NIELSEN III ROBERT 4

What Happened

• Robert Nielsen III, Senior Vice President — Operations at Waste Connections (WCN), had 801 restricted share units (RSUs) convert into common shares on Feb 18, 2026. The issuer withheld 316 of those shares to satisfy withholding taxes at a per-share value of $162.76, totaling $51,432. Net shares delivered to Nielsen were 485.
• This was a vesting/conversion event (routine award settlement), not an open-market purchase or discretionary sale.

Key Details

• Transaction date: 2026-02-18 (reported on Form 4 filed 2026-02-20).
• Actions reported: M = conversion/exercise of derivative (801 RSUs converted to common shares); F = shares withheld for tax withholding (316 shares disposed at $162.76 each; $51,432).
• Net shares received: 801 converted − 316 withheld = 485 common shares issued to the insider.
• Footnotes: F1 = issuer withheld shares to satisfy applicable withholding taxes. F2 = RSUs were from the Feb 18, 2022 award that vests in four equal annual installments; this is one installment conversion.
• Shares owned after transaction: not disclosed in this filing.
• Timeliness: filing appears timely (reporting period 2026-02-18; filed 2026-02-20).

Context

• This is a routine RSU vesting and tax-withholding transaction (cashless settlement). It does not represent an open-market sale or a new purchase and should be viewed as administrative settlement of a prior award rather than a directional insider trade signal.
• Transaction codes: M indicates conversion/exercise of a derivative (RSU → shares); F indicates settlement/withholding to cover taxes.