Waste Management (NYSE: WM) CFO sells shares under Rule 10b5-1 plan

Rhea-AI Filing Summary

Waste Management EVP & CFO David L. Reed reported routine share activity. He completed an open-market sale of 75 shares of Common Stock at $245.26 per share and had 121 shares withheld earlier at $246.31 per share to cover tax obligations tied to a restricted share award. The filing notes the sale of additional shares was made under a Rule 10b5-1 trading plan and also corrects a prior administrative error that had overstated his beneficial ownership by 3 shares. After these transactions, Reed directly holds about 8,494.6057 Waste Management shares.

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

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

X

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^*

Reed David L.

(Last) (First) (Middle)

800 CAPITOL STREET, SUITE 3000

(Street)

HOUSTON TX 77002

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
WASTE MANAGEMENT INC [ WM ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/07/2026

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 Stock(1)	03/07/2026		F		121	D	$246.31	8,569.6057(2)	D
Common Stock(3)	03/09/2026		S		75	D	$245.26	8,494.6057	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

Explanation of Responses:

1. Settlement of restricted share award granted under Waste Management, Inc. 2014 Stock Incentive Plan.

2. The amount reported in Box 5 has been adjusted to correct an administrative error in the Form 4 filed on March 1, 2026, which inadvertently understated the number of shares of Common Stock withheld to satisfy certain tax obligations and, as a result, overstated the Reporting Person's beneficial ownership by 3 shares.

3. Sale of additional shares to cover personal federal income tax obligation pursuant to a Rule 10b5-1 Trading Plan.

	Courtney Tippy, Attorney-in-fact	03/10/2026
	** 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).
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

What insider transactions did Waste Management (WM) report for David L. Reed?

Waste Management reported that EVP & CFO David L. Reed sold 75 common shares at $245.26 and had 121 shares withheld at $246.31 to satisfy tax obligations from a restricted share award settlement. Both transactions involve existing equity, not new share issuance.

How many Waste Management (WM) shares does David L. Reed hold after this Form 4?

After the reported transactions, David L. Reed directly holds about 8,494.6057 shares of Waste Management common stock. This reflects adjustments for both the open-market sale and tax-withholding disposition, as well as a correction of a prior 3-share administrative reporting error.

Was the Waste Management (WM) CFO’s stock sale part of a Rule 10b5-1 plan?

Yes. The filing states that the sale of additional shares by David L. Reed was executed to cover personal federal income tax obligations pursuant to a Rule 10b5-1 trading plan. Such plans are pre-arranged programs that schedule trades in advance under predefined conditions.

What does the tax-withholding transaction mean in the Waste Management (WM) Form 4?

The Form 4 shows 121 shares were disposed of to pay taxes related to a restricted share award settlement under the 2014 Stock Incentive Plan. This tax-withholding disposition is not an open-market sale; the shares are used to satisfy statutory tax obligations.

Why does the Waste Management (WM) Form 4 mention an administrative error?

The filing explains that a previous Form 4 understated the number of shares withheld for taxes, overstating Reed’s beneficial ownership by 3 shares. The current report corrects Box 5 holdings, aligning the disclosed share count with the actual post-transaction ownership.

Is the Waste Management (WM) CFO’s share sale large relative to his position?

The reported open-market sale covers 75 shares, compared with a remaining direct holding of about 8,494.6057 shares. Within this filing alone, that indicates a relatively small portion of his disclosed position was sold, alongside shares withheld for tax liabilities.