Morris John J 4

What Happened
John J. Morris, President & COO of Waste Management (WM), exercised 5,484 options at $150.12 on March 9, 2026 to acquire 5,484 shares (exercise value reported $823,231) and simultaneously disposed of those 5,484 derivative shares (proceeds $823,231). He also sold 4,211 additional shares in an open‑market transaction at a weighted average price of $243.38 for proceeds of $1,024,863. Total disposed shares = 9,695; total proceeds ≈ $1,848,094. The mix of an exercise and immediate disposition alongside a separate open‑market sale indicates both an option exercise and routine share sales.

Key Details

• Transaction date: 2026-03-09; Form filed: 2026-03-10 (timely).
• Option exercise (code M): 5,484 shares exercised at $150.12 (acquired value reported $823,231) and 5,484 derivative shares disposed for $823,231.
• Open‑market sale (code S): 4,211 shares sold at a weighted average price of $243.38 for $1,024,863. Footnote: the open‑market sale executed in multiple trades at prices ranging $243.37–$244.7375; reported price is weighted average.
• Shares owned after the reported transactions: not disclosed in the filing.
• No 10b5‑1 plan, late filing flag, or other special footnotes were reported beyond the trade‑price footnote.

Context

• The equal number of shares acquired on exercise and disposed as a derivative typically reflects an immediate sale of exercised shares (a cashless exercise/settlement), rather than a long‑term buy-and-hold purchase.
• Sales by executives are often routine (e.g., to raise cash or diversify), while outright purchases can be seen as a stronger bullish signal; this filing shows net disposals on the reporting date.