Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 37

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 37
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 of the Company and the long-term interests of our shareholders. Each year, the Compensation Committee, after consultation with the CEO, assesses our performance and the performance of each of the NEOs and other corporate officers during the most recently completed fiscal year. Based on the Compensation Committee’s subjective review of the prior year’s performance and with a focus on maintaining a competitive market level of compensation, each NEO and other corporate officer receives a grant of PSUs and RSUs under the 2016 Plan. While staying competitive with the market is an overall guideline, individual target opportunities may vary based on the Compensation Committee’s consideration of other factors, as discussed above. The equity-based compensation targets in 2024 were 380% of eligible base salary for Mr. Mittelstaedt and 210% for the other NEOs. PSUs (at target) constituted 50% of the total equity grant awarded, and RSUs constituted the remaining 50%. See “Grant of Plan Based Awards in Fiscal Year 2024” table for additional detail regarding equity awards granted to each of the NEOs in 2024.

2025 Proxy • Waste Connections, Inc. 49

TABLE OF CONTENTS Compensation Discussion and Analysis

For 2025, the total equity-based compensation targets were set as follows: for Mr. Mittelstaedt, 450% of his base salary; and 225% for the other NEOs. PSUs (at target) constituted 50% of the total equity grant awarded, and RSUs constituted the remaining 50%. RESTRICTED SHARE UNITS The Compensation Committee believes that the use of RSU awards reduces the overall compensation cost to us compared to the cost of granting share options at levels intended to convey similar value and offers our NEOs a competitive and more stable equity-based compensation. RSU awards provide our NEOs and other corporate officers with the opportunity to share in the success of the Company. RSU awards vest in equal increments annually over four years and three years for U.S. and Canadian employees, respectively. Upon vesting of the RSU awards, the participant receives Common Shares equal to the number of RSUs that vested (or, in our discretion, the cash equivalent), less any shares (or cash, if applicable) withheld and used to pay withholding taxes and other source deduction amounts. There are no dividend equivalents paid on outstanding RSUs during the vesting period, and RSUs do not carry voting rights or any other rights of a shareholder. PERFORMANCE SHARE UNITS In 2014,