Black Matthew Stephen 4

What Happened
Matthew Stephen Black, Sr. Vice President and Chief Tax Officer of Waste Connections, acquired 16 shares of WCN common stock on June 30, 2026. The shares were purchased at $158.36 per share for a total cost of $2,534. This was a purchase under the company’s employee stock purchase plan (a routine, small-dollar buy rather than a large open-market trade).

Key Details

• Transaction date and price: 2026-06-30 — 16 shares at $158.36 each.
• Total value: $2,534.
• Transaction code: J (reported as "other acquisition"); described in the filing as an ESPP purchase.
• Footnote: Shares were acquired under the Waste Connections, Inc. 2020 Employee Share Purchase Plan for the Jan 1–Jun 30, 2026 offering period; purchase price equals 95% of the NYSE closing price on June 30, 2026.
• Shares owned after the transaction: not specified in the provided filing.
• Filing date: July 2, 2026 — the filing shows the trade reported on the Form 4; no late filing is indicated in the materials provided.

Context
ESPP purchases like this are common for employees and typically reflect participation in a discounted payroll-based plan (here, a 5% discount). This small purchase ($2.5k) is routine and should be viewed differently than large open-market buys or option exercises; it indicates personal investment but is not a material insider signal on its own.