Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 33

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 33
---
 and concluded that the pay positioning of the Company’s targeted TDC for the NEOs and the CEO was approximately the same when compared to the October 2023 analysis, and our TSR was above the 50th percentile for the ten-year measurement period ending September 30, 2024, when compared to the Comparator Group.

46 2025 Proxy • Waste Connections, Inc.

TABLE OF CONTENTS Compensation Discussion and Analysis

Elements of Compensation Our Compensation Committee believes that a significant portion of the compensation of our NEOs should align with our shareholders’ interests and be directly linked to performance. While the exact pay mix of our NEOs’ total compensation (base salary, annual incentives, and equity-based compensation) is not specifically determined, the Compensation Committee generally targets annual incentives and equity-based compensation for our NEOs to constitute between 70% and 80% of TDC, assuming target level payouts are achieved; this is consistent with the market consensus data for the Comparator Group provided by Pearl Meyer in 2023 and 2024. In aggregate for the NEOs relative to levels of compensation of the Comparator Group, 2024 base salaries and target TDC were approximately aligned with the 25th percentile. Target annual incentives, total cash, and long-term incentives fell between the 25th and 50th percentile. The Compensation Committee has complete discretion to determine compensation levels. Base Salary Our compensation program includes base salaries to compensate the NEOs and other corporate officers for services rendered each year. Base salaries provide a secure base of compensation that is not dependent on our performance and is an amount that recognizes the role and responsibility of each NEO and other corporate officer, as well as such officer’s experience, performance and contributions. We also believe this element is beneficial in attracting and retaining high-performing and experienced corporate officers. The Compensation Committee considers base salary increases for the NEOs and other corporate officers annually. Base salary decisions generally reflect the Compensation Committee’s consideration of our Comparator Group data and subjective factors including an officer’s experience and past performance. The Compensation Committee approved the following annualized base salaries for our NEOs effective February 1 stof each year:

| ​ | NAME                      | ​ | ​ | 2023BASE SALARY($) | ​ | ​ | 2024BASE SALARY($) | ​ | ​ | %INCREASE/​DECREASE | ​ |
| ​ | Ronald J. Mittelstaedt(1) | ​ | ​ |          1,100,000 | ​ | ​ |          1,133,