LITTLE JAMES 4

What Happened

• James Little, Executive VP of Engineering at Waste Connections (WCN), had 1,224 restricted share units (RSUs) convert into common shares on Feb 18, 2026 (reported on Form 4 filed Feb 20, 2026).
• The conversion is reported as an exercise/conversion of a derivative (code M) at $0.00 per share. The issuer withheld 482 of those shares to satisfy tax withholding at $162.76 per share, totaling $78,450 (reported as code F). Net shares delivered to Little: 1,224 - 482 = 742 shares.
• This is a routine RSU vesting event with tax-withholding rather than an open‑market purchase or discretionary sale.

Key Details

• Transaction date: 2026-02-18; Form 4 filed: 2026-02-20 (timely).
• Conversion (M): 1,224 shares @ $0.00 (vested RSUs converted to common stock).
• Tax withholding (F): 482 shares withheld @ $162.76 = $78,450.
• Net shares received by insider: 742 shares.
• Footnotes: F1 = shares withheld to satisfy taxes; F2 = RSUs awarded 2/18/2022 vesting in four equal annual installments (this is the vesting/conversion event).
• Shares owned after the transaction: not specified in the provided filing details.

Context

• This was a vesting/conversion of RSUs (derivative conversion), not a purchase or voluntary sale. The withholding of shares to cover tax obligations is a common, routine administrative action (a cashless withholding).
• Such vesting events are standard compensation mechanics and do not by themselves indicate insider confidence or lack thereof.