RIVARD PHILIP 4

What Happened
Philip Rivard, Senior Vice President of Business Development at Waste Connections, had 640 restricted share units (RSUs) convert into common shares on Feb 18, 2026. Of those, 252 shares were withheld by the company to satisfy withholding taxes at $162.76 per share (totaling $41,016). The conversion and withholding are routine results of RSU vesting; net shares retained from this vesting are 388 (640 − 252), worth roughly $63,151 at the same per-share price.

Key Details

• Transaction date: 2026-02-18; Form 4 filed 2026-02-20 (timely).
• Reported items:
  • Code M (conversion of derivative): 640 shares acquired (conversion of RSUs) at $0.00 per share.
  • Code F (tax withholding): 252 shares withheld/disposed at $162.76 per share = $41,016.
  • A corresponding derivative entry records cancellation of the vested RSUs.
• Shares owned after the transaction: not disclosed in the Form 4 filing.
• Footnotes:
  • F1 — Shares were withheld by the issuer to satisfy applicable withholding taxes.
  • F2 — These RSUs were awarded Feb 18, 2022 and vest in four equal annual installments; this filing reflects one installment vesting.

Context
This was not an open-market sale or purchase signaling market sentiment; it was the routine vesting/conversion of RSUs where the company withheld a portion of shares to cover taxes (a common cashless-withholding method). Transaction codes: M = conversion/exercise of a derivative (RSU conversion to shares), F = shares withheld for tax withholding.