MITTELSTAEDT RONALD J 4

What Happened

Ronald J. Mittelstaedt, President & CEO of Waste Connections (WCN), converted a large block of restricted share units (RSUs) into common shares between Feb 13–17, 2026 (about 60,163 shares converted). To satisfy withholding tax obligations, the issuer withheld approximately 7,886 shares at prices between $160.26 and $161.28, representing roughly $1,270,152. After withholding, the net number of shares issued to him was about 52,277.

These transactions reflect vesting/conversion of previously granted RSUs and performance‑based RSUs (awards granted in 2023–2025). The filings show conversions/exercises (code M) and tax withholding/payment of tax liability (code F); the withheld shares were used to cover taxes rather than an open‑market sale.

Key Details

• Transaction dates: Feb 13–17, 2026; Form 4 filed Feb 18, 2026.
• Withheld-share transactions (tax withholding): 854 @ $160.26; 815 @ $160.26; 1,008 @ $161.28; 4,264 @ $161.28; 764 @ $161.28; 181 @ $161.28. Total cash value ≈ $1,270,152.
• RSUs/derivatives converted: total reported conversions ≈ 60,163 shares (multiple vesting events).
• Net shares received (after withholding): ≈ 52,277 shares.
• Notable footnotes: F1 = shares withheld to satisfy tax withholding; performance RSUs vested at 139.5% of target (per F7/F9); several awards vest over four years (F2, F4–F6, F8).
• Shares owned after transaction: not specified in the provided excerpt of the filing.
• Filing timeliness: Form 4 was filed Feb 18 reporting activity Feb 13–17; no late‑filing flag was provided in the excerpt.

Context

• These were not open‑market purchases. The conversions and immediate withholding are a routine cashless method to satisfy tax liabilities on vested RSUs, not necessarily a bullish or bearish signal.
• Transaction codes: M = exercise/conversion of derivative (here, conversion/vesting of RSUs); F = payment of exercise price or tax liability (share withholding).
• Performance RSUs that vested were subject to prior performance goals (the committee determined payout at 139.5% of target).