FLORNESS DANIEL L 4

What Happened Daniel L. Florness, a director of Waste Connections, reported multiple equity-related transactions on April 1, 2026. According to the Form 4, he was granted/awarded derivative awards (restricted share units / deferred share units) and had restricted share units convert upon vesting into common shares. The filing shows 1,414 derivative units acquired (332 shares from conversion + 419 + 663 granted) and 510 shares disposed (332 shares immediately converted/disposed and 178 shares withheld to cover taxes). The tax-withheld shares were valued at $162.98 each (CAN$226.20), producing proceeds of $29,010 reported as the amount for tax withholding.

Key Details

• Transaction date: April 1, 2026 (Form 4 filed April 3, 2026). No late filing indicated in the report.
• Reported activity:
  • Exercise/conversion (M): 332 shares acquired at $0.00
  • Tax withholding (F): 178 shares withheld (disposed) at $162.98 → $29,010
  • Grants/awards (A): 419 shares and 663 shares (derivative awards) acquired at $0.00
  • Exercise/conversion (M): 332 shares disposed at $0.00 (conversion delivery)
• Net reported change on the Form 4: +904 shares (1,414 acquired − 510 disposed).
• Footnotes of note:
  • F1: 178 shares were withheld by the issuer to satisfy withholding taxes on vesting.
  • F2: Canadian dollar amounts converted to U.S. dollars (CAN$226.20 = US$162.9771).
  • F3: Deferred Share Units (DSUs) are economically equivalent to common shares and may be settled in cash, shares, or both at the issuer’s discretion and are generally distributed upon retirement.
  • F4/F5: Restricted Share Units (RSUs) vest 50% immediately and 50% on the first anniversary; the filing reflects conversion upon vesting.
• Shares owned after the transactions were not specified in the supplied summary of the filing.

Context

• These transactions are largely award/vesting-related rather than an open-market buy or a discretionary sale; the withholding of 178 shares is a routine tax-withholding action (not an open-market sale).
• For retail investors, grant/vesting activity signals executive/director compensation actions, not necessarily a directional bet on the stock. The filing shows no cash purchase (P) or open-market sale (S) by the director in this report.