Document:

EX-10.25

 Exhibit 10.25 
 Program Year 2013 
 Bonus Conversion Program 

Summary of Program Terms 

Program Objectives 
  

	•	To increase the opportunity for employee ownership of Stericycle stock 

  

	•	To provide an alternative means of deferring the tax obligation on incentive compensation 

 Program Overview 
 The Bonus Conversion Program provides you with an
opportunity to defer current taxation into the future and to increase your ownership of Stericycle stock. This Program allows you to receive a vested Stericycle non-qualified stock option in lieu of all or a portion of any annual, quarterly or
monthly cash bonus that Stericycle otherwise would pay you. 
 If you elect to participate for the 2013 Program Year, you will
receive a vested option during the first quarter of 2014 to purchase $4.00 or more worth of Stericycle stock for every $1 of your annual bonus, quarterly bonuses or monthly bonuses for 2011 that you elected to forgo. The number of option shares will
be equal to (a) 4 times the amount that you elected to forgo divided by (b) the average closing price of Stericycle stock during 2013. The exercise price per share of the option will be the closing price of the stock on the date of the
option grant. For example, if under this Program you elect to forgo $5,000 of your annual bonus for 2013, you will receive a vested option to purchase, at the option exercise price, a number of shares equal to $20,000 divided by the average closing
price of Stericycle stock during 2013 (or, if lower, the closing price on the date of the option grant). 
 The Bonus Conversion
Program provides participants with an excellent opportunity to accumulate wealth if Stericycle stock performs well. A stock investment includes a potential for significant gain as well as an investment risk. The Bonus Conversion Program is designed
to provide a $4-for-$1 or greater replacement ratio or premium for risk because if you participate you will be trading certain cash for uncertain investment gain. With the $4-for-$1 or greater replacement ratio, your potential for gain depends on
whether Stericycle stock performs well. However, your risk is that Stericycle stock may not appreciate and you may not recover the amount of your cash bonus given up or match the earnings you could have received under an alternative investment.

 Enrollment 

THE ENCLOSED ELECTION FORM MUST BE COMPLETED AND RETURNED AS INDICATED ON THE FORM. THIS FORM MUST BE COMPLETED AND RETURNED EVEN IF YOU
ELECT NOT TO PARTICIPATE. YOUR PARTICIPATION IN THE PROGRAM IS NOT A STERICYCLE PROMISE THAT YOU WILL RECEIVE A BONUS OF ANY PARTICULAR AMOUNT OR ANY BONUS AT ALL. 

 Program Design 
  

	•	Participants may elect to convert up to 100% of their annual, quarterly or monthly cash bonuses for 2013 (if any) (minimum of $1,000 in the aggregate) into a Stericycle
non-qualified stock option. 

  

	•	Eligibility: Grade level S11 and above as approved by Board of Directors 

  

	•	Replacement ratio, or premium for risk, is $4 for options to purchase Stericycle stock for every $1 of cash bonus forgone. 

 

	•	The number of option shares will be equal to (a) 4 times the amount that a participant elected to forgo divided by (b) the average closing price of Stericycle
stock during 2013 (or, if lower, the closing price on the date of the option grant). The exercise price per share of the option will be the closing price of Stericycle stock on the date of the option grant. 

 

	•	In the case of quarterly or monthly bonuses, the percentage that a participant elects to convert will apply to each of the participant’s quarterly or monthly
bonuses for 2013. 

  

	•	If a participant’s employment terminates before receiving a stock option for his or her converted bonus or bonuses, the participant’s conversion election will
be canceled as of his or her termination date and all amounts converted will be paid in cash. 

  

	•	Participants forgo all or a portion of their cash bonuses (before any withholding that would have been taken out) in order to receive stock options. Generally, a
participant will be taxed at ordinary income rates on the option gain upon exercise of the stock option. Upon sale of the shares, any additional gain or loss will be taxed as short-term or long-term capital gain or loss depending on the holding
period of the stock for tax law purposes. 

  

	•	An election to participate in this Program must be made by the election deadline to avoid constructive receipt and securities law restrictions. An election is
irrevocable and cannot be changed by the participant after the election deadline. New employees who start after January 31, 2013 will not be eligible to participate in the Bonus Conversion Program for 2013. 

 

	•	Participants vest in the stock options immediately. 

  

	•	Option term: 10 years – participants have 10 years from date of grant to exercise options. 

 

	•	In the event of death, disability, resignation, retirement, or other termination of employment (other than termination for cause), the stock option remains exercisable
until the end of the 10-year option term. 

  

	•	Any stock options you elect to receive will be issued under any available Stericycle Stock Option Plan and the terms of that Plan and the related Option Agreement will
apply to your stock option. 

  
 2EX-10.26

 Exhibit 10.26 
 Stock Option Agreement 
 (Nonstatutory Stock Option Under 

Stericycle, Inc. [2005/2008/2011] Incentive Stock Plan) 
 Subject to the following terms, Stericycle, Inc., a Delaware corporation (the Company), grants to the following employee of the Company or one of its subsidiaries (Employee), as of the
following grant date (the Grant Date), a nonstatutory stock option (the Option) to purchase the following number of shares of the Company’s common stock, par value $.01 per share (the Option Shares), at the following
purchase price per share (the Exercise Price), exercisable in accordance with the following vesting schedule subject to the following expiration date (the Expiration Date): 

 

			
	 Employee:
	  	[name]
	 Grant date:
	  	[date], 2014
	 Number of option shares:
	  	[number]
	 Exercise price per share:
	  	$[price]
	 Vesting schedule:
	  	Full vesting as of the Grant Date
	 Expiration date of option:
	  	[date], 2024

 Terms of Option 
 1. Plan. The Option has been granted under the Stericycle, Inc. [2005/2008/2011] Incentive Stock Plan (the Plan), which is incorporated in this Agreement by reference. Capitalized terms used
in this Agreement without being defined (for example, the term “Plan Administrator”) have the same meanings that they have in the Plan. 
 2. Exercisability. The Option may be exercised in whole or in part at any time prior to the Option’s Expiration Date. Any portion of the Option that remains unexercised shall expire on the
Option’s Expiration Date. 
 The Option is subject to forfeiture and automatic cancellation as provided in the Employee
Covenant Agreement referred to in Paragraph 6 of this Agreement. In addition, Employee may be required to repay Stericycle the net proceeds from the sale of any Option Shares as also provided in the Employee Covenant Agreement. 

3. Manner of Exercise. The Option may be exercised in respect of a whole number of Option Shares (and only in respect of a whole
number) by: 
 (a) written notice of exercise to the Plan Administrator (or its designee) at the Company’s
principal executive offices (which are currently located at 28161 North Keith Drive, Lake Forest, Illinois 60045), which is received prior to the Option’s Expiration Date; together with 

 (b) full payment of the Exercise Price of the Option Shares in respect of
which the Option is exercised; and 
 (c) full payment of an amount equal to the Company’s federal, state
and local withholding tax obligation, if any, in connection with the Option’s exercise. 
 In addition, the exercise of the
Option shall be subject to any procedures and policies in effect at the time of exercise that the Plan Administrator has adopted to administer the Plan. 
 4. Manner of Payment. Employee’s payment of the Exercise Price of the Option Shares in respect of which the Option is exercised, and his or her payment of the Company’s withholding tax
obligation, if any, in connection with the exercise, shall be made by certified or bank cashier’s check or by a wire transfer of immediately available funds. 
 Payment also may be made by a “cashless” net exercise through a broker approved by the Plan Administrator for the purpose, pursuant to which the full amount due to the Company is remitted
directly by the broker from the net proceeds of the sale of a sufficient number of Option Shares. In addition, payment may be made in any other manner authorized by the Plan and specifically permitted by the Plan Administrator at the time of
exercise. 
 5. Transferability. The Option may not be transferred, assigned or pledged (whether by operation of law or
otherwise), except (i) as provided by will or the applicable laws of intestacy or (ii) in accordance with Section 5.5 of the Plan. The Option shall not be subject to execution, attachment or similar process. 

6. Employee Covenant Agreement. This Agreement and the grant of the Option are subject to Employee’s agreement to be bound by
the Employee Covenant Agreement which has been provided or made available to Employee with this Agreement. The Company would not have granted the Option to Employee without Employee’s agreement to be bound by the Employee Covenant Agreement.

 7. Interpretation. This Agreement is subject to the terms of the Plan, as the Plan may be amended, but except as
required by applicable law, no amendment of the Plan after the Grant Date shall adversely affect Employee’s rights in respect of the Option without Employee’s consent. 

If there is a conflict or inconsistency between this Agreement and the Plan, the terms of the Plan shall control. The Plan
Administrator’s interpretation of this Agreement and the Plan shall be final and binding. 
 8. No Employment
Rights. Nothing in this Agreement shall be considered to confer on Employee any right to continue in the employ of the Company or a Subsidiary or to limit the right of the Company or a Subsidiary to terminate Employee’s employment.

 9. No Stockholder Rights. Employee shall not have any rights as a stockholder of the Company in respect of any of the
Option Shares unless and until Option Shares are issued to Employee following the exercise of the Option. 

  
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 10. Governing Law. This Agreement shall be governed in accordance with the laws of
the State of Illinois. 
 11. Binding Effect. This Agreement shall be binding on the Company and Employee and on
Employee’s heirs, legatees and legal representatives. 
 12. Effective Date. This Agreement shall not become
effective until Employee’s acceptance of this Agreement and agreement to be bound by the Employee Covenant Agreement. Upon such acceptance and agreement, this Agreement shall become effective, retroactive to the Grant Date, without the
necessity of further action by either the Company or Employee. 

  
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