WASTE MANAGEMENT, INC. (NYSE:WM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item5.02(b).
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On January6, 2017, Mr.DavidP. Steiner resigned from his position
on the Board of Directors (the Board) of Waste Management, Inc.
(the Company). In Mr.Steiners 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 Companys operations, policies or
practices.
Mr.Steiners departure from the Company entitles him to the
payments and benefits set forth in Section6(e)(i) (e)(v) of his
employment agreement dated May6, 2002, as amended and previously
filed as Exhibit 10.1 to the Companys Form 10-Q for the period
ended March31, 2002. Mr.Steiners outstanding performance share
unit awards will be prorated as provided for in Section2.a. of
Important Award Details in the award agreements that are
Exhibit 10.1 to Forms 8-K filed on March12, 2014,March3, 2015 and
March2, 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.Steiners
outstanding stock option awards, the Separation Agreement
provides that Mr.Steiners departure from the Company shall be
considered Retirement to the terms of each of the applicable
award agreements. The Separation Agreement also expanded the
post-employment covenants in Mr.Steiners 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 Exhibit10.1 to this Form 8-K
and is incorporated herein by reference in its entirety.
Item9.01. |
Financial Statements and Exhibits. |
(d) Exhibits
| 10.1 | Separation Agreement |
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About WASTE MANAGEMENT, INC. (NYSE:WM)
Waste Management, Inc. is a holding company. The Company provides waste management environmental services. The Company’s segments include Solid Waste, which includes its 17 Areas aggregated into three tiers, and Other. The Company’s Solid Waste business is operated and managed locally by its subsidiaries that focuses on geographic areas and provides collection, transfer, recycling and resource recovery, and disposal services. Through its subsidiaries, it also develops, operates and owns landfill gas-to-energy facilities in the United States. It owns or operates approximately 250 landfill sites, which is the network of landfills in North America. It also uses waste to create energy, recovering the gas produced naturally as waste decomposes in landfills and using the gas in generators to make electricity. The Company, as a recycler in North America, handles materials that include paper, cardboard, glass, plastic and metal. WASTE MANAGEMENT, INC. (NYSE:WM) Recent Trading Information
WASTE MANAGEMENT, INC. (NYSE:WM) closed its last trading session down -0.40 at 70.19 with 1,570,683 shares trading hands.