Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 39

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 39
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| ​ | 200% Achievement (200% payout) | ​ | ​ | 175 basis points       | ​ | ​ | 10.0%                            | ​ |
| ​ | Maximum (300% payout)          | ​ | ​ | 225 basis points       | ​ | ​ | 14.0%                            | ​ |

In addition, the ESG component provides for progress towards achieving each of eight long-term ESG and sustainability targets over the three-year period, with payment of 2% per target per year. Notwithstanding the foregoing, as noted above, the maximum each participant can earn under the ROIC, FCFPS and ESG metrics is 200% of the target number of PSUs. However, a relative TSR performance metric may also increase the number of PSU awards earned. Performance with respect to the TSR modifier is calculated based on the Company’s performance relative to the S&P 500 Index for each of the twelve quarters during the 3-year performance period. The Compensation Committee believes this calculation of TSR prevents the overweighting of anomalous events at the beginning or end of a multi-year measurement period. Moreover, any incremental payout associated with this modifier begins to accrue only if the Company’s average relative TSR is above the 50 thpercentile of the peer group, as described below. Each participant can earn 112.5% of the achieved amount if the Company’s relative TSR measured against the S&P 500 companies is between the 50 thand 75 thpercentile and 125% of the achieved amount if the Company’s relative TSR measured against the S&P 500 companies is above the 75 thpercentile. Consequently, taking into account the relative TSR modifier, the total payouts under the PSUs can reach up to 250% of the target award.

50 2025 Proxy • Waste Connections, Inc.

TABLE OF CONTENTS Compensation Discussion and Analysis

At the end of a three-year performance period, the Compensation Committee will certify the performance results and percentage payout, as well as the resulting final number of PSUs earned by each participant, if any. There are no dividends paid on outstanding PSUs during the vesting period, but dividend equivalents on the number of PSUs that ultimately vest will accumulate, and a dividend equivalent payment will be payable to each participant on the settlement date without interest. Upon vesting of the PSUs, in addition to receiving the number of Common Shares determined in accordance with the payout calculation, the participant will receive a cash payment equal in