Sparks Carl 4

What Happened
Carl Sparks, a director of Waste Connections, reported conversions/vestings of restricted share units (derivative instruments) on Feb 13–14, 2026. A total of 344 shares (Feb 13) and 279 shares (Feb 14) were converted into common shares. To satisfy withholding taxes, 185 shares (Feb 13) and 150 shares (Feb 14) were withheld and disposed; the withheld shares were valued at US$160.27 per share for a total withholding of approximately $53,690. The filing also shows awards/grants of 435 and 687 derivative units reported on Feb 13 (subject to the issuer’s vesting terms).

Key Details

• Transaction dates: Feb 13, 2026 and Feb 14, 2026. Report filed Feb 18, 2026. (Filing appears late for a Form 4; marked L.)
• Conversions/vestings (code M): 344 shares (2/13) and 279 shares (2/14) converted into common shares at $0.00 acquisition price (these were vesting/conversion events of RSUs/DSUs).
• Withholding (code F): 185 shares withheld on 2/13 ($29,650) and 150 shares withheld on 2/14 ($24,040); total withheld = 335 shares ≈ $53,690 (price conversion from CAD noted in footnote).
• Grants/awards (code A): 435 and 687 derivative units reported on 2/13 (subject to vesting schedules per footnotes).
• Footnotes summary: Some units are Deferred Share Units (economic equivalent of common shares, may settle in cash or shares); RSUs vest 50% immediately and 50% after one year; withheld shares represent satisfaction of tax withholding obligations.
• Shares owned after the transactions: not specified in the provided filing excerpt.

Context

• These transactions reflect vesting/conversion of equity awards and routine withholding to cover tax liabilities (a common cashless-type settlement), not an open-market sale for cash generation. Withholdings (F) are tax-related dispositions and do not necessarily signal a change in the director’s view of the company.
• No indication this is a 10% owner transaction; activity appears to be standard director equity compensation administration.