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0000823768
WASTE MANAGEMENT INC
0000823768
2025-08-21
2025-08-21
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
SECURITIES AND
EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13
or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 21, 2025
Waste
Management, Inc.
(Exact Name of Registrant as Specified in Charter)
| Delaware |
|
1-12154 |
|
73-1309529 |
(State
or Other Jurisdiction
of Incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
| 800
Capitol Street, Suite
3000, Houston,
Texas |
|
77002 |
| (Address
of Principal Executive Offices) |
|
(Zip
Code) |
Registrant’s Telephone number, including
area code: (713) 512-6200
(Former Name or Former Address, if Changed Since
Last Report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ¨ | Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of
the Act:
| Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
| Common
Stock, $0.01 par value |
WM |
New
York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
¨
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of
Certain Officers.
On
August 21, 2025, the Management Development and Compensation Committee of the Board of Directors of Waste Management, Inc.
(the “Company”) approved a one-time retention award (the “Award”) of restricted stock units (“RSUs”)
with a value of $2,100,000 to Ms. Tara J. Hemmer, Senior Vice President and Chief Sustainability Officer, under the Company’s
2023 Stock Incentive Plan. The Award will be granted to Ms. Hemmer on September 2, 2025, and the number of RSUs granted to
Ms. Hemmer on such date will be calculated by dividing the Award value by the average of the high and low price of the Company’s
common stock over the 30 trading days preceding the grant date. Key terms of the RSUs are described below.
| RSUs |
|
|
| |
|
| The
“Vesting Dates” |
|
50%
on the second anniversary of grant
50% on the third anniversary of grant
Each RSU will be converted into one share of Company common stock upon vesting. |
| |
|
| Dividend
Equivalents |
|
Dividends
will accrue and be paid in cash upon any payout of RSUs. |
| |
|
| Termination
of Employment: |
|
|
| |
|
| Death
or Disability |
|
All
unvested RSUs will vest and be issued and paid following the date of such death or disability. |
| |
|
| Retirement
(as defined in the award agreement) |
|
Ms. Hemmer
will not be Retirement eligible until reaching age 55 in October 2027. If Retirement occurs after such date, but before the
final Vesting Date, then the remaining 50% of the RSUs will vest but will be issued and paid following the final Vesting Date.
|
| |
|
|
| Involuntary Termination without
Cause |
|
RSUs
equal to the total number of unvested RSUs, prorated based on the portion of the entire three-year vesting period that Ms. Hemmer
was employed, will vest and be issued and paid following the normal Vesting Dates. |
| |
|
|
| Resignation;
Involuntary Termination for Cause |
|
All unvested RSUs are forfeited. |
| |
|
| Involuntary
Termination without Cause following a Change in Control |
|
All
unvested RSUs will vest and be issued and paid following the normal Vesting Dates. |
The
above description is qualified in its entirety by reference to the form of RSU award agreement that is Exhibit 10.1 to this report
and incorporated herein by reference.
Item 9.01.
Financial Statements and Exhibits.
(d) Exhibits
Exhibit Index
Exhibit
Number | | Description |
| | | |
| 10.1 | | Form of 2025 Long Term Incentive Compensation RSU Award Agreement for Tara Hemmer Retention Award. |
| | | |
| 104 | | Cover
Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto
duly authorized.
| Date: August 27, 2025 |
By: |
/s/ Charles C. Boettcher |
| |
|
Charles C. Boettcher |
| |
|
Executive Vice President and Chief Legal Officer |
