Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 29

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 29
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 compensation under our PSUs is based on the Company’s achievement of established financial objectives over the three-year performance period and, beginning in 2021, continuous improvement towards the Company’s ESG and sustainability targets, as well as a relative TSR modifier component, for vesting hurdles to further enhance the existing link between executive compensation and Company performance. PSUs constitute 50% of total equity compensation.                                                           | ​ | ​ |
| ​ | ​ | We maintain share ownership guidelines.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
 Our executive officers are expected to hold Common Shares with a value equal to a multiple of their base salaries, including five times base salary for our President and CEO.                                                                                                                                                                                                                                                                                                                                                                                                                                                         | ​ | ​ |
| ​ | ​ | We are committed to having strong governance standards with respect to our compensation program, procedures and practices.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
 The Compensation Committee periodically retains an independent compensation consultant to provide it with advice and guidance on the Company’s executive compensation program design and to evaluate our executive compensation. The Compensation Committee oversees and periodically assesses the risks associated with our Company-wide compensation structure, policies and programs to determine whether such programs encourage excessive risk taking. We also have adopted share ownership guidelines for the members of the Board of Directors in addition to those for executive officers, and anti-hedging/pledging policies. | ​ | ​ |

42 2025 Proxy • Waste Connections, Inc.

TABLE OF CONTENTS Compensation Discussion and Analysis

Executive Compensation Program Best Practices Our executive compensation program includes features we believe drive performance and excludes features we believe do not serve our shareholders’ long-term interests. The table below highlights some of the “Best Practices” featured in our compensation program, as well as the “Problematic Pay Practices” that we have excluded.

Pay for Performance Compensation Mix Our executive compensation program is designed to reward our NEOs and other corporate officers for achieving strong operational performance and delivering on the Company’s strategic initiatives, both of which are important to the long-term success of the Company. Based on the Company’s long-term and consistent record of strong financial performance and superior shareholder returns, our compensation program has remained relatively unchanged over the years. The Compensation Committee believes a significant portion of the compensation of our NEOs should be aligned with our shareholders’ interests and directly linked to measurable performance. To evaluate the proportion of performance-based compensation for our NEOs, the Compensation Committee looks at recurring compensation by examining the TDC earned by our NEOs. TDC is calculated by adding base salary, actual cash annual incentives paid and the grant date fair