DEF 14A of Waste Management Inc, Mar 31, 2026

DEF 14A of Waste Management Inc

Filed Mar 31, 2026 · FY20250001104659-26-037381

Open on EDGAR

  1. BOARD OF DIRECTORS

    BOARD OF DIRECTORS Our Board of Directors currently has 9 members. Each member of our Board is elected annually and is nominated for re-election at the 2026 Annual Meeting.

  2. Nominees for Director

    Nominees for Director

  3. Nominees for Director

    | | | | | Committee | | | | Name | Age | Tenure | Independent | Audit | Management Development & Compensation | Nominating & Governance | | Thomas L. Bené | 63 | 2024 – Present | | | | | | Bruce E. Chinn | 69 | 2023 – Present | | | | | | James C. Fish, Jr. | 63 | 2016 – Present | | | | | | Andrés R. Gluski | 68 | 2015 – Present | | | | | | Victoria M. Holt | 68 | 2013 – Present | | | | | | Kathleen M. Mazzarella | 66 | 2015 – Present | | | | | | Sean E. Menke | 57 | 2021 – Present | | | | | | William B. Plummer | 67 | 2019 – Present | | | | | | Maryrose T. Sylvester | 60 | 2021 – Present | | | | |

  4. Nominees for Director

    Chair Member

  5. Non-Employee Director Compensation

    Non-Employee Director Compensation Our non-employee director compensation program consists of equity awards and cash consideration. Director compensation is reviewed annually by the MD&C Committee, with the assistance of an independent third-party consultant, and set by action of the Board of Directors. The Board’s goal in designing directors’ compensation is to provide a competitive package that will enable the Company to attract and retain highly skilled individuals with relevant experience. The compensation is also designed to reward the time and talent required to serve on the board of a company of our size and complexity. The Board seeks to provide sufficient flexibility in the form of compensation delivered to meet the needs of different individuals while ensuring that a substantial portion of directors’ compensation is linked to the long-term success of the Company.

  6. 2025 Non-Employee Director Compensation Changes

    2025 Non-Employee Director Compensation Changes In 2025, the MD&C Committee conducted its annual review of non-employee director compensation with the assistance of the independent third-party consultant. Following that review, the MD&C Committee recommended, and the Board of Directors approved, the following increases in non-employee director compensation, and such increases took effect with the next installments that were paid or granted in July 2025: (a) annual grant of Common Stock increased from $180,000 to $190,000 and (b) annual cash retainer increased from $120,000 to $125,000. Additionally, the MD&C Committee recommended, and the Board of Directors approved, a change to the frequency of equity grants made to non-employee directors, from equal installments made semi-annually, to a single, annual grant made shortly after the Company’s annual meeting of stockholders for the forthcoming year of service. All non-employee director compensation is paid in advance and is not subject to proration in the event of retirement or resignation.

  7. 2025 Director Compensation Table

    2025 Director Compensation Table The table below shows the aggregate cash paid, and stock awards issued, to the non-employee directors in 2025 in accordance with the descriptions set forth above:

  8. 2025 Director Compensation Table

    | Name | Fees Earned or Paid in Cash ($) | Stock Awards ($)(1) | Total ($) | | Thomas L. Bené | 122,500 | 248,268 | 370,768 | | Bruce E. Chinn | 122,500 | 248,268 | 370,768 | | Andrés R. Gluski | 142,500 | 248,268 | 390,768 | | Victoria M. Holt | 142,500 | 248,268 | 390,768 | | Kathleen M. Mazzarella | 222,500 | 381,814 | 604,314 | | Sean E. Menke | 122,500 | 248,268 | 370,768 | | William B. Plummer | 147,500 | 248,268 | 395,768 | | Maryrose T. Sylvester | 122,500 | 248,268 | 370,768 |

  9. 2025 Director Compensation Table

    (1) Amounts in this column represent the grant date fair value of stock awards granted in 2025, in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718. The grant date fair value of the awards is equal to the number of shares issued multiplied by the average of the high and low market price of our Common Stock on each date of grant; there are no assumptions used in the valuation of shares. As described under “Equity Compensation” above, stock awards were granted to non-employee directors in 2025 as compensation for the time period from January 15, 2025 to May 15, 2026, in order to transition to a new timetable under which equity awards will be made in a single annual grant, rather than in semi-annual installments, going forward. As a result, the amounts in the column reflect equity compensation for a 16-month service period.

  10. ELECTION OF DIRECTORS

    ELECTION OF DIRECTORS

  11. (Item 1 on the Proxy Card — Director Nominees)

    (Item 1 on the Proxy Card — Director Nominees) The first item on the proxy card is the election of nine directors to serve until the 2027 Annual Meeting of Stockholders and until their respective successors have been duly elected and qualified. The Board has nominated the nine director candidates named below and recommends that you vote FOR their election. Each of the director nominees currently serves on our Board of Directors. If any nominee is unable or unwilling to serve as a director, which we do not anticipate, the Board, by resolution, may reduce the number of directors that constitute the Board or may choose a substitute. To be elected, a director must receive a majority of the votes cast with respect to that director at the meeting. Our Company’s By-laws provide that if the number of shares voted “for” any director nominee does not exceed 50% of the votes cast with respect to that director, he or she will tender his or her resignation to the Board of Directors contingent on the acceptance of such resignation by the Board. The Nominating and Governance Committee will then make a recommendation to the Board on whether to accept or reject the resignation, or whether other action should be taken. The Board will act on the resignation, taking into account the Nominating and Governance Committee’s recommendation, and publicly disclose its decision and the rationale behind it within 90 days of the date of the certification of the election results. Below we present biographical information of each director nominee, as well as information about the qualifications, skills and areas of expertise that make each of these individuals a valuable member of our Board and that were considered by the Board when nominating them for re-election. Definitions of the categories of skill and expertise presented in the following chart are provided below. This is intended as a high-level summary to support an understanding of director qualifications and is not an exhaustive list of the areas of skill and expertise that our director nominees contribute to the Board.

  12. BOARD COMPOSITION, SKILLS AND EXPERTISE

    BOARD COMPOSITION, SKILLS AND EXPERTISE

  13. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | | Bené | Chinn | Fish | Gluski | Holt | Mazzarella | Menke | Plummer | Sylvester | | SKILLS AND EXPERIENCE | | | | | | | | | | | Executive Leadership | | | | | | | | | | | Public Company Board and Governance | | | | | | | | | | | Strategic Planning | | | | | | | | | | | Operational Excellence | | | | | | | | | | | Financial Expertise and Capital Allocation | | | | | | | | | | | Human Capital Management | | | | | | | | | | | Sustainability/ Environmental/ Renewable Energy | | | | | | | | | | | Digital / Information Technology / Cybersecurity | | | | | | | | | | | Risk Management | | | | | | | | | | | DEMOGRAPHICS | | | | | | | | | | | Gender | Male | Male | Male | Male | Female | Female | Male | Male | Female | | Race/Ethnicity | White/ Caucasian | Black/ African American | White/ Caucasian | Hispanic | White/ Caucasian | White/ Caucasian | White/ Caucasian | Black/ African American | White/ Caucasian |

  14. BOARD COMPOSITION, SKILLS AND EXPERTISE

    Each director nominee’s identification of the top four categories of skill and expertise through which they contribute to the Board. This is not an indication that any director nominee does not possess any particular category of skill or expertise, but rather, a targeted reflection of the key areas through which each director nominee supports the effectiveness of the Board and furthers the long-term success of the Company Each director nominee’s identification of additional categories of skill and expertise in which they have substantial experience and in-depth knowledge

  15. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | | Executive Leadership | | Public Company Board and Governance | | Strategic Planning | | Directors who hold or have held significant executive leadership positions with large organizations provide unique insights. These individuals have valuable experience developing talent and solving problems in large, complex organizations and can capably and confidently advise the Company’s senior leadership team on a wide range of issues. These individuals often possess extraordinary leadership qualities and have the ability to identify and develop these qualities in others. | | Directors with a history of service on other public company boards help our Board function effectively by drawing on knowledge of governance best practices. These individuals bring a practical understanding of organizations and processes and the importance of management accountability, transparency, and the protection of stockholder interests. These individuals help our Board structure and execute its independent oversight of management. | | Directors with experience developing and driving the strategic direction and growth of large organizations provide valuable guidance to the Company’s senior leadership team. These individuals have expertise in areas including transformation, innovation and change management. These individuals often also have sophisticated experience in growth through large corporate transactions, including mergers & acquisitions. | | | | Operational Excellence | | Financial Expertise and Capital Allocation | | Human Capital Management | | Directors with experience in a significant operations role help the Company to develop, implement and assess its operating plan and capital plan and execute on commitments to cost optimization and continuous improvement. Individuals with extensive operational experience in heavily regulated industries, including a focus on capital intensive and labor intensive businesses with sophisticated logistics, transportation and supply chain elements, provide valuable insights on management’s ability to operate effectively and efficiently. | | Directors with a deep understanding of finance and financial reporting lead our Board’s oversight of financial performance and robust internal controls. These individuals have expertise in designing and implementing financing and capital allocation strategies, evaluating stockholder returns and accessing capital markets. These individuals have knowledge of corporate finance and accounting standards necessary for effective oversight of public company financial reporting. | | Directors with experience in human capital management provide valuable guidance in support of the Company’s People First strategy. These individuals understand the dynamics of attracting, motivating, and retaining talented and engaged employees. These individuals have expertise in talent management, succession planning and creating a diverse and inclusive workplace that prioritizes safety as a core value. | | | | Sustainability/Environmental/ Renewable Energy | | Digital/Information Technology/ Cybersecurity | | Risk Management | | Directors with experience overseeing development, implementation and assessment of sustainability strategies, and risks and opportunities related to sustainability and provision of environmental services, support the Company’s ability to deliver on its sustainability growth strategy, goals and commitments. These individuals understand the importance of linking sustainability and renewable energy to the creation of long-term stockholder value, while also operating in an environmentally sound and responsible manner. These individuals also understand the regulatory environment in which the Company operates and the connection of sustainability and corporate responsibility to the Company’s long-standing commitment to environmental stewardship. | | Directors with experience in digital and information technology leadership provide valuable perspectives on technology innovation, digital solutions, innovative business models, data analytics, e-commerce applications, marketing strategy and cyber risks. These individuals are particularly engaged in our Board’s oversight of the Company’s comprehensive information security and cybersecurity programs. These individuals also bring knowledge of use of technology to further the Company’s strategy to enhance customer experience and reduce costs and labor intensity through automation. | | Directors that have participated in development, implementation and evaluation of sophisticated risk management programs are critical in helping our Board fulfill its responsibilities with respect to risk oversight and mitigation. These individuals have experience in effectively identifying, prioritizing and managing a broad spectrum of complex and significant risks facing a large public company. | |

  16. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | Thomas L. Bené | | | Age: 63 Director since: March 2024 Board Committee: Management Development & Compensation | Position and Business Experience President and Chief Executive Officer — Breakthru Beverage Group, LLC (private beverage wholesale distributor) since October 2021. Former President and Chief Executive Officer — National Restaurant Association, served from 2020 to September 2021. Former President and Chief Executive Officer — Sysco Corporation (multinational wholesale restaurant distributor), served from 2018 to 2020. Director of Sysco Corporation from 2018 to 2020. Qualifications Tom Bené has four decades of experience executing on strategic business priorities and delivering financial growth for large companies. Since 2021, he has served as President and Chief Executive Officer of Breakthru Beverage Group, where he is focused on leading the company through a period of growth and expansion by driving new capabilities and innovation. Prior to his current role, he held several operations and business leadership roles at Sysco Corporation, including serving as President, Chief Executive Officer, and Chairman. Before joining Sysco in 2013, Mr. Bené spent over 20 years at PepsiCo in numerous roles of increasing responsibility and scale. Mr. Bené has a proven track record of driving growth and modernizing business models throughout his career. Through his prior operations and management positions, Mr. Bené has gained valuable insight and knowledge in the areas of leadership and management development, corporate strategy development, merchandising, sales, marketing, revenue management, shared services and distribution and supply chain management. Mr. Bené shares his deep experience in logistics, as well as his focus on differentiation through the use of technology and providing outstanding customer service, to further our Company’s growth and optimization strategy. In addition, his dedication to employee development complements the Company’s People First commitment. Mr. Bené holds a bachelor of science degree in business administration from the University of Kansas. |

  17. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | Bruce E. Chinn | | | Age: 69 Director since: February 2023 Board Committee: Audit | Position and Business Experience Retired President and Chief Executive Officer — Chevron Phillips Chemical Company LLC, or CPChem, (global petrochemical joint venture of Chevron USA Inc. and Philips 66 Company), served from April 2021 to March 2024; has continued serving as Executive Advisor and Consultant to CPChem since March 2024. Director of CPChem from 2020 to March 2024. Also served as President, Chemicals for Chevron Corporation (multinational energy corporation) from 2020 to March 2021 and President, Chevron Oronite (global lubricant and fuel additives business) for Chevron Corporation from 2018 to 2020. Director of Celanese Corporation since September 2024. Qualifications Before his retirement in 2024 from the positions of President, Chief Executive Officer and a Director of CPChem, Bruce Chinn focused on leading the company through a period of sustainable growth. Mr. Chinn has over 40 years of experience driving operational, safety, and financial results. Previously, he held several operations and business roles at Chevron Corporation, leading large, diverse organizations. In these roles, Mr. Chinn focused on performance, partnership, and safety, while striving for continued success in the business and community. Mr. Chinn began his career at DuPont, where he held positions of increasing responsibility in manufacturing, technical, commercial and business leadership at the U.S. and international level. Mr. Chinn brings extensive knowledge of circular solutions and renewable energy that is aligned with our Company’s strategic focus on making sustainability growth investments in our recycling and renewable energy businesses. His operations leadership expertise bolsters our continued efforts to drive operating efficiencies, enhance our safety culture and differentiate our service offerings. Mr. Chinn’s broad and expansive dedication to operating excellence and developing strong corporate culture provides valuable perspective to the Board, and his experience allows him to share specific insight into focus areas such as renewable energy transition, environmental regulation and compliance, international exposure and risk management. Mr. Chinn serves as a board director for the Texas A&M University Association of Former Students. Mr. Chinn holds a bachelor of science degree in chemical engineering from Texas A&M University. |

  18. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | James C. Fish, Jr. | | | Age: 63 Director since: November 2016 | Position and Business Experience Chief Executive Officer and Director — Waste Management, Inc. since 2016; also served as President from 2016 — May 2025. Director of Caterpillar Inc. since March 2023. Qualifications Jim Fish has served as our Chief Executive Officer and a Director since 2016, and served as our President from 2016 until May 2025. For nearly 25 years, Mr. Fish has held several key positions in our Company, including President and Chief Financial Officer; Senior Vice President — Eastern Group; Area Vice President for Pennsylvania and West Virginia; Market Area General Manager for Massachusetts and Rhode Island; Vice President of Price Management; and Director of Financial Planning and Analysis. Before joining our Company, Mr. Fish held finance and revenue management positions at Westex, a Yellow-Roadway subsidiary, Trans World Airlines, and America West Airlines. He began his professional career at KPMG Peat Marwick. Mr. Fish’s extensive leadership and operational experience, together with his tremendous understanding of the environmental services industry, are instrumental to the development and successful execution of our growth strategy to deliver stockholder value. Additionally, through his professional and educational experience, Mr. Fish has developed valuable expertise in accounting, external reporting, investor relations, human capital and performance management, and risk management. Mr. Fish oversees our Digital organization and participates directly in matters related to cybersecurity and information security risk mitigation and response strategies. As North America’s largest comprehensive environmental solutions provider, sustainability is embedded in all aspects of our business. As our Chief Executive Officer, Mr. Fish has a thorough understanding of the risks and opportunities presented in the areas of sustainability and environmental protection. Mr. Fish is deeply involved in our efforts to mitigate such risks and capitalize on such opportunities in order to deliver on our brand promise, ALWAYS WORKING FOR A SUSTAINABLE TOMORROW®. An important part of WM’s people-first culture is the diversity of the Company’s workforce, which includes nearly 63,000 employees. Mr. Fish’s active engagement with employees at all levels of the organization reflects his commitment to fostering an inclusive environment in which employees feel valued and connected to the Company’s long-term success. Mr. Fish earned a bachelor’s degree in accounting from Arizona State University and a master’s degree in business administration, with emphasis on finance, from the University of Chicago. In addition to the public company board service listed above, Mr. Fish currently serves on the board of the Greater Houston Partnership. |

  19. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | Andrés R. Gluski | | | Age: 68 Director since: January 2015 Board Committees: Audit and Management Development & Compensation (Chair) | Position and Business Experience President, Chief Executive Officer and Director — The AES Corporation (global energy company) since 2011. Qualifications Andrés Gluski has served as President, Chief Executive Officer and a Director of The AES Corporation, a Fortune 500 global energy company, since 2011. Mr. Gluski began his tenure at AES in 2000 and previously served as Executive Vice President and Chief Operating Officer. Under his leadership, AES has become a leader in implementing clean technologies, including energy storage and renewable power. Through his professional experience, Mr. Gluski has extensive knowledge with respect to evaluating renewable energy strategies, and he has developed expertise in considering and evaluating climate-related risks and opportunities, which is directly applicable to our business and our sustainability growth strategy. Mr. Gluski also has experience in the development of sustainability and corporate social responsibility goals, as well as oversight of compliance programs. Prior to joining AES, Mr. Gluski served in a broad range of roles in the public and private sectors, including working as Executive Vice President of Corporate and Investment Banking in Grupo Santander. Mr. Gluski served as a member of the President’s Export Council from 2013 to 2016 and served as an expert witness at U.S. Congressional hearings on the subject of energy policy. He currently serves as Chairman of Council of the Americas and co-chair of the World Economic Forum’s Electricity Industry community. Mr. Gluski has also focused on shaping an innovative workplace at AES with a diverse and inclusive culture throughout the world. These efforts have given Mr. Gluski valuable expertise in the areas of human capital management, diversity and inclusion that he utilizes in his role as Chair of the Management Development & Compensation Committee of the Board. Mr. Gluski has been named amongst the 100 Most Influential Latinos by Latino Leaders Magazine. The depth and breadth of Mr. Gluski’s international business and finance background, and experience in managing growth opportunities while focusing on operational innovation, allow him to provide invaluable risk management, government affairs, public policy, public relations, communications and investor relations insight in his role as a member of the Board. Mr. Gluski holds a bachelor’s degree from Wake Forest University, as well as a master’s degree and a PhD in economics from the University of Virginia. |

  20. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | Victoria M. Holt | | | Age: 68 Director since: January 2013 Board Committees: Audit and Nominating & Governance (Chair) | Position and Business Experience Retired President and Chief Executive Officer — Proto Labs, Inc. (online and technology-enabled quick-turn manufacturer), served from 2014 to March 2021; also served as Director from 2014 – May 2021. Director of Piper Sandler Companies since 2019. Director of A. O. Smith Corp. since April 2021. Qualifications Victoria Holt joined Proto Labs, Inc. as President, Chief Executive Officer and a Director in 2014, retiring in 2021. With manufacturing facilities in five countries, Proto Labs is a leading e-commerce technology enabled digital manufacturer of custom prototypes and on-demand product parts. Ms. Holt began her career at Monsanto Company, where she held various assignments of increasing responsibility before moving to Solutia, Inc., a divestiture of the Monsanto Company’s chemical business, as Vice President and General Manager Performance Films. Ms. Holt later held various roles with PPG Industries, Inc., a leading coatings and specialty products company, including Senior Vice President of Glass and Fiber Glass. Ms. Holt then served as President and Chief Executive Officer of Spartech Corporation, a leading provider of plastic sheet, compounds and packaging products, until its sale to PolyOne in 2013. Ms. Holt has a diverse international business background serving a wide spectrum of customers looking for sustainable solutions across diverse end markets including plastics, materials, automotive, medical, aerospace, consumer and general industrial. Ms. Holt brings passion and extensive experience in the areas of sustainable innovation, environmental solutions, plastics operations and management and recycling to the Board. Ms. Holt’s proven success leading large global companies across a broad range of manufacturing, chemical and materials industries has demonstrated her deep understanding of risk management, operations, strategic planning and performance measurement. Ms. Holt provides tremendous insight into the areas of continuous improvement, use of data analytics, e-commerce, digitally connected operations and execution of our technology-led, sustainability-linked strategy to grow our business and mitigate climate risks. Ms. Holt has developed expertise in corporate governance through her service, including holding committee leadership roles, on the public company boards listed above as well as private company boards, and she shares this expertise with the Company’s Board in her position as Chair of the Nominating and Governance Committee. Ms. Holt holds a bachelor’s degree in chemistry from Duke University and a master’s degree in business administration from Pace University. Ms. Holt has completed the National Association of Corporate Directors (NACD) Cyber Risk Oversight Program and earned the CERT Certificate in Cybersecurity Oversight. |

  21. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | Kathleen M. Mazzarella | | | Age: 66 Director since: October 2015 Chair of the Board since: May 2023 Board Committees: Audit, Management Development & Compensation and Nominating & Governance | Position and Business Experience Chairman, President and Chief Executive Officer — Graybar Electric Company, Inc. (distributor of electrical, industrial, automation and connectivity products and provider of related supply chain management and logistics services) since 2013. Director of Cigna Corporation since 2018. Director of Core & Main since 2019. Qualifications Kathleen Mazzarella has served as President and Chief Executive Officer of Graybar Electric Company, Inc. since 2012, and as Chairman since 2013. During her more than 45-year tenure at Graybar, Ms. Mazzarella has held numerous executive-level positions in operations, sales, human resources, strategic planning and marketing, including Executive Vice President and Chief Operating Officer, Senior Vice President — Sales and Marketing and Senior Vice President — Human Resources and Strategic Planning. Ms. Mazzarella has been instrumental in developing and communicating Graybar’s commitment to sustainability initiatives. Graybar focuses on sustainability in the way it operates and in the innovative solutions it provides to its customers. The company offers energy-saving products, renewable energy solutions and supply chain services that support sustainable construction, renovation and maintenance of infrastructure and facilities. The company also invests in the communities it serves and emphasizes integrity, inclusion and opportunity for all employees. Ms. Mazzarella brings her deep and valuable experience leading a diverse range of business functions necessary for an employee-driven, customer-focused business, similar to our Company. Through her role as Chief Executive Officer and her service on the board of directors and key committees for other public companies, she has developed expertise in the evolving social and corporate governance landscape. In addition to her experience overseeing financial reporting and controls, technology systems and platforms, and other functional and operational areas, she has particular experience in the area of human capital management, including succession planning, diversity and inclusion initiatives, and oversight of corporate culture. Ms. Mazzarella also brings expertise in labor relations, public policy, operational innovation and strategic planning. Ms. Mazzarella holds an associate degree in telecommunications engineering, a bachelor’s degree in applied behavioral sciences from National Louis University, and a master’s degree in business administration from Webster University. In addition to the public company boards listed above, Ms. Mazzarella also serves as Chair of the board of the National Association of Wholesaler-Distributors (NAW) and previously served on the board of the NAW Institute for Distribution Excellence. Ms. Mazzarella previously served as Chairman of the Federal Reserve Bank of St. Louis, and she has experience serving on various organizational and charitable boards including the United Way of Greater St. Louis and the executive committee of Greater St. Louis, Inc. |

  22. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | Sean E. Menke | | | Age: 57 Director since: March 2021 Board Committees: Audit and Nominating & Governance | Position and Business Experience Former Chief Executive Officer of Sabre Corporation (software and technology solutions provider to the travel industry) from 2016 to April 2023 and former President of Sabre Corporation from 2016 to December 2021. Executive Chairman of the Board of Sabre Corporation from April 2022 to April 2024; Director of Sabre Corporation from 2016 to April 2024. Director of JetBlue Airways Corp. since September 2024. Qualifications Having recently served as Chief Executive Officer and Chair of the Board of Directors of Sabre Corporation, Sean Menke has experience heading a global network of development, sales, operations and corporate functions. In 2015, Mr. Menke joined Sabre as president of Sabre Travel Network, Sabre’s largest line of business. Under Mr. Menke’s leadership, Sabre won major new business opportunities, increased global market share, secured Sabre’s position as the leading global distribution system in North America, Latin America and Asia-Pacific, and led innovation to enable sales of more customized fares and ancillary products that help drive the changing travel industry landscape. Before joining Sabre, Mr. Menke spent more than 20 years in executive leadership roles in the airline industry. He served as Chief Executive Officer at Frontier Airlines and at Pinnacle Airlines, and he held senior level marketing, operations, customer experience, strategy, planning, sales, distribution and revenue management roles, including with Air Canada and Hawaiian Airlines. He also served as Executive Vice President at IHS Inc., a global information technology company. Mr. Menke is a proven transformation leader and uses his extensive experience in technology and transportation operations to bring together strategy and data to address complex issues as a member of the Board. His expertise in logistics and commitment to delivering efficient, customer-focused innovation through imaginative technology-led solutions helps advance our strategy to differentiate our services. Mr. Menke has extensive executive experience in technology-driven companies and brings to the Board a strong understanding of both enterprise technology transformation and cybersecurity oversight. He has experience overseeing cybersecurity and privacy risk mitigation efforts, including cyber intrusion response planning and remediation. In addition, during his tenure at Sabre, Mr. Menke led a multi-year modernization of Sabre’s global technology infrastructure, leveraging advanced cloud-based solutions to deploy machine learning and generative artificial intelligence to support dynamic pricing optimization, software code augmentation and enhanced customer service automation. Mr. Menke holds a bachelor’s degree in economics and aviation management from Ohio State University and a master’s degree in business administration from the University of Denver. He recently completed the MIT Sloan + CSAIL Artificial Intelligence: Implication for Business Strategy Program with a focus on strategic integration of robotics, machine learning, and natural language processing in global organizations. |

  23. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | William B. Plummer | | | Age: 67 Director since: August 2019 Board Committees: Audit (Chair) and Management Development & Compensation | Position and Business Experience Retired Executive Vice President and Chief Financial Officer — United Rentals, Inc. (world’s largest equipment rental company), served from 2008 to 2018. Director of Global Payments Inc. since 2017. Director of Mason Industrial Technology, Inc. from February 2021 to February 2023. Director of Nesco Holdings, Inc. from 2019 to March 2021. Qualifications William Plummer served as Executive Vice President and Chief Financial Officer for United Rentals, Inc., where he was responsible for the development of the company’s finance activities and investor relations, and he co-led its mergers, acquisitions and divestitures strategies. He also led the company’s safety function and its data and analytics efforts. Mr. Plummer was instrumental in helping the company execute a strategy focused on improving the profitability of its core equipment rental business through revenue growth, margin expansion, operational efficiencies and acquisitions. Mr. Plummer brought more than two decades of financial leadership experience when he joined United Rentals, having served in a several executive roles, including as Executive Vice President and Chief Financial Officer of Dow Jones & Company, Inc., where he set policy for its global finance and corporate strategy functions. Prior to Dow Jones, Mr. Plummer was Vice President and Treasurer of Alcoa Inc., where he was responsible for global treasury policy and capital markets transactions. Mr. Plummer also held several executive positions at Mead Corporation, including President of its Gilbert Paper division, Vice President of Corporate Strategy and Planning, and Treasurer. Mr. Plummer brings extensive accounting, audit, internal control, and risk management experience to the Board and as Chair of the Audit Committee. In particular, he has first-hand experience developing, enhancing and overseeing risk management programs at large public companies, including identification and oversight of risks related to human capital, climate, cybersecurity and information technology. He provides insight based on his broad and substantial background in finance, logistics, operational improvement, mergers and acquisitions and capital markets transactions. He also brings valuable experience executing a customer-focused strategy, driving organic revenue growth and improving free cash flow. Mr. Plummer is deeply engaged in advancing and overseeing results from our Company’s people-first strategic focus and diversity and inclusion initiatives. Mr. Plummer holds bachelor’s and master’s degrees in aeronautics and astronautics from Massachusetts Institute of Technology and a master’s degree in business administration from Stanford University. |

  24. BOARD COMPOSITION, SKILLS AND EXPERTISE

    | Maryrose T. Sylvester | | | Age: 60 Director since: March 2021 Board Committees: Management Development & Compensation and Nominating & Governance | Position and Business Experience Retired U.S. Managing Director and U.S. Head of Electrification — ABB Ltd. (global technology company focused on electrification, robotics, power and automation), served from 2019 to 2020. Former President and Chief Executive Officer — Current, powered by GE (energy services and information technology subsidiary of General Electric subsequently acquired by private equity investors), served from 2015 to 2019. Director of Harley-Davidson, Inc. since 2016. Director of Vontier Corporation since March 2021. Director of Flex Ltd. since September 2022. Qualifications As U.S. Managing Director and U.S. Head of Electrification for ABB Ltd., Maryrose Sylvester was responsible for ABB’s largest geographical market and the implementation of operational innovations. Ms. Sylvester also championed the company’s diversity and inclusion efforts and accelerated ABB’s Encompass Diversity program. Prior to joining ABB Ltd., Ms. Sylvester spent more than 30 years at General Electric, where she held a number of leadership roles, including serving as President and Chief Executive Officer of each of GE Lighting, GE Intelligent Platforms, which focused on industrial automation, and GE Current, a digital power service business that delivers integrated energy systems. Ms. Sylvester was instrumental in launching the GE Women’s Network. Ms. Sylvester is a strategic, growth-oriented leader with a focus on the areas of technology, innovation and automation. Through her prior experience, Ms. Sylvester has developed expertise in delivering technology-enabled and energy-efficient sustainable solutions. Ms. Sylvester provides experience and extensive knowledge of product development, marketing, technology and supply chain strategy to the Board. Ms. Sylvester has in-depth expertise in the area of improving energy efficiency in response to climate risk. Ms. Sylvester also shares insight from her prior experience to inform our strategy to improve processes and drive efficiency through automation. Ms. Sylvester is passionate about advancing diversity and inclusion and has expertise developing and driving such initiatives in the workplace. Ms. Sylvester also brings valuable governance experience from her service on the public company boards listed above. She holds a bachelor’s degree in procurement and production management from Bowling Green State University and a master’s degree in business administration from Cleveland State University. |

  25. Executive Summary

    Executive Summary The objective of our executive compensation program is to attract, retain, reward and incentivize talented employees who will lead the Company in the successful execution of our strategy. The Company seeks to accomplish this goal by designing a compensation program that is supportive of and aligns with the strategy of the Company and the creation of stockholder value, while discouraging excessive risk-taking. We have enabled a people-first, technology-led focus to deliver on our brand promise, ALWAYS WORKING FOR A SUSTAINABLE TOMORROW®. Our strategy leverages and sustains the strongest asset network in the industry to drive best in class customer experience and growth. As North America’s leading provider of comprehensive waste management environmental services, sustainability and environmental stewardship are embedded in all that we do. As a result, we believe that positive financial results, including the results for the performance measures on which our executives are compensated, are naturally aligned with the successful execution of our goals to put our people first and position them to serve and care for our customers, the environment, the communities in which we work and our stockholders. We believe our Company would not be successful, on financial performance measures or otherwise, without our industry-leading focus on sustainability. The following key structural elements and policies further the objective of our executive compensation program: • a substantial majority of executive compensation is linked to Company performance, through annual cash incentive performance criteria and long-term equity-based incentive awards. As a result, our executive compensation program provides for higher total compensation in periods of above-target Company performance, as we saw with respect to equity awards with a three-year performance period ended 2025; • at target, 76% of total compensation of our Chief Executive Officer was tied to long-term equity awards, and a majority of total compensation of our other named executives, on average, was tied to long-term equity awards, which aligns executives’ interests with those of stockholders; • our total direct compensation opportunities for named executive officers are targeted to fall in a range around the competitive median; • performance-based awards include threshold, target and maximum payouts correlating to a range of performance outcomes and are based on a variety of indicators of performance, which limits risk-taking behavior; • performance stock units with a three-year performance period, as well as stock options that vest over a three-year period, link executives’ interests with long-term performance and reduce incentives to maximize performance in any one year at the expense of future years; • all of our executive officers are subject to stock ownership guidelines, which we believe demonstrates a commitment to, and confidence in, the Company’s long-term prospects; • in addition to adoption of the executive compensation clawback policy mandated by the New York Stock Exchange in 2023, the Company has clawback provisions in its equity award agreements and executive officer employment agreements, and has adopted a clawback policy applicable to annual incentive compensation, designed to recoup compensation when cause and/or misconduct are found; • our executive officer severance policy implemented a limitation on the amount of benefits the Company may provide to its executive officers under severance agreements (the “Severance Limitation Policy”); and • the Company has adopted a policy that prohibits it from entering into agreements with executive officers that provide for certain death benefits or tax gross-up payments.

  26. 2025 Compensation Program Results and Company Performance

    2025 Compensation Program Results and Company Performance During 2025, we continued to focus on our priorities to advance our strategy — enhancing employee engagement, permanently reducing our cost to serve our customers through the use of technology and automation, investing in growth through our recycling and renewable energy businesses and integrating the Stericycle business. We continue to invest in our people through paying a competitive market wage, investing in our digital platform and providing training for our team members. We remain committed to our investment in recycling automation, which reduces costs and increases throughput, positioning us to overcome commodity price headwinds and deliver a differentiated service. As part of the ongoing integration of Stericycle, we achieved synergies by reducing costs of duplicative business processes, established a performance management approach aimed at accountability and continued to improve customer engagement, billing and collection processes to deliver cash flow. Following is a summary of the 2025 compensation program results. Incentive compensation measures presented in this proxy statement are defined differently than corresponding measures reported in the Company’s quarterly earnings press release. See Appendix B for additional information and reconciliations of non-GAAP measures to the most comparable GAAP measures.

  27. Total Shareholder Return

    Total Shareholder Return With respect to the half of the performance share units (“PSUs”) granted in 2023 with a three-year performance period ended December 31, 2025 that was subject to total shareholder return relative to the S&P 500 (“TSR PSUs”), the performance of the Company’s Common Stock on this measure translated into a percentile rank relative to the S&P 500 of 55.26%, resulting in a 121.03% payout on these PSUs in shares of Common Stock. This performance directly benefited our stockholders, delivering total shareholder return of 39.82% over the three-year performance period.

  28. Cash Flow Generation

    Cash Flow Generation The Company generated net cash flow from operating activities, less capital expenditures, for purposes of the performance goal associated with the other half of our PSUs (“Cash Flow PSUs”) granted in 2023, of $7.377 billion, exceeding the target performance level of $7.30 billion for the three-year performance period ended December 31, 2025. This performance resulted in a 110.93% payout on these PSUs in shares of Common Stock. The three-year cash flow targets established in 2023 were reflective of intentional increases in capital spending, beginning in 2022, to expand and accelerate our sustainability growth strategy, including significant multi-year investments in our renewable energy and recycling processing and sales businesses. Accordingly, as discussed in last year’s 2025 Compensation Program Preview, the performance results for the Cash Flow PSUs granted in 2023 exclude (i) the impact of $415 million of aggregate incremental sustainability growth investments in 2023, 2024 and 2025 that were not contemplated at the time this performance measure was established but were subsequently approved by our Board in furtherance of the Company’s strategy and (ii) the benefit from associated investment tax credits. The incremental cash flow generation from these strategic investments that were not contemplated at the time the performance measure was established did not materially impact the calculated results for executive compensation performance measures in 2025. Additionally, the calculation of performance on the cash flow measure excludes the following additional items that also were not contemplated at the time the performance measure was established: contributions from the acquired Stericycle business; transaction and integration costs related to the Stericycle acquisition; and benefits from bonus depreciation legislation. See “Named Executives’ 2025 Compensation Program and Results — Long-Term Equity Incentives — Payout on PSUs for the Performance Period Ended December 31, 2025” below and Appendix B for additional information about the calculation of these results. The robust cash flow generation of our business has allowed the Company to fulfill its priorities of investing in and growing the business, funding acquisitions with strong returns, and returning available cash to stockholders through dividend growth and Common Stock repurchases over the three-year performance period.

  29. Annual Cash Incentive Performance Measures

    Annual Cash Incentive Performance Measures Company performance on annual cash incentive performance measures for named executive officers is set forth below. For additional information about the definition and calculation of these performance measures, see “Named Executives’ 2025 Compensation Program and Results — Annual Cash Incentive” below and Appendix B. Based on these financial results, the named executives earned an annual cash incentive payment for 2025 equal to 101.00% of target, before application of the sustainability modifier. Operating EBITDA (generally defined as the Company’s income from operations, excluding depreciation, depletion and amortization, “Restructuring” and “(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net” reported in our Annual Report on Form 10-K, and also excluding the impacts of our recycling brokerage business) — $7.438 billion, yielding a payout of 95.94% Income from Operations, excluding Depreciation, Depletion and Amortization Margin (“Margin performance measure”) (generally defined as the Company’s income from operations, excluding depreciation, depletion and amortization and “Restructuring” and “(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net” reported in our Annual Report on Form 10-K, as a percentage of revenue, also excluding the impacts of our recycling brokerage business from both income from operations and revenue) — 30.4%, yielding a payout of 130.12% Internal Revenue Growth (defined as internal revenue growth from yield, plus internal revenue growth from volume, at the consolidated level for the collection and disposal business) — 3.97%, yielding a payout of 81.99%.

  30. Sustainability Modifier to Annual Cash Incentive Awards

    Sustainability Modifier to Annual Cash Incentive Awards Since 2023, the MD&C Committee has incorporated a sustainability modifier into the annual cash incentive program. Annual cash incentive payouts to executive officers for 2025 were eligible to be increased, or decreased, up to 10% depending on achievement calculated using a sustainability scorecard. The 2025 sustainability scorecard contained quantifiable performance measures in the areas of safety; employee engagement; circularity and climate. As discussed further below under “Named Executives’ 2025 Compensation Program and Results — Annual Cash Incentive,” the Company earned sufficient points on the sustainability scorecard to correlate to a 2% increase to the annual cash incentive payment for 2025 otherwise earned. In 2025, each of the executive compensation incentive awards continued to demonstrate strong alignment between executive pay and Company performance. The payouts on the PSUs granted in 2023 correlate with strong cash flow generation and total shareholder return over the three-year performance period. Additionally, the combined results on our annual cash incentive performance measures are reflective of another year of strong business growth and overall financial performance. In particular, Margin performance measure results exceeded target as the Company focused on high-quality revenue growth and cost optimization. Internal revenue growth results were below target performance level, largely due to variability in volume trends across markets and lower volume in the residential and commercial collection businesses. The Company’s incentive compensation results evidence that our executives have taken the right actions to deliver on operational, strategic and financial priorities. Management continues to successfully develop and advance strategic initiatives to grow our business while driving efficiencies. As a result, both stockholders and executives were rewarded by results on executive compensation financial performance measures in 2025, coupled with positive results on the sustainability scorecard.

  31. Overview of Elements of Our 2025 Executive Compensation Program

    | Timing | Component | Purpose | Key Features | | Current | Base Salary | To attract and retain executives with a competitive level of regular income | Adjustments to base salary primarily consider competitive market data and the executive’s tenure, individual performance and responsibilities. | | Short-Term Performance Incentive | Annual Cash Incentive | To encourage and reward contributions to our annual financial objectives through performance-based compensation subject to challenging, yet attainable, objective and transparent metrics | Cash incentives are targeted at a percentage of base salary and range from zero to 200% of target based on the following performance measures: • Operating EBITDA — designed to encourage balanced growth and profitability and assess the financial outcome from execution of strategic priorities (weighted 50%); • Margin performance measure — designed to motivate pursuit of high margin revenue growth while also controlling costs and operating efficiently (weighted 25%); and • Internal Revenue Growth — targeted at executing on pricing strategy and appropriate volume growth aligned with strategic growth goals (weighted 25%). Payouts of cash incentives based on the performance measures above can be increased or decreased by up to 10%, depending on achievement calculated using the sustainability scorecard. The MD&C Committee has discretion to increase or decrease an individual’s cash incentive payment by up to 25% based on individual performance. | | Long-Term Performance Incentives | Performance Share Units | To encourage and reward building long-term stockholder value through successful strategy execution; To retain executives; and To increase stockholder alignment through executives’ stock ownership | Number of shares delivered range from zero to 200% of the initial target grant based on performance over a three-year performance period. Payout on half of each executive’s PSUs granted in 2025 is dependent on cash flow generation, defined as net cash flow provided by operating activities, less capital expenditures, with certain exclusions, which continues our focus on capital discipline, while also aligning the Company with stockholders’ free cash flow expectations. We refer to these as Cash Flow PSUs. Payout on the remaining half of the PSUs granted in 2025 is dependent on total shareholder return relative to other companies in the S&P 500 over the three-year performance period. We refer to these as TSR PSUs. PSUs earn dividend equivalents that are paid at the end of the performance period based on the number of shares earned. Recipients can defer the receipt of shares, in which case such shares of Common Stock will be paid out, without interest, at the end of the deferral period. | | | Stock Options | To support the growth element of the Company’s strategy and encourage and reward stock price appreciation over the long-term; To retain executives; and To increase stockholder alignment through executives’ stock ownership | Stock options granted in 2025 vest ratably in three annual increments, beginning on the first anniversary of the date of grant. The option exercise price is the average of the high and low market price of our Common Stock on the date of grant. Stock options have a term of 10 years. | | | Restricted Stock Units (“RSUs”) | Used on a limited basis (e.g. promotion, new hire, special recognition) to make awards that encourage and reward long-term performance and increase alignment with stockholders | RSUs are not routinely an element of executive compensation, but grants are made in certain circumstances, including in recognition of significant promotions and contributions. RSUs granted in 2025 vest ratably in three annual increments, beginning on the first anniversary of the date of grant, with the exception of RSUs granted to Ms. Hemmer, of which 50% vest on the second anniversary of the date of grant and 50% vest on the third anniversary of date of grant. Time-based vesting aids retention. Dividend equivalents on RSUs accrue and are paid in cash upon vesting. |

  32. Overview of Elements of Our 2025 Executive Compensation Program

    Deferral Plan. Each of our named executive officers is eligible to participate in our 409A Deferral Plan and may elect to defer receipt of portions of their base salary and cash incentives in excess of the annual compensation threshold established under Section 401(a)(17) of the Internal Revenue Code of 1986, as amended (the “IRC”). We believe that providing a program that allows and encourages planning for retirement is a key factor in our ability to attract and retain talent. Additional detail can be found in the Nonqualified Deferred Compensation in 2025 table and accompanying disclosure. Perquisites. The Company provides very limited perquisites or personal benefits to executive officers, consisting of executive concierge medical services, certain additional security services, cost to the Company for guest participation in corporate events and use of Company aircraft for personal travel. The MD&C Committee permits our Chief Executive Officer to use the Company’s aircraft for business and personal travel; provided, however, that personal use of the Company aircraft attributed to him that results in incremental cost to the Company shall not exceed 90 hours during any calendar year without approval from the Chair of the MD&C Committee. In 2025, our Chief Executive Officer had approximately 15 hours of personal use of Company aircraft under this standard. Personal use of the Company’s aircraft by other employees resulting in incremental cost to the Company is permitted with Chief Executive Officer approval, although this does not occur frequently. The value of our named executives’ personal use of the Company’s aircraft is treated as taxable income to the respective executive in accordance with IRS regulations using the Standard Industry Fare Level formula. This is a different amount than we calculate pursuant to the SEC requirement to report the incremental cost to us of their use. See note (4) to the Summary Compensation Table below for additional information about this calculation. Post-Employment and Change in Control Compensation. The Company provides severance protections that aid in retention of senior leadership by providing the individual with comfort that he or she will be treated fairly in the event of an involuntary termination not for cause. The change in control provisions included in our Executive Severance Protection Plan, our stock option award documentation and, if applicable, employment agreements require a double trigger in order to receive any payment in the event of a change in control situation. Additional details can be found under “— Post Employment and Change in Control Compensation; Clawback Policies” and “Potential Payments Upon Termination or Change in Control.”

  33. How Named Executive Officer Compensation Decisions are Made

    Allocation of Compensation Elements and Tally Sheets. The MD&C Committee considers the forms in which total compensation will be paid to executive officers and seeks to achieve an appropriate balance between base salary, annual cash incentive compensation and long-term incentive compensation. The MD&C Committee determines the size of each element based primarily on comparison group data and individual and Company performance. The percentage of compensation that is contingent on achievement of performance criteria typically increases in correlation to an executive officer’s responsibilities within the Company, with performance-based incentive compensation making up a greater percentage of total compensation for our most senior executive officers. Additionally, as an executive becomes more senior, a greater percentage of the executive’s compensation shifts away from short-term to long-term incentive awards. The MD&C Committee uses tally sheets to review the compensation of our named executive officers, which show the cumulative impact of all elements of compensation. These tally sheets include detailed information and dollar amounts for each component of compensation, the value of all equity held by each named executive, and the value of welfare and retirement benefits and severance payments. Tally sheets provide the MD&C Committee with the relevant information necessary to determine whether the balance between short-term and long-term compensation, as well as fixed and variable compensation, is consistent with the overall compensation philosophy of the Company. This information is also useful in the MD&C Committee’s analysis of whether total direct compensation provides a compensation package that is appropriate and competitive. Tally sheets are provided annually to the full Board of Directors. The following charts display the allocation of total 2025 target compensation among base salary, annual cash incentive and annual long-term equity awards, as established in connection with the MD&C Committee’s annual compensation setting process in February 2025 (before the mid-year promotional and retention awards) for (a) our Chief Executive Officer and (b) our other named executives, on average (not including Mr. Reed who was not serving as an executive officer in February 2025). These charts depict the MD&C Committee’s 2025 desired total mix of target compensation for named executives and reflect that a substantial majority of executive compensation is linked to Company performance, through annual cash incentive performance criteria and long-term equity-based incentive awards. We consider stock options granted under our long-term incentive plan to be performance-based because their value will increase as the market value of our Common Stock increases. Internal Pay Equity. The MD&C Committee considers the differentials between compensation of the named executive officers. The MD&C Committee also reviews compensation comparisons between our Chief Executive Officer and the other executive officers, while recognizing the additional responsibilities of our Chief Executive Officer and that such differentials will increase in periods of above-target performance and decrease in times of below-target performance. Based on these considerations, the MD&C Committee concluded that the compensation paid to our Chief Executive Officer is reasonable compared to that of the other executive officers. Tax and Accounting Matters. Following the revision of Section 162(m) of the IRC in 2017, the Company generally may no longer take a deduction for any compensation paid to any of its named executive officers in excess of $1 million. Section 409A of the IRC (“Code Section 409A”) generally provides that any deferred compensation arrangement that does not meet specific requirements will result in immediate taxation of any amounts deferred to the extent not subject to a substantial risk of forfeiture. In general, to avoid a Code Section 409A violation, amounts deferred may only be paid out on separation from service, disability, death, a specified time or fixed schedule, a change in control or an unforeseen emergency. Furthermore, the election to defer generally must be made in the calendar year prior to performance of services. We intend to structure all of our compensation arrangements, including our 409A Deferral Plan, in a manner that complies with or is exempt from Code Section 409A. We account for equity-based payments, including stock options, PSUs and RSUs, in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, Stock Compensation (“ASC Topic 718”). The MD&C Committee takes into consideration the accounting treatment under ASC Topic 718 when determining the form and amount of annual long-term equity incentive awards. However, because our long-term equity incentive awards are based on a target dollar value established prior to grant (described in further detail under “Named Executives’ 2025 Compensation Program and Results — Long-Term Equity Incentives”), this target dollar value will differ from the grant date fair value of awards calculated pursuant to ASC Topic 718 and reported in the Summary Compensation Table. Risk Assessment. The MD&C Committee uses the structural elements set forth in the Executive Summary earlier to establish compensation that will provide sufficient incentives for named executive officers to drive results while avoiding unnecessary or excessive risk taking that could harm the long-term value of the Company. During 2025, the MD&C Committee reviewed the Company’s compensation policies and practices and the assessment and analysis of related risk conducted by the independent compensation consultant. Based on this review and analysis, the MD&C Committee and the independent compensation consultant concluded that our compensation policies and practices do not create risks that are reasonably likely to have a material adverse effect on the Company. Policy on Calculation Adjustments. In 2014, the MD&C Committee adopted a policy on calculation adjustments that affect payouts under annual and long-term incentive awards in order to address the potentially distorting effect of certain items. Such adjustments are intended to align award payments with the underlying performance of the business; avoid volatile, artificial inflation or deflation of awards due to unusual items in either the award year or the previous comparator year; and eliminate counterproductive incentives to pursue short-term gains and protect current incentive opportunities. To ensure the integrity of the adjustments, the policy provides that the MD&C Committee’s approach to adjustments shall generally be consistent with the Company’s approach to reporting adjusted non-GAAP earnings to the investment community, except that the MD&C Committee has determined that potential adjustments arising from a single transaction or event generally should be disregarded unless, taken together, they change the calculated award payout by at least 5%. The MD&C Committee retains discretion to evaluate all adjustments, both income and expense, as circumstances warrant; however, the MD&C Committee has agreed that it will not have the ability to use negative discretion with respect to the calculation of cash flow for purposes of the Cash Flow PSUs, in order to avoid variable accounting treatment for those awards. Actual results reported in this Proxy Statement on financial performance measures may differ from earnings results reported to the investment community. Please see Appendix B for more information.

  34. Annual Cash Incentive

    Annual Cash Incentive • Annual cash incentives were dependent on the following performance measures: Operating EBITDA; Income from Operations Margin, excluding Depreciation, Depletion and Amortization (or “Margin performance measure”) and Internal Revenue Growth. • Payouts of cash incentives based on the performance measures could be increased or decreased by up to 10%, depending on achievement calculated using the 2025 sustainability scorecard. • Blended results on the performance measures yielded an annual cash incentive payment for 2025 equal to 101.00% of target, which was then modified by 2.00% on account of the sustainability modifier, yielding a calculated payout of 103.02%. The MD&C Committee develops financial performance measures for annual cash incentive awards to drive improvements in business operations, as well as support and fund the long-term strategy of the Company. The MD&C Committee has found that the Operating EBITDA measure encourages balanced focus on growth and profitability. Our Margin performance measure encourages responsible, high margin revenue growth and cost management and reduction. The Internal Revenue Growth performance measure supports the Company’s strategic growth and creation of shareholder value. The MD&C Committee believes these financial performance measures, in the aggregate, supported and aligned with the strategy of the Company in 2025, are reflective of the Company’s overall performance, and are appropriate indicators of our progress toward the Company’s goals. See “2025 Compensation Program Results and Company Performance” in the Executive Summary above for further discussion and definitions of the annual cash incentive performance measures. When setting threshold, target and maximum performance measure levels each year, the MD&C Committee looks to the Company’s historical results of operations and analyses and forecasts for the coming year. Specifically, the MD&C Committee considers pricing and volume trends, operational factors, and macroeconomic conditions. When setting the 2025 performance levels, the MD&C Committee defined the 2025 annual cash incentive awards to exclude the impacts of our recycling brokerage business. While the relatively small and traditionally lower-margin recycling brokerage business is additive to our overall customer value proposition, it can have a distorting effect on results, due in part to commodity price volatility. Use of the Margin performance measure in 2025, instead of the income from operations margin performance measure typically used, was a temporary change, primarily in response to our acquisition of Stericycle and to remove variability caused by Stericycle purchase price accounting. The table below details the performance measures set by the MD&C Committee for purposes of the named executive officers’ annual cash incentive for 2025.

  35. Annual Cash Incentive

    | | Threshold Performance (60% Payment) | Target Performance (100% Payment) | Maximum Performance (200% Payment) | | Operating EBITDA | $7.101 billion | $7.476 billion | $7.851 billion | | Margin Performance Measure | 29.1% | 30.1% | 31.1% | | Internal Revenue Growth | 3.2% | 4.6% | 6.0% |

  36. Annual Cash Incentive

    The following table sets forth the Company’s performance achieved on each of the annual cash incentive performance measures and the payout earned on account of such performance.

  37. Annual Cash Incentive

    | Operating EBITDA (weighted 50%) | | Margin Performance Measure (weighted 25%) | | Internal Revenue Growth (weighted 25%) | | Total Payout Earned (as a percentage of Target) | | Actual | Payout Earned | Actual | Payout Earned | Actual | Payout Earned | | | $7.438 billion | 95.94% | 30.4% | 130.12% | 3.97% | 81.99% | 101.00% |

  38. Annual Cash Incentive

    For purposes of the calculation of results, the Company excluded costs incurred in support of the Stericycle acquisition and integration, consistent with both the MD&C Committee’s prior approach following significant acquisitions and the MD&C Committee’s philosophy with respect to addressing the impact of one-time and special events to eliminate disproportionate or counterproductive results. The Company also excluded the benefit to Operating EBITDA of California wildfire volumes in 2025 that exceeded the Company’s estimate for such item at the time the performance measure was established. See Appendix B for additional information about the calculation of these results. Sustainability Modifier to Annual Cash Incentive Awards. In 2025, the MD&C Committee continued use of the sustainability modifier, such that annual cash incentive payouts to executive officers for 2025 were eligible to be increased, or decreased, up to 10% depending on achievement calculated using the sustainability scorecard, Results achieved on each of the four performance measures, and corresponding points earned on a scale of one-to-five, are reported below. The Company earned 14 total points on the 2025 sustainability scorecard, which correlates to a 2% increase to the annual cash incentive payment for 2025 otherwise earned. (1) The Climate performance measure includes two sub-metrics, total landfill gas captured and beneficial use of landfill gas. For 2025, the Company achieved a 2% increase in total landfill gas captured and a 5% increase in beneficial use of landfill gas. The MD&C Committee believes that the performance measures for 2025, focusing on the areas of safety, employee engagement, circularity and climate, aligned well with the Company’s commitments and values, sustainability growth strategy and 2030 goals presented in the Company’s Sustainability Report. Annual Cash Incentive Payout for 2025. Target annual cash incentives are a specified percentage of the executives’ base salary. The MD&C Committee retains discretion to increase or decrease an individual named executive’s annual cash incentive payment by up to 25% based on individual performance. The MD&C Committee did not make any individual performance modifications to the named executive’s annual cash incentive payout for 2025. The following table shows each named executive’s target percentage of base salary for 2025 and each named executive’s total annual cash incentive for 2025 paid in March 2026.

  39. Annual Cash Incentive

    | Named Executive Officer | Target Percentage of Base Salary | Annual Cash Incentive For 2025 | | Mr. Fish | 160 | $2,472,480 | | Mr. Reed(1) | 100 | $474,569 | | Ms. Rankin | 105 | $870,687 | | Mr. Morris | 125 | $1,287,750 | | Ms. Hemmer | 95 | $709,061 | | Mr. Carrasco | 95 | $696,681 |

  40. Annual Cash Incentive

    (1) An increase to Mr. Reed’s target percentage of base salary, effective November 1, 2025, made in connection with his promotion yielded an effective 65.81% target percentage of base salary for the full year of 2025.

  41. Long-Term Equity Incentives

    Long-Term Equity Incentives Our equity awards are designed to hold individuals accountable for long-term decisions by rewarding the success of those decisions. The MD&C Committee continuously evaluates the components of its programs. In determining which forms of equity compensation are appropriate, the MD&C Committee considers whether the awards granted are achieving their purpose; the competitive market; and accounting, tax or other regulatory issues, among others. In determining the appropriate awards for the named executives’ 2025 annual long-term incentive award, the MD&C Committee decided to grant both PSUs comprising 80% of each named executive’s award and stock options comprising 20% of each named executive’s award, consistent with prior years. Half of each named executives’ PSUs granted in 2025 are Cash Flow PSUs and the remaining half are TSR PSUs. Meanwhile, stock options encourage focus on increasing the market value of our stock. Before determining the actual number of PSUs and stock options that were granted to each of the named executives in 2025, the MD&C Committee established a target dollar amount for each named executive’s annual total long-term equity incentive award. The values chosen were based primarily on the comparison information for the competitive market and consideration of the named executives’ responsibility for meeting the Company’s strategic objectives. Target dollar amounts for equity incentive awards will vary from grant date fair values calculated for accounting purposes. This discussion addresses only the granting of annual long-term incentive awards to named executives, which occurs in the first quarter of the year. The table below does not include mid-year promotional and retention awards of RSUs that occurred in 2025. Please see “Executive Compensation Decisions in Connection with Leadership Transitions” above and “Restricted Stock Units” below for additional information.

  42. Long-Term Equity Incentives

    | Named Executive Officer | Dollar Values of 2025 Annual Long-Term Equity Incentives Set by the Committee (at Target)(1) | | Mr. Fish | $12,000,000 | | Mr. Reed(2) | $400,000 | | Ms. Rankin | $2,700,000 | | Mr. Morris | $3,100,000 | | Ms. Hemmer | $2,100,000 | | Mr. Carrasco | $2,100,000 |

  43. Long-Term Equity Incentives

    (1) Amount does not include mid-year promotional and retention awards of RSUs. (2) Amount reflects Mr. Reed’s annual long-term equity incentive award prior to his promotion to the senior leadership team. Overview of Performance Share Units. • Named executives were granted new PSUs with a three-year performance period ending December 31, 2027. Half of each named executive’s PSUs granted in 2025 are Cash Flow PSUs and the remaining half are TSR PSUs. • Named executives received a payout of 115.99% of the PSUs granted in 2023 with a three-year performance period ended December 31, 2025. The Company exceeded the target level of performance for the Cash Flow PSUs and the TSR PSUs. PSUs Granted in 2025. Performance share units are granted to our named executive officers annually to align compensation with the achievement of our long-term financial goals and to increase stockholder alignment through stock ownership. PSUs provide an immediate retention benefit to the Company because there is unvested potential value at the date of grant. The number of PSUs granted to our named executive officers corresponds to an equal number of shares of Common Stock. At the end of the three-year performance period for each grant, the Company will deliver a number of shares ranging from 0% to 200% of the initial number of PSUs granted, depending on the Company’s three-year performance against pre-established targets. The MD&C Committee determined the number of PSUs that were granted to each of the named executives in 2025 by taking the targeted dollar amounts established for total long-term equity incentives (set forth in the table above) and multiplying by 80%. Those values were then divided by the average of the high and low market price of our Common Stock over the 30 trading days preceding the grant date to determine the number of PSUs granted. The number of PSUs granted in 2025 are shown in the table below.

  44. Long-Term Equity Incentives

    | Named Executive Officer | Number of PSUs | | Mr. Fish | 43,636 | | Mr. Reed | 1,090 | | Ms. Rankin | 9,818 | | Mr. Morris | 11,272 | | Ms. Hemmer | 7,636 | | Mr. Carrasco | 7,636 |

  45. Long-Term Equity Incentives

    Half of each named executive’s PSUs included in the table above are Cash Flow PSUs; the cash flow generation performance measure requires focus on capital discipline and strengthens alignment with stockholders’ free cash flow expectations. For purposes of these PSUs we define cash flow as net cash provided by operating activities, less capital expenditures, with the following adjustments: (a) costs associated with labor disruptions and multiemployer plan withdrawal liabilities are excluded due to being required as a result of past labor commitments combined with changing economic conditions and business climate; (b) strategic acquisition, restructuring, and transformation and reorganization costs are excluded in recognition of goals to increase customer and business base while minimizing operating costs; and (c) material impacts resulting from accounting rule or tax law changes that were not anticipated when the performance targets were established are disregarded. Additionally, the following adjustments will be made when the aggregate impact of the following items has a greater than 5% impact on goal attainment: (a) impacts from strategic acquisitions or divestitures of assets and business are excluded (impacts from normal course of business acquisition and divestitures are included); (b) impacts from discrete growth capital investment projects made to support the long-term organic growth of the business that were not planned for when the performance targets were established are excluded; and (c) material changes in the realization of earnings and cash flow contributions for growth capital investments caused by items outside of the Company’s control will be excluded (the “2025 Cash Flow PSU Definition”). The table below shows the required achievement of the cash flow generation performance measure and the corresponding potential payouts under our Cash Flow PSUs granted in 2025.

  46. Long-Term Equity Incentives

    | | Threshold | | Target | | Maximum | | | | Performance | Payout | Performance | Payout | Performance | Payout | | Cash Flow | $9.14 billion | 50% | $9.89 billion | 100% | $10.64 billion | 200% |

  47. Long-Term Equity Incentives

    The remaining half of each named executive’s PSUs are TSR PSUs. This measure directly correlates executive compensation with creation of stockholder value. Total shareholder return is calculated as follows: (Common Stock price at end of performance period — Common Stock price at beginning of performance period + dividends during performance period) / Common Stock price at beginning of performance period. The table below shows the required achievement of the total shareholder return performance measure and the corresponding potential payouts under our TSR PSUs granted in 2025.

  48. Long-Term Equity Incentives

    | Total Shareholder Return Relative to the S&P 500 | | | Performance | Payout | | 75th percentile (Maximum) | 200% | | 50th percentile (Target) | 100% | | 25th percentile (Threshold) | 50% |

  49. Long-Term Equity Incentives

    The different performance measure levels are determined based on an analysis of historical performance and current projections and trends. The MD&C Committee uses this analysis and consideration of different scenarios related to items that affect the Company’s performance such as yield, volumes and capital to set the performance measures. As with the consideration of targets for the annual cash incentives, when the MD&C Committee established the cash flow targets, the MD&C Committee carefully considered several material factors anticipated to affect the Company in 2025 and beyond, including macroeconomic and market conditions and economic indicators for future periods, to align the cash flow targets with the Company’s long-range strategic plan. The 2025 cash flow targets were also reflective of on-going capital spending commitments to expand and accelerate our sustainability growth strategy that includes significant investments in our renewable energy and recycling processing and sales businesses. Payout on PSUs for the Performance Period Ended December 31, 2025. Half of the PSUs granted in 2023 with the performance period ended December 31, 2025 were TSR PSUs, and the remaining half of the PSUs granted in 2023 were Cash Flow PSUs. With respect to the TSR PSUs with a three-year performance period ended December 31, 2025, the performance of the Company’s Common Stock on this measure translated into a percentile rank relative to the S&P 500 of 55.26%, resulting in a 121.03% payout in shares of Common Stock that were issued in the first quarter of 2026. For purposes of the Cash Flow PSUs with a three-year performance period ended December 31, 2025, the Company generated net cash flow from operating activities, less capital expenditures, of $7.377 billion, exceeding the target criteria of $7.300 billion; this performance level yielded a 110.93% payout in shares of Common Stock that were issued in the first quarter of 2026. This performance was calculated in accordance with the following definition of cash flow generation set forth in the award agreement for the Cash Flow PSUs granted in 2023 (the “2023 Cash Flow PSU Definition”): net cash provided by operating activities, less capital expenditures, with the following adjustments: (a) costs associated with labor disruptions and multiemployer plan withdrawal liabilities are excluded due to being required as a result of past labor commitments combined with changing economic conditions and business climate; (b) strategic acquisition, restructuring, and transformation and reorganization costs are excluded; (c) cash proceeds from strategic divestitures of assets and businesses are excluded; (d) cash proceeds from divestitures of any other businesses and assets are included; and (e) material impacts resulting from accounting rule or tax law changes that were not anticipated when the performance targets were established are disregarded. Additionally, in line with the MD&C Committee’s policy on calculation adjustments discussed above, the MD&C Committee approved certain adjustments to the measurement of performance on the cash flow measure that are aligned with the MD&C Committee’s philosophy and goal for providing consistency in approach to appropriately address the impact of one-time and special events to eliminate disproportionate or counterproductive results. The nature of such adjustments has now been incorporated in the 2025 Cash Flow PSU Definition discussed above, such that, with respect to the Cash Flow PSUs granted in 2025, discretionary consideration of similar adjustments will not be necessary. These adjustments exclude (i) the impact of $415 million of capital expenditures allocated to strategic investments in our renewable energy and recycling processing and sales businesses that were not contemplated at the time the performance measure was established and (ii) the benefit from associated investment tax credits. The incremental cash flow generation from these strategic investments that were not contemplated at the time the performance measure was established did not materially impact the calculated results for executive compensation performance measures in 2025. Additionally, in accordance with the 2023 Cash Flow PSU Definition discussed above, the calculation of performance excludes the following additional items that also were not contemplated at the time the performance measure was established: contributions from the acquired Stericycle business; transaction and integration costs related to the Stericycle acquisition; and benefits from bonus depreciation legislation. See Appendix B for additional information about the calculation of these results Stock Options. The MD&C Committee believes use of stock options is appropriate to support the growth element of the Company’s strategy. The grant of options made to the named executive officers in the first quarter of 2025 in connection with the annual grant of long-term equity awards was based on the targeted dollar amounts established for total long-term equity incentives (set forth in the table above) and multiplied by 20%. The actual number of stock options granted was determined by assigning a value to the options using an option pricing model and dividing the dollar value of target compensation by the value of an option. The resulting number of stock options are shown in the table below.

  50. Long-Term Equity Incentives

    | Named Executive Officer | Number of Options | | Mr. Fish | 50,580 | | Mr. Reed(1) | — | | Ms. Rankin | 11,380 | | Mr. Morris | 13,066 | | Ms. Hemmer | 8,851 | | Mr. Carrasco | 8,851 |

  51. Long-Term Equity Incentives

    (1) Mr. Reed did not receive stock options, as annual long-term equity incentive awards were granted prior to his promotion to the senior leadership team. In 2025, only members of the senior leadership team received stock options as a component of annual long-term equity incentive awards. The stock options granted in 2025 vest ratably in three annual increments, beginning on the first anniversary of the date of grant. The exercise price of the options granted in 2025 is $231.195, which is the average of the high and low market price of our Common Stock on the date of grant, and the options have a term of 10 years. We account for our employee stock options under ASC Topic 718 using a Black-Scholes valuation model to measure stock option expense at the date of grant. The fair value of the stock options at the date of grant is amortized to expense over the vesting period less expected forfeitures, except for stock options granted to retirement-eligible employees, for which expense is accelerated over the period that the recipient becomes retirement-eligible. Restricted Stock Units. As discussed above under “Executive Compensation Decisions in Connection with Leadership Transitions,” Mr. Morris, Mr. Reed and Ms. Hemmer received grants of RSUs in 2025, and they are the only named executives with unvested RSUs as of December 31, 2025. Dividends on the RSUs will accrue and be paid in cash upon vesting. RSUs granted in 2025 vest ratably in three annual increments, beginning on the first anniversary of the date of grant, with the exception of RSUs granted to Ms. Hemmer, of which 50% vest on the second anniversary of the date of grant and 50% vest on the third anniversary of date of grant. RSUs may not be voted or sold until vested. Unvested RSUs are subject to forfeiture in the event of voluntary or for-cause termination. RSUs will be prorated upon involuntary termination other than for cause, and RSUs immediately vest in the event of an employee’s death or disability. RSUs are not a routine component of annual equity compensation awards for the named executives. The MD&C Committee has historically made grants of RSUs to named executives in cases such as a significant promotion, increased responsibilities, special recognition and to attract new hires. Mr. Reed had RSUs vest in 2025 that were granted prior to his promotion to the senior leadership team. Additionally, each of Ms. Rankin, Mr. Morris, Ms. Hemmer and Mr. Carrasco had RSUs vest that were granted in 2022 in connection with achievement of targeted synergies from the Company’s 2020 acquisition of Advanced Disposal. RSUs discussed in this paragraph vested in full on the third anniversary of the date of grant. Dividends on the RSUs accrued and were paid in cash upon vesting.

  52. Post-Employment and Change in Control Compensation; Clawback Policies

    Post-Employment and Change in Control Compensation; Clawback Policies Severance Protection Plan. In December 2017, we adopted an Executive Severance Protection Plan (the “Severance Protection Plan”) and each of Messrs. Fish and Morris and Ms. Rankin entered into new or amended and restated employment agreements (the “2017 Employment Agreements”). The Severance Protection Plan covers each of our executive officers. The 2017 Employment Agreements do not contain separate severance entitlements, but instead provide for additional terms and protections relating to the respective executive’s participation in the Severance Protection Plan. The 2017 Employment Agreements served to transition the Company’s severance protections away from contract-based protections and onto a standardized and flexible plan-based approach. Going forward, the Company does not anticipate entering into new employment agreements with our executive officers, and none of Mr. Reed, Ms. Hemmer or Mr. Carrasco is a party to an employment agreement with the Company. Post-Employment Covenants. The 2017 Employment Agreements contain noncompetition and nonsolicitation restrictions that apply during employment and for a two-year period following termination. Additionally, the Severance Protection Plan contains (a) a requirement that the individual execute a general release prior to receiving post-termination benefits and (b) a clawback feature that allows for the suspension and refund of termination benefits for subsequently discovered cause. The clawback feature generally allows the Company to cancel any remaining payments due and obligates the named executive to refund to the Company severance payments already made if, within one year of termination of employment of the named executive by the Company for any reason other than for cause, the Company determines that the named executive could have been terminated for cause. Our current equity award agreements also include a requirement that, in order to be eligible to vest in any portion of the award, the employee must enter into an agreement containing restrictive covenants applicable to the employee’s behavior following termination. Clawback Policies. In 2023, the MD&C Committee adopted the executive compensation clawback policy mandated by the New York Stock Exchange, which is accessible through the Exhibit List to the Company’s Annual Report on Form 10-K. This clawback policy provides for the recovery of erroneously awarded incentive-based compensation received by current and former executive officers in connection with a financial restatement, regardless of fault or misconduct. No obligation has arisen to recover executive compensation pursuant to this policy. Additionally, our award agreements for both time-based and performance-based equity awards include compensation clawback provisions that provide, if the MD&C Committee determines that an employee either engaged in or benefited from misconduct, then the employee will refund any amounts received under the equity award agreements. Misconduct generally includes any act or failure to act that caused or was intended to cause a violation of the Company’s policies, generally accepted accounting principles or applicable laws and that materially increased the value of the equity award. Further, our MD&C Committee has adopted a clawback policy applicable to our annual cash incentive awards that is designed to recoup annual cash incentive payments when the recipient’s personal misconduct affects the payout calculations for the awards. Clawback terms applicable to our incentive awards allow recovery within the earlier to occur of one year after discovery of misconduct and the second anniversary of the employee’s termination of employment.

  53. Other Compensation Policies and Practices

    Other Compensation Policies and Practices Compensation Limitation Policies. The Company has adopted a Severance Limitation Policy that generally provides that the Company may not enter into severance arrangements with its executive officers that provide for benefits, less the value of vested equity awards and benefits provided to employees generally, in an amount that exceeds 2.99 times the executive officer’s then current base salary and target annual cash incentive, unless such future severance arrangement receives stockholder approval. The Company has also adopted its Policy Limiting Certain Compensation Practices, which generally provides that the Company will not enter into compensation arrangements that would obligate the Company to pay a death benefit or gross-up payment to an executive officer unless such arrangement receives stockholder approval. Both of these compensation limitation policies are subject to certain exceptions, including benefits generally available to management-level employees and any payment in reasonable settlement of a legal claim. Additionally, “Death Benefits” under the policy does not include deferred compensation, retirement benefits or accelerated vesting or continuation of equity-based awards pursuant to generally-applicable equity award plan provisions. None of our executive officers are party to any employment agreement or arrangement with the Company that provides for severance, gross-up or death benefits that exceed amounts permitted by these compensation limitation policies. Stock Ownership Guidelines and Holding Requirements. All of our named executive officers are subject to stock ownership guidelines. We instituted stock ownership guidelines because we believe that ownership of Company stock demonstrates a commitment to, and confidence in, the Company’s long-term prospects and further aligns employees’ interests with those of our stockholders. We believe that the requirement that these individuals maintain a portion of their individual wealth in the form of Company stock deters actions that would not benefit stockholders generally. Although there is no deadline set for senior executives to reach their ownership guidelines, the MD&C Committee monitors ownership levels to confirm that executives are making sustained progress toward achievement of their ownership guidelines. Additionally, our stock ownership guidelines contain holding requirements. Executives with a title of Senior Vice President or higher, which includes all of our named executives, must hold 100% of all net shares acquired through the Company’s long-term incentive plans until the individual’s ownership guideline is achieved. Once achieved, the requisite stock ownership level must continue to be retained throughout the executive’s employment with the Company. The MD&C Committee regularly reviews the ownership guidelines to ensure that the appropriate share ownership levels are in place. Guidelines are expressed as a multiple of base salary and are calculated annually based on the average closing price of our Common Stock for the 20 trading days preceding April 1. Each currently-serving named executive’s ownership guideline multiple of base salary and ownership multiple of base salary attained as of March 17, 2026 using the closing price of our Common Stock on such date and base salaries in effect on December 31, 2025, are set forth below. Each of our currently-serving named executives have reached their ownership guideline with the exception of Mr. Reed, who was promoted to his position in November 2025 and is making appropriate progress toward his ownership guideline. Shares owned outright, vested equity awards that have been deferred, Common Stock equivalents based on holdings in the Company’s 401(k) Retirement Savings Plan and phantom stock held in the Company’s 409A Deferral Plan count toward meeting the ownership guidelines. PSUs, RSUs and restricted stock, if any, do not count toward meeting the ownership guidelines until they are vested or earned. Unvested stock options and vested unexercised stock options do not count toward meeting the ownership guidelines.

  54. Other Compensation Policies and Practices

    As discussed under “Director and Officer Stock Ownership,” the MD&C Committee also establishes ownership guidelines for the non-employee directors and performs regular reviews to ensure all non-employee directors are in compliance or are showing sustained progress toward achievement of their ownership guideline. Insider Trading; Prohibition of Hedging and Pledging Company Securities. The Company’s Insider Trading Policy prohibits directors, executive officers and other “designated insiders” from engaging in most transactions involving the Company’s Common Stock during periods, determined by the Company, that those individuals are most likely to be aware of material, non-public information. Directors, executive officers and other designated insiders subject to stock ownership guidelines must clear all their transactions in our Common Stock with the Company’s office of the Chief Legal Officer in advance. Additionally, it is our policy that directors, executive officers and designated insiders are not permitted to hedge their ownership of Company securities, including (a) trading in options, warrants, puts and calls or similar derivative instruments on any security of the Company; (b) selling any security of the Company “short” and (c) purchasing any financial instruments (including prepaid variable forward contracts, equity swaps, collars and exchange funds) or otherwise engaging in transactions that are designed to or have the effect of offsetting any decrease in the market value of any security of the Company granted as compensation or held, directly or indirectly, by the director, executive officer or designated insider. The Company’s Insider Trading Policy also provides that directors, executive officers and designated insiders may not pledge Company securities or hold Company securities in a margin account. Timing of Grants of Certain Equity Awards Close in Time to the Release of Material Nonpublic Information. The Company does not have a formal policy regarding the timing of awards of stock options in relation to the disclosure of material nonpublic information by the Company. However, the Company’s long-standing historical practice has been to make annual grants of equity awards, including all stock option awards, in connection with our regularly scheduled first quarter meeting of the MD&C Committee and the Board. This meeting occurs following the release of the Company’s financial results for the fourth quarter and prior fiscal year, when our stock trading window for designated insiders is typically open. As a result, our stock option awards are made at a time when possession of material nonpublic information is not generally anticipated. Stock options are not granted at any other time of the year, as they are not a component of any off-cycle awards. The Company has not timed the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. The MD&C Committee granted annual long-term equity incentive awards, including stock options, to designated employees, including our named executives, on February 25, 2025 in accordance with our historical practice, and such equity awards were timely reported on a Current Report on Form 8-K.

  55. Summary Compensation Table

    Summary Compensation Table

  56. Summary Compensation Table

    | Year | Salary ($) | Stock Awards ($)(1) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | | James C. Fish, Jr. Chief Executive Officer | | | | | | | | 2025 | 1,486,538(5) | 12,406,478 | 2,400,021 | 2,472,480 | 283,269 | 19,048,786 | | 2024 | 1,429,290(5) | 10,292,103 | 1,950,007 | 3,180,080 | 245,640 | 17,097,120 | | 2023 | 1,388,461(5) | 8,405,433 | 1,950,000 | 2,638,116 | 246,844 | 14,628,854 | | David L. Reed EVP and Chief Financial Officer | | | | | | | | 2025 | 461,354 | 994,991 | — | 474,569 | 37,926 | 1,968,840 | | Devina A. Rankin Former EVP and Chief Financial Officer | | | | | | | | 2025 | 809,967 | 2,791,429 | 539,981 | 870,687 | 64,029 | 5,076,093 | | 2024 | 790,035 | 2,427,755 | 460,014 | 1,203,674 | 78,250 | 4,959,728 | | 2023 | 760,792 | 1,982,933 | 460,005 | 915,228 | 95,142 | 4,214,100 | | John J. Morris, Jr. President and Chief Operating Officer | | | | | | | | 2025 | 930,882 | 4,274,324 | 619,982 | 1,287,750 | 125,368 | 7,238,306 | | 2024 | 806,946 | 3,113,792 | 590,003 | 1,352,403 | 136,349 | 5,999,493 | | 2023 | 777,031 | 2,327,562 | 539,987 | 1,028,241 | 144,151 | 4,816,972 | | Tara J. Hemmer SVP and Chief Sustainability Officer | | | | | | | | 2025 | 717,904 | 4,227,958 | 419,980 | 709,061 | 80,248 | 6,155,151 | | 2024 | 691,573 | 2,111,358 | 399,986 | 1,034,468 | 64,743 | 4,302,128 | | 2023 | 662,769 | 1,551,818 | 360,003 | 717,576 | 102,639 | 3,394,805 | | Rafael E. Carrasco SVP — Enterprise Strategy; President — WM Healthcare Solutions | | | | | | | | 2025 | 708,885 | 2,171,048 | 419,980 | 696,681 | 50,020 | 4,046,614 | | 2024 | 667,708 | 2,111,358 | 399,986 | 925,683 | 40,158 | 4,144,893 | | 2023 | 633,592 | 1,724,132 | 400,010 | 686,538 | 16,036 | 3,460,308 |

  57. Summary Compensation Table

    (1) Amounts in this column represent the grant date fair value of PSUs granted to all named executives annually and in 2025 includes 3,355 RSUs granted to Mr. Reed, 4,585 RSUs granted to Mr. Morris and 9,130 RSUs granted to Ms. Hemmer. The grant date fair values were calculated in accordance with ASC Topic 718, as further described in Note 14 in the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K. The grant date fair value of a TSR PSU granted in 2025, based on a multifactor Monte Carlo model, is $337.44, and because total shareholder return is a market condition, projected achievement is embedded in the grant date fair value. The grant date fair value of a Cash Flow PSU granted in 2025 is $231.20, and the grant date fair value of RSUs granted to Mr. Reed in each of February and November, Mr. Morris and Ms. Hemmer is $231.20, $196.73, $233.26 and $225.29, respectively, which, in each case, is the average of the high and low market price of our Common Stock on the date of the applicable grant, in accordance with our 2023 Stock Incentive Plan. The table below shows (a) the aggregate grant date fair value of Cash Flow PSUs assuming target level of performance is achieved (this is the amount included in the Stock Awards column in the Summary Compensation Table) and (b) the aggregate grant date fair value of the same PSUs assuming the Company will reach the highest level of achievement for this performance measure and maximum payouts will be earned.

  58. Summary Compensation Table

    | | Year | Aggregate Grant Date Fair Value of Cash Flow PSUs Assuming Target Level of Performance Achieved ($) | Aggregate Grant Date Fair Value of Cash Flow PSUs Assuming Highest Level of Performance Achieved ($) | | James C. Fish, Jr. | 2025 | 5,044,213 | 10,088,426 | | | 2024 | 4,116,260 | 8,232,520 | | | 2023 | 3,851,651 | 7,703,302 | | David L. Reed | 2025 | 126,001 | 252,002 | | Devina A. Rankin | 2025 | 1,134,936 | 2,269,872 | | | 2024 | 970,965 | 1,941,930 | | | 2023 | 908,646 | 1,817,292 | | John J. Morris, Jr. | 2025 | 1,303,015 | 2,606,030 | | | 2024 | 1,245,341 | 2,490,682 | | | 2023 | 1,066,567 | 2,133,134 | | Tara J. Hemmer | 2025 | 882,703 | 1,765,406 | | | 2024 | 844,424 | 1,688,848 | | | 2023 | 711,095 | 1,422,190 | | Rafael E. Carrasco | 2025 | 882,703 | 1,765,406 | | | 2024 | 844,424 | 1,688,848 | | | 2023 | 790,055 | 1,580,110 |

  59. Summary Compensation Table

    (2) Amounts in this column represent the grant date fair value of stock options granted annually, in accordance with ASC Topic 718. The grant date fair value of the options granted in 2025, calculated using a Black-Scholes option pricing model, is $47.45 per option. See Note 14 in the Notes to the Consolidated Financial Statements in our 2025 Annual Report on Form 10-K for additional information. (3) Amounts in this column represent cash incentive awards earned and paid based on the achievement of performance criteria. See “Compensation Discussion and Analysis — Named Executive’s 2025 Compensation Program and Results — Annual Cash Incentive” for additional information. (4) The amounts included in “All Other Compensation” for 2025 are shown below (in dollars):

  60. Summary Compensation Table

    | | 401(k) Plan Matching Contributions | 409A Deferral Plan Matching Contributions | Life Insurance Premiums | Perquisites and Other Personal Benefits(a) | | James C. Fish, Jr. | 15,750 | 189,748 | 2,715 | 75,056 | | David L. Reed | 15,750 | 21,332 | 844 | — | | Devina A. Rankin | 15,750 | 46,705 | 1,574 | — | | John J. Morris, Jr. | 15,750 | 53,576 | 1,618 | 54,424 | | Tara J. Hemmer | 15,750 | 63,107 | 1,391 | — | | Rafael E. Carrasco | 15,750 | 32,926 | 1,344 | — |

  61. Summary Compensation Table

    (a) This column includes perquisites and personal benefits received by a named executive officer in 2025, to the extent that the total incremental cost of such perquisites and personal benefits was at least $10,000, consisting of (i) incremental cost for personal use of Company aircraft in the following amounts: Mr. Fish — $60,043 and Mr. Morris — $3,361; (ii) $6,421 of income that was imputed for the cost of the executive’s guest’s participation in Company events; (iii) cost of executive concierge medical services for Mr. Fish and Mr. Morris in the following amounts: Mr. Fish — $1,517 and Mr. Morris — $1,837; (iv) incremental cost for personal security in the following amounts: Mr. Fish — $7,075 and Mr. Morris — $42,305; and (v) $500 for the value of a gift received by Mr. Morris. Annually, we calculate an hourly direct operating cost for Company aircraft using industry standard measurements of costs for fuel, catering, telecommunications, maintenance, landing and hangar fees, flight plans and permits, and crew. We then allocate incremental cost to the named executive based on the amount of aircraft time required for the personal use, multiplied by the direct operating cost. When a deviation is made from business travel to pick up or drop off the executive in another location for a personal purpose, we calculate the time difference resulting from the flight plan deviation and multiply it by the direct operating cost. We also allocate incremental cost to the named executive in the unusual event that a deadhead flight is required to position the aircraft to serve personal needs. We own and operate our aircraft primarily for business use; therefore, we do not include purchase costs or other fixed costs associated with our aircraft in the direct operating cost. (5) Includes $100,000 of base salary in each of 2024 and 2025 and $200,000 of base salary in 2023 to which Mr. Fish was entitled but voluntarily relinquished to fund scholarships and other programs that benefit Company employees.

  62. Grant of Plan-Based Awards in 2025

    Grant of Plan-Based Awards in 2025

  63. Grant of Plan-Based Awards in 2025

    | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards(1) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2) | | | All other Stock Awards: Number of Shares of Stock or Units (#)(3) | All other Option Awards: Number of Securities Underlying Options(#)(4) | Exercise or Base Price of Option Awards ($/sh)(5) | Closing Market Price on Date of Grant ($/sh) | Grant Date Fair Value of Stock and Option Awards ($)(6) | | Grant Date | Threshold ($) | Target ($) | Maximum ($) | Threshold (#) | Target (#) | Maximum (#) | | | | | | | James C. Fish, Jr. | | | | | | | | | | | | | Cash Incentive | 1,440,000 | 2,400,000 | 4,800,000 | | | | | | | | | | 2/25/25 | | | | 21,818 | 43,636 | 87,272 | | | | | 12,406,478 | | 2/25/25 | | | | | | | | 50,580 | 231.195 | 230.75 | 2,400,021 | | David L. Reed | | | | | | | | | | | | | Cash Incentive | 276,395 | 460,658 | 921,315 | | | | | | | | | | 2/25/25 | | | | 545 | 1,090 | 2,180 | | | | | 309,906 | | 2/25/25 | | | | | | | 727 | | | | 168,079 | | 11/3/25 | | | | | | | 2,628 | | | | 517,006 | | Devina A. Rankin | | | | | | | | | | | | | Cash Incentive | 507,098 | 845,163 | 1,690,327 | | | | | | | | | | 2/25/25 | | | | 4,909 | 9,818 | 19,636 | | | | | 2,791,429 | | 2/25/25 | | | | | | | | 11,380 | 231.195 | 230.75 | 539,981 | | John J. Morris, Jr. | | | | | | | | | | | | | Cash Incentive | 750,000 | 1,250,000 | 2,500,000 | | | | | | | | | | 2/25/25 | | | | 5,636 | 11,272 | 22,544 | | | | | 3,204,827 | | 2/25/25 | | | | | | | | 13,066 | 231.195 | 230.75 | 619,982 | | 5/20/25 | | | | | | | 4,585 | | | | 1,069,497 | | Tara J. Hemmer | | | | | | | | | | | | | Cash Incentive | 412,965 | 688,275 | 1,376,550 | | | | | | | | | | 2/25/25 | | | | 3,818 | 7,636 | 15,272 | | | | | 2,171,048 | | 2/25/25 | | | | | | | | 8,851 | 231.195 | 230.75 | 419,980 | | 9/2/25 | | | | | | | 9,130 | | | | 2,056,910 | | Rafael E. Carrasco | | | | | | | | | | | | | Cash Incentive | 405,755 | 676,258 | 1,352,517 | | | | | | | | | | 2/25/25 | | | | 3,818 | 7,636 | 15,272 | | | | | 2,171,048 | | 2/25/25 | | | | | | | | 8,851 | 231.195 | 230.75 | 419,980 |

  64. Grant of Plan-Based Awards in 2025

    (1) Actual payouts of cash incentive awards for 2025 performance are shown in the Summary Compensation Table under “Non-Equity Incentive Plan Compensation.” The named executives’ possible annual cash incentive payouts are calculated using a percentage of base salary approved by the MD&C Committee. The threshold levels represent the amounts that would have been payable if the minimum performance criteria were met for each of the three financial performance measures. The range of possible payouts does not incorporate any individual performance modification or the potential impact of the sustainability modifier, pursuant to which cash incentive payouts were eligible to be increased, or decreased, up to 10% depending on achievement calculated using a sustainability scorecard. See “Compensation Discussion and Analysis — Named Executive’s 2025 Compensation Program and Results — Annual Cash Incentive” for additional information. (2) Consists of the number of shares of Common Stock potentially issuable based on the achievement of performance criteria under PSU awards granted under our 2023 Stock Incentive Plan. See “Compensation Discussion and Analysis — Named Executive’s 2025 Compensation Program and Results — Long-Term Equity Incentives — PSUs Granted in 2025” for additional information. The performance period for these awards ends December 31, 2027. PSUs earn dividend equivalents, which are paid out based on the number of shares earned at the end of the performance period. (3) Consists of the number of shares of Common Stock issuable upon vesting of RSUs granted under our 2023 Stock Incentive Plan. For Mr. Reed and Mr. Morris, these awards vest ratably in three annual increments, beginning on the first anniversary of the date of grant. For Ms. Hemmer, this award vests 50% on the second anniversary and 50% on the third anniversary of the date of grant. See “Compensation Discussion and Analysis — Named Executive’s 2025 Compensation Program and Results — Long-Term Equity Incentives — Restricted Stock Units” for additional information. (4) Consists of the number of shares of Common Stock potentially issuable upon the exercise of options granted under our 2023 Stock Incentive Plan. See “Compensation Discussion and Analysis — Named Executive’s 2025 Compensation Program and Results — Long-Term Equity Incentives — Stock Options” for additional information. Mr. Reed did not receive stock options in 2025, as such awards were granted prior to his promotion to the senior leadership team in November 2025. Stock options vest ratably in three annual increments, beginning on the first anniversary of the date of grant. Although we consider stock options to be a form of incentive compensation, only awards with performance criteria are included as “Equity Incentive Plan Awards” in our compensation tables. (5) The exercise price represents the average of the high and low market price of our Common Stock on the date of the grant, in accordance with our 2023 Stock Incentive Plan. (6) These amounts are grant date fair values of the awards as calculated under ASC Topic 718 and as further described in notes (1) and (2) to the Summary Compensation Table.

  65. Outstanding Equity Awards as of December 31, 2025

    Outstanding Equity Awards as of December 31, 2025

  66. Outstanding Equity Awards as of December 31, 2025

    | | Option Awards | | | | Stock Awards(1) | | | | | Name | Number of Securities Underlying Unexercised Options Exercisable (#)(2) | Number of Securities Underlying Unexercised Options Unexercisable (#) | Option Exercise Price ($) | Option Expiration Date | Number of Shares or Units of Stock That Have Not Vested (#)(6) | Market Value of Shares or Units of Stock That Have Not Vested ($)(6) | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(7) | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(7) | | James C. Fish, Jr. | | | | | | | | | | | — | 50,580(3) | 231.195 | 2/25/2035 | — | — | 83,842 | 36,841,852 | | | 15,117 | 30,232(4) | 204.7585 | 3/1/2034 | — | — | — | — | | | — | 19,805(5) | 150.115 | 3/7/2033 | — | — | — | — | | David L. Reed | | | | | | | | | | | 620 | 1,240(4) | 204.7585 | 3/1/2034 | 4,122 | 905,645 | 2,328 | 1,022,970 | | | 1,523 | 762(5) | 150.115 | 3/7/2033 | — | — | — | — | | | 1,702 | — | 145.67 | 3/1/2032 | — | — | — | — | | Devina A. Rankin | | | | | | | | | | | — | 11,380(3) | 231.195 | 2/25/2035 | — | — | 19,302 | 8,481,685 | | | — | 7,132(4) | 204.7585 | 3/1/2034 | — | — | — | — | | | — | 4,672(5) | 150.115 | 3/7/2033 | — | — | — | — | | John J. Morris, Jr. | | | | | | | | | | | — | 13,066(3) | 231.195 | 2/25/2035 | 4,585 | 1,007,370 | 23,436 | 10,298,247 | | | 4,574 | 9,147(4) | 204.7585 | 3/1/2034 | — | — | — | — | | | — | 5,484(5) | 150.115 | 3/7/2033 | — | — | — | — | | Tara J. Hemmer | | | | | | | | | | | — | 8,851(3) | 231.195 | 2/25/2035 | 9,130 | 2,005,952 | 15,884 | 6,979,747 | | | 3,101 | 6,201(4) | 204.7585 | 3/1/2034 | — | — | — | — | | | 7,313 | 3,656(5) | 150.115 | 3/7/2033 | — | — | — | — | | Rafael E. Carrasco | | | | | | | | | | | — | 8,851(3) | 231.195 | 2/25/2035 | — | — | 15,884 | 6,979,747 | | | 3,101 | 6,201(4) | 204.7585 | 3/1/2034 | — | — | — | — | | | 8,125 | 4,063(5) | 150.115 | 3/7/2033 | — | — | — | — | | | 12,859 | — | 145.67 | 3/1/2032 | — | — | — | — | | | 2,655 | — | 126.005 | 2/19/2030 | — | — | — | — |

  67. Outstanding Equity Awards as of December 31, 2025

    (1) Values are based on the closing price of our Common Stock on December 31, 2025 of $219.71. (2) Includes vested stock options granted on February 19, 2020, March 1, 2022, and March 7, 2023 pursuant to our 2014 Stock Incentive Plan and stock options granted on March 1, 2024 pursuant to our 2023 Stock Incentive Plan. (3) Includes stock options granted on February 25, 2025 that vest ratably in three annual increments, beginning on the first anniversary of the date of grant. (4) Includes stock options granted on March 1, 2024 that vest ratably in three annual increments, beginning on the first anniversary of the date of grant. Includes stock options granted on March 7, 2023 that vest ratably in three annual increments, beginning on the first anniversary of the date of grant. (6) Includes the following: (a) Mr. Morris: 4,585 RSUs granted on May 20, 2025 that vest ratably in three annual increments, beginning on the first anniversary of the date of grant; (b) Mr. Reed — 2,628 RSUs granted on November 3, 2025; 727 RSUs granted on February 25, 2025 and 274 RSUs granted on March 1, 2024 that vest ratably in three annual increments, beginning on the first anniversary of the date of grant; (c) Mr. Reed — 493 RSUs granted on March 7, 2023 that vest in full on the third anniversary of date of grant; and (d) Ms. Hemmer — 9,130 RSUs granted on September 2, 2025 that vest 50% on the second anniversary of the date of grant and 50% on the third anniversary of the date of grant. All of the RSUs were granted under our 2023 Stock Incentive Plan, except that the March 7, 2023 grant of RSUs to Mr. Reed was made under our 2014 Stock Incentive Plan. (7) Includes PSUs with three-year performance periods ending December 31, 2026 and December 31, 2027. Payouts on PSUs are made after the Company’s financial results for the performance period are reported and the MD&C Committee determines achievement of performance results and corresponding vesting during the first quarter of the succeeding year. The PSUs for the performance period ended December 31, 2025 are not included in the table as they are considered earned as of December 31, 2025 for proxy statement disclosure purposes; instead, such PSUs are included in the Option Exercises and Stock Vested table below. Pursuant to SEC disclosure instructions, because the Company’s performance on the metrics governing our PSUs with the performance period ended December 31, 2025 exceeded target, the payout value of unearned awards is calculated assuming maximum performance criteria is achieved. The following number of PSUs have a performance period ending December 31, 2026: Mr. Fish — 40,206; Ms. Rankin — 9,484; Mr. Reed — 1,238; Mr. Morris — 12,164; and Ms. Hemmer — 8,248; and Mr. Carrasco — 8,248. The following number of PSUs have a performance period ending December 31, 2027: Mr. Fish — 43,636; Ms. Rankin — 9,818; Mr. Reed — 1,090; Mr. Morris — 11,272; and Ms. Hemmer — 7,636; and Mr. Carrasco — 7,636.

  68. Option Exercises and Stock Vested

    Option Exercises and Stock Vested

  69. Option Exercises and Stock Vested

    | | Option Awards | | Stock Awards | | | Name | Number of Shares Acquired on Exercise (#)(1) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#)(2) | Value Realized on Vesting ($)(2) | | James C. Fish, Jr. | 41,868 | 3,411,294 | 59,516 | 13,475,018 | | David L. Reed | — | — | 2,161 | 491,474 | | Devina A. Rankin | 79,183 | 8,354,211 | 20,844 | 4,753,033 | | John J. Morris, Jr. | 30,636 | 2,636,501 | 26,685 | 6,092,363 | | Tara J. Hemmer | 53,429 | 5,776,116 | 16,090 | 3,668,243 | | Rafael E. Carrasco | 3,137 | 412,404 | 15,269 | 3,472,237 |

  70. Option Exercises and Stock Vested

    (1) The following number of net shares were received, after withholdings and/or sale of shares to cover option costs and taxes: Mr. Fish — 9,026; Ms. Rankin — 21,295; Mr. Morris — 6,841; Ms. Hemmer — 15,023 and Mr. Carrasco — 522. (2) Includes shares of the Company’s Common Stock issued on account of PSUs granted in 2023 with a performance period ended December 31, 2025. The determination of achievement of performance results and corresponding vesting of such PSUs was performed by the MD&C Committee in January 2026. Following such determination, shares of the Company’s Common Stock earned under this award were issued on January 29, 2026. Also includes: (a) 444 RSUs granted to Mr. Reed prior to his promotion to the senior leadership team that vested in full in 2025 and (b) the following number of RSUs that were granted to in 2022 in connection with achievement of targeted synergies from the Company’s 2020 acquisition of Advanced Disposal that vested in full in 2025: Ms. Rankin — 6,803; Mr. Morris — 10,204; Ms. Hemmer — 5,102 and Mr. Carrasco — 3,061. The value of PSUs and RSUs is calculated using the average of the high and low market price of our Common Stock on the date of payout.

  71. Nonqualified Deferred Compensation in 2025

    Nonqualified Deferred Compensation in 2025 Amounts that Can be Deferred. Under our 409A Deferral Plan, each of our named executive officers may elect to defer receipt of portions of their base salary and annual cash incentives for the applicable fiscal year in excess of the annual compensation threshold (the “Threshold”) established under Section 401(a)(17) of IRC. For 2025, the Threshold was $350,000. Such deferrals will result in a deferral of taxation on the amounts deferred. The 409A Deferral Plan provides that a plan participant may defer, for payment at a future date (a) up to 25% of the participant’s base salary, and up to 100% of the participant’s annual cash incentives, payable after the aggregate of such base salary and annual cash incentives reaches the Threshold; (b) any RSUs that would otherwise be received by the plan participant; and (c) any PSUs that would otherwise be received by the plan participant. Matching Contributions. The Company match provided under the 409A Deferral Plan is dollar for dollar on the employee’s deferrals, up to 3% of the employee’s aggregate base salary and cash incentives in excess of the Threshold, and fifty cents on the dollar on the employee’s deferrals, in excess of 3% and up to 6% of the employee’s aggregate base salary and cash incentives in excess of the Threshold. Additional deferral contributions will not be matched but will be tax-deferred. Amounts deferred under this plan are allocated into accounts that mirror selected investment funds in our 401(k) Retirement Savings Plan, including a Company stock fund, although the amounts deferred are not actually invested in stock or funds. There is no Company match on deferred RSUs or PSUs, but the Company makes a cash payment of dividend equivalents on the shares deferred at the same time and at the same rate as dividends on the Company’s Common Stock. Timing of Distributions. Participating employees generally can elect to receive distributions commencing six months after the employee leaves the Company in the form of annual installments or a lump sum payment. Special circumstances may allow for a modified or accelerated distribution, such as the employee’s death, an unforeseen emergency, or upon termination of the plan. In the event of death, distribution will be made to the designated beneficiary in a single lump sum in the following calendar year. In the event of an unforeseen emergency, the plan administrator may allow an early payment in the amount necessary to satisfy the emergency. All participants are immediately 100% vested in all of their contributions, Company matching contributions, and gains and/or losses related to their investment choices.

  72. Nonqualified Deferred Compensation in 2025

    | Name | Executive Contributions in Last Fiscal Year ($)(1) | Registrant Contributions in Last Fiscal Year ($)(2) | Aggregate Earnings in Last Fiscal Year ($)(3) | Aggregate Withdrawals/ Distributions ($)(3) | Aggregate Balance at Last Fiscal Year End ($)(4) | | James C. Fish, Jr. | 252,997 | 189,748 | 2,659,610 | 312,985 | 25,970,343 | | David L. Reed | 28,442 | 21,332 | 12,352 | — | 246,345 | | Devina A. Rankin | 62,274 | 46,705 | 239,533 | — | 1,649,038 | | John J. Morris, Jr. | 71,434 | 53,576 | 694,746 | — | 4,725,707 | | Tara J. Hemmer | 84,142 | 63,107 | 252,572 | — | 1,648,618 | | Rafael E. Carrasco | 43,901 | 32,926 | 20,438 | — | 152,864 |

  73. Nonqualified Deferred Compensation in 2025

    (1) Contributions are made pursuant to the Company’s 409A Deferral Plan. Executive contributions of base salary and annual cash incentive compensation is included in the Salary column and the Non-Equity Incentive Plan Compensation column, respectively, of the Summary Compensation Table. (2) Company contributions to the executives’ 409A Deferral Plan accounts are included in the All Other Compensation column in the Summary Compensation Table. (3) Earnings on these accounts are not included in any other amounts in the tables included in this Proxy Statement, as the amounts of the named executives’ earnings on deferred cash compensation represent the general market gains (or losses) on investments, rather than amounts or rates set by the Company for the benefit of the named executives. In the case of Mr. Fish, who has deferred receipt of a total of 94,844 shares of Common Stock in prior years, earnings reported in the column above also include the change in the closing price per share of the Company’s Common Stock from December 31, 2024 to December 31, 2025, plus $3.30 of dividend equivalents paid per share of Common Stock in 2025, multiplied by the number of shares deferred. The dividend equivalents on the deferred shares were paid in cash to Mr. Fish during 2025 and are reflected in the Aggregate Withdrawals/ Distributions column above. The value of Mr. Fish’s deferred shares was included in the Option Exercises and Stock Vested table in the years such awards vested. (4) Amounts shown in this column include the following amounts that were reported as compensation to the named executive in the Summary Compensation Table for 2023-2025: Mr. Fish — $1,148,691; Mr. Reed — $49,774; Ms. Rankin — $431,994; Mr. Morris — $474,564; Ms. Hemmer — $470,191 and Mr. Carrasco — $131,303.

  74. Potential Payments Upon Termination or Change in Control

    Potential Payments Upon Termination or Change in Control Change in Control. The post-employment compensation our named executives receive is based on provisions included in retirement and severance plan documents, employment agreements and equity incentive award documentation. Severance protections aid in retention of senior leadership by providing the individual with comfort that he or she will be treated fairly in the event of an involuntary termination not for cause. The change in control provisions included in the Severance Protection Plan, our stock option award agreements and, if applicable, employment agreements require a double trigger in order to receive any payment in the event of a change in control situation. First, a change in control must occur, and second, the individual must terminate employment for good reason or the Company must terminate employment without cause within six months prior to or two years following the change in control event. PSUs are paid out in cash on a prorated basis based on actual results achieved through the end of the fiscal quarter prior to a change in control. Thereafter, the executive would typically receive a replacement award from the successor entity, provided that the successor entity is publicly traded. If the successor is not publicly traded, the executive will be entitled to a replacement award of cash. RSUs vest upon a change in control unless the successor entity converts the awards to equivalent grants in the successor. In the case of both converted RSU and PSU awards, they will vest in full if the executive is terminated without cause following the change in control. We believe providing change in control protection encourages our named executives to pursue and facilitate transactions that are in the best interests of stockholders while not granting executives an undeserved windfall. Involuntary Termination or Resignation for Good Reason. Under the Severance Protection Plan, in the event a participant is terminated without cause or resigns for good reason, subject to execution of a release of claims and continued compliance with all restrictive covenants, he or she will be entitled to receive: (a) cash severance in an aggregate amount equal to two times the sum of the participant’s base salary and target annual bonus (with one half payable in a lump sum at termination, and the remaining half payable in installments over a two-year period); (b) continuation of group health benefits over a two-year period following termination and (c) a pro rata annual cash incentive payment for the year of termination. In the event a named executive is terminated for cause, he or she is entitled to any accrued but unpaid salary only, and all unvested awards and outstanding stock options, whether exercisable or not, are forfeited. The terms “cause,” “good reason,” and “change in control” are defined in the executives’ employment agreements, the Severance Protection Plan and equity award plans and agreements, as applicable, but such terms have the meanings generally described below. You should refer to the applicable documentation, accessible through the Exhibit List to the Company’s Annual Report on Form 10-K, for the full definitions. “Cause” generally means the named executive has: deliberately refused to perform his or her duties; breached his or her duty of loyalty to the Company; been convicted of a felony; intentionally and materially harmed the Company; materially violated the Company’s policies and procedures or breached the covenants contained in his or her agreement. “Good Reason” generally means that, without the named executive’s consent: his or her duties or responsibilities have been substantially changed; he or she has been removed from his or her position; the Company has breached his or her employment agreement; any successor to the Company has not assumed the obligations under his or her employment agreement; or he or she has been reassigned to a location more than 50 miles away. “Change in Control” generally means that: at least 25% of the Company’s Common Stock has been acquired by one person or persons acting as a group; certain significant turnover in our Board of Directors has occurred; there has been a merger of the Company in which at least 50% of the combined post-merger voting power of the surviving entity does not consist of the Company’s pre-merger voting power, or a merger to effect a recapitalization that resulted in a person or persons acting as a group acquired 25% or more of the Company’s voting securities; or the Company is liquidating or selling all or substantially all of its assets. Benefits to a participant under the Severance Protection Plan are subject to reduction to the extent required by the Company’s Severance Limitation Policy or if the excise tax described in Sections 280G or 4999 of the IRC is applicable and such reduction would place the participant in a better net after tax position. Voluntary Termination; Retirement. Our equity award agreements generally provide that an executive forfeits unvested awards if he or she voluntarily terminates employment. RSUs and PSUs generally vest on a pro rata basis upon involuntary termination other than for cause. RSUs, PSUs and stock options generally continue to vest following a qualifying retirement as if the employee had remained employed until the end of the performance period. A qualifying retirement generally requires that the employee has reached age 55, has a sum of age plus years of service with the Company equal to 65 or greater, and has completed at least five consecutive years of service with the Company immediately preceding the employee’s voluntary resignation. If the recipient is terminated by the Company without cause or voluntarily resigns outside of a qualifying retirement, the recipient is entitled to exercise all stock options outstanding and exercisable within a specified time frame after such termination or resignation. Resignation of Ms. Rankin. Ms. Rankin resigned from her position as an executive officer as of November 1, 2025, following her admirable career spanning 23 years of dedicated service to the Company, including nearly nine years as Chief Financial Officer. She served as an Executive Advisor until March 13, 2026 at her prior base salary to ensure an effective transition of her responsibilities. Upon her departure from the Company, Ms. Rankin received a cash service gift of $45,000 and a previously-disclosed cash bonus of $1 million in recognition of the value delivered to Company stockholders as a result of her leadership in completing the orderly transition of the Chief Financial Officer role to her successor and her important contributions toward the integration of the Company’s Healthcare Solutions business. The Company will also make a $10,000 donation to a charity of her choice. Her unvested equity awards were treated under the voluntary termination provisions of the applicable award agreements, as described above, and were forfeited. Explanation of Tabular Disclosure. The following table presents potential payouts to our named executives at year-end upon termination of employment in the circumstances indicated pursuant to the terms of applicable plans and agreements. The payouts set forth below assume the triggering event indicated occurred on December 31, 2025, when the closing price of our Common Stock was $219.71 per share. These payouts are calculated for SEC disclosure purposes and are not necessarily indicative of the actual amounts the named executive would receive. Please note the following when reviewing the payouts set forth below: • The compensation component set forth below for accelerated vesting of stock options is comprised of the unvested stock options granted in 2023, 2024 and 2025, based on the difference between the closing price of our Common Stock on December 31, 2025 and the exercise price of those options. •

  75. Potential Payments Upon Termination or Change in Control

    For purposes of calculating the payout of performance share unit awards outstanding as of December 31, 2025, we have assumed that target performance was achieved; actual performance share unit payouts will be based on actual performance of the Company during the performance period. • For purposes of calculating the payout upon the “double trigger” of change in control and subsequent involuntary termination not for cause, the value of the performance share unit replacement award is equal to the number of PSUs that would be forfeited based on the prorated acceleration of the PSUs, multiplied by the closing price of our Common Stock on December 31, 2025. • The payout for continuation of benefits is an estimate of the cost the Company would incur to continue those benefits. • The Company’s practice is to provide all benefits-eligible employees with life insurance that pays one times annual base salary upon death, subject to an age-based reduction provision beginning at age 65. The insurance benefit is a payment by an insurance company, not the Company, and is payable under the terms of the insurance policy. • Refer to the Nonqualified Deferred Compensation in 2025 table above for aggregate balances payable to the named executives under our 409A Deferral Plan pursuant to the named executive’s distribution elections.

  76. Chief Executive Officer Pay Ratio

    Chief Executive Officer Pay Ratio In 2025, we reconducted our analysis to identify the Company’s median employee, based on total annual compensation for all employees other than our Chief Executive Officer, in accordance with SEC Regulation S-K, Item 402(u) (the “Median Employee”). There have been no changes to the Company’s employee population, compensation arrangements, or the circumstances of the Median Employee that the Company believes would significantly impact this pay ratio disclosure and require identification of a new Median Employee. To select the Median Employee, we determined the actual taxable compensation paid to each listed employee in 2024 and converted to U.S. dollars at appropriate exchange rates for non-U.S. employees. We did not apply any cost-of-living adjustments, nor did we use any form of statistical sampling. The Median Employee, a Fleet Shift Supervisor in the U.S., was identified from a list of Company employees as of December 1, 2024. Out of a total worldwide employee population of 61,817 on that date, the list included 58,862 employees and excluded the Chief Executive Officer and 2,954 non-U.S. employees. The number of employees excluded from the list of Company employees comprised 4.8% of our total employee population on such date, and the breakdown of the number of excluded employees and the respective jurisdiction of those employees is as follows: India — 1,509; Spain — 703; Portugal — 443; Ireland — 143; France — 75; Germany — 67; Belgium — 10; Netherlands — 3; and Luxembourg — 1. Of the Company employees that were included on the list of employees as of December 1, 2024, for purposes of identifying the Median Employee, approximately 92.1% of these total employees work in the U.S., 5.3% work in Canada, and 2.6% work in United Kingdom. Over 99% of these individuals are full-time employees. Any temporary or seasonal employees are included; any subcontracted workers are not employees and are excluded. For 2025, total annual compensation for the Median Employee was $100,067.27. The annual compensation of our Chief Executive Officer was $19,048,786, for a ratio of 1:190. These values were calculated in accordance with SEC Regulation S-K, Item 402(c)(2)(x) requirements for reporting total compensation in the Summary Compensation Table.

  77. PAY VERSUS PERFORMANCE

    PAY VERSUS PERFORMANCE We are required to calculate and present the following compensation information in the tabular format prescribed by the SEC. The Compensation Discussion and Analysis and other executive compensation tables above should be read in conjunction with this section to gain a complete understanding of our executive compensation philosophy, programs and decisions. The tables and discussion below refer to an SEC-prescribed calculation of compensation actually paid, referred to as “CAP”. However, CAP does not correlate to the total amount of compensation that the executive realized during the year. CAP is a detailed calculation that includes adjustments to Total Compensation as reported in the Summary Compensation Table (the “SCT”) to reflect the increase (or decrease) in value of equity compensation over the course of the year, including equity compensation granted in prior years and equity compensation remaining unvested as of year-end. The equity compensation values used to determine CAP are calculated in accordance with ASC Topic 718, based on various methodologies and assumptions. The amount of compensation that the executive will actually realize when such equity awards vest or options are exercised may be materially different from the amounts used in the CAP calculation. The table below includes our Operating EBITDA annual cash incentive performance measure as the Company Selected Measure (“CSM”) that management believes is the most important annual financial performance measure used to link executive pay and Company performance in 2025. This measure is also discussed in our Compensation Discussion and Analysis and is generally defined as the Company’s income from operations, excluding depreciation, depletion and amortization, “Restructuring” and “(Gain) Loss from Divestitures, Asset Impairments and Unusual Items, Net” reported in our Annual Report on Form 10-K, and also excluding the impacts of our recycling brokerage business. Operating EBITDA presented in this proxy statement is a non-GAAP measure and is defined differently than Operating EBITDA reported in the Company’s quarterly earnings press release. See Appendix B for approved adjustments to the Operating EBITDA incentive performance measure results and a reconciliation of this non-GAAP measure to the most comparable GAAP measure.

  78. Pay Versus Performance Table

    Pay Versus Performance Table

  79. Pay Versus Performance Table

    | Year | SCT Total to CEO(1) ($) | CEO CAP(1)(2) ($) | Average SCT Total for Non-CEO NEOs(1) ($) | Average Non-CEO NEOs CAP(1)(2) ($) | Value of Initial Fixed $100 Investment Based on:(3) | | Net Income(4) ($ in billions) | CSM: Operating EBITDA ($ in billions) | | | | | | | WM TSR ($) | Peer Group TSR ($) | | | | 2025 | 19,048,786 | 27,485,198 | 4,897,001 | 6,742,958 | 202 | 196 | 2.708 | 7.438 | | 2024 | 17,097,120 | 24,501,038 | 4,851,561 | 6,672,509 | 182 | 186 | 2.746 | 6.472 | | 2023 | 14,628,854 | 26,638,740 | 3,971,546 | 6,550,505 | 160 | 156 | 2.304 | 5.892 | | 2022 | 14,820,684 | 13,037,001 | 5,202,091 | 4,823,249 | 137 | 132 | 2.238 | 5.475 | | 2021 | 13,057,363 | 44,273,994 | 3,637,383 | 10,803,402 | 144 | 140 | 1.816 | 4.961 |

  80. Pay Versus Performance Table

    (1) For all periods shown in the table above, the Company’s CEO was Mr. James C. Fish, Jr. The Non-CEO NEOs include: • 2025: Mr. David L. Reed, Ms. Devina A. Rankin, Mr. John C. Morris, Jr., Ms. Tara J. Hemmer and Mr. Rafael E. Carrasco. Mr. Reed succeeded Ms. Rankin as Executive Vice President and Chief Financial Officer on November 1, 2025. • 2024 and 2023: Ms. Rankin, Mr. Morris, Ms. Hemmer and Mr. Carrasco. • 2022: Ms. Rankin, Mr. Morris, Ms. Hemmer and Mr. Steven R. Batchelor, retired Senior Vice President — Operations. • 2021: Ms. Rankin, Mr. Morris, Ms. Hemmer and Mr. Charles C. Boettcher, Executive Vice President and Chief Legal Officer. (2) To calculate 2025 CAP, we made specified adjustments to Total Compensation as reported in the SCT, as set forth below: Adjustments to CEO’s SCT Total Compensation to Calculate CAP:

  81. Pay Versus Performance Table

    | | 2025 | | SCT Total Compensation | 19,048,786 | | Deduction from SCT Total Compensation, in dollars | | | • Grant date fair values of equity awards reported in the “Stock Awards” and “Options Awards” columns in the SCT | 14,806,499 | | Additions to SCT Total Compensation, in dollars: | | | • Fair value of stock awards granted during the year, as of 12/31(a) | 11,505,068 | | • Fair value of option awards granted during the year, as of 12/31(b) | 1,938,394 | | • Change in fair value of prior years’ stock awards unvested at 12/31(a) | 5,569,737 | | • Change in fair value of prior years’ option awards unvested at 12/31(b) | 291,180 | | • Change in fair value of prior years’ stock awards vesting during the year(a) | 2,107,369 | | • Change in fair value of prior years’ option awards vesting during the year(b) | 1,289,567 | | • Dividend equivalents paid upon stock awards vesting during the year | 541,596 | | Total Additions to SCT Total Compensation, in dollars | 23,242,911 | | CAP | 27,485,198 |

  82. Pay Versus Performance Table

    Adjustments to Non-CEO NEOs Average SCT Total Compensation to Calculate Average CAP:

  83. Pay Versus Performance Table

    | | 2025 | | SCT Total Compensation | 4,897,001 | | Deduction from SCT Total Compensation, in dollars | | | • Grant date fair values of equity awards reported in the “Stock Awards” and “Options Awards” columns in the SCT | 3,291,935 | | Additions to SCT Total Compensation, in dollars: | | | • Fair value of stock awards granted during the year, as of 12/31(a) | 2,729,515 | | • Fair value of option awards granted during the year, as of 12/31(b) | 323,049 | | • Change in fair value of prior years’ stock awards unvested at 12/31(a) | 1,094,083 | | • Change in fair value of prior years’ option awards unvested at 12/31(b) | 55,677 | | • Change in fair value of prior years’ stock awards vesting during the year(a) | 544,624 | | • Change in fair value of prior years’ option awards vesting during the year(b) | 247,170 | | • Dividend equivalents paid upon stock awards vesting during the year | 143,774 | | Total Additions to SCT Total Compensation, in dollars | 5,137,892 | | CAP | 6,742,958 |

  84. Pay Versus Performance Table

    (a) Stock awards for all NEOs include annual grants of TSR PSUs and Cash Flow PSUs. The fair value of an unvested TSR PSU is calculated using a multifactor Monte Carlo model, and because total shareholder return is a market condition, projected achievement is embedded in the fair value. The fair value of an unvested Cash Flow PSU is equal to the average of the high and low market price of our Common Stock on the given date; we then multiply the fair value of a Cash Flow PSU by our projection, for accounting purposes, of the probable outcome of the Cash Flow Generation performance measure applicable to such PSUs, based on results to-date and forecast. The following grid summarizes the projected probable outcomes utilized to calculate the value of unvested Cash Flow PSUs at year-end for years prior to the end of the performance period for purposes of 2025 CAP:

  85. Pay Versus Performance Table

    | Projected Payout of Unvested Cash Flow PSUs at Year-End | 2025 | 2024 | | Cash Flow PSUs with 3-year Performance Period Ended 12/31/2025 | | 75% | | Cash Flow PSUs with 3-year Performance Period Ended 12/31/2026 | 200% | 100% | | Cash Flow PSUs with 3-year Performance Period Ended 12/31/2027 | 100% | |

  86. Pay Versus Performance Table

    Stock awards also includes (i) RSUs that vested for each of the NEOs in 2025; (ii) unvested RSUs that were granted to Ms. Hemmer, Mr. Morris and Mr. Reed in 2025; and (iii) unvested RSUs that were granted to Mr. Reed in 2023 and 2024. The fair value of an RSU is equal to the average of the high and low market price of our Common Stock on the given date. (b) Option award fair values are calculated using a Black-Scholes option pricing model. (3) Total shareholder return (“TSR”) is based on a hypothetical $100 investment on December 31, 2020. The TSR amounts shown for 2021 represent the value of that $100 investment on December 31, 2021, and TSR is then calculated, on a cumulative basis, as of December 31, 2022, December 31, 2023, December 31, 2024 and December 31, 2025. The Peer Group TSR refers to the Dow Jones Waste & Disposal Services Index. (4) Net income refers to the financial statement line item “Net income attributable to Waste Management, Inc.”

  87. Narrative Disclosure to Pay Versus Performance Table

    Narrative Disclosure to Pay Versus Performance Table The following charts reflect the relationship of CAP over the five-year period ended December 31, 2025 to trends in the Company’s TSR, net income and Operating EBITDA over the same period. In addition, the first chart below reflects that the Company’s TSR is highly-aligned with the Peer Group TSR. We believe variations in CAP due to use of ASC Topic 718 fair values for outstanding equity grants at specified points in time have resulted in CAP for the five-year period presented not having a direct correlation to Company performance trends. However, we generally believe our CAP, and our CAP relative to our TSR, net income and Operating EBITDA, is reflective of our use of equity incentives that are tied to stock price, strong operational performance and financial results, consistent above-target performance on financial compensation metrics and our TSR relative to the S&P 500 having exceeded the 50th percentile since 2021. Due to the size of our CEO’s annual equity incentive award and the fact that approximately three-quarters of our CEO’s compensation is tied to such equity incentive awards, above target performance has a more pronounced impact on his CAP, relative to our non-CEO NEOs. Operating EBITDA is identified as our CSM because it is assigned the heaviest weighting, at 50%, in our annual cash incentive awards, making it the most important annual financial performance measure used to link executive pay and Company performance in 2025.