Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 46

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 46
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 severance and change in control benefits in order to encourage NEO retention through a change in control. On February 13, 2012, a subsidiary of the Company implemented a Separation Benefits Plan, which was most recently restated on July 26, 2022, as discussed below on page 64, under which eligible officers of the Company, including our NEOs, may receive certain severance and change in control benefits (the “Separation Benefits Plan”). CD&A Appendix — Calculation of Actual Results for 2022 PSU Financial Performance Measures As discussed above, the 2022 PSUs were subject to a three-year performance period that ended December 31, 2024, with calculations made annually and prorated for the purpose of determining target achievement. The financial performance measures for the 2022 PSUs included: (i) adjusted free cash flow per share growth, and (ii) absolute improvement in ROIC. The calculation of our results for 2021 and 2024 for the adjusted free cash flow measure and the ROIC improvement measure are listed below. ADJUSTED FREE CASH FLOW PER SHARE MEASURE (IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

| ​ | ​                                         | ​ | ​ | 2021 |   |         |   | ​ | ​ | 2024 |   |         |   | ​ |
|:--|:------------------------------------------|:--|:--|:-----|:--|--------:|:--|:--|:--|:-----|:--|--------:|:--|:--|
| ​ | Adjusted Free Cash Flow*                  | ​ | ​ | ​    | $ | 1,009.6 | ​ | ​ | ​ | ​    | $ | 1,217.5 | ​ | ​ |
| ​ | Diluted shares outstanding as of year-end | ​ | ​ | ​    | ​ |   261.7 | ​ | ​ | ​ | ​    | ​ |   258.7 | ​ | ​ |
| ​ | Adjusted free cash flow per share(1)      | ​ | ​ | ​    | $ |    3.86 | ​ | ​ | ​ | ​    | $ |    4.71 | ​ | ​ |

54 2025 Proxy • Waste Connections, Inc.

TABLE OF CONTENTS Compensation Discussion and Analysis

RETURN ON INVESTED CAPITAL MEASURE (IN MILLIONS, EXCEPT PERCENTAGES