Bertone Andrea E. 4

What Happened

• Andrea E. Bertone, a director of Waste Connections (WCN), had restricted share units (RSUs) convert/vest into common shares on Feb 13–14, 2026. A total of 1,745 common shares were issued on conversion (344 + 279 + 435 + 687). To satisfy tax withholding, 335 shares (185 on 2/13 and 150 on 2/14) were withheld and treated as disposed, producing approximately $53,690 in proceeds (335 × ~$160.27 per share, U.S. dollar equivalent).

Key Details

• Transaction types: M = exercise/conversion of derivative (conversion of RSUs); A = grant/award; F = shares withheld to pay tax obligations.
• Dates: Conversions and awards reported on 2026-02-13 and 2026-02-14; filing date: 2026-02-18 (filed after the Feb 13–14 transactions).
• Share counts/prices: 1,745 shares issued on conversion; 335 shares withheld at CAN$218.26/share (converted to US$160.2683 per share) for ~$53,690 total.
• Net shares delivered to the insider: ~1,410 shares (1,745 issued minus 335 withheld).
• Footnotes: F1 explains the withholding of shares to satisfy taxes; F5/F6 note the RSU awards and vesting schedules (generally 50% immediate, 50% on first anniversary). F2 notes the CAD→USD conversion used to compute dollar values.
• Shares owned after the transaction: Not specified in the provided filing details.
• Filing timing: Reported on 2026-02-18 for transactions on 2/13–2/14/2026. (Compare to the Form 4 two-business-day reporting rule—this filing appears to have been submitted after that window.)

Context

• This was a conversion/vesting of RSUs, not an open-market purchase or voluntary sale. The withholding of shares to cover taxes is a routine administrative step (often seen as neutral) rather than a pure sale for investment purposes.
• For retail investors, conversions/awards indicate compensation being realized by insiders; routine tax-withholding disposals should not be interpreted as a directional insider trade signal on their own.