Document:

Separation Agreement

 EXHIBIT 10.2 
 SEPARATION EMPLOYMENT 
 THIS SEPARATION AGREEMENT (“Agreement”)
is entered into on this 17th day of August, 2012 between Waste Management, Inc. (the “Company”) and Brett W. Frazier (the “Executive”). 
 This Agreement is binding upon, and extends to, the parties and their past and present officers, directors, employees, shareholders, parent corporations, subsidiaries, 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 Agreement necessarily
includes those persons and/or entities described in the foregoing sentence. 
 PREAMBLE 

WHEREAS, the Company and Executive previously entered into that certain Employment Agreement on July 13, 2007 (the
“Employment Agreement”); 
 WHEREAS, pursuant to such Employment Agreement, Executive has been continuously
employed by the Company; 
 WHEREAS, Executive has elected to participate in the Company’s Voluntary Early retirement
program (VERP) and his employment is being terminated effective August 17, 2012; 
 WHEREAS, the Parties agree that
upon his separation, Executive will receive certain benefits described in Section 6(e) of his Employment Agreement and the VERP upon his execution of a waiver and release of claims; 

WHEREAS, the Company and Executive now jointly desire to enter into this Agreement to supplement the continuing provisions of said
Employment Agreement as set forth below; 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. Termination of
Employment. The employment of Executive will terminate on August 17, 2012 (“Employment Termination Date”). The parties agree that Executive is entitled to the certain compensation and benefits set forth in Section 6(e)
(i) and (ii) of the Employment Agreement without his execution of a release, as more specifically detailed in Exhibit A to this Agreement. It is expressly agreed to and acknowledged by the parties that Executive is entitled to the
compensation and benefits set forth in Exhibit A whether or not he executes this Agreement. 

 2. Payment of Additional Consideration. In consideration of the premises and promises
herein contained, and subject to Executive executing and not revoking this Agreement, it is agreed that the Company will provide Executive those certain benefits specifically detailed in Exhibit B to this Agreement. The benefits set forth in Exhibit
B include those that Executive will receive under Section 6(e) (iii) (iv) and (v) of the Employment Agreement and an additional separation bonus pursuant to the terms of the VERP. It is expressly agreed to and acknowledged by
the parties that Executive is not entitled to the benefits set forth in Exhibit B until such time as he executes and does not revoke this Agreement. The Company shall withhold, or cause to be withheld, from said payments all amounts required to
be withheld pursuant to federal, state or local tax laws. 
 The consideration set forth in this Paragraph 2 is in full, final
and complete settlement of any and all claims which Executive could make in any complaint, charge, or civil action, whether for actual, nominal, compensatory, or punitive damages (including attorneys’ fees). Executive acknowledges that such
consideration is being made as consideration for the releases set forth in Paragraphs 3 and 4. Executive further acknowledges that the consideration set forth in this Paragraph 2 are separate and distinct of and from each other, and that either
payment is independent valuable consideration for the release and waiver set forth in Paragraphs 3 and 4. 
 3. General
Release. In exchange for the first payment made to Executive pursuant to Paragraph 2, Executive releases and discharges Waste Management, its past and present parent, subsidiary and affiliated companies, agents, directors, officers, employees,
and representatives, and all persons acting by, through, under or in concert with Waste Management (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, which Executive ever had, or now has, against the Released Parties to the date of this Agreement. The claims Executive releases include, but are not limited to, claims that the
Released Parties: 
  

	 	•	 	 discriminated against Executive on the basis of his 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, age or any other claim or right Executive may have under the Age Discrimination in Employment Act
(“ADEA”), or any other status protected by local, state or federal laws, constitutions, regulations, ordinances or executive orders; 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; Title VII of the Civil Rights Act
of 1964; the Older Workers Benefits Protection Act; the Americans With Disabilities Act; the Rehabilitation Act; OSHA; and any other laws relating to employment; or 

  
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	 	•	 	 violated its personnel policies, handbooks, any covenant of good faith and fair dealing, or any contract of employment between Executive and any of the
Released Parties; 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, intentional interference with contract, negligence, detrimental reliance, loss of consortium to Executive or any member of Executive’s
family, and/or promissory estoppel; or 

  

	 	•	 	 is in any way obligated for any reason to pay your damages, expenses, litigation costs (including attorneys’ fees), bonuses, commissions,
disability benefits, compensatory damages, punitive damages, and/or interest. 

 Executive is not
prohibited from making or asserting (a) any claim or right under state workers’ compensation or unemployment laws, or (b) any claim or right which by law cannot be waived. Executive waives, however, the right to recover money if any
federal, state or local government agency pursues a claim on Executive’s behalf or on behalf of a class to which Executive may belong that arises out of or relates to Executive’s employment or termination of employment. 

For the purpose of giving a full and complete release, Executive covenants and agrees that he has no pending claims or charges against
the Release Parties, and if he does so have, Executive agrees to promptly file all appropriate papers requesting withdrawal and dismissal of such claims and for charges. Executive understands and agrees that this Agreement includes all claims that
Executive may have and that Executive does not now know or suspect to exist in Executive’s favor against the Released Parties, and that this Agreement extinguishes those claims. 

Nothing in this Agreement shall affect the U.S. Equal Employment Opportunity Commission’s (“EEOC”) rights and
responsibilities to enforce the Civil Rights Act of 1964, as amended, the Age Discrimination in Employment Act of 1967 (“ADEA”), as amended, or any other applicable law. Further, nothing in this Agreement shall be construed as a basis for
interfering with Executive’s protected right to challenge the waiver of an ADEA claim under the Older Workers Benefit Protection Act, or to file a charge with, or participate in an investigation or proceeding conducted by, the EEOC, or any
other state, federal or local government entity; provided, however, if the EEOC or any other state, federal or local government entity commences an investigation on Executive’s behalf, Executive specifically waives and releases his right, if
any, to recover any monetary or other benefits of any sort whatsoever arising from any such investigation, nor will he seek reinstatement to his former position with the Company. Nothing in this Agreement shall be construed to waive a claim or right
that cannot be lawfully waived through private agreement. 
 Executive is not being asked to release any claims or rights under
ADEA that may arise after Executive executes this Agreement. However, any claims surrounding the Company’s decision to end Executive’s employment are specifically released and waived under the terms of this Agreement. 

  
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 4. Covenant Not to Sue. Executive 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 and waiver of claims in Paragraphs 3 and 4. However, nothing in this Agreement prevents Executive from bringing an action challenging the validity of
this Agreement. If Executive breaches this Agreement by suing any of the Released Parties in violation of this Covenant Not to Sue, Executive understands that (i) the Released Parties will be entitled to apply for and receive an injunction to
restrain any violation of this paragraph, and (ii) Executive will be required to pay the Released Parties’ legal costs and expenses, including reasonable attorney fees, associated with defending against the lawsuit and enforcing the terms
of this Agreement. 
 5. Application to all Forms of Relief. This 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 attorney’s fees and expenses. 

6. No Admissions, Complaints or Other Claims. The Executive acknowledges and agrees that this 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. The 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. 
 7.
Acknowledgments. Executive has fully reviewed the terms of this Agreement, acknowledges that he understands its terms, and states that he is entering into this 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 with Waste Management or the termination of his employment. 
 Executive acknowledges that he has had at least forty-five (45) days to consider this General Release Agreement thoroughly, and Executive understands that he has the right to consult with an
attorney, before he signs below and is advised to do so. 
 If Executive signs and returns this General Release Agreement before
the end of the 45-day period, he certifies that his acceptance of a shortened time period is knowing and voluntary, and the Company did not — through fraud, misrepresentation, a threat to withdraw or alter the offer before the 45-day period
expires, or by providing different terms to other employees who sign the release before such time period expires — improperly encourage Executive to sign. 
 Executive understands that he may revoke this General Release Agreement within seven (7) days after he signs it. Executive’s revocation must be in writing and submitted within the seven
(7) day period to Mark Schwartz, via hand delivery or via electronic delivery at: 

  
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MarkSchwartz@wm.com. If Executive does not revoke this General Release Agreement within the seven (7) day period, it becomes irrevocable. Executive further understands that if he revokes
this General Release Agreement, he will not be eligible to receive the benefits described in Exhibit B. All benefits described in Exhibit B will be processed as soon as administratively possible after the end of this seven (7) day period.

 Executive also acknowledges that before signing this Agreement, Executive received certain information about eligibility for the benefits
available under this Agreement and the persons affected by this employment termination program, including the job titles and ages of both the persons selected and not selected to receive the benefits available under this Agreement. This information
is attached to this Agreement as Exhibit C. 
 8. Settlement and Acquisition of Goodwill. Executive waives and releases
any and all claims that the restrictive covenants contained in Paragraph 10 of the Employment Agreement (the “Employment Agreement Restrictive Covenants”) are not enforceable or are against public policy. Executive covenants not to file a
lawsuit or arbitration proceeding, pursue declaratory relief, or otherwise take any legal action to challenge the enforceability of the Employment Agreement Restrictive Covenants. The parties agree that the promise of continued employment and the
compensation and benefits associated with same referred to in Exhibit B are, in part, 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 Restrictive
Covenants (incorporated herein by reference) for the periods of time set forth therein. It is specifically agreed that the two-year Restricted Term set forth in Paragraph 10 of the Employment Agreement and the restriction provided for therein shall
commence upon Executive’s termination of employment with the Company. 
 9. Assistance and Cooperation. Executive
agrees that he will cooperate fully with the Company and its counsel, upon their request, with respect to any proceeding (including any litigation, arbitration, regulatory proceeding, investigation or governmental action) that relates to matters
with which Executive was involved while he was an employee of the Company or with which he has knowledge. Executive agrees to render such cooperation in a timely fashion and to provide Company personnel and the company’s counsel with the full
benefit of his knowledge with respect to any such matter. The Company shall reimburse Executive for actual and reasonable costs and expenses, including reasonable attorney’s fees, related to his assistance in such matters. Executive will remain
an elected officer of the Company until the Employment Termination Date. Accordingly, Executive will be entitled to benefit of the indemnity and expense reimbursement provisions in Article Eighth of the Company’s Third Amended and Restated
Certification of Incorporation and Article X of the Company’s Bylaws, all subject to the provisions thereof and to applicable Delaware law. 
 10. Choice of Laws. This 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. The language
of all parts of this 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. 

  
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 11. Severability. Should any provision of this 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 Agreement.

 12. Complete Agreement. The parties hereto agree that the July 13, 2007 Employment Agreement (including any other
amendments thereto) as modified by this Separation Agreement, contains the full and final expression of their agreements with respect to the matters contained therein, and acknowledge that no other promises have been made to or by any of the parties
that are not set forth in these Agreements. 
 The parties agree that neither the offer of, nor the execution of, this
Agreement will be construed as an admission of wrongdoing by anyone. Instead, this Agreement is to be construed solely as a reflection of the parties’ desire to facilitate a peaceful separation of employment and to make sure there are no
unresolved issued between them. 
 IN WITNESS WHEREOF, this Agreement is EXECUTED and EFFECTIVE as of the day set forth
above. 
  

							
	 BRETT W. FRAZIER

(“Executive”)
	 		 	 WASTE MANAGEMENT, INC.
 (The “Company”)

				
		 		 	By:	 	/s/Mark Schwartz
	/s/ Brett W. Frazier	 		 		 	
	Brett W. Frazier	 		 		 	
		 		 	Its:	 	Senior Vice President, Human Resources

  
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 EXHIBIT A 
 The employment of Executive is terminated, effective August 17, 2012 (the “Employment Termination Date”). Executive is therefore, entitled to the payments and benefits listed below and
detailed in under Section 6(e) (i) and (ii) of the Employment Agreement whether or not he signs this Agreement. 
  

	 	a)	Base salary and benefits up to and including the Employment Termination Date; 

 

	 	b)	Reimbursement for all expenses incurred on behalf of the Company up to the Employment Termination Date and paid in accordance with Company policy; or

  

	 	c)	Payment for vacation days accrued but unused in 2012. 

 All applicable withholdings will be deducted from payments described herein. 
 Executive is
entitled to the benefits described above in this Exhibit A whether or not he executes this Separation Agreement. 

  
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 EXHIBIT B 
 The employment of Executive is terminated, effective August 17, 2012 (the “Employment Termination Date”) under the terms of the Company’s Voluntary Early Retirement Program (VERP). As
a result, Executive is entitled to certain compensation and benefits set forth in Section 6(e) (iii) (iv) and (v) of the Employment Agreement and those benefits provided by the VERP only after he executes and doesn’t
revoke this Separation Agreement. 
 In consideration of the premises and promises herein contained, it is agreed that the Company will provide
Executive the following benefits if he executes this Agreement and does not revoke it. The payments and benefits to be provided are as follows: 
  

	 	a)	A payment under the Company’s 2012 Annual Incentive Plan (AIP) on the same basis and to the same extent payments are made to other senior executives of the
Company. Executive will receive 8/12 of any such calculated payment on or about March 15, 2013. 

  

	 	b)	A severance payment in the gross amount of One Million Eight Hundred Seventy-Two Thousand Five Hundred Dollars and No Cents ($1,872,500.00), approximately equal to two
times the sum of Executive’s base salary ($535,000.00) and Target Bonus ($401,250.00). This severance amount will be paid as follows: Nine Hundred Thirty-Six Thousand Two Hundred Fifty Dollars and No Cents ($936,250.00) shall be paid no later
than 10 days after Executive executes and does not revoke this Agreement; and the remaining Nine Hundred Thirty-Six Thousand Two Hundred Fifty Dollars and No Cents ($936,250.00) will be paid out at the same time and in the same manner as if
Executive had remained employed for the two year period following Executive’s Employment Termination Date. 

  

	 	c)	Twenty-four months of continued group health and/or dental insurance coverage that Executive participated of his Employment Termination Date. Executive must timely
elect COBRA coverage and the Company will pay for 18 months or until Executive’s death or eligibility for coverage by a subsequent employer, the entire COBRA premium. 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. 

  

	 	d)	A lump sum separation bonus in the amount of One Hundred Twenty-Six Thousand Three Hundred Ninety-Three Dollars and Seventy-Five Cents ($126,393.75).

 All Applicable withholdings will be deducted from all payments described herein. 

  
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 EXHIBIT C 
 Executive’s employment as the Company’s Senior Vice President, Southern Group is being terminated effective August 17, 2012. As a result, Executive is being offered certain consideration as
described in Executive’s Employment Agreement, plus an additional separation bonus, in exchange for executing and not revoking the general release contained in this Agreement. 
 Below is a chart showing similar positions, annotated by age and whether they are separating and will be offered consideration in exchange for a release (“Selected”) or there are no current
plans to separate to their employment (“Not Selected”). The chart was prepared as of August 13, 2012. 
 This data is subject to
change, and may be affected by future employment decisions. If you have any questions about this information, contact Mark Schwartz at (713) 265-1608. 
  

									
	 Job Title
	  	Age	 	  	Selected	  	Not Selected
	 SVP, Eastern Group
	  	 	50	  	  		  	X
	 SVP, Midwestern Group
	  	 	58	  	  		  	X
	 SVP, Southern Group
	  	 	58	  	  	X	  	
	 SVP, Western Group
	  	 	61	  	  	X	  	

  
 9Separation Agreement

 EXHIBIT 10.3 
 SEPARATION AGREEMENT 
 This Agreement is entered into by and between
Cherie C. Rice (“you”) and Waste Management Holdings, Inc. (the “Company”) and arises out of the separation of your employment. In consideration of the promises contained in this document, the parties agree as follows:

 WHEREAS, you have resigned your employment with the Company and all of the Company’s subsidiaries, parents or
affiliates (collectively with the Company referred to as “Waste Management”); 
 WHEREAS, you have elected to
resign and accept benefits under the Company’s Voluntary Early Retirement Program (VERP); 
 WHEREAS, you previously
entered in an Employment Agreement with Waste Management dated August 26, 2005 and amended on December 31, 2008; 

WHEREAS, in order to receive the payments and benefits described below, you release any claim for payments and benefits under
Section 6 of your previously executed Employment Agreement; and 
 WHEREAS, you are only entitled to the payments described
in this Agreement if you agree to its terms and execute this Agreement; 
 1. Payments and Benefits. You will be offered benefits
according to the Voluntary Early/Enhanced Retirement Plan (the “Plan”) after your final day of employment on September 21, 2012. As described in the Plan and in exchange for the promises by you below, you will receive severance in the
gross amount of Three Hundred Twenty-Four Thousand Seven Hundred Fifty-Two Dollars and Eight Cents ($324,752.08) payable as follows: one half or $162,376.04 payable ten days after you execute this Agreement and the remaining one half or $162,376.04
payable over the twelve months following your separation in accordance with the Company’s normal payroll practices. In addition, you will receive a severance bonus in the amount of $71,120.71 payable on or about March 15, 2013. Applicable
federal, state, and local payroll taxes will be deducted from these payments. 
 In addition, if you timely elect COBRA coverage
to continue the group health and/or dental insurance coverage you participated in as of your employment termination date, Waste Management will pay for 52 weeks of COBRA coverage at its own expense. Thereafter, you will bear the full cost of any
continued COBRA coverage. 
 The Company will pay you the gross amount of Twenty Eight Thousand Seven Hundred Forty-Seven and
Sixty-Three Cents ($28,747.63), less all applicable withholdings, approximately equal to the value of other Company benefits available only to active employees. 

 In further consideration of the promises and mutual promises herein contained, the Company
will provide you with six months of executive level outplacement services with Right Management, the Company’s preferred vendor. The cost for such outplacement services will be borne exclusively by the Company and you must enroll in this
benefit within thirty (30) days of your execution of this Agreement. 
 Your 2012 Long Term Incentive Plan (LTIP) award
will receive the treatment described in Exhibit B of the Plan. 
 Finally, the Company will gift you the Houstonian Membership
you currently use, but will not be responsible for any additional associated fees. 
 In the event that you violate one or more
of the post-employment restrictions on your conduct that are provided for in Section 7 (entitled “Loss of Benefits Due to Prohibited Conduct”) of the Plan, you will forfeit any benefits not yet paid to you under this Agreement (with
the exception of the first payment made to you) in accordance with the Plan’s terms and as determined by the Plan administrator. However, you agree that if such an event occurs, then the first payment made to you will be considered sufficient
consideration for the General Release set forth below in Paragraph 2 and your agreement to comply with (and not contest) Sections 10 and 11 of your previously executed Employment Agreement, as set forth in Paragraph 4 of this Agreement. Accordingly,
your Release and Employment Agreement shall survive such a forfeiture of benefits and cessation of payments. 
 2. General
Release. In exchange for the first payment made to you pursuant to Paragraph 1, you release and discharge Waste Management, its past and present parent, subsidiary and affiliated companies, agents, directors, officers, employees, and
representatives, and all persons acting by, through, under or in concert with Waste Management (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, which you ever had, or now have, against the Released Parties to the date of this Agreement. The claims you release include, but are not limited to, claims that the Released Parties:

  

	 	•	 	 discriminated against you on the basis of your 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, age or any other claim or right you may have under the Age Discrimination in Employment Act (“ADEA”), or

  

	 	•	 	 any other status protected by local, state or federal laws, constitutions, regulations, ordinances, executive orders, including but not limited to 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; 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 

  
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	 	•	 	 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; Title VII of the Civil Rights Act
of 1964; the Older Workers Benefits Protection Act; the Americans With Disabilities Act; the Rehabilitation Act; OSHA; and any other laws relating to employment; or 

 

	 	•	 	 violated its personnel policies, handbooks, any covenant of good faith and fair dealing, or any contract of employment between you and any of the
Released Parties; 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, intentional interference with contract, negligence, detrimental reliance, loss of consortium to you or any member of your family, and/or
promissory estoppel; or 

  

	 	•	 	 is in any way obligated for any reason to pay your damages, expenses, litigation costs (including attorneys’ fees), bonuses, commissions,
disability benefits, compensatory damages, punitive damages, and/or interest. 

 You are not prohibited
from making or asserting (a) any claim or right under state workers’ compensation or unemployment laws, or (b) any claim or right, which by law cannot be waived. You waive, however, the right to recover money if any federal, state or
local government agency pursues a claim on your behalf or on behalf of a class to which you may belong that arises out of or relates to your employment or termination of employment. 

For the purpose of giving a full and complete release, you covenant and agree that you have no pending claims or charges against the
Released Parties, and if you do so have, you agree to promptly file all appropriate papers requesting withdrawal and dismissal of such claims and/or charges. You understand and agree that this Agreement includes all claims that you may have and that
you do not now know or suspect to exist in your favor against the Released Parties, and that this Agreement extinguishes those claims. 
 Nothing in this Agreement shall affect the U.S. Equal Employment Opportunity Commission’s (“EEOC”) rights and responsibilities to enforce the Civil Rights Act of 1964, as amended, the Age
Discrimination in Employment Act of 1967 (“ADEA”), as amended, or any other applicable law. Further, nothing in this Agreement shall be construed as a basis for interfering with your protected right to challenge the waiver of an ADEA claim
under the Older Workers Benefit Protection Act, or to file a charge with, or participate in an investigation or proceeding conducted by, the EEOC, or any other state, federal or local government entity; provided, however, if the EEOC or any other
state, federal or local government entity commences an investigation on your behalf, you specifically waive and release your right, if any, to recover any monetary or other benefits of any sort whatsoever arising from any such investigation, nor
will you seek reinstatement to your former position with the Company. Nothing in this Agreement shall be construed to waive a claim or right that cannot be lawfully waived through private agreement. 

  
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 You are not being asked, however, to release any claims or rights under ADEA that may arise
after you execute this Agreement. 
 The Company releases you from all claims, offsets, overpayments, reimbursements or other
amounts known to date. 
 3. Covenant Not to Sue. You agree 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 your employment or termination of employment. You understand that this is an affirmative promise by you not to sue any of the Released Parties, which
is in addition to your general release of claims in Paragraph 2 above. However, nothing in this Agreement prevents you from bringing an action challenging the validity of this Agreement. If you breach this Agreement by suing any of the Released
Parties in violation of this Covenant Not to Sue, you understand that (i) the Released Parties will be entitled to apply for and receive an injunction to restrain any violation of this paragraph, and (ii) you will be required to pay the
Released Parties’ legal costs and expenses, including reasonable attorney fees, associated with defending against the lawsuit and enforcing the terms of this Agreement. 
 4. Covenant Not to Compete and Non-Solicitation Provisions. You hereby affirm Sections 10 and 11 of your existing Employment Agreement and the post-employment obligations set forth therein
and represent that you intend to comply with those obligations. You agree that those obligations survive and continue to apply to you in accordance with their terms, and that the same are incorporated herein by reference as if set forth in full. You
further stipulate that the post-employment restrictions in your existing Employment Agreement are reasonable and necessary for the protection of the Company’s legitimate business interests, and agree not to contest the enforceability of the
post-employment obligations of your existing Employment Agreement where such apply. 
 You acknowledge that because you had
access to and/or developed or enhanced confidential information, trade secrets, customer relationships, goodwill and the work force of Waste Management during your employment, the covenants in this paragraph are necessary to protect these valuable
assets and intellectual capital from which Waste Management derives economic value. Forfeiture of continued payments and benefits provided for in Section 1 above due to a violation of the post-employment restrictions provided for in the Plan
shall not affect the continued application of Sections 10 and 11 of your existing Employment Agreement, and the remedies provided for therein. 
 5. Acknowledgments. You have fully reviewed the terms of this Agreement, acknowledge that you understand its terms, and state that you are entering into this Agreement knowingly,
voluntarily, and in full settlement of all claims which existed in the past or which currently exist, that arise out of your employment with Waste Management or the termination of your employment. 

  
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 You acknowledge that you have had at least forty-five (45) days to consider this
Separation Agreement thoroughly, and you understand that you have the right to consult with an attorney, before you sign below and are advised to do so. 
 If you sign and return this Separation Agreement before the end of the 45-day period, you certify that your acceptance of a shortened time period is knowing and voluntary, and the Company did not —
through fraud, misrepresentation, a threat to withdraw or alter the offer before the 45-day period expires, or by providing different terms to other employees who sign the release before such time period expires — improperly encourage you to
sign. 
 You understand that you may revoke this Separation Agreement within seven (7) days after you sign it. Your
revocation must be in writing and submitted via facsimile within the seven (7) day period to Andrea Vizcaino at facsimile number (713) 287-2497. If you do not revoke this Separation Agreement within the seven (7) day period, it
becomes irrevocable. You further understand that if you revoke this Separation Agreement, you will not be eligible to receive the benefits described in paragraph 1. Benefits will be processed as soon as administratively possible after the end of
this seven (7) day period. 
 You also acknowledge that, before signing this Agreement, you received certain information
about eligibility for the benefits available under this Agreement and the persons affected by this employment termination program, including the job titles and ages of both the persons selected and not selected to receive the benefits available
under this Agreement. This information is attached to this Agreement as Appendix A. 
 You agree and accept that any
equity-based compensation awards previously granted to you, that are not already expressly set forth and addressed in Paragraph 1 of this Agreement, will be vested and exercised according to the terms and conditions of each equity-based incentive
award, notwithstanding any other representation, whether written or oral, to the contrary. 
 6. Future
Cooperation. 
 You agree that, subject to reimbursement by Waste Management of reasonable out-of-pocket costs and
expenses, you will cooperate with Waste Management and its attorneys with respect to any matter (including litigation, investigation, or governmental proceeding) that relates to matters with which you were involved while you were employed by Waste
Management. Your required cooperation may include appearing from time to time at Waste Management’s offices or its attorneys’ offices for conferences and interviews, and in general providing Waste Management and its attorneys with the full
benefit of your knowledge with respect to any such matter. You agree to cooperate in a timely fashion and at times that are agreeable to both parties. 
 With respect to your involvement in the investigation by the United States Attorney’s Office for the District of Hawaii, the Company will provide you with mutually agreed to counsel. 

The indemnity provisions contained in Paragraph 12 of your Employment Agreement will survive your execution of this Agreement.

 7. Return of Property. You must return to Waste Management on your last day of employment all documents, files
(including copies), and any other Waste Management property. 

  
 5 

 8. General Provisions. This Agreement is assignable only by Waste Management
Holdings, Inc., shall inure to the benefit of Waste Management Holding Inc.’s assigns, successors, affiliates, and Released Parties, and is binding on the parties, their representatives, agents and assigns, and as to you, your spouse, heirs,
legatees, administrators, and personal representatives. 
 Except as otherwise expressly provided for herein (such as
incorporation of Sections 10 and 11 of your existing Employment Agreement), this Agreement is the exclusive and complete agreement between you and Waste Management relating to the subject matter of this Agreement. No amendment of this Agreement will
be binding unless in writing and signed by you and the Company. Not withstanding the foregoing, Sections 12, 13, 14 and 15 of the August 26, 2005 Employment Agreement will survive the execution of this Separation Agreement. 

The parties acknowledge and agree that if any provision of this Agreement is found, held or deemed by a court of competent jurisdiction
void, unlawful or unenforceable under any statute or controlling law, the rest of this Agreement will continue in full force and effect. 
 If any legal action is brought to enforce the terms of this Agreement, the prevailing party will be entitled to recover its reasonable attorneys’ fees, costs and expenses from the other party, in
addition to any other relief to which the prevailing party is entitled. 
 This Agreement is made and entered into in the State
of Texas, and in all respects will be interpreted, enforced and governed under applicable federal law and in the event that any reference shall be made to State law, the internal laws of the State of Texas will apply. A court of competent
jurisdiction in the State of Texas will hear and resolve any disputes under this Agreement. 
  

									
	EMPLOYEE	 		 	 WASTE MANAGEMENT
 HOLDINGS, INC.

					
	By:	 	/s/ Cherie C. Rice	 		 	By:	 	Mark Schwartz
	Cherie C. Rice	 		 	Its:	 	Authorized Representative

 Date: October 12, 2012 
 Employee ID#  084555 
 Employee Work Location: 1001 Fannin Street, Suite 4000,
Houston, TX 77002 
 Sign and mail to: 

Andrea Vizcaino 
 Waste Management 

  
 6 

 1021 Main Street 
 OCC 745 
 Houston, Texas 77002 

APPENDIX A 
 The Company has decided to improve the efficiency of its operations by restructuring, eliminating positions and redistributing responsibilities. A Voluntary Enhanced Retirement Program was offered and you
accepted. As a result, you are being terminated and offered benefits under a Company severance plan in exchange for executing and not revoking this Agreement. 
 The attached chart was prepared as of August 24, 2012. This chart shows the number of similarly-situated employees by job title and age (as of August 24, 2012) and whether they
were separated and offered benefits in exchange for a release (“Selected”) or not separated (“Not Selected”). 
 This data is subject to change, and may be affected by future employment decisions. If you have any questions about this information, contact your human resources representatives. 

 

													
	 Job Title
	  	Age	 	  	Selected	 	  	Not Selected	 
	 VP Shared Services
	  	 	55	  	  				  	 	X	  
	 VP Tax
	  	 	52	  	  				  	 	X	  
	 VP & Chief Accounting Officer
	  	 	58	  	  	 	X	  	  			
	 VP Treasury
	  	 	50	  	  	 	X	  	  			
	 VP Internal Audit
	  	 	43	  	  				  	 	X	  
	 VP Fin Planning & Analysis
	  	 	52	  	  				  	 	X	  
	 VP Real Estate
	  	 	60	  	  	 	X	  	  			

  
 7

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