Waste Management 2014 Annual Report Download - page 74

(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
stock would be attributed to such Employee pursuant to Section 424(d) of the Code) would own stock and/
or hold outstanding options to purchase stock possessing 5% or more of the total combined voting power or
value of all classes of stock of the Company or of any Subsidiary of the Company, or (ii) which permits
such Eligible Employee’s rights to purchase stock under all employee stock purchase plans of the Company
and its Subsidiaries to accrue at a rate which exceeds $25,000 of fair market value of such stock (determined
at the time such option is granted) for each calendar year in which such option is outstanding at any time.
9. Automatic Purchase.
Unless a Participant withdraws from the Plan as provided below in Section 10, the Participant’s option for
the purchase of shares will be exercised automatically on each Exercise Date for which an enrollment agreement
has been filed, and the maximum number of whole and fractional shares subject to the option will be purchased
for the Participant at the Exercise Price established for that Offering Period, as provided above in Section 8.
10. Withdrawal; Termination of Employment.
(a) A Participant may withdraw all of the payroll deductions credited to the Participant’s account for a
given Offering Period by providing written notice to the Company no later than 45 days prior to the last day
of such Offering Period. A Participant shall not be permitted to make a partial withdrawal of the payroll
deductions credited to his account. All of the Participant’s payroll deductions credited to the Participant’s
account will be paid to him promptly after receipt of the Participant’s notice of withdrawal, the Participant’s
participation in the Plan will be automatically terminated, and no further payroll deductions for the purchase
of shares hereunder will be made. Payroll deductions will not resume on behalf of a Participant who has
withdrawn from the Plan, unless written notice is delivered to the Company within the enrollment period
preceding the commencement of a new Offering Period directing the Company to resume payroll
deductions.
(b) Upon termination of the Participant’s Continuous Employment prior to the Exercise Date of the
Offering Period for any reason, including retirement or death, the payroll deductions credited to the
Participant’s account will be returned to the Participant or, in the case of death, to the Participant’s estate,
and the Participant’s options to purchase shares under the Plan will be automatically terminated.
(c) In the event a Participant ceases to be an Eligible Employee during an Offering Period, the
Participant will be deemed to have elected to withdraw all payroll deductions credited to his account from
the Plan. In such circumstance, the payroll deductions credited to the Participant’s account will be returned
to the Participant, and the Participant’s options to purchase shares under the Plan will be terminated.
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