Waste Connections director reports RSU grants, conversions

Waste Connections director Cherylyn Harley LeBon reported several stock-based compensation moves involving restricted share units (RSUs) and common shares.

Rhea-AI Filing Summary

Waste Connections director Cherylyn Harley LeBon reported several stock-based compensation moves involving restricted share units (RSUs) and common shares. On February 13, 2026, she received RSU awards totaling 1,122 units, each representing a contingent right to one common share, with 50% vesting immediately and 50% on the first anniversary.

Also on February 13, 344 RSUs vested and were converted into 344 common shares, with 185 common shares withheld to cover taxes at a value of $160.2683 per share. On February 14, 279 RSUs vested and converted into 279 common shares, with 150 common shares similarly withheld for taxes at the same value per share.

After these transactions, LeBon directly owns 698 common shares of Waste Connections and continues to hold RSUs that will vest over time, aligning a portion of her compensation with the company’s share performance.

Insider Trade Summary

623 shares exercised/converted

Exercise 8 txns

Insider LeBon Cherylyn Harley

Role Director

Type	Security	Shares	Price	Value
Exercise	Restricted Share Units	279	$0.00	$0.00
Exercise	Common Shares	279	$0.00	$0.00
Exercise Price or Tax Liability	Common Shares	150	$160.2683	$24K
Grant/Award	Restricted Share Units	435	$0.00	$0.00
Grant/Award	Restricted Share Units	687	$0.00	$0.00
Exercise	Restricted Share Units	344	$0.00	$0.00
Exercise	Common Shares	344	$0.00	$0.00
Exercise Price or Tax Liability	Common Shares	185	$160.2683	$30K

Holdings After Transaction: Restricted Share Units — 778 contracts (Direct); Common Shares — 698 shares (Direct)

Footnotes (6)

1. F1. Represents shares withheld by the Issuer in satisfaction of the applicable withholding taxes due in connection with the vesting of restricted share units and delivery of the converted common shares.
2. F2. For purposes of this disclosure, Canadian dollar amounts have been converted to U.S. dollars. CAN $218.26 = US $160.2683
3. F3. One Deferred Share Unit is the economic equivalent of one common share of the Issuer. Deferred Share Units will be settled in cash, common shares, or a combination thereof, at the sole discretion of the Issuer, and distributed to the reporting person upon such person's retirement and generally do not expire.
4. F4. Each restricted share unit represents a contingent right to receive one share of the Issuer's common shares. Subject to the reporting person's continued service with the Issuer, the award shall vest 50% immediately on the award date and 50% on the first anniversary of the award date.
5. F5. Represents the conversion upon vesting of restricted share units into common shares of the Issuer. The restricted share units were awarded on February 13, 2026 and have a vesting schedule of 50% immediately and 50% on the first anniversary of the award date.
6. F6. Represents the conversion upon vesting of restricted share units into common shares of the Issuer. The restricted share units were awarded on February 14, 2025 and have a vesting schedule of 50% immediately and 50% on the first anniversary of the award date.

FAQ

What insider transactions did Waste Connections (WCN) director Cherylyn Harley LeBon report?

She reported RSU grants, RSU conversions into common shares, and share dispositions for tax withholding. These moves reflect routine stock-based compensation, not open-market buying or selling, and adjust her equity-based ownership in Waste Connections over time.

How many restricted share units did the WCN director receive in the latest Form 4?

On February 13, 2026, Cherylyn Harley LeBon received RSU awards totaling 1,122 units. Each restricted share unit is a contingent right to one common share, vesting 50% immediately and 50% on the first anniversary of the award date.

How many Waste Connections common shares were issued and withheld for taxes in these transactions?

On February 13 and 14, 2026, 623 common shares were issued from RSU conversions and 335 shares were withheld to satisfy tax obligations. The withheld shares were valued at $160.2683 per share, according to the Form 4 disclosure footnotes.

What is Cherylyn Harley LeBon’s Waste Connections share ownership after these Form 4 transactions?

Following the reported RSU conversions and tax-withholding dispositions, Cherylyn Harley LeBon directly owns 698 common shares of Waste Connections. She also continues to hold RSUs that will vest in the future, further tying her compensation to share performance.

Were the Waste Connections (WCN) insider dispositions open-market sales?

No. The dispositions coded "F" represent shares withheld by Waste Connections to cover tax liabilities from RSU vesting. These are not open-market sales but administrative tax-withholding transactions executed at a stated value of $160.2683 per share.

How do the RSU awards for the WCN director vest over time?

Each restricted share unit represents a contingent right to one common share. Subject to continued service, the awards vest 50% immediately on the grant date and 50% on the first anniversary, creating a staged schedule that aligns compensation with longer-term company performance.

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Accepted by SEC EDGAR 02/18/2026 - 04:44 PM Learn about SEC filing dates

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)
02/13/2026

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	02/13/2026		M		344	A	$0.00	754	D
Common Shares	02/13/2026		F(1)		185	D	$160.2683(2)	569	D
Common Shares	02/14/2026		M		279	A	$0.00	848	D
Common Shares	02/14/2026		F(1)		150	D	$160.2683(2)	698	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	02/13/2026		A		435		(3)	(3)	Common Shares	435	$0.00	435	D
Restricted Share Units	$0.00	02/13/2026		A		687		(4)	(4)	Common Shares	687	$0.00	687	D
Restricted Share Units	$0.00	02/13/2026		M			344	(5)	(5)	Common Shares	344	$0.00	343	D
Restricted Share Units	$0.00	02/14/2026		M			279	(6)	(6)	Common Shares	279	$0.00	0.00	D

Explanation of Responses:

1. Represents shares withheld by the Issuer in satisfaction of the applicable withholding taxes due in connection with the vesting of restricted share units and delivery of the converted common shares.

2. For purposes of this disclosure, Canadian dollar amounts have been converted to U.S. dollars. CAN $218.26 = US $160.2683

3. One Deferred Share Unit is the economic equivalent of one common share of the Issuer. Deferred Share Units will be settled in cash, common shares, or a combination thereof, at the sole discretion of the Issuer, and distributed to the reporting person upon such person's retirement and generally do not expire.

4. Each restricted share unit represents a contingent right to receive one share of the Issuer's common shares. Subject to the reporting person's continued service with the Issuer, the award shall vest 50% immediately on the award date and 50% on the first anniversary of the award date.

5. Represents the conversion upon vesting of restricted share units into common shares of the Issuer. The restricted share units were awarded on February 13, 2026 and have a vesting schedule of 50% immediately and 50% on the first anniversary of the award date.

6. Represents the conversion upon vesting of restricted share units into common shares of the Issuer. The restricted share units were awarded on February 14, 2025 and have a vesting schedule of 50% immediately and 50% on the first anniversary of the award date.

Remarks:

	CHERYLYN HARLEY LEBON	02/18/2026
	** 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).
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