Waste Connections (WCN) Exec Jason Craft discloses RSUs and 29,620 shares
Rhea-AI Filing Summary
Jason Craft, Executive Vice President & COO of Waste Connections, Inc. (WCN), filed an initial Form 3 reporting direct ownership of 29,620 common shares and multiple restricted share units (RSUs). The filing lists time-based RSUs awarded in 2022, 2023, 2024 and 2025 that vest in four equal annual installments beginning one year after each award, plus performance-based RSUs awarded in 2023, 2024 and 2025 that vest after a three-year performance period with actual payouts ranging from 0% to 250% of target. The maximum possible vesting amounts for the performance awards are disclosed as 6,887, 5,585 and 4,957 shares, respectively.
Positive
- Transparent Section 16 disclosure of direct holdings and equity awards for an executive officer
- Combination of time-based and performance-based RSUs aligns retention and pay-for-performance incentives
- Performance RSUs include explicit maximums (6,887; 5,585; 4,957), clarifying upside exposure
Negative
- None.
Insights
TL;DR Executive disclosed ownership and incentive grants aligning long-term pay with company performance and tenure.
The Form 3 shows 29,620 directly held common shares and a schedule of time-based and performance-based RSUs awarded from 2022 through 2025. Time-based RSUs vest in four annual installments, which supports retention incentives. Performance RSUs have a 0%–250% payout range, indicating pay-for-performance design and potential upside if corporate targets are met. The filing is a routine Section 16 disclosure and provides transparency on the reporting person’s economic exposure to WCN equity.
TL;DR Grants combine standard retention RSUs with performance RSUs capped at 250% of target, reinforcing multi-year incentive structure.
The award schedule includes annual time-based vesting and multi-year performance awards with specified maximums (6,887; 5,585; 4,957 shares). This mix suggests the company ties a meaningful portion of executive pay to multi-year performance outcomes while maintaining retention through staged vesting. The filing details award dates and vesting mechanics but does not disclose grant values or performance metrics used to measure payout.
Insider Trade Summary
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Restricted Share Units | -- | -- | -- |
| holding | Restricted Share Units | -- | -- | -- |
| holding | Restricted Share Units | -- | -- | -- |
| holding | Restricted Share Units | -- | -- | -- |
| holding | Restricted Share Units | -- | -- | -- |
| holding | Restricted Share Units | -- | -- | -- |
| holding | Restricted Share Units | -- | -- | -- |
| holding | Common Shares | -- | -- | -- |
Footnotes (1)
- The restricted share units were awarded on February 18, 2022. The award vests in four equal annual installments commencing on the first anniversary of the date of the award. The restricted share units were awarded on February 17, 2023. The award vests in four equal annual installments commencing on the first anniversary of the date of the award. Represents performance-based restricted share units awarded on February 17, 2023. The target number of units is presented in the table. Subject to certain continued employment conditions and subject to accelerated vesting in certain circumstances, the number of units that actually vest at the end of the three-year performance period will be 0% to 250% of the scheduled amount, depending on the extent to which the Issuer meets or exceeds certain performance goals at the end of each year during the performance period. The maximum number of units that may vest at the end of the three-year performance period is 6,887 (250% of the target number). The restricted share units were awarded on February 16, 2024. The award vests in four equal annual installments commencing on the first anniversary of the date of the award. Represents performance-based restricted share units awarded on February 16, 2024. The target number of units is presented in the table. Subject to certain continued employment conditions and subject to accelerated vesting in certain circumstances, the number of units that actually vest at the end of the three-year performance period will be 0% to 250% of the scheduled amount, depending on the extent to which the Issuer meets or exceeds certain performance goals at the end of each year during the performance period. The maximum number of units that may vest at the end of the three-year performance period is 5,585 (250% of the target number). The restricted share units were awarded on February 14, 2025. The award vests in four equal annual installments commencing on the first anniversary of the date of the award. Represents performance-based restricted share units awarded on February 14, 2025. The target number of units is presented in the table. Subject to certain continued employment conditions and subject to accelerated vesting in certain circumstances, the number of units that actually vest at the end of the three-year performance period will be 0% to 250% of the scheduled amount, depending on the extent to which the Issuer meets or exceeds certain performance goals at the end of each year during the performance period. The maximum number of units that may vest at the end of the three-year performance period is 4,957 (250% of the target number).
