Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 36

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 36
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26.5%               | ​ | ​ | 96.0%      | ​ | ​ | 25.4%                         | ​ |

Under the terms of the MICP, the Compensation Committee, in its complete and sole discretion, may adjust the targeted performance goals if an acquisition, significant new contract or extraordinary event results in a significant impact to the goals. For these purposes, the Compensation Committee determines operating income, or EBIT, primarily by adjusting for any gains or losses on disposal of assets, and determines EBITDA by adding depreciation, amortization and closure/post-closure accretion to operating income, both generally consistent with the Company’s approach to reporting non-GAAP measures in its earnings releases and filings with the SEC and applicable securities commissions or similar regulatory authorities in Canada. The Compensation Committee chose these measures of performance because they are widely used by investors as valuation measures in the solid waste industry and because the targeted goals encourage improving free cash flow and returns on invested capital. The Company’s cumulative performance relative to target is calculated as a weighted average and treated as a multiplier. The multiplier is applied to the target payout so that if the Company achieved 100% of its targets, the participants would receive 100% of their annual incentives. Participants may earn from 0% up to a maximum of 200% of their targeted annual incentives, based on their position, in accordance with the following sliding scale, which illustrates the interpolation of payouts within the ranges: Payments under this program are contingent on continued employment at the time of payout, subject to the terms of any applicable employment agreements. 2024 ADJUSTED TARGET GOALS AND RESULTS In February 2025, the Compensation Committee adjusted the targets and results for 2024 primarily to reflect the impact of certain acquisitions and divestitures, impairments and other items, and proceeds from the disposal of assets. Adjustments are generally consistent

48 2025 Proxy • Waste Connections, Inc.

TABLE OF CONTENTS Compensation Discussion and Analysis

with the Company’s approach to reporting non-GAAP measures in its earnings releases and filings with the SEC and applicable securities commissions or similar regulatory authorities in Canada. Adjusted targeted performance goals and results, and the corresponding target achievement percentages for 2024, are shown below.

| ​ | ​                   | ​ | ​ | ADJUSTEDTARGET(1) | ​ | ​ | ADJUSTEDRESULTS(1) | ​ | ​ | ACTUALRESULTS AS %OF TARGET | ​ | ​ | WEIGHTING | ​ | ​ | TARGETACHIE