[Form 4] Waste Connections, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Arhaus, Inc. (ARHS) – Form 4 insider transaction

• Chief Accounting Officer Christian Sedor exercised 1,000 Restricted Stock Units (code M) on 08/02/2025, converting them to Class A common shares at a cost basis of $0.
• The issuer simultaneously withheld 295 shares (code F) at $8.68 to cover withholding taxes.
• Net result: Sedor’s direct holdings rose by ≈705 shares, bringing his total direct ownership to 3,508 shares.
• All 1,000 RSUs from this grant have now been settled; none remain outstanding.

No open-market purchase or discretionary sale occurred; transactions were part of the company’s equity-compensation program.

Positive

• Net insider ownership increased by 705 shares, signalling continued alignment between the CAO and shareholders, albeit on a small scale.

Negative

• None.

Insights

Equity Analyst

TL;DR: Routine RSU vesting; modest net share increase, neutral signal.

The event reflects standard compensation mechanics rather than an intentional market purchase. Although the CAO’s direct stake grew by roughly 25 % (3,508 vs. 2,803 pre-exercise), the absolute addition of 705 shares (~US$6k at $8.68) is immaterial to both insider ownership structure and market float. Withholding sales were automatic for tax liabilities, not discretionary divestitures. Overall impact on valuation, liquidity or governance is negligible.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

LeBon Cherylyn Harley

(Last) (First) (Middle)

3 WATERWAY SQUARE PLACE

SUITE 110

(Street)

THE WOODLANDS TX 77380

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Waste Connections, Inc. [ WCN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/01/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares	08/01/2025		M		302	A	$0.00	572	D
Common Shares	08/01/2025		F		162	D	$186.57(1)	410	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Share Units	$0.00	08/01/2025		M			302	(2)	(2)	Common Shares	302	$0.00	0.00	D

Explanation of Responses:

1. For purposes of this disclosure, Canadian dollar amounts have been converted to U.S. dollars based on the Bank of Canada daily average exchange rate on August 1, 2025, CAN $1 = US $.724

2. Represents the conversion upon vesting of restricted share units into common shares of the Issuer. The restricted share units were awarded on August 1, 2024 and have a vesting schedule of 50% immediately and 50% on the first anniversary of the award date.

Remarks:

	CHERYLYN HARLEY LEBON	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How many Arhaus (ARHS) shares did the CAO acquire on 08/02/2025?

Christian Sedor acquired 1,000 shares through RSU conversion.

Were any shares sold on the open market?

No. The 295 shares marked as disposition were withheld for taxes, not sold on the market.

What is the CAO's new ownership position after the transaction?

Direct beneficial ownership stands at 3,508 Class A shares.

Does this Form 4 indicate bullish insider sentiment?

The filing is administrative; it reflects routine vesting rather than a discretionary buy, so sentiment impact is neutral.

Are any RSUs from this grant still outstanding?

No. All 1,000 RSUs under this award were settled and now show 0 remaining.