8-KLeadership ChangesExhibits & Filings

WASTE MANAGEMENT INC 8-K Report, Executive Changes (Jan 6, 2017)

Filed January 6, 2017For Securities:WM

Summary

This 8-K filing from Waste Management, Inc. (WM) reports on the departure of Mr. David P. Steiner from the company's Board of Directors, effective January 6, 2017. Mr. Steiner's resignation from the board was in accordance with his employment agreement, which stipulated he would resign upon the conclusion of his employment. Importantly, his departure is not attributed to any disagreements with the company regarding operations, policies, or practices. Investors should note the terms outlined in the Separation Agreement. This agreement details the payments and benefits Mr. Steiner is entitled to, referencing his original employment agreement and performance unit award agreements. A key aspect for shareholders is that his outstanding stock options will be treated as if they were granted under 'Retirement' terms. Additionally, the agreement includes expanded post-employment covenants, such as a release and a 'standstill' provision.

Key Highlights

  • 1David P. Steiner has resigned from the Waste Management, Inc. Board of Directors.
  • 2The resignation is in accordance with Mr. Steiner's employment agreement, as his employment with the company has ended.
  • 3Mr. Steiner's departure is not due to any disagreements with the company.
  • 4Payments and benefits for Mr. Steiner are outlined in his employment agreement and a new Separation Agreement.
  • 5Outstanding performance share unit awards will be prorated as per award agreements.
  • 6Under the Separation Agreement, Mr. Steiner's stock options will be treated as if they were granted under 'Retirement' terms.
  • 7The Separation Agreement includes expanded post-employment covenants, including a release and a 'standstill' provision.

Frequently Asked Questions

Mr. David P. Steiner resigned from the Board of Directors as per his employment agreement, which requires him to resign from the Board when his employment with the company ends. This decision was not based on any disagreements with Waste Management, Inc.

Mr. Steiner is entitled to payments and benefits as per his employment agreement and a Separation Agreement. His outstanding performance share units will be prorated, and his stock options will be treated under 'Retirement' terms, as outlined in the Separation Agreement.

Yes, the Separation Agreement includes expanded post-employment covenants beyond his original employment agreement. These include a release from Mr. Steiner and a 'standstill' provision.

No, the filing explicitly states that Mr. Steiner did not resign due to any disagreement with the Company on any matter relating to its operations, policies, or practices. This indicates a planned and amicable departure based on contractual terms.