Form 4: Waste Connections Executive Boosts Stake via ESPP

Waste Connections, Inc. Senior VP Chief Tax Officer Matthew Black acquired 13 common shares through the company's Employee Share Purchase Plan.

Summary

• Matthew Stephen Black, Senior VP Chief Tax Officer of Waste Connections, Inc. (WCN), acquired 13 common shares.
• The transaction occurred on December 31, 2025, at a price of $166.59 per share.
• These shares were acquired under the Waste Connections, Inc. 2020 Employee Share Purchase Plan (ESPP) for the offering period of July 1, 2025, to December 31, 2025.
• The acquisition price of $166.59 per share represents 95% of the closing price of the shares on the New York Stock Exchange on December 31, 2025.
• Following this transaction, Matthew Black beneficially owns a total of 38,257 common shares directly.

Sentiment

Score: 7

Explanation: The sentiment is mildly positive as it indicates an executive's continued participation in the company's employee share purchase plan and a slight increase in insider ownership, suggesting ongoing confidence in the company.

Positives

• Increased insider ownership, albeit a small amount, demonstrates continued confidence by a senior executive in the company's future.
• Participation in the Employee Share Purchase Plan (ESPP) indicates alignment of employee interests with shareholder interests.

Future Outlook

This Form 4 filing does not contain any forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

This filing reports a routine insider transaction, specifically an executive's participation in an employee share purchase plan. It reflects individual executive compensation and investment decisions rather than broader industry trends or competitive positioning. Such transactions are common across industries as a means of employee benefit and alignment.

Stakeholder Impact

• Shareholders: The transaction slightly increases insider ownership, which can be viewed positively as it aligns management's interests with those of shareholders.
• Employees: The Employee Share Purchase Plan (ESPP) provides a benefit to employees, allowing them to acquire company stock at a discount, fostering a sense of ownership.

Key Dates

Keywords

Waste Connections, WCN, Matthew Black, Insider Trading, Form 4, ESPP, Share Purchase, Executive Compensation, Common Stock