Family Member or trust to which any options are transferred shall also be bound
by the restrictions in this Section 9, (y) all options transferred will remain subject to all rights of the Company set forth in Section 10 and (z) all options transferred will remain subject to all terms and conditions set forth
in the applicable stock option, long-term incentive and similar agreements and plans governing Executive’s options, except to the extent deemed amended to permit such transfer. Any Family Member, trust, family partnership or similar
family-related or family-controlled entity to which any unexercised options or Securities are transferred shall execute a supplement to this Separation Agreement to document its agreement to Section 9 and Section 10 hereof, as applicable,
to the extent necessary in the Company’s reasonable business judgment. Notwithstanding the other provisions set forth in this Section 9, the Company acknowledges and agrees that consulting at the request of the Company’s Chief
Executive Officer in accordance with the second paragraph of Section 14 below shall not be a violation of the restrictions set forth in clauses (g), (h) or (i) above. 

  
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 10.    Special Rights of Company upon Breach; Reformation of
Covenants. Notwithstanding anything to the contrary in this Separation Agreement, the Employment Agreement or otherwise, Executive understands and agrees that if he breaches this Separation Agreement, including without limitation the
provisions of the Employment Agreement incorporated by reference herein, that the Released Parties will be entitled to apply for and receive an injunction to restrain any violation. Upon discovery of a material breach of this Separation Agreement or
the portions of the Employment Agreement incorporated by reference herein, the Company may avail itself of the special rights in this Section 10 by giving Executive written notice that describes the circumstances of the material breach (the
“Breach Notice”). Notwithstanding the delivery of the Breach Notice, (i) Executive shall still be entitled to exercise stock options to the extent otherwise exercisable in accordance with the terms of this Separation Agreement
and (ii) Executive’s stock options will continue to vest in accordance with the terms of this Separation Agreement. However, from and after the delivery of the Breach Notice until the time of receipt of the applicable judgment described
below, any and all “net shares” issuable in connection with such exercise, after taking into account any “sales” by a broker to cover the exercise price or required tax withholding directly associated with the exercise in a
broker-assisted cashless exercise, shall be held in escrow pending resolution of the Breach Notice. Executive may direct the escrow agent to sell any issued shares so held in escrow, with any and all proceeds to be similarly held in escrow pending
resolution of the Breach Notice; provided, that Executive remains solely responsible for all tax obligations and other costs related to any such sale. In the event that the Company sends Executive a Breach Notice, the Company shall file suit for
breach in a court of competent jurisdiction within five (5) days of delivery of the Breach Notice. In the event that a court of competent jurisdiction (and otherwise consistent with the requirements set forth in Section 16) reaches a final
non-appealable judgment that Executive (x) did not commit a material breach or (y) fully cured any such breach with no actual damages to the Company or its affiliates, then all shares and sales proceeds held in escrow shall be released to
Executive and Executive shall once again be free to exercise options without restriction (to the extent otherwise exercisable pursuant to the terms of this Separation Agreement), unless and until Executive’s receipt of a Breach Notice relating
to a new or different triggering event. In the event that a court of competent jurisdiction (and otherwise consistent with the requirements set forth in Section 16) reaches a final non-appealable judgment that Executive (x) did commit a
material breach and (y) failed to fully cure such breach without resulting damages to the Company or its affiliates, all options held by executive shall be terminated at such time without further consideration and all shares and sale proceeds
held in escrow pursuant to this Section 10 shall be deemed forfeited and returned to the Company. Any remedy described in this Section 10 shall not be considered liquidated damages or reduce the full measure of damages that the Company is
entitled to recover for any breach of this Separation Agreement, including without limitation the provisions of the Employment Agreement incorporated by reference herein, or otherwise limit any right pursuant to any benefit plan or agreement, or any
Company policy, to clawback or otherwise seek recoupment of compensation (including equity or equity-based compensation) paid or payable to Executive; provided that the Company shall not alter any such policies as applied to Executive in a
manner that is material and adverse to Executive unless determined by the Company in good faith to be required by applicable law. Except as expressly provided for in this Section 10, any monetary damage claim pursuant to this Separation
Agreement by either party shall be expressly limited to actual damages (including lost profits), and shall not include punitive or consequential damages. 

  
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 Without limiting the generality of the preceding paragraph, Executive acknowledges and agrees
that the covenants and restrictions set forth in this Separation Agreement and the Employment Agreement Covenants (i) are reasonable in geographic and temporal scope and (ii) are necessary to protect legitimate proprietary and business
interests of the Company in, inter alia, near permanent customer relationships and confidential information. Executive further acknowledges and agrees that (x) the Executive’s breach of covenants and restrictions set forth in this
Separation Agreement or the Employment Agreement Covenants will cause the Company irreparable harm, which cannot be adequately compensated by money damages, and (y) if the Company elects to prevent Executive from breaching such provisions by
obtaining an injunction against Executive, there is a reasonable probability of the Company’s eventual success on the merits. Executive consents and agrees that if Executive commits any such breach or threatens to commit any breach, the Company
shall be entitled to seek temporary and permanent injunctive relief from a court of competent jurisdiction, in addition to, and not in lieu of, such other remedies as may be available to the Company for such breach, including the recovery of money
damages. If any of the restrictions or covenants set forth in this Separation Agreement or the Employment Agreement Covenants are determined to be wholly or partially unenforceable, Executive hereby agrees that this any provision in of this
Separation Agreement or the Employment Agreement Covenants may be reformed so that it is enforceable to the maximum extent permitted by law. If any of the restrictions or covenants set forth in this Separation Agreement or the Employment Agreement
Covenants are determined to be wholly or partially unenforceable in any jurisdiction, such determination shall not be a bar to or in any way diminish the Company’s right to enforce any such provisions in any other jurisdiction. 

11.    Application to All Forms of Relief. This Separation Agreement applies to any relief no matter how
called, including without limitation, wages, back pay, front pay, reinstatement, compensatory damages, liquidated damages, punitive damages for pain or suffering, costs and attorneys’ fees and expenses. 

12.    No Admissions, Complaints or Other Claims. Executive acknowledges and agrees that this
Separation Agreement is not to be construed in any way as an admission of any liability whatsoever by any Released Party, any such liability being expressly denied. Executive also acknowledges and agrees that he has not, with respect to any
transaction or state of facts existing prior to the date hereof, filed any actions against any Released Party with any governmental agency, court or tribunal. 

13.    Acknowledgments. Executive has fully reviewed the terms of this Separation Agreement, acknowledges
that he understands its terms, and states that he is entering into this Separation Agreement knowingly, voluntarily, and in full settlement of all claims which existed in the past or which currently exist, that arise out of his employment or service
as an officer or director with the Company or the termination of his employment or service as an officer or director. 

  
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 14.    Assistance and Cooperation. Executive agrees that he
will cooperate fully with the Company and its counsel, upon their request, with respect to any potential or pending proceeding (including, but not limited to, any litigation, arbitration, regulatory proceeding, investigation or governmental action)
that relates at least in part to matters with which Executive was involved while he was an employee of the Company or any of its affiliates, or with which he has knowledge. Executive agrees to render such cooperation in a timely fashion and to
provide Company personnel and counsel with the full benefit of his knowledge with respect to any such matter, and will make himself reasonably available for interviews, depositions, or court appearances at the request of the Company or its counsel.
Executive also agrees to timely complete, after receipt from the Company, a Director & Officer Questionnaire covering 2016 in January 2017 and to provide other information reasonably required for the Company’s proxy disclosures. The
Company and Executive acknowledge and agree that, as of the Effective Date, the 10b5-1 Trading Plan dated September 8, 2016 between the Company and Executive is terminated. 

Additionally, Executive agrees to make himself available at mutually convenient times without charge by telephone as a consultant to the
Company as reasonably requested by the Chief Executive Officer of the Company for a period of six months following the Employment Termination Date, not to exceed ten hours per month. During such six month period, no less frequently than once per
week the Company shall forward to Executive personal mail, including electronic mail, that is delivered to Executive at his Company address. For the avoidance of doubt, information relating to the business of the Company and its affiliates to which
Executive is provided access during this six month consulting period shall not fail to be considered “Confidential Information” for purposes of the Employment Agreement Covenants despite such provision of access occurring after the
Employment Termination Date. 
 The Company and its past and present parents, subsidiaries, and affiliated entities and companies have
certain obligations to Executive, his heirs and legal representatives to provide indemnity, to advance expenses, and to provide officers and directors liability insurance. These obligations are provided by law, in Section 10 of the
Employment Agreement, in the Indemnification Agreement, in Article Eight of the Third Amended and Restated Certificate of Incorporation of the Company (as it may be amended from time to time), in Article X of the Company’s bylaws (as it may be
amended from time to time), and in similar provisions in the certificates (charters) of incorporation, bylaws and other governing documents of various of the Company’s past and present parents, subsidiaries, and affiliated entities and
companies. These obligations will continue beyond Executive’s termination of employment on the Employment Termination Date, in accordance with and subject to the provisions thereof and applicable Delaware law. 

15.    Tax Withholding; Right of Offset. The Company shall withhold, or cause to be withheld, from any and
all payments made pursuant to this Separation Agreement or any other agreement between Executive and the Company all amounts required to be withheld pursuant to federal, state or local tax laws. The Company may withhold and deduct from any and all
payments made pursuant to this Separation Agreement or any other agreement between Executive and the Company all other normal deductions made with respect to the Company’s employees generally and any advances made to Executive and owed to the
Company. Executive acknowledges that he has been advised to consult his own tax professional regarding the tax consequences of any payments of compensation or other amounts received by Executive pursuant to this Separation Agreement or any other
agreement between the Executive and the Company. Furthermore, Executive acknowledges that he is responsible for paying all applicable taxes as are assessed or levied by any governmental entity on any payments of compensation or other amounts
received by Executive from the Company. The Company makes no representations regarding the tax consequences of any payments under this Separation Agreement or any other agreement between Executive and the Company, and in no event shall the Company
be liable for any portion of any taxes, penalties, interest or other expenses that may be incurred by Executive with respect to any payments under this Separation Agreement or any other agreement between Executive and the Company. 

  
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 16.    Dispute Resolution. In the event of any dispute or
controversy relating to or arising under this Separation Agreement, including any challenges to the validity hereof, the parties hereto mutually consent to the exclusive jurisdiction of the state courts in the State of Texas located in Harris County
and of the United States District Court for the Southern District of Texas, Houston Division. In the event any of the provisions of this Separation Agreement or the application of any such provisions to the parties hereto with respect to their
obligations, shall be held by a court of competent jurisdiction to be contrary to the laws of the State of Texas or federal law, the remaining provisions of the Separation Agreement shall remain in force and effect. TO THE EXTENT NOT PROHIBITED
BY APPLICABLE LAW, THE PARTIES HERETO KNOWINGLY, VOLUNTARILY, AND INTENTIONALLY WAIVE ANY RIGHT TO TRIAL BY JURY THAT SUCH PARTY MAY HAVE IN ANY ACTION OR PROCEEDING, IN LAW OR IN EQUITY, IN CONNECTION WITH THIS SEPARATION AGREEMENT. Executive
acknowledges that by agreeing to this provision, he knowingly and voluntarily waives any right he may have to a jury trial based on any claims he has, had, or may have against the Company, including any right to a jury trial under any local,
municipal, state or federal law including, without limitation, claims under Title VII of the Civil Rights Act of 1964, the Americans With Disabilities Act of 1990, the Family and Medical Leave Act of 1993, the Age Discrimination In Employment Act of
1967, the Older Workers Benefit Protection Act, the Texas Labor Code, claims of harassment, discrimination or wrongful termination, and any other statutory or common law claims. In any action brought by a party to this Separation Agreement to
enforce the obligations of the other party hereto under this Separation Agreement or the Employment Agreement, the prevailing party shall be entitled to collect from the non-prevailing party the prevailing party’s reasonable litigation costs
and attorney’s fees and expenses (including court costs, reasonable fees of accountants and experts, and other expenses incidental to the litigation). If the parties cannot agree which is the prevailing party for the purposes of this Section,
or the amount of that party’s reasonable fees, the parties agree to have the court which considered the dispute make such determinations. 

17.    Choice of Laws. This Separation Agreement is made and entered into in the State of Texas, and shall
in all respects be interpreted, enforced and governed under the laws of the State of Texas without regard to conflicts of law principles thereof. The language of all parts of this Separation Agreement shall in all cases be construed as a whole,
according to its fair meaning, and not strictly for or against any of the parties. 

18.    Assignability. The Company shall have the right to assign this Separation Agreement and its rights
hereunder, in whole or in part. Executive shall not have any right to pledge, hypothecate, anticipate, or in any way create a lien upon any amounts provided under this Separation Agreement, and no payments or benefits due hereunder shall be
assignable in anticipation of payment either by voluntary or involuntary acts or by operation of law; provided, however, in the event of Executive’s death, absent a valid, conflicting beneficiary designation on file with the Company at
the time of Executive’s death, Executive’s estate shall be entitled to the payments and benefits owed to Executive hereunder. 

19.    Severability. Should any provision of this Separation Agreement be declared or be determined by any
court to be illegal or invalid, the validity of the remaining parts, terms or provisions shall not be affected thereby and said illegal or invalid part, term, or provision shall be deemed not to be a part of this Separation Agreement. 

  
 11 

 20.    Section 409A. Each payment under this Separation
Agreement is intended to be (A) exempt from Section 409A of the Code, the regulations and other binding guidance promulgated thereunder (“Section 409A”), including, but not limited to, by compliance with the short-term
deferral exemption as specified in Treas. Reg. § 1.409A-1(b)(4), or (ii) compliant with Section 409A, and the provisions of this Separation Agreement will be administered, interpreted and construed accordingly. Payments under this
Separation Agreement in a series of installments shall be treated as a right to receive a series of separate payments for purposes of Section 409A. Executive shall be considered to have incurred a “separation from service” with the
Company and its affiliates within the meaning of Treas. Reg. § 1.409A-1(h)(1)(ii) as of the Employment Termination Date. 

Notwithstanding any other provision in this Separation Agreement to the contrary, payments and benefits payable under this Separation
Agreement due to a “separation from service” within the meaning of Section 409A that are deferred compensation subject to (and not otherwise exempt from) Section 409A that would otherwise be paid or provided during the six-month
period commencing on the date of Executive’s “separation from service” within the meaning of Section 409A, shall be deferred until the first business day after the date that is six (6) months following Executive’s
“separation from service” within the meaning of Section 409A. 
 To the extent that reimbursements or other in-kind benefits
under this Separation Agreement constitute “nonqualified deferred compensation” for purposes of Section 409A, (1) all expenses or other reimbursements hereunder shall be made on or prior to the last day of the second taxable year
following Executive’s “separation from service” pursuant to Treasury Regulation § 1.409A-1(b)(9)(iii)(B), (B) any right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another
benefit, and (C) no such reimbursement, expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other
taxable year. 
 Amounts payable pursuant to this Separation Agreement are intended to be unfunded for purposes of Section 409A.
Although bookkeeping accounts may be established with respect to payments due under the Separation Agreement, any such accounts shall be used merely as a bookkeeping convenience. No provision of this Separation Agreement shall require the Company to
purchase assets, place assets in a trust or segregate assets in connection with amounts due under the Separation Agreement. Any obligation of the Company to Executive under this Separation Agreement shall be based solely upon any contractual
obligations that may be created by this Separation Agreement. 
 21.    Nonwaiver. No failure or neglect
of either party hereto in any instance to exercise any right, power or privilege hereunder or under law shall constitute a waiver of any other right, power or privilege or of the same right, power or privilege in any other instance. All waivers by
either party hereto must be contained in a written instrument signed by the party to be charged and, in the case of the Company, by an officer of the Company (other than Executive) or other person duly authorized by the Company. 

  
 12 

 22.    Notices. Any notice, request, consent or approval
required or permitted to be given under this Separation Agreement or pursuant to law shall be sufficient if in writing, and if and when sent by certified or registered mail, with postage prepaid, to Executive’s residence, 6521 Vanderbilt
Street, Houston, Texas 77005 (with a copy to Executive’s counsel, which shall not constitute notice, Olshan Frome Wolosky LLP, 1325 Avenue of the Americas, New York, New York 10019, Attention: Steve Wolosky, swolosky@olshanlaw.com), or to the
Company’s principal office to the attention of the Company’s Chief Legal Officer, as the case may be. 

23.    Complete Agreement. Except as specifically set forth herein, including without limitation the
provisions referenced in Section 7 hereof, this Separation Agreement contains the entire agreement and understanding between the parties hereto and supersedes any prior or contemporaneous written or oral agreements, representations and
warranties between them respecting the subject matter hereof. For the avoidance of doubt, except as expressly modified herein, the terms and conditions of the Employment Agreement and the terms and conditions relating to Executive’s equity and
equity based awards set forth in the applicable stock option, long-term incentive and similar agreements and plans governing Executive’s options and performance stock units, shall continue to apply. 

24.    Counterparts. This Separation Agreement may be signed in any number of counterparts, each of which is
an original and all of which taken together form one single document. 

  
 13 

 Please review this document carefully as it contains a release of claims.

 IN WITNESS WHEREOF, Executive has entered into this Separation Agreement, and the Company has caused this Separation
Agreement to be executed in its name and on its behalf by its duly authorized officer to be effective as of the date that this Separation Agreement is executed by Executive as set forth beneath the signature below (the “Effective
Date”). 
  

									
	DAVID P. STEINER	 		 	WASTE MANAGEMENT, INC.
	(“Executive”)	 		 	(The “Company”)
				
	/s/ David P. Steiner	 		 	By:	 	/s/ James C. Fish, Jr.
	Signature	 		 		 	
			
		 		 	Title:      President and Chief Executive Officer    
				
	Date:	 	January 6, 2017	 		 	Printed Name:      James C. Fish,
Jr.                    
		 	“Effective Date”	 		 		 	
		 		 	Date:      January 6,
2017                                      

  
 [Signature Page to
Separation Agreement] 

 EXHIBIT A 

 

	1.	Accrued but unpaid base salary for services rendered up to the Employment Termination Date, November 10, 2016, which amount has been previously paid to Executive. 

 

	2.	Accrued but unpaid expenses required to be reimbursed under the Employment Agreement. 

  

	3.	Four weeks accrued but unused vacation for the year 2016 prior to the Employment Termination Date, which amount has been previously paid to Executive. 

 

	4.	A cash severance payment in the gross amount of $6,002,840, equal to two times the sum of Executive’s current base salary ($1,277,200) and target bonus ($1,724,220), which has or will be paid as follows:

  

	 	a.	$3,001,420 was previously paid in a lump sum; and 

  

	 	b.	$3,001,420 is payable in installments over the two-year period beginning on the Employment Termination Date, certain installments which have been previously paid to Executive; 

 

	5.	Twenty-four months (inclusive of benefits that have been previously provided as of the Effective Date) of continued group health and/or dental insurance coverage that Executive participated in as of the Employment
Termination Date. The Company will provide COBRA coverage at its own expense for 18 months or, if earlier, until Executive’s death or eligibility for coverage by a subsequent employer. Thereafter, Executive will have no additional COBRA
coverage, but if Executive has not obtained coverage from a subsequent employer, the Company will provide up to six months additional medical and dental coverage consistent with its obligations under the Employment Agreement. 

 

	6.	An additional lump sum in the amount of $334,252 in lieu of any obligation of the Company to continue any benefits other than group health and dental insurance. 

 

	7.	A bonus under the 2016 Annual Incentive Plan, if any, payable to the same extent and at the same time payments are made to other senior executives of the Company, prorated based on the Employment Termination Date; and

  

	8.	With respect to outstanding Performance Share Units (“PSUs”) awarded under the Incentive Plans Executive shall be entitled to receive, on the normal payment date for the applicable award, the shares and
related dividend equivalents that Executive would have been entitled to receive if he had remained employed until the last day of the Performance Period (as defined in each such applicable award) multiplied by the fraction which has as its numerator
the total number of days Executive was employed by the Affiliated Group during the applicable Performance Period and has as its denominator the total number of days during the applicable Performance Period. Exhibit B details the number of
PSUs (reported at target) and the applicable pro-ration calculation. However, as described above, the actual amount payable, if any, will be determined based upon the Company’s performance over the applicable Performance Period and payment will
not be made until the end of the Performance Period. 

  
 Exhibit A 

 EXHIBIT B 

EQUITY AWARDS AS OF EFFECTIVE DATE 

 

	1.	The following represents how the Outstanding PSUs will be prorated. The numbers below are reported assuming a payout at 100% of target – payment, if any, will be subject in each instance to actual performance
against the applicable performance measures. 

 2014-2016: 116,280 PSUs x (1045/1096) 

2015-2017: 101,886 PSUs x (680/1096)

2016-2018: 107,408 PSUs x (315/1096) 
  

	2.	The following represents the option awards held by the Executive: 

 Options Outstanding
and Exercisable as of the Effective Date 
  

									
	 Grant Date
	  	Number of Vested
Options	 	  	Exercise Price	 
	 02/25/2015
	  	 	59,106	  	  	$	54.635	  
	 03/07/2014
	  	 	140,448	  	  	$	41.370	  
	 03/08/2013
	  	 	282,775	  	  	$	36.885	  
	 03/09/2012
	  	 	218,881	  	  	$	34.935	  

 Options Outstanding but not Exercisable as of the Effective Date 

 

									
	 Grant Date
	  	Number of Unvested
Options	 	  	Exercise Price	 
	 02/26/2016
	  	 	225,857	  	  	$	56.235	  
	 02/25/2015
	  	 	177,321	  	  	$	54.635	  
	 03/07/2014
	  	 	140,451	  	  	$	41.370	  

  

	3.	In addition to the PSUs and Options described above, as of the Effective Date Executive also holds 506,302 stock units deferred pursuant to the Company’s 409A Deferral Savings Plan (the “DSP”), which
shall be settled in accordance with the terms of the DSP and Executive’s deferral election following the six-month anniversary of the Termination Date. 

  
 Exhibit B 

 EXHIBIT C 

SUPPLEMENTAL RELEASE OF CLAIMS 

Pursuant to the terms of the Separation and Release Agreement effective as of January 6, 2017, between Waste Management, Inc. (the
“Company”) and me (the “Separation Agreement”), and in consideration of the payments made to me and other benefits to be received by me pursuant thereto, I, David P. Steiner, do freely and voluntarily enter into
this RELEASE (the “Release”), which shall become effective and binding on the eighth day following my signing this Release as provided herein (the “Waiver Effective Date”). It is my intent to be legally bound,
according to the terms set forth below. Capitalized terms used herein but not defined shall have the meaning set forth in the Separation Agreement. 
 In
exchange for the payments and other benefits to be provided to me by the Company pursuant to Section 2 of the Separation Agreement (the “Additional Benefits”), none of which I would have otherwise been entitled to if I had not
executed this Release, I hereby agree and state as follows: 
 1.      I, individually and on behalf of my
heirs, personal representatives, successors, and assigns, release, waive, and discharge the Company, its past and present parent, subsidiary and affiliated companies, and its and their agents, directors, managers, members, partners, officers,
attorneys, accountants, employees, and representatives, and all persons acting by, through, under or in concert with the Company (hereinafter “Released Parties”), from all claims, debts, liabilities, demands, obligations, promises,
acts, agreements, costs, expenses, damages, actions, and causes of action, whether in law or in equity, whether known or unknown, suspected or unsuspected, arising from my employment and termination from employment with the Company, including but
not limited to any and all claims pursuant to Title VII of the Civil Rights Act of 1964, as amended by the Civil Rights Act of 1991 (42 U.S.C. § 2000e, et seq.), which prohibits discrimination in employment based on race, color, national
origin, religion or sex; the Civil Rights Act of 1866 (42 U.S.C. §§1981, 1983 and 1985), which prohibits violations of civil rights; the Age Discrimination in Employment Act of 1967, as amended, and as further amended by the Older Workers
Benefit Protection Act (29 U.S.C. §621, et seq.), which prohibits age discrimination in employment; the Employee Retirement Income Security Act of 1974, as amended (29 U.S.C. § 1001, et seq. ), which protects certain employee benefits; the
Americans with Disabilities Act of 1990, as amended (42 U.S.C. § 12101, et seq.), which prohibits discrimination against the disabled; the Family and Medical Leave Act of 1993 (29 U.S.C. § 2601, et seq.), which provides medical and family
leave; the Fair Labor Standards Act (29 U.S.C. § 201, et seq.), including the wage and hour laws relating to payment of wages; and all other federal, state and local laws and regulations prohibiting employment discrimination. This Release also
includes, but is not limited to, a release of any claims for breach of contract, including breach of the Employment Agreement, mental pain, suffering and anguish, emotional upset, impairment of economic opportunities, unlawful interference with
employment rights, defamation, intentional or negligent infliction of emotional distress, fraud, wrongful termination, wrongful discharge in violation of public policy, breach of any express or implied covenant of good faith and fair dealing, that
the Company has dealt with me unfairly or in bad faith, and all other common law contract and tort claims. 

  
 C-1 

 Notwithstanding the foregoing, I am not waiving any rights or claims under the Separation Agreement or that may
arise after this Release is signed by me. Moreover, this Release does not apply to any claims or rights which, by operation of law, cannot be waived. 

Nothing in this Release shall affect in any way my rights of indemnification and directors and officers liability insurance coverage provided to me pursuant
to the Indemnification Agreement, Employment Agreement, Company’s (or any Company affiliate’s or subsidiary’s) certificate of incorporation, by-laws or other constituent documents, and/or pursuant to any other agreements or policies
including, without limitation, directors’ and officers’ insurance policies as in effect from time to time. Nothing in this Release shall affect my rights as a stockholder of the Company. Nothing in this release will affect my vested
benefits under the Company’s 401(k) plan or any benefits that are vested or any claim accrued under the terms of a health benefit plan. 

2.      I forever waive and relinquish any right or claim to reinstatement to active employment or service with
the Company, its affiliates, subsidiaries, divisions, parent, and successors. I further acknowledge that the Company has no obligation to rehire or return me to active duty or service at any time in the future. 

3.      I acknowledge that all agreements applicable to my employment respecting non-competition,
non-solicitation, non-disparagement, and the confidential or proprietary information of the Company shall continue in full force and effect as described in the Separation Agreement. 

4.      Nothing in this Release prohibits me from filing a charge with, or reporting possible violations of
federal law or regulation to any governmental agency or entity, including but not limited to the U.S. Equal Opportunity Commission, the Department of Justice, the Securities and Exchange Commission, Congress, and any agency Inspector General, or
making other disclosures that are protected under the whistleblower provisions of federal law or regulation. This Release does not limit my ability to communicate with any government agencies or participate in any investigation or proceeding that
may be conducted by any government agency, including providing documents or other information, without notice to the Company. In addition, this Release does not limit my right to receive an award for information provided to any government agencies.
Further, I am advised that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (a) is made (i) in confidence to a federal, state, or local
government official, either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (b) is made in a complaint or other document filed in a lawsuit or other
proceeding, if such filing is made under seal. I understand that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the
trade secret information in the court proceeding, if the individual (A) files any document containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order. 

  
 C-2 

 5.      I hereby acknowledge and affirm as follows: 

(a)      I have been advised to consult with an attorney prior to signing this Release. 

(b)      I have been allowed a period of 21 days in which to consider this Release. 

(c)      I understand that for a period of seven days following my execution of this Release, I
may revoke the Release by notifying the Company, in writing at 1001 Fannin St. Houston TX 77002, Attn: Chief Legal Officer or via email to Charles Boettcher at <cboettcher@wm.com>, of my desire to do so. I understand that after the seven-day
period has elapsed and I have not revoked this Release, it shall then become, irrevocable, effective and enforceable. 

(d)      Except as provided in the Separation Agreement, I acknowledge that I have received
payment for all wages and other compensation due up to the Termination Date, including any reimbursement for any and all business-related expenses. I further acknowledge that the Additional Benefits are consideration to which I am not otherwise
entitled under any Company plan, program, or prior agreement. 
 (e)      I certify that I
have returned all property of the Company, including but not limited to, laptops, handheld devices, keys, credit and fuel cards, parking and building passes, files, lists, and documents of all kinds regardless of the medium in which they are
maintained. 
 (f)      I have carefully read the contents of this Release and I understand
its contents. I am executing this Release voluntarily, knowingly, and without any duress or coercion. 

6.      I acknowledge that this Release shall not be construed as an admission by any of the Released Parties of
any liability whatsoever, or as an admission by any of the Released Parties of any violation of my rights or of any other person, or any violation of any order, law, statute, duty or contract. 

7.      In the event that any provision of this Release should be held void, voidable, or unenforceable, the
remaining portions shall remain in full force and effect. 
 8.      I understand that in order to be
effective this Release must be executed by me, without subsequent revocation, and delivered to the Company in conformity with the time frames described in Section 5 of this Release. 

  
 C-3 

 IN WITNESS WHEREOF, I have signed this Release on the      day of
                        , 2017. 

 

	
	
	   

	David P. Steiner

  

	
	Witness
	
	   

	Name:
	Date:

  
 [Signature Page
to Supplemental Release] 

 ATTACHMENT A 

 

	Item 5.02(b).	Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 

On January 6, 2017, Mr. David P. Steiner resigned from his position on the Board of Directors (the “Board”) of Waste
Management, Inc. (the “Company”). In Mr. Steiner’s employment agreement, he agreed to resign from the Board when his employment ended. Mr. Steiner did not resign because of any disagreement with the Company on any matter
relating to the Company’s operations, policies or practices. 
 Mr. Steiner’s departure from the Company entitles him to the
payments and benefits set forth in Section 6(e)(i) – (e)(v) of his employment agreement dated May 6, 2002, as amended and previously filed as Exhibit 10.1 to the Company’s Form 10-Q for the period ended March 31, 2002.
Mr. Steiner’s outstanding performance share unit awards will be prorated as provided for in Section 2.a. of Important Award Details in the award agreements that are Exhibit 10.1 to Forms 8-K filed on March 12,
2014, March 3, 2015 and March 2, 2016. 
 The Company has entered into an agreement with Mr. Steiner (the
“Separation Agreement”) setting forth additional terms of his departure from the Company. With respect to Mr. Steiner’s outstanding stock option awards, the Separation Agreement provides that Mr. Steiner’s departure
from the Company shall be considered “Retirement” pursuant to the terms of each of the applicable award agreements. The Separation Agreement also expanded the post-employment covenants in Mr. Steiner’s employment agreement,
including, but not limited to, the inclusion of a release and a “standstill” that were not required by his employment agreement. 

The Separation Agreement is filed as Exhibit 10.1 to this Form 8-K and is incorporated herein by reference in its entirety. 

 

	Item 9.01.	Financial Statements and Exhibits. 

 (d) Exhibits 

 

			
		
	10.1	  	Separation Agreement

  
 [Attachment A]EX-4.1

 Exhibit 4.1 
  

 
  

FOURTH SUPPLEMENTAL SENIOR DEBT INDENTURE 

BETWEEN 
 THE GOLDMAN SACHS GROUP,
INC. 
 AND 
 THE BANK OF NEW
YORK MELLON 
 Trustee 
 Dated as
of December 31, 2016 
 SUPPLEMENTAL TO SENIOR DEBT INDENTURE 

DATED JULY 16, 2008 
  

 
  

 THIS FOURTH SUPPLEMENTAL SENIOR DEBT INDENTURE (“Supplemental Indenture”) is dated as
of December 31, 2016 between THE GOLDMAN SACHS GROUP, INC., a Delaware corporation, as the Company, and THE BANK OF NEW YORK MELLON, as Trustee. All terms used in this Supplemental Indenture which are defined in the Senior Debt Indenture dated
as of July 16, 2008 between said parties, as supplemented or amended prior to the date hereof (the “Original Indenture”), and are not otherwise defined in this Supplemental Indenture, shall have the meanings assigned to them in the
Original Indenture. 
 W I T N E S S E T H : 

WHEREAS, the Company and the Trustee are parties to the Original Indenture; 

WHEREAS, Section 9.01(5) of the Original Indenture provides that, except as may otherwise be provided pursuant to Section 3.01 of
the Original Indenture, for all or any specific Securities of any series, without the consent of the Holders of any Securities, the Company, when authorized by a Board Resolution, and the Trustee may enter into indentures supplemental to the
Original Indenture to add to, change or eliminate any of the provisions of the Original Indenture in respect of all or any Securities of any series (and if such addition, change or elimination is to apply with respect to less than all Securities of
any series, stating that it is expressly being made to apply solely with respect to such Securities within such series), provided that any such addition, change or elimination (A) shall neither (i) apply to any Security issued prior to the
execution of such supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect to such provision or (B) shall become effective only when there is no such
Security Outstanding; 
 WHEREAS, the Company wishes to make certain changes relating to covenant breaches, events of default, remedies and
permitted transfers, with the amendments applying only to Securities issued after the time this Supplemental Indenture is executed and not applying to, or modifying the rights of Holders of, any other Securities; 

WHEREAS, the entry into this Supplemental Indenture by the parties hereto is in all respects authorized by the provisions of the Original
Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid indenture and agreement according to its terms
have been done; 
 NOW, THEREFORE: 

In consideration of the covenants and other provisions set forth in this Supplemental Indenture and the Original Indenture, the Company and the
Trustee mutually covenant and agree with each other, and for the equal and proportionate benefit of the respective Holders of the applicable Securities from time to time, as follows: 

 ARTICLE 1 

Amendment of Original Indenture 

Section 1.01. Applicability. Except as otherwise may be provided pursuant to Section 3.01 of the Original Indenture with
respect to any particular Security issued after the date hereof, Sections 1.02 through 1.04, inclusive, of this Supplemental Indenture shall apply to Securities issued after the execution of this Supplemental Indenture (including any such Securities
of a series created before such execution) and shall not apply to, or modify the rights of Holders of, any Securities issued before such execution. Whether Securities have been issued after or before the execution of this Supplemental Indenture may
be determined by the Company by reference to the time of either (i) the original issuance of such Securities or (ii) the original issuance of the series of which such Securities are a part pursuant to Section 3.01 of the Original
Indenture, as the Company may determine. Any such determination by the Company may (but need not) be set forth in an Officers’ Certificate or Supplemental Indenture establishing such Securities or series or in such other manner as the Company
may determine. In the absence of any such determination, for purposes of this Section 1.01, a Security shall be deemed to be issued at the time of the original issuance of the Security pursuant to Section 3.01. The Trustee shall have no
obligation to determine whether any Security has been issued after or before the execution of this Supplemental Indenture. The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any such determination
made by the Company. 
 Section 1.02. Events of Default; Remedies 

(a) The definition of “Events of Default” contained in Section 5.01 of the Original Indenture is hereby amended
by deleting the existing Sections 5.01(2), 5.01(3) and 5.01(4) and replacing them with the following, and references in the Original Indenture to “Events of Default” shall mean Events of Default as such term is so amended: 

“(2) default in the payment of the principal of or any premium on any Security of that series at its Maturity when such principal or any
premium, as applicable, becomes due and payable, and continuance of such default for a period of 30 days; or 
 (3) [Intentionally omitted]

 (4) [Intentionally omitted]” 

(b) Section 5.01 of the Original Indenture is hereby amended by adding the following paragraph at the end of such Section: 

“Solely for purposes of this Article Five, the term “series” shall be deemed to refer to Securities with the
same CUSIP number.” 

  
 -2- 

 Section 1.03. Covenant Breaches. 

(a) Section 1.01 of the Original Indenture is hereby amended by adding the following definition immediately following the
definition of “corporation”: 
 ““Covenant Breach” means, with respect to the Securities of any series: 

(1) default in the deposit of any sinking fund payment, when and as due by the terms of a Security of that series; or 

(2) default in the performance, or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a
default in whose performance or whose breach is specifically dealt with in Section 5.01 of this Indenture or which has expressly been included in this Indenture solely for the benefit of other Securities), and continuance of such default or
breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 10% in principal amount of the Outstanding Securities of such
series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Covenant Breach” hereunder. 

A Covenant Breach shall not be an Event of Default with respect to any Security, except to the extent otherwise specifically provided pursuant
to Section 3.01 with respect to such Security.” 
 (b) Section 1.01 of the Original Indenture is hereby amended by
adding the following definition immediately following the definition of “maturity”: 
 ““Notice of Covenant Breach”
has the meaning specified in the definition of “Covenant Breach” in this Section 1.01.” 
 (c) The
definition of “Notice of Default” contained in Section 1.01 of the Original Indenture is hereby deleted in its entirety. 

(d) The first sentence of the sixth paragraph of Section 1.04 of the Original Indenture is hereby amended to read in its
entirety as follows: 
 “The Trustee may set any day as a record date for the purpose of determining the Holders of Outstanding
Securities of any series entitled to join in the giving or making of (i) any Notice of Covenant Breach, (ii) any declaration of acceleration referred to in Section 5.02, (iii) any request to institute proceedings referred to in
Section 5.07(2) or (iv) any direction referred to in Section 5.12, in each case with respect to Securities of such series.” 

  
 -3- 

 (e) The fourth paragraph of Section 2.03 of the Original Indenture is hereby
amended to read in its entirety as follows: 
 “[If applicable, insert — The Indenture contains provisions for defeasance at
any time of the entire indebtedness of this Security or certain restrictive covenants, Events of Default and Covenant Breaches with respect to this Security, in each case upon compliance with certain conditions set forth in the Indenture.]”

 (f) The seventh paragraph of Section 2.03 of the Original Indenture is hereby amended by adding the following
sentence at the end of the paragraph: 
 “For the purpose of this paragraph, the term “default” means any event which is, or
after notice or lapse of time or both would become, an Event of Default or Covenant Breach in respect of such Securities.” 

(g) The eighth paragraph of Section 2.03 of the Original Indenture is hereby amended to read in its entirety as follows:

 “As provided in and subject to the provisions of the Indenture, the Holder of this Security shall not have the right to institute any
proceeding with respect to the Indenture, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall have previously given the Trustee written notice of a continuing Event of Default or Covenant
Breach with respect to the Securities of this series, the Holders of not less than 25% in principal amount of the Securities of this series at the time Outstanding shall have made written request to the Trustee to institute proceedings in respect of
such Event of Default or Covenant Breach, as applicable, as Trustee and offered the Trustee indemnity reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this
series at the time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein.” 

(h) Section 3.01 of the Original Indenture is hereby amended by deleting the existing Clause (18) and replacing such
Clause with the following: 

  
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 “(18) any addition to, elimination of or other change in the covenants set forth in Article
Ten or the definition of “Covenant Breach” set forth in Section 1.01, which applies to Securities of the series;”. 

(i) Clause (2)(B) of Section 3.05 of the Original Indenture is hereby amended to read in its entirety as follows: 

“(B) there shall have occurred and be continuing an Event of Default or Covenant Breach with respect to such Global Security or”.

 (j) The first paragraph of Section 5.02 of the Original Indenture is hereby amended by adding the following sentence
at the end of the paragraph. 
 “For the avoidance of doubt, except to the extent otherwise specifically provided pursuant to
Section 3.01 with respect to a particular Security or Securities, neither the Trustee nor any Holders shall be entitled to accelerate the Maturity of any Security, nor shall the Maturity of any Security be otherwise accelerated, as a result of
a Covenant Breach.” 
 (k) The second paragraph of Section 5.03 of the Original Indenture is hereby amended to read
in its entirety as follows:  
 “If an Event of Default or Covenant Breach with respect to Securities of any series occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and
enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy.” 

(l) Section 5.07 of the Original Indenture is hereby amended by deleting the existing Clauses (1) and (2) and replacing
such Clauses with the following: 
 “(1) such Holder has previously given written notice to the Trustee of a continuing Event of Default
or Covenant Breach with respect to the Securities of that series; 
 (2) the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default or Covenant Breach, as applicable, in its own name as Trustee hereunder;”. 

  
 -5- 

 (m) The first sentence of Section 5.11 of the Original Indenture is hereby
amended to read in its entirety as follows: 
 “No delay or omission of the Trustee or of any Holder of any Securities to exercise any
right or remedy accruing upon any Event of Default or Covenant Breach shall impair any such right or remedy or constitute a waiver of any such Event of Default or Covenant Breach or an acquiescence therein.” 

(n) The second paragraph of Section 5.13 of the Original Indenture is hereby amended to read in its entirety as follows:

 “Upon any such waiver, such default shall cease to exist, and any Event of Default or Covenant Breach arising therefrom shall be
deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.” 

(o) The first paragraph of Section 6.02 of the Original Indenture is hereby amended to read in its entirety as follows:

 “If a default occurs hereunder with respect to Securities of any series, the Trustee shall give the Holders of Securities of such
series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Clause (2) under the definition of “Covenant Breach” in
Section 1.01 with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or
after notice or lapse of time or both would become, an Event of Default or Covenant Breach with respect to Securities of such series.” 

(p) Section 6.03 of the Original Indenture is hereby amended by deleting the existing Clause (9) and replacing such Clause
with the following: 
 “(9) the Trustee shall not be deemed to have notice of any default, Event of Default or Covenant Breach unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities
and this Indenture;”. 
 (q) Section 6.08 of the Original Indenture is hereby amended by adding the following sentence
at the end of the paragraph: 

  
 -6- 

 “For the purpose of determining whether a conflicting interest exists within the meaning of
the Trust Indenture Act, “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default or Covenant Breach.” 

(r) Section 8.01 of the Original Indenture is hereby amended by deleting the existing Clause (2) and replacing such Clause
with the following: 
 “(2) immediately after giving effect to such transaction and treating any indebtedness which becomes an
obligation of the Company or any Subsidiary as a result of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default or Covenant Breach, and no event which, after notice or lapse
of time or both, would become an Event of Default or Covenant Breach, shall have happened and be continuing;”. 
 (s)
Section 10.04 of the Original Indenture is hereby amended to read in its entirety as follows: 
 “The Company will deliver to the
Trustee, within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in default in the
performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all such defaults and
the nature and status thereof of which they may have knowledge. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default or Covenant
Breach.” 
 (t) The definition of “Covenant Defeasance” contained in Section 13.03 of the Original
Indenture is hereby amended to read in its entirety as follows, and references in the Original Indenture to “Covenant Defeasance” shall mean Covenant Defeasance as such term is so amended: 

“Upon the Company’s exercise of its option (if any) to have this Section applied to any Securities or any series of Securities, as
the case may be, (1) the Company shall be released from its obligations under Section 8.01(3) and Section 10.05, and any covenants provided pursuant to Section 3.01(18), 9.01(2) or 9.01(7) for the benefit of the Holders of such
Securities and (2) the occurrence of any Covenant Breach (with respect to any of Section 8.01(3) and Section 10.05, and any such covenants provided pursuant to Section 3.01(18), 9.01(2) or 9.01(7)) or event specified

  
 -7- 

 
in Section 5.01(7) shall be deemed not to be or result in an Event of Default or Covenant Breach, in each case with respect to such Securities as provided in this Section on and after the
date the conditions set forth in Section 13.04 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such specified Section (to the extent so specified in the case of a Covenant Breach), whether directly or indirectly by reason of any reference elsewhere herein
to any such Section or by reason of any reference in any such Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.” 

(u) Section 13.04 of the Original Indenture is hereby amended by deleting the existing Clause (5) and replacing such
Clause with the following: 
 “(5) No event which is, or after notice or lapse of time or both would become, an Event of Default or
Covenant Breach with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.01(5) and (6), at any time on or prior to the 90th
day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such 90th day).” 

Section 1.04. Permitted Transfers. 

(a) Section 8.01 of the Original Indenture is hereby amended by adding the following paragraph at the end of such Section: 

“Notwithstanding the foregoing and for the avoidance of doubt, the Company may convey, transfer or lease its properties and assets
substantially as an entirety, in one or more transactions, to one or more Persons, provided that the properties and assets of the Company and its Subsidiaries, taken together, are not conveyed, transferred or leased substantially as an entirety to
one or more Persons that are not Subsidiaries of the Company.” 
 ARTICLE 2 

Miscellaneous Provisions 

Section 2.01. Other Terms of Indenture. Except insofar as otherwise expressly provided in this Supplemental Indenture, all
provisions, terms and conditions of the Original Indenture are in all respects ratified and confirmed and shall remain in full force and effect. To the extent set forth in Section 1.01 above, this Supplemental Indenture shall be a part of the
Indenture. 

  
 -8- 

 Section 2.02. Governing Law. This Supplemental Indenture shall be governed by and
construed in accordance with the laws of the State of New York. 
 Section 2.03. Counterparts. This Supplemental Indenture may
be executed in any number of counterparts, each of which shall be an original; but such counterparts shall together constitute but one and the same instrument. 

Section 2.04. The Trustee. The recitals contained herein shall be taken as the statements of the Company and the Trustee does not
assume any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Supplemental Indenture. 

  
 -9- 

 IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Senior Debt Indenture
to be duly executed, as of the day and year first above written. 
  

			
	THE GOLDMAN SACHS GROUP, INC.
		
	By:	 	 /s/ Robin A. Vince

		 	Name:  Robin A. Vince
		 	Title:    Treasurer

  

			
	THE BANK OF NEW YORK MELLON, AS TRUSTEE
		
	By:	 	 /s/ Francine Kincaid

		 	Name:  Francine Kincaid
		 	Title:    Vice President

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