Waste Management 2011 Annual Report Download - page 76

a brokerage firm, bank or other financial institution to assist in the purchase of shares, delivery of reports or other
administrative aspects of the Plan.
5. Eligibility to Participate in the Plan.
Subject to limitations imposed by Section 423(b) of the Code, each Eligible Employee who is employed by
the Company or a Participating Subsidiary for 30 days prior to an Enrollment Date shall be eligible to participate
in the Plan for the Offering Period beginning on that Enrollment Date.
6. Election to Participate in the Plan.
(a) Each Eligible Employee may elect to participate in the Plan by completing an enrollment agreement in
the form provided by the Company and filing such enrollment agreement with the Company prior to the
applicable Enrollment Date, unless the Committee establishes another deadline for filing the enrollment
agreement with respect to a given Offering Period.
(b) Unless a Participant withdraws from participation in the Plan as provided in Section 10 or authorizes a
different payroll deduction by filing a new enrollment agreement prior to the Enrollment Date of a succeeding
Offering Period, a Participant who is participating in an Offering Period as of the Exercise Date of such Offering
Period shall be deemed to have (i) elected to participate in the immediately succeeding Offering Period and
(ii) authorized the same payroll deduction percentage for such immediately succeeding Offering Period as was in
effect for such Participant immediately prior to such succeeding Offering Period.
7. Payroll Deductions.
(a) All Participant contributions to the Plan shall be made only by payroll deductions. Each time a
Participant files the enrollment agreement with respect to an Offering Period, the Participant shall authorize
payroll deductions to be made during the Offering Period in an amount from 1% to 10% (in whole percentages)
of the Eligible Compensation that the Participant receives on each payroll date during such Offering Period.
Payroll deductions for a Participant shall commence on the first payroll date following the Enrollment Date and
shall end on the last payroll date in the Offering Period to which such authorization is applicable, unless sooner
terminated by the Participant as provided below in Section 10.
(b) All payroll deductions made for a Participant shall be deposited in the Company’s general corporate
account and shall be credited to the Participant’s account under the Plan. No interest shall accrue on or be
credited with respect to the payroll deductions of a Participant under the Plan. A Participant may not make any
additional contributions into such account. All payroll deductions received or held by the Company under the
Plan may be used by the Company for any corporate purpose, and the Company shall not be obligated to
segregate such payroll deductions.
(c) Except as provided in Section 10, a Participant may not change his contribution election during an
Offering Period.
(d) Notwithstanding the foregoing provisions of this Section 7, no Participant may make payroll deductions
during any calendar year in excess of $21,250, or such other limit as may be established by the Committee, in its
discretion.
8. Grant of Options.
(a) On the Enrollment Date of each Offering Period, subject to the limitations set forth in Sections 3 and
8(b) hereof, each Eligible Employee shall be granted an option to purchase on the Exercise Date for such
Offering Period a number of whole and fractional shares of the Company’s Common Stock determined by
dividing such Eligible Employee’s payroll deductions accumulated during the Offering Period by the Exercise
Price established for such Offering Period.
(b) Notwithstanding any provision of the Plan to the contrary, no Eligible Employee shall be granted an
option under the Plan (i) if, immediately after the grant, such Eligible Employee (or any other person whose
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