Whitney Mary Anne 4

What Happened
Whitney Mary Anne, Executive Vice President & Chief Financial Officer of Waste Connections (WCN), had 1,436 restricted stock units (RSUs) convert into common shares on February 18, 2026. The issuer withheld 566 of those shares to satisfy withholding taxes at $162.76 per share (566 × $162.76 = $92,122), resulting in a net delivery of 870 shares to the insider. The RSU conversion is reported as a derivative conversion/exercise (code M) and the withholding as a tax payment/disposition (code F); the conversion had an exercise price of $0.00.

Key Details

• Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (timely).
• Conversion: 1,436 RSUs converted to common shares (code M), $0 exercise price.
• Withholding/tax payment: 566 shares withheld/disposed at $162.76 each = $92,122 (code F).
• Net shares delivered to insider: 1,436 − 566 = 870 shares.
• Shares owned after the transaction: not disclosed in the filing.
• Footnotes: F1 = issuer withheld shares to satisfy applicable withholding taxes; F2 = RSUs were awarded Feb 18, 2022 and vest in four equal annual installments (this reflects scheduled vesting).
• Transaction codes: M = exercise/conversion of derivative; F = tax withholding (routine).

Context
This was a routine vesting/conversion of RSUs rather than an open-market purchase or voluntary sale. Withholding shares to cover taxes is common and should not be read as an independent bullish or bearish signal. The filing shows no indication of a 10% owner transaction, 10b5-1 plan, or late reporting.