Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 35

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 35
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 Shea        | ​ | ​ | 100%                                    | ​ |
| ​ | James M. Little        | ​ | ​ | 100%                                    | ​ |

In 2024, each NEO had the opportunity to earn up to 200% of such person’s target annual incentive based on our achievement of certain targeted levels of financial performance established by the Compensation Committee and (other than with respect to Mr. Mittelstaedt) based on the recommendations of the CEO. The Compensation Committee adopted the performance targets for the fiscal year in February 2024. Our performance was compared to target levels of: (1) EBITDA, weighted at 20%;

2025 Proxy • Waste Connections, Inc. 47

TABLE OF CONTENTS Compensation Discussion and Analysis

(2) operating income, or EBIT, weighted at 20%; (3) operating income as a percentage of revenue, or EBIT Margin, weighted at 30%; and (4) net cash provided by operating activities as a percentage of revenue, or CFFO Margin, weighted at 30%. Payouts are determined based on our weighted average achievement relative to each metric (the “multiplier”). Because the Compensation Committee believes the operating budget adopted by our Board of Directors is a compilation of stretch goals set for each operating location, the targeted performance goals reflect a percentage or factor of the final budget, consistent with the prior year, as set forth below.

| ​ | ​           | ​ | ​ | WEIGHTING | ​ | ​ | ORIGINAL 2024BUDGET | ​ | ​ | 2024FACTOR | ​ | ​ | 2024 TARGETEDPERFORMANCE GOAL | ​ |
| ​ | EBITDA      | ​ | ​ |           | ​ | ​ | $2,994.9M           | ​ | ​ | 95.0%      | ​ | ​ | $2,845.1M                     | ​ |
| ​ | EBIT        | ​ | ​ |           | ​ | ​ | $1,864.1M           | ​ | ​ | 95.0%      | ​ | ​ | $1,770.9M                     | ​ |
| ​ | EBIT Margin | ​ | ​ |           | ​ | ​ | 21.0%               | ​ | ​ | N/A        | ​ | ​ | 20.0%                         | ​ |
| ​ | CFFO Margin | ​ | ​ |           | ​ | ​ |