Black Matthew Stephen 4

What Happened

• Matthew Stephen Black, Senior Vice President and Chief Tax Officer of Waste Connections (WCN), had 804 restricted share units (RSUs) vest and convert into 804 common shares on 2026-02-18. The company withheld 317 of those shares to satisfy tax withholding obligations, valued at approximately $51,595 (317 shares x $162.76). This was a vesting/conversion event rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-18.
• Conversion/exercise code: M (conversion of derivative—RSUs into common shares) — 804 shares converted at $0.00.
• Tax withholding code: F — 317 shares withheld/disposed at $162.76 for total withholding of $51,595.
• Net shares delivered to insider: 804 converted − 317 withheld = 487 shares.
• Shares owned after transaction: Not stated in the filing.
• Footnotes: F1 confirms shares were withheld to satisfy applicable withholding taxes; F2 confirms these were RSUs awarded 2/18/2022 that vest in four equal annual installments.
• Filing timeliness: Filed 2026-02-20 for a 2026-02-18 transaction (timely within the Form 4 reporting window).

Context

• This was a routine RSU vesting and tax-withholding event (a common, non-market-sale transaction). The conversion and withholding are essentially a cashless method to pay taxes and do not by themselves indicate a buy or sell signal. The Form 4 reports both the conversion of the derivative (RSU) and the shares withheld to cover taxes.