LeBon Cherylyn Harley 4
4 · Waste Connections, Inc. · Filed Feb 18, 2026
Research Summary
AI-generated summary of this filing
Waste Connections (WCN) Director Cherylyn LeBon Exercises RSUs, Sells Shares
What Happened
Director Cherylyn Harley LeBon converted vested restricted share units (derivative awards) into common shares on Feb 13–14, 2026. She converted a total of 623 shares (344 on Feb 13; 279 on Feb 14) at no cash exercise price, and 335 shares were withheld by the issuer to satisfy tax withholding obligations (185 and 150 shares), generating approximately $53,690 in value. In addition, the filing shows awards of 435 and 687 derivative units (RSUs/DSUs) recorded as grants.
Key Details
- Transaction dates: Feb 13, 2026 and Feb 14, 2026.
- Conversions (exercise/derivative → common): 344 shares (2/13) + 279 shares (2/14) — exercise price $0.
- Tax-withholding disposals: 185 shares @ US$160.27 (2/13) = $29,650; 150 shares @ US$160.27 (2/14) = $24,040; total ≈ $53,690. (Price reflects CAN$218.26 → US$160.2683 conversion.)
- Awards: Grant entries for 435 and 687 restricted/ deferred share units (derivative awards). Per footnotes, many RSUs vest 50% immediately and 50% after one year.
- Net shares delivered to the director from these conversions: 623 converted − 335 withheld = 288 net shares received.
- Filing timeliness: No late-filing indication in the provided data.
Context
- These transactions are primarily vesting/conversion of RSUs (derivative awards), not an open-market purchase or a deliberate sale for investment reasons. The withheld-share entries are tax-withholding actions (code F), a routine disposition when awards vest.
- The conversions show $0 exercise price, so this is not a cash purchase — it's the settlement of equity awards into common shares (sometimes called a cashless/tax-withholding settlement).
- For retail investors: award vesting and tax-withholding sales are common and do not necessarily signal the director's view of the stock; they reflect compensation plan mechanics.
Insider Transaction Report
Form 4
LeBon Cherylyn Harley
Director
Transactions
- Exercise/Conversion
Common Shares
2026-02-13+344→ 754 total - Tax Payment
Common Shares
[F1][F2]2026-02-13$160.27/sh−185$29,650→ 569 total - Exercise/Conversion
Common Shares
2026-02-14+279→ 848 total - Tax Payment
Common Shares
[F1][F2]2026-02-14$160.27/sh−150$24,040→ 698 total - Award
Restricted Share Units
[F3]2026-02-13+435→ 435 totalExercise: $0.00→ Common Shares (435 underlying) - Award
Restricted Share Units
[F4]2026-02-13+687→ 687 totalExercise: $0.00→ Common Shares (687 underlying) - Exercise/Conversion
Restricted Share Units
[F5]2026-02-13−344→ 343 totalExercise: $0.00→ Common Shares (344 underlying) - Exercise/Conversion
Restricted Share Units
[F6]2026-02-14−279→ 0 totalExercise: $0.00→ Common Shares (279 underlying)
Footnotes (6)
- [F1]Represents shares withheld by the Issuer in satisfaction of the applicable withholding taxes due in connection with the vesting of restricted share units and delivery of the converted common shares.
- [F2]For purposes of this disclosure, Canadian dollar amounts have been converted to U.S. dollars. CAN $218.26 = US $160.2683
- [F3]One Deferred Share Unit is the economic equivalent of one common share of the Issuer. Deferred Share Units will be settled in cash, common shares, or a combination thereof, at the sole discretion of the Issuer, and distributed to the reporting person upon such person's retirement and generally do not expire.
- [F4]Each restricted share unit represents a contingent right to receive one share of the Issuer's common shares. Subject to the reporting person's continued service with the Issuer, the award shall vest 50% immediately on the award date and 50% on the first anniversary of the award date.
- [F5]Represents the conversion upon vesting of restricted share units into common shares of the Issuer. The restricted share units were awarded on February 13, 2026 and have a vesting schedule of 50% immediately and 50% on the first anniversary of the award date.
- [F6]Represents the conversion upon vesting of restricted share units into common shares of the Issuer. The restricted share units were awarded on February 14, 2025 and have a vesting schedule of 50% immediately and 50% on the first anniversary of the award date.
Signature
CHERYLYN HARLEY LEBON|2026-02-18