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Waste Connections, Inc.·4

Feb 18, 5:20 PM ET

RIVARD PHILIP 4

Research Summary

AI-generated summary

Updated

Waste Connections SVP Philip Rivard Receives RSU Awards; Shares Withheld

What Happened
Philip Rivard, Senior Vice President, Business Development at Waste Connections (WCN), received restricted share unit (RSU) awards and had a portion of vested shares converted and withheld to cover taxes. On Feb 13, 2026 he was awarded two RSU grants (2,348 and 2,347 units). Between Feb 14–17, 2026 a total of 3,734 RSUs converted into common shares (reported as exercises/conversions). The company withheld 950 of those shares to satisfy tax-withholding obligations, with the withheld shares valued at approximately $152,922 (148 @ $160.26 on 2/14; 139 @ $160.26 on 2/16; 562 @ $161.28 and 101 @ $161.28 on 2/17). After withholding, Rivard retained a net increase of about 2,784 shares from these conversions.

Key Details

  • Transaction dates and prices:
    • Grants: 2/13/2026 — 2,348 RSUs and 2,347 RSUs (awarded; no cash price).
    • Conversions (vesting → common shares): 2/14 (496), 2/16 (519), 2/17 (2,306 and 413) — reported as derivative exercises/conversions.
    • Tax-withholding disposals: 2/14 (148 @ $160.26 = $23,718), 2/16 (139 @ $160.26 = $22,276), 2/17 (562 @ $161.28 = $90,639), 2/17 (101 @ $161.28 = $16,289). Total withheld value ≈ $152,922.
  • Net effect: ~3,734 shares converted; 950 shares withheld for taxes; net ~2,784 additional shares retained by Rivard from these events.
  • Footnotes of note:
    • Several items represent RSU awards that vest over four years (25% per year).
    • One performance-based RSU award vested at 139.5% of target (per company determination).
    • Withheld shares were surrendered to the issuer to satisfy tax withholding (transaction code F).
  • Transaction codes: M = exercise/conversion of derivative (RSU conversion), F = shares withheld for tax payment, A = award/grant.
  • Filing timeliness: Report filed 2026-02-18 for events through 2026-02-17 — appears to be timely (no late filing indicated).

Context

  • These transactions are the routine conversion of RSUs into common shares and withholding of shares to cover taxes (a common, non-market-sale event). They generally reflect compensation vesting rather than insider purchases or open-market sales.
  • For retail investors: awards and vesting are not direct bullish/bearish signals about insider trading intent; purchasing activity is typically more informative about an insider’s personal investment conviction.