SEC Contract Filing

Filing Date: 2023-02-23

Document Content:
<DOCUMENT>
<TYPE>EX-10.09
<SEQUENCE>2
<FILENAME>exhibit1009republicexecuti.htm
<DESCRIPTION>EX-10.09
<TEXT>
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<title>Document</title></head><body><div id="id2ce1e011bc24438af8530b11a7b1a99_1"></div><div style="min-height:42.75pt;width:100%"><div><font><br></font></div></div><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EXHIBIT 10.09</font></div><div style="text-align:center"><font><br></font></div><div style="margin-top:3pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">EXECUTIVE SEPARATION POLICY</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">(Effective February 8, 2023)</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Section 1&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Purpose.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> Republic Services, Inc., its subsidiaries and affiliated and related entities (collectively, the &#8220;Company&#8221;) seeks to attract and retain the most qualified and capable professionals to serve in key executive positions to maximize the value of the Company for the benefit of the Company&#8217;s stockholders. To achieve this goal, the Company has established an Executive Separation Policy to provide such employees with financial security and sufficient incentive to accept and continue employment. This Policy describes the compensation and benefits that the Company will provide to key executives under certain circumstances if their employment ends. The Company also seeks to ensure that the separation process is handled professionally and efficiently.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Section 2</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Covered Employees</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> This Policy applies to all Executive Officers of Republic Services, Inc. It also applies to (i) Executive Vice Presidents (&#8220;EVP&#8221;), (ii) Senior Vice Presidents (&#8220;SVP&#8221;), (iii) Vice Presidents (&#8220;VP&#8221;), and (iv) Area Presidents (&#8220;AP&#8221;) (collectively, &#8220;Other Executives&#8221;) other than Executive Officers. Executive Officers and Other Executives under this Policy will be referred to collectively as &#8220;Covered Executives.&#8221;</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">The Talent &#38; Compensation Committee of the Company&#8217;s Board of Directors (the &#8220;Committee&#8221;) may designate other persons holding other executive positions as Covered Executives under this Policy. Upon such designation, the Committee will specify the executive position category to be used under this Policy to determine the level of compensation and benefits to be provided to the Covered Executive under this Policy.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Notwithstanding any provision in this Policy to the contrary, this Policy does not apply to any Covered Executive if the Covered Executive has an employment agreement, offer letter, or other agreement with the Company which governs the terms and conditions applicable to the Covered Executive&#8217;s separation from the Company and is in effect immediately prior to his or her termination of employment (&#8220;Employment Agreement&#8221;).</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Section 3&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Employment Separation.</font></div><div><font><br></font></div><div><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%">Section 3.1&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:112%;text-decoration:underline">Termination by Executive.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> The Covered Executive may terminate his or her employment relationship with the Company for any reason. If the Covered Executive terminates his or her employment for any reason, the Covered Executive will be entitled to all earned but unpaid compensation for time worked through the termination date, to be paid by the Company within ten (10) days after the termination date.</font></div><div><font><b