DEF 14A of Waste Connections, Inc., Apr 2, 2026

DEF 14A of Waste Connections, Inc.

Filed Apr 2, 2026 · FY20250001104659-26-039146

Open on EDGAR

  1. Financial Statements

    | EXECUTIVE COMPENSATION TABLES AND ADDITIONAL INFORMATION | 60 | | Summary Compensation Table | 60 | | Grants of Plan-Based Awards in Fiscal Year 2025 | 62 | | Outstanding Equity Awards at 2025 Fiscal Year End | 63 | | Shares Vested in Fiscal Year 2025 | 64 | | Pension Benefits in Fiscal Year 2025 | 64 | | Nonqualified Deferred Compensation in Fiscal Year 2025 | 64 | | Equity Compensation Plan Information | 66 | | Potential Payments Upon Termination or Change in Control | 67 | | CEO Pay Ratio | 72 | | Pay Versus Performance | 72 | | CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS | 77 | | AUDIT-RELATED MATTERS | 79 | | PROPOSAL 3 — APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND AUTHORIZATION OF THE BOARD OF DIRECTORS TO FIX THE REMUNERATION OF THE INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 80 | | GENERAL INFORMATION ABOUT THE ANNUAL MEETING | 81 | | Questions and Answers about the Annual Meeting and Voting | 81 | | OTHER INFORMATION | 85 | | Delinquent Section 16(a) Reports | 85 | | Directors’ and Officers’ Indemnity Insurance | 85 | | Shareholder Proposals for 2027 Annual Meeting of Shareholders of the Company | 85 | | Availability of Documents; Annual Report to Shareholders on Form 10-K | 86 | | Other Business | 86 | | Approval | 86 | | APPENDIX A — CORPORATE GOVERNANCE GUIDELINES AND BOARD CHARTER | A-1 | | APPENDIX B — SUMMARY OF THE 2016 INCENTIVE AWARD PLAN | B-1 | | VOLUNTARY ELECTRONICS DELIVERY OF PROXY MATERIALS | |

  2. 2026 Board Nominees

    2026 Board Nominees All of the nominees for election to our Board of Directors at the Meeting are currently serving as directors. Andrea E. Bertone, a current director, is not standing for re-election, and will retire from our Board of Directors effective as of the date of the Meeting. The nominees for our Board of Directors are as follows:

  3. 2026 Board Nominees

    | | | | | | Member Daniel L. Florness | Member Edward E. “Ned” Guillet | Member Michael W. Harlan | Member Elise L. Jordan | | Committees: Audit Age: 62 Independent: Yes Tenure: Since 2026 Current or Former Occupation: Chief Executive Officer, Fastenal Company | Committees: Compensation, Nominating and Corporate Governance (Chair) Age: 74 Independent: Yes Tenure: Since 2007 Current or Former Occupation: Former Senior Vice President, Gilette Global Business Unit | Committees: Audit, Executive (Chair), Nominating and Corporate Governance Age: 65 Independent: Yes Tenure: Since 1998 Current or Former Occupation: Board Chairman and Chief Executive Officer, Principal Environmental, LLC | Committees: Audit (Chair), Nominating and Corporate Governance Age: 66 Independent: Yes Tenure: Since 2019 Current or Former Occupation: Former Executive Vice President and Chief Financial Officer, FedEx Express | | | | | | | Member Cherylyn Harley LeBon | Member Susan “Sue” Lee | Member Ronald J. Mittelstaedt | Member Carl D. Sparks | | Committees: Compensation Age: 60 Independent: Yes Tenure: Since 2024 Current or Former Occupation: Partner, Cohen Seglias Pallas Greenhall & Furman PC | Committees: Compensation (Chair), Nominating and Corporate Governance Age: 74 Independent: Yes Tenure: Since 2014 Current or Former Occupation: Former Senior Vice President, Human Resources & Communications, Suncor Energy Inc. | Committees: Executive Age: 62 Independent: No Tenure: Since 1997 Current or Former Occupation: President and Chief Executive Officer, Waste Connections, Inc. | Committees: Audit, Executive Age: 58 Independent: Yes Tenure: Since 2024 Current or Former Occupation: Managing Partner, Interlock Partners |

  4. Director Biographies

    Director Biographies

  5. Director Biographies

    | | Daniel L. Florness | | | Residence: Wisconsin, USA | | | REASONS FOR NOMINATION We believe Mr. Florness’ qualifications to serve on our Board of Directors include his current positions and experience as a director of publicly traded companies, his significant experience with corporate financial, governance and accounting matters, including his extensive experience as a certified public accountant, his experience with companies having international operations, and the executive positions (including chief executive officer) he has held for over twenty years in a publicly traded company. |

  6. Director Biographies

    | AGE 62 DIRECTOR SINCE 2026 COMMITTEES • Audit BOARD AND COMMITTEE ATTENDANCE IN 2025 N/A COMMON SHARES OWNED OR CONTROLLED, INCLUDING DSUs 0 | CAREER HIGHLIGHTS Fastenal Company (NASDAQ: FAST) • Chief Executive Officer (2016 to present)(5) • President and Chief Executive Officer (2016-2024) • Executive Vice President and Chief Financial Officer (2002 to 2015) • Chief Financial Officer (1996 to 2002) KPMG LLP (1986-1996) • Served in a variety of positions, including Senior Manager | OTHER PUBLIC COMPANY BOARDS • Fastenal Company (NASDAQ: FAST) (2016 to present)(5) • H.B. Fuller Company (NYSE: FUL) (2018 to present) OTHER PRIVATE AND NOT-FOR-PROFIT BOARDS • Emplify Health (2017 to Present) EDUCATION • BS degree, Accounting, University of Wisconsin — River Falls |

  7. Director Biographies

    On December 19, 2025, Mr. Florness announced his decision to step out of his role as chief executive officer and resign as a director, effective July 16, 2026.

  8. Director Biographies

    | | Edward E. “Ned” Guillet | | | Residence: California, USA | | | REASONS FOR NOMINATION We believe Mr. Guillet’s qualifications to serve on our Board of Directors include his past experience on our Board of Directors, his substantial experience with human resources and personnel development matters, and the positions he has held with other publicly traded companies (including as a director of a publicly traded company in Canada). |

  9. Director Biographies

    | AGE 74 DIRECTOR SINCE 2007 COMMITTEES • Compensation • Nominating and Corporate Governance (Chair) BOARD AND COMMITTEE ATTENDANCE IN 2025 100% COMMON SHARES OWNED OR CONTROLLED, INCLUDING DSUs 20,170 | CAREER HIGHLIGHTS Independent Advisor • Independent freelance human resources consultant (2007 to 2023) The Procter & Gamble Company (NYSE: PG) • Senior Vice President, Human Resources, Gillette Global Business Unit (2005 to 2006, after the merger of Gillette with Procter & Gamble) The Gillette Company • Senior Vice President and Chief Human Resources Officer and an executive officer (2001 to 2005) • Served in a broad range of leadership positions in the human resources department (1974 to 2001) | OTHER PUBLIC COMPANY BOARDS • CCL Industries, Inc. (TSX: CCL.B) (2008 to 2019) OTHER PRIVATE AND NOT-FOR-PROFIT BOARDS • Former member, Boston University’s Human Resources Policy Institute EDUCATION • BA degree, English Literature and Secondary Education, Boston College |

  10. Director Biographies

    | | Michael W. Harlan | NON-EXECUTIVE CHAIR OF THE BOARD | | | Residence: Texas, USA | | | | REASONS FOR NOMINATION We believe Mr. Harlan’s qualifications to serve on our Board of Directors include his past experience on our Board of Directors, his substantial experience in the solid waste industry, his significant experience in accounting and financial matters, including his extensive experience as a certified public accountant, his substantial experience with growth-oriented companies, and his prior experience as the director of other publicly traded companies. | |

  11. Director Biographies

    | AGE 65 DIRECTOR SINCE 1998 COMMITTEES • Audit • Executive (Chair) • Nominating and Corporate Governance BOARD AND COMMITTEE ATTENDANCE IN 2025 100% COMMON SHARES OWNED OR CONTROLLED, INCLUDING DSUs 13,574 | CAREER HIGHLIGHTS Principal Environmental, LLC • Board Chairman and Chief Executive Officer (September 2013 to present) Harlan Capital Advisors, LLC, a private consulting firm focused on advising companies on operational matters, strategic planning, mergers and acquisitions, debt and equity investments and capital raising initiatives • Founder and President (September 2011 to 2013) U.S. Concrete, Inc. • President and Chief Executive Officer (May 2007 to August 2011) • Founded the company in August 1998 OTHER PUBLIC COMPANY POSITIONS • Served in several senior financial positions with publicly traded companies, including chief financial officer, treasurer and controller | OTHER PUBLIC COMPANY BOARDS • WiMi Hologram Cloud, Inc. (NASDAQ: WIMI) (2020 to 2021) • U.S. Concrete, Inc. (NASDAQ: USCR) (2006 to 2011) OTHER PRIVATE AND NOT-FOR-PROFIT BOARDS • Principal Environmental, LLC (2013 to present) • Brewer Crane Holdings, LLC (2018 to present) • FusionSite Holdings, LLC (2025 to present) • Current member, University of Houston Honors College Advisory Board EDUCATION • BA degree, Accounting, University of Mississippi • Certified Public Accountant |

  12. Director Biographies

    | | Elise L. Jordan | | | Residence: Tennessee, USA | | | REASONS FOR NOMINATION We believe Ms. Jordan’s qualifications to serve on our Board of Directors include her significant experience in accounting, corporate finance, technology and governance, her senior positions within a multi-national logistics company, and her experience as an officer of another publicly traded company. |

  13. Director Biographies

    | AGE 66 DIRECTOR SINCE 2019 COMMITTEES • Audit (Chair) • Nominating and Corporate Governance BOARD AND COMMITTEE ATTENDANCE IN 2025 100% COMMON SHARES OWNED OR CONTROLLED, INCLUDING DSUs 6,717 | CAREER HIGHLIGHTS FedEx Corp. (NYSE: FDX) (1983 to 2024) • Executive Vice President and Chief Financial Officer, FedEx Express, responsible for worldwide financial affairs, including financial planning, reporting and analysis, long-range strategic planning and regional accounting and controls (retired in 2024) • Served in a variety of positions with FedEx Express, including (1983 to 2016): ◦ Senior Vice President, Strategic and Financial Planning and Analysis and Business Systems | ◦ Vice President, Financial Planning ◦ Managing Director, Global Financial Planning ◦ Manager, Corporate/Domestic Business Planning ◦ Operations Analyst Arthur Andersen LLP • Staff Auditor EDUCATION • MBA degree, University of Memphis • BBA degree, Accounting, University of Texas at Austin |

  14. Director Biographies

    | | Cherylyn Harley LeBon | | | Residence: Virginia, USA | | | REASONS FOR NOMINATION We believe Ms. LeBon’s qualifications to serve on our Board of Directors include her significant experience providing strategic counsel, corporate governance expertise, and business strategy to corporations, start-ups, and C-suite executives. Ms. LeBon also brings a wealth of governmental and international relations experience. |

  15. Director Biographies

    | AGE 60 DIRECTOR SINCE 2024 COMMITTEES • Compensation BOARD AND COMMITTEE ATTENDANCE IN 2025 100% COMMON SHARES OWNED OR CONTROLLED, INCLUDING DSUs 1,871 | CAREER HIGHLIGHTS Cohen Seglias Pallas Greenhall & Furman PC • Partner (2025 to Present), specializing in corporate and government contracts Womble Bond Dickinson (US) LLP • Partner (2023 to 2025), specializing in corporate and government contracts Dunlap, Bennett, and Ludwig, PLLC • Partner (2021 to 2023), specializing in corporate and government contracts KLAR Strategies • Founder and Chief Executive Officer (2011 to 2021), a business strategy firm PRIOR POSITIONS • Served as a Presidential Appointee at: ◦ U.S. Small Business Administration ◦ U.S. Department of Veterans Affairs ◦ Senior Counsel with the U.S. Senate Judiciary Committee and Counsel in the U.S. House of Representatives • Served in various senior positions at: ◦ Mannesmann Corporation | OTHER PUBLIC COMPANY BOARDS • Copart, Inc. (NASDAQ: CPRT) (2021 to Present) OTHER PRIVATE AND NOT-FOR-PROFIT BOARDS • Visit Fairfax (2019 to Present) • Capital Business Development Association (2023 to Present) EDUCATION • JD degree, University of Wisconsin — Madison • BA degree, History, Canisius College |

  16. Director Biographies

    | | Susan “Sue” Lee | | | Residence: British Columbia, Canada | | | REASONS FOR NOMINATION We believe Ms. Lee’s qualifications to serve on our Board of Directors include her past experience on our Board of Directors, her substantial experience with human resources and talent management and development matters, her substantial experience in the energy industry, the positions she has held with other publicly traded companies in Canada and her experience as a director of other publicly traded companies in Canada. |

  17. Director Biographies

    | AGE 74 DIRECTOR SINCE 2014 COMMITTEES • Compensation (Chair) • Nominating and Corporate Governance BOARD AND COMMITTEE ATTENDANCE IN 2025 73%(6) COMMON SHARES OWNED OR CONTROLLED, INCLUDING DSUs 20,228 | CAREER HIGHLIGHTS Suncor Energy Inc. (NYSE:SU, TSX:SU) (1996 to 2012) • Senior Vice-President, Human Resources and Communications (retired in March 2012) • Served in a variety of positions over 16 years, with responsibilities for: ◦ executive compensation and succession planning ◦ governance ◦ merger strategy and integration ◦ stakeholder and government relations TransAlta Corp. • Vice President, Human Resources (1993 to 1996) • Served in various human resources positions for 11 years (1982 to 1992) OTHER PUBLIC COMPANY BOARDS • Empire Company Limited (TSX:EMP.A) (2014 to 2023) • Bonavista Energy Corporation (TSX: BNP) (2013 to 2017) | • Progressive Waste Solutions Ltd.(7) (TSX/NYSE: BIN) (2014 to 2016) OTHER PRIVATE AND NOT-FOR-PROFIT BOARDS • Holcim Canada (2012 to 2014) • Altalink (2011 to 2014) • Member of the University of Calgary Board of Governors • Member of the Women’s Executive Network Top 100 Women Advisory Board INDUSTRY RECOGNITION • An inaugural inductee into the Hall of Fame for Canada’s Top 100 Most Powerful Women (2007) EDUCATION • Executive Development Program, University of Michigan • Post-graduate diploma, Organizational Behavior, Graduate School of Business Administration, University of Witwatersrand, South Africa • BA degree, Anthropology and Psychology, Rhodes University, South Africa |

  18. Director Biographies

    (6) As noted on page 16 of this Proxy Statement, Ms. Lee was unable to attend meetings of the Board of Directors, the Compensation Committee and the Nominating and Governance Committee on July 22, 2025, despite attempting to attend remotely, due to insurmountable telecommunications difficulties while traveling abroad. She attended every other meeting of the Board and committees on which she served during 2025. Waste Connections, Inc. is a corporation organized under the laws of Ontario, Canada. In 2016, the predecessor corporation, Waste Connections, Inc., a Delaware corporation, entered into a business combination with Progressive Waste Solutions Ltd., a corporation organized under the laws of Ontario, Canada (“Progressive Waste” and the transaction, the “Progressive Waste acquisition”). References to the “Company” and “Waste Connections” refer to the combined business after the Progressive Waste acquisition and to the Delaware corporation, now known as “Waste Connections US, Inc.”, before the Progressive Waste acquisition.

  19. Director Biographies

    | | Ronald J. Mittelstaedt | PRESIDENT, CHIEF EXECUTIVE OFFICER AND DIRECTOR | | | Residence: Texas, USA | | | | REASONS FOR NOMINATION We believe Mr. Mittelstaedt’s qualifications to serve on our Board of Directors include his extensive experience in the solid waste industry, including as our founder, our CEO since the Company was formed in 1997 until July 2019, a director of the Company since its formation, as Board Chairman until April 2023, and as President and CEO since April 2023. | |

  20. Director Biographies

    | AGE 62 DIRECTOR SINCE 1997 COMMITTEES • Executive BOARD AND COMMITTEE ATTENDANCE IN 2025 100% COMMON SHARES OWNED OR CONTROLLED 251,017 | CAREER HIGHLIGHTS Waste Connections, Inc. • President, Chief Executive Officer and Director (April 2023 to Present) • Executive Chairman (July 2019 to April 2023) • Chairman (January 1998 to July 2019) • Founder, Director and Chief Executive Officer (1997 to July 2019) • Founder, Director and President (1997 to August 2004) OTHER PUBLIC COMPANY BOARDS • SkyWest, Inc. (NASDAQ: SKYW) (2013 to present) | OTHER PRIVATE AND NOT-FOR-PROFIT BOARDS • Pye-Barker Fire & Safety (2022 to present) • Teichert, Inc. (2020 to 2023) • PRIDE Industries (2009 to 2023) • Established RDM Positive Impact Foundation, to improve the lives of underprivileged and at risk children (2004 to present) EDUCATION • BA degree, Business Economics with a finance emphasis, University of California at Santa Barbara |

  21. Director Biographies

    | | Carl D. Sparks | | | Residence: Texas, USA | | | REASONS FOR NOMINATION We believe Mr. Sparks’ qualifications to serve on our Board of Directors include his current and past experience as a director of publicly traded companies, his significant experience in corporate financial matters and strategic acquisitions, his experience with information technology and cybersecurity, and his substantial experience with growth-oriented companies. |

  22. Director Biographies

    | AGE 58 DIRECTOR SINCE 2024 COMMITTEES • Audit • Executive BOARD AND COMMITTEE ATTENDANCE IN 2025 • 100% COMMON SHARES OWNED OR CONTROLLED, INCLUDING DSUs 1,941 | CAREER HIGHLIGHTS Interlock Partners (2020 to present) • Managing Partner Academic Partnerships (2016 to 2017) • Chief Executive Officer Travelocity Global (2011 to 2014) • Chief Executive Officer Gilt Groupe (2009 to 2011) • President Expedia.com, a division of Expedia, Inc. (2004 to 2009) • General Manager Hotels.com • Chief Marketing Officer Expedia NA • Senior Vice President Marketing and Merchandising PRIOR POSITIONS • Served in various management or advisory positions at: ◦ Bain Capital (as Senior Advisor) ◦ Capital One Financial Corporation ◦ living.com ◦ Diageo plc ◦ PepsiCo, Inc. ◦ Boston Consulting Group ◦ L.E.K. Consulting | OTHER PUBLIC COMPANY BOARDS • Copart Inc. (NASDAQ: CPRT) (2021 to present) • Cint Group AB (OMX: CINT) (2022 to present) • Dunkin’ Brands Group, Inc. (2013 to 2020) • Avis Budget Group (NASDAQ: CAR), chair of Audit Committee (2018 to 2021) • Vonage (NASDAQ: VG) (2011 to 2018) OTHER PRIVATE AND NOT-FOR-PROFIT BOARDS • Smoothie King (2025 to present) • Goodbuy Gear (2023 to present) • Plex, Inc. (2022 to present) • The Nature Conservancy — Texas Board of Trustees (2021 to present) • Music Audience Exchange (2017 to present) • ActionIQ (2016 to 2023) • Blue Nile Inc. (2018 to 2023) • Lucid, LLC (2018 to 2021) EDUCATION • MBA degree, Harvard Business School, Harvard University • BSE degree, Mechanical and Aerospace Engineering, Princeton University |

  23. Director Compensation and Equity Ownership

    Director Compensation and Equity Ownership The Compensation Committee and the Board of Directors aim to set director compensation levels at or near the market median relative to directors at companies of comparable size, industry, and scope of operations in order to ensure directors are paid competitively for their time commitment and responsibilities. A market competitive compensation package is important because it enables us to attract and retain highly qualified directors who are critical to our long-term success. Director compensation practices have been adopted to align with market best practices and ensure director interests are closely aligned with the interests of our shareholders as set forth below. • Appropriate Compensation Mix. The majority of director compensation is equity-based. Cash retainers, including incremental Board and committee leadership retainers, are intended to provide fixed compensation for time spent, while the equity-based compensation component recognizes director responsibility for strategic oversight and shareholder value. • Periodic Review. Our Compensation Committee re-assesses our non-employee director compensation periodically and intends to continue to engage an independent compensation consultant to perform a comprehensive market analysis of our director compensation program and practices. The results of the most recent review, including changes made to our director compensation program in 2026, are described further in Director Compensation Review. • Annual Limit on Total Compensation. Our 2016 Incentive Award Plan (the “2016 Plan”), a summary of which is attached as Appendix B, sets forth a meaningful annual limit on non-employee director compensation, as further described below in Annual Limit on Non- Employee Director Compensation. • Share Ownership Guidelines. We maintain meaningful share ownership guidelines that align our directors’ long-term interests with those of our shareholders, as further described below in Non-Employee Director Equity Ownership. • No Hedging or Pledging of Securities. We maintain a policy that prohibits directors from engaging in transactions designed to hedge against the economic risks associated with an investment in Common Shares. In addition, these individuals may not pledge Common Shares as collateral unless preauthorized to do so in certain limited situations. • No Additional Compensation for Employee Directors. Directors who also serve as employees of the Company receive no additional compensation for director service.

  24. Director Compensation Review

    Director Compensation Review The Compensation Committee periodically engages its independent compensation consultant to review director compensation using the same peer group used to benchmark executive compensation. The Compensation Committee independently retained Pearl Meyer & Partners, LLC (“Pearl Meyer”) in 2025 to review the compensation of the Company’s non-employee directors, which had remained unchanged since 2022. After reviewing the information presented during the fourth quarter of 2025 and upon recommendation by the Compensation Committee, the Board of Directors in February 2026 approved a USD$10,000 increase to the annual cash retainer payable to non-employee directors (from USD$100,000 to USD$110,000), effective beginning in 2026.

  25. Annual Limit on Non-Employee Director Compensation

    Annual Limit on Non-Employee Director Compensation The 2016 Plan contains an annual limit on non-employee director compensation, inclusive of all cash compensation and any equity-based awards under the 2016 Plan that may be made to a non-employee director for service during any calendar year. The annual limit is $350,000 per year (or $700,000 for any non-employee director in the director’s first year of service or for any calendar year that such director serves as non-executive chair of the Board).

  26. Annual Retainer and Equity Grants

    | NAME | FEES EARNED OR PAID IN CASH ($)(1) | SHARE AWARDS ($)(2) | ALL OTHER COMPENSATION ($)(3) | TOTAL ($) | | Andrea E. Bertone | 100,000 | 175,147 | — | 275,147 | | Edward E. “Ned” Guillet | 115,000 | 175,147 | — | 290,147 | | Michael W. Harlan | 150,000 | 175,147 | — | 325,147 | | Elise L. Jordan | 125,000 | 175,147 | — | 300,147 | | Cherylyn Harley LeBon | 100,000 | 175,147 | — | 275,147 | | Susan “Sue” Lee | 125,000 | 175,147 | — | 300,147 | | Carl D. Sparks | 100,000 | 175,147 | — | 275,147 |

  27. CD&A Appendix — Calculation of Actual Results for 2023 PSU Financial Performance Measures

    CD&A Appendix — Calculation of Actual Results for 2023 PSU Financial Performance Measures As discussed above, the 2023 PSUs were subject to a three-year performance period that ended December 31, 2025, with calculations made annually and prorated for the purpose of determining target achievement. The financial performance measures for the 2023 PSUs included: (i) adjusted free cash flow(1) per share growth, and (ii) absolute improvement in ROIC. The calculation of our results for 2022 through 2025 for the adjusted free cash flow measure (including a reconciliation of adjusted free cash flow to net cash provided by operating activities) and the ROIC improvement measure are listed below.

  28. Summary Compensation Table

    Summary Compensation Table The following table summarizes the total compensation earned by each of our NEOs in 2025, 2024 and 2023.

  29. Summary Compensation Table

    | NAME AND PRINCIPAL POSITION | YEAR | SALARY ($)(1) | BONUS ($) | SHARE BASED AWARDS ($)(2) | OPTION BASED AWARDS ($) | NON-EQUITY INCENTIVE PLAN COMPENSATION ($) | CHANGE IN PENSION VALUE AND NONQUALIFIED DEFERRED COMPENSATION EARNINGS ($) | ALL OTHER COMPENSATION ($)(3) | TOTAL ($) | | Ronald J. Mittelstaedt President and Chief Executive Officer | 2025 | 1,171,943 | — | 5,301,060 | — | 3,097,600 | — | 186,962 | 9,757,565 | | | 2024 | 1,128,812 | — | 4,179,963 | — | 1,885,312 | — | 82,285 | 7,276,372 | | | 2023(4) | 892,308 | — | 2,734,688 | — | 2,079,000 | — | 49,057 | 5,755,052 | | Mary Anne Whitney Executive Vice President and Chief Financial Officer | 2025 | 635,289 | — | 1,439,918 | — | 1,072,000 | — | 44,068 | 3,191,275 | | | 2024 | 602,462 | — | 1,270,440 | — | 629,200 | — | 42,152 | 2,544,254 | | | 2023 | 582,723 | — | 1,228,529 | — | 737,100 | — | 35,471 | 2,583,823 | | Patrick J. Shea Executive Vice President, General Counsel and Secretary | 2025 | 561,442 | — | 1,269,026 | — | 927,216 | — | 57,196 | 2,814,880 | | | 2024 | 542,462 | — | 1,144,538 | — | 566,800 | — | 53,027 | 2,306,827 | | | 2023 | 518,723 | — | 1,102,491 | — | 661,500 | — | 43,537 | 2,326,251 | | James M. Little Executive Vice President – Engineering and Disposal | 2025 | 515,577 | — | 1,165,432 | — | 851,592 | — | 57,724 | 2,590,325 | | | 2024 | 496,827 | — | 1,050,195 | — | 520,000 | — | 52,675 | 2,119,697 | | | 2023 | 473,154 | — | 997,550 | — | 598,500 | — | 22,502 | 2,091,706 | | Domenico D. “Dan” Pio Senior Vice President – Operations | 2025(5) | 554,202 | — | 960,051 | — | 732,212 | — | 27,348 | 2,273,813 |

  30. Summary Compensation Table

    (1) Amounts shown reflect salary earned by the NEOs for each year indicated and reflect increases that Ms. Whitney and Messrs. Mittelstaedt, Shea, Little and Pio received on February 1, 2025. Share based awards consist of (i) RSUs granted under the 2016 Plan, and (ii) PSUs granted under the 2016 Plan. Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown are the grant date fair value of the awards computed in accordance with GAAP, excluding estimates of forfeitures related to service-based vesting conditions. A discussion of the fair value of share awards is set forth under Note 3 of the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC and the securities commissions or similar regulatory authorities in Canada on February 12, 2026. The table below sets forth the details of the components that make up the fiscal year 2025 share-based awards for our NEOs. The annual RSU awards vest in four (three in the case of Mr. Pio) substantially equal annual installments beginning on the first anniversary of the grant date. The annual PSU awards granted in 2025 will vest, if at all, within 15 business days following the date on which the determination by the Compensation Committee is made with respect to the achievement of the performance goals, but in no event shall the vesting be later than March 15, 2028.

  31. Summary Compensation Table

    | | COMPONENTS OF ANNUAL SHARE-BASED AWARDS | | | NAME | VALUE OF RESTRICTED SHARE UNITS ($) | VALUE OF PERFORMANCE-BASED RESTRICTED SHARE UNITS ($) | | Ronald J. Mittelstaedt | 2,650,530 | 2,650,530 | | Mary Anne Whitney | 720,053 | 719,864 | | Patrick J. Shea | 634,607 | 634,418 | | James M. Little | 582,810 | 582,621 | | Domenico D. “Dan” Pio | 480,026 | 480,026 |

  32. Summary Compensation Table

    In the event the highest level of performance conditions were achieved under the PSUs reflected in the table above, the grant date fair value of these awards would have been $6,626,419, $1,799,661, $1,586,046, $1,456,553 and $1,200,160 for Mr. Mittelstaedt, Ms. Whitney, Mr. Shea, Mr. Little and Mr. Pio, respectively. (3) Amount shown reflects costs incurred by the Company related to (a) matching contributions under the Company’s 401(k) plan, (b) life insurance premiums, (c) professional association dues, (d) tax preparation expenses, (e) reimbursement of automobile expenses, (f) club dues, (g) optional annual executive physical examinations, (h) personal use of corporate aircraft incidental to a business function, and (i) other personal use of corporate aircraft. We make private aircraft available for business use to our NEOs and other employees. With the exception of occasional personal use by our President and Chief Executive Officer, our general policy through 2025 has been not to permit employees, including the NEOs, to use the aircraft for personal use. Occasionally, employees or their relatives or spouses, including relatives or spouses of the NEOs, may derive personal benefit from travel on our aircraft incidental to a business function, such as when an NEO’s spouse accompanies the officer to the location of an event the officer is attending for business purposes. For purposes of our Summary Compensation Table, we value the compensatory benefit to the officer at the incremental cost to us of conferring the benefit, which consists of additional catering and fuel expenses. In the example given, the incremental cost would be nominal because the aircraft would have been used to travel to the event, and the basic costs of the trip would have been incurred, whether or not the NEO’s spouse accompanied the officer on the trip. On the occasions when we permit an employee to use the aircraft for personal use, we value the compensation benefit to such employee (including NEOs) at the incremental cost to us of conferring the benefit, which consists of the average weighted fuel expenses, catering expenses, trip-related crew expenses, landing fees and trip-related hangar/parking costs. Since our aircraft are used primarily for business travel, the valuation excludes the fixed costs that do not change based on usage, such as pilots’ compensation and the cost of maintenance. Our valuation of personal use of aircraft as set forth in this Proxy Statement is calculated in accordance with SEC guidance, which may not be the same as valuation under applicable tax regulations. See “Compensation Discussion and Analysis — Executive Security” for a description of changes to our aircraft use policy and other security-related changes adopted by our Board in 2026. The following table includes each amount representing more than 10% of All Other Compensation paid to each of our NEOs in 2025:

  33. Summary Compensation Table

    | NAME | MATCHING CONTRIBUTIONS TO 401(K) ($) | LIFE INSURANCE PREMIUMS PAID BY COMPANY(a) ($) | TAX PREPARATION EXPENSES ($) | REIMBURSEMENT OF AUTOMOBILE EXPENSES ($) | CLUB DUES ($) | PERSONAL USE OF CORPORATE AIRCRAFT ($) | | Ronald J. Mittelstaedt | — | — | — | — | 34,975 | 145,159 | | Mary Anne Whitney | 17,500 | 4,691 | — | — | 17,339 | — | | Patrick J. Shea | 17,500 | — | 6,195 | — | 26,615 | — | | James M. Little | 17,500 | — | — | — | 32,475 | — | | Domenico D. “Dan” Pio | 10,652 | — | — | 9,300 | 7,100 | — |

  34. Summary Compensation Table

    (a) Amounts shown are paid by the Company in connection with life insurance policies made available to all participants in our Nonqualified Deferred Compensation Plan, including the NEOs. (4) Ronald J. Mittelstaedt was a director and the Executive Chairman of the Company’s Board of Directors, and his compensation for Board service ceased with his appointment as President and Chief Executive Officer on April 23, 2023. Amounts shown for 2023 include both approximately eight months of compensation for Mr. Mittelstaedt’s service as President and Chief Executive Officer and approximately four months of compensation for his Board service prior to his appointment as President and Chief Executive Officer. 2025 was the first year in which Mr. Pio was an NEO. Mr. Pio receives his cash compensation in Canadian currency, and his equity incentive awards vest in Common Shares traded on the TSX and are thus valued in Canadian currency. For purposes of this presentation, Canadian dollar amounts have been converted to U.S. dollars based on the Bank of Canada average rate of exchange for the period from January 1, 2025 to December 31, 2025, CAD$1.00 = US$0.7154.

  35. Grants of Plan-Based Awards in Fiscal Year 2025

    Grants of Plan-Based Awards in Fiscal Year 2025 The following table summarizes annual cash incentive and equity-based awards granted to our NEOs by the Company in 2025.

  36. Grants of Plan-Based Awards in Fiscal Year 2025

    | | | | ESTIMATED POTENTIAL PAYOUTS UNDER NON-EQUITY INCENTIVE PLAN AWARDS(2) | | | ESTIMATED FUTURE PAYOUTS UNDER EQUITY INCENTIVE PLAN AWARDS | | | ALL OTHER SHARE AWARDS: NUMBER OF COMMON SHARES OR UNITS (#)(3) | GRANT DATE FAIR VALUE OF SHARE AWARDS ($)(4) | | NAME | AWARD TYPE(1) | GRANT DATE | THRESHOLD ($) | TARGET ($) | MAXIMUM ($) | THRESHOLD (#) | TARGET (#) | MAXIMUM (#) | | | | Ronald J. Mittelstaedt | RSU | 2/14/25 | — | — | — | — | — | — | 14,021 | 2,650,530 | | | PSU | 2/14/25 | — | — | — | — | 14,021 | 35,053 | — | 2,650,530(5) | | | MICP | | 387,200 | 1,936,000 | 3,872,000 | — | — | — | — | | | Mary Anne Whitney | RSU | 2/14/25 | — | — | — | — | — | — | 3,809 | 720,053 | | | PSU | 2/14/25 | — | — | — | — | 3,808 | 9,520 | — | 719,864(5) | | | MICP | — | 134,000 | 670,000 | 1,340,000 | — | — | — | — | — | | Patrick J. Shea | RSU | 2/14/25 | — | — | — | — | — | — | 3,357 | 634,607 | | | PSU | 2/14/25 | — | — | — | — | 3,356 | 8,390 | — | 634,418(5) | | | MICP | — | 115,902 | 579,510 | 1,159,020 | — | — | — | — | — | | James M. Little | RSU | 2/14/25 | — | — | — | — | — | — | 3,083 | 582,810 | | | PSU | 2/14/25 | — | — | — | — | 3,082 | 7,705 | — | 582,621(5) | | | MICP | — | 106,449 | 532,245 | 1,064,490 | — | — | — | — | — | | Domenico D. “Dan” Pio(6) | RSU | 2/14/25 | — | — | — | — | — | — | 2,505 | 480,026 | | | PSU | 2/14/25 | — | — | — | — | 2,505 | 6,263 | — | 480,026(5) | | | MICP | — | 91,527 | 457,637 | 915,274 | — | — | — | — | — |

  37. Grants of Plan-Based Awards in Fiscal Year 2025

    (1) “RSU” refers to restricted share units granted under the 2016 Plan. “PSU” refers to performance-based restricted share units granted under the 2016 Plan. “MICP” refers to cash awards made pursuant to our Management Incentive Compensation Program, which is administered pursuant to the 2016 Plan. (2) In the case of the MICP, the target incentive amounts shown in this column reflect our annual incentive bonus plan awards under the MICP and represent the target awards pre-established as a percentage of salary, multiplied by the NEO’s base salary at February 1, 2026. The maximum is the greatest payout which can be made if the pre-established maximum performance level is met or exceeded. Actual annual incentive bonus amounts earned by the NEOs for 2025 under the MICP are reflected in the “Non-Equity Incentive Plan Compensation” column of the Summary Compensation Table. (3) Share awards consist of RSUs granted under the 2016 Plan on February 14, 2025. The RSUs generally vest in equal, annual installments over the four-year period (three-year period in the case of Mr. Pio) following the date of grant, beginning on the first anniversary of the date of grant. See “Compensation Discussion and Analysis — Long-Term Incentives: Equity-Based Compensation” for more information regarding RSU awards. (4) The value of a share award is based on the fair value as of the grant date of such award computed in accordance with GAAP, excluding estimates of forfeitures related to service-based vesting conditions. A discussion of the fair value of share awards is set forth under Note 3 of the “Notes to Consolidated Financial Statements” included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, filed with the SEC and the securities commissions or similar regulatory authorities in Canada on February 12, 2026. (5) Represents the range of possible payouts of Common Shares upon the vesting of PSUs granted in fiscal year 2025 under the 2016 Plan. Awards are capped at the maximum, and no awards will vest unless the pre-established threshold performance level is met or exceeded. The “Grant Date Fair Value of Share Awards” represents the value of PSUs based on the expected outcome as of the date of grant. This result is based on (i) achieving the target level of a return on invested capital, or ROIC; (ii) achieving the target level of a free cash flow/share CAGR goal; and (iii) achieving the target level of progress towards the long-term ESG and sustainability targets, as modified by the Company’s relative TSR. See “Compensation Discussion and Analysis — Equity-Based Compensation” for more information regarding PSU awards. Mr. Pio receives his cash compensation in Canadian currency, and his equity incentive awards vest in Common Shares traded on the TSX and are thus valued in Canadian currency. For purposes of this presentation, Canadian dollar amounts have been converted to U.S. dollars based on the Bank of Canada average rate of exchange for the period from January 1, 2025 to December 31, 2025, CAD$1.00 = US$0.7154.

  38. Outstanding Equity Awards at 2025 Fiscal Year End

    Outstanding Equity Awards at 2025 Fiscal Year End The following table summarizes RSUs and PSUs that have not vested and related information for each of our NEOs as of December 31, 2025.

  39. Outstanding Equity Awards at 2025 Fiscal Year End

    | | | | SHARE AWARDS | | | | | NAME | AWARD TYPE(1) | GRANT DATE | NUMBER OF SHARES OR UNITS THAT HAVE NOT VESTED (#) | MARKET VALUE OF SHARES OR UNITS THAT HAVE NOT VESTED ($)(7) | EQUITY INCENTIVE PLAN AWARDS: NUMBER OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED (#)(8) | EQUITY INCENTIVE PLAN AWARDS: MARKET OR PAYOUT VALUE OF UNEARNED SHARES, UNITS OR OTHER RIGHTS THAT HAVE NOT VESTED ($)(8) | | Ronald J. Mittelstaedt | RSU | 02/18/22 | 878(2) | 153,966 | — | — | | | RSU | 02/17/23 | 918(3) | 160,980 | — | — | | | RSU | 05/12/23 | 3,882(4) | 680,748 | — | — | | | RSU | 02/16/24 | 9,337(5) | 1,637,336 | — | — | | | RSU | 02/14/25 | 14,021(6) | 2,458,723 | — | — | | | PSU | 02/17/23 | — | — | 1,836 | 321,961 | | | PSU | 05/12/23 | — | — | 7,766 | 1,361,846 | | | PSU | 02/16/24 | — | — | 12,450 | 2,183,232 | | | PSU | 02/14/25 | — | — | 14,021 | 2,458,723 | | Mary Anne Whitney | RSU | 02/18/22 | 1,436,(2) | 251,817 | — | — | | | RSU | 02/17/23 | 2,256(3) | 395,612 | — | — | | | RSU | 02/16/24 | 2,838(5) | 497,672 | — | — | | | RSU | 02/14/25 | 3,809(6) | 667,946 | — | — | | | PSU | 02/17/23 | — | — | 4,513 | 791,400 | | | PSU | 02/16/24 | — | — | 3,784 | 663,562 | | | PSU | 02/14/25 | — | — | 3,808 | 667,771 | | Patrick J. Shea | RSU | 02/18/22 | 1,255(2) | 220,077 | — | — | | | RSU | 02/17/23 | 2,025(3) | 355,104 | — | — | | | RSU | 02/16/24 | 2,557(5) | 448,396 | — | — | | | RSU | 02/14/25 | 3,357(6) | 588,684 | — | — | | | PSU | 02/17/23 | — | — | 4,050 | 710,208 | | | PSU | 02/16/24 | — | — | 3,409 | 597,802 | | | PSU | 02/14/25 | — | — | 3,356 | 588,508 | | James M. Little | RSU | 02/18/22 | 1,224(2) | 214,641 | — | — | | | RSU | 02/17/23 | 1,832(3) | 321,260 | — | — | | | RSU | 02/16/24 | 2,346(5) | 411,395 | — | — | | | RSU | 02/14/25 | 3,083(6) | 540,635 | — | — | | | PSU | 02/17/23 | — | — | 3,664 | 642,519 | | | PSU | 02/16/24 | — | — | 3,127 | 548,351 | | | PSU | 02/14/25 | — | — | 3,082 | 540,460 | | Domenico D. “Dan” Pio(9) | RSU | 02/17/23 | 727(3) | 127,487 | — | — | | | RSU | 02/16/24 | 1,827(5) | 320,383 | — | — | | | RSU | 02/14/25 | 2,505(6) | 439,277 | — | — | | | PSU | 02/17/23 | — | — | 2,180 | 382,285 | | | PSU | 02/16/24 | — | — | 2,741 | 480,662 | | | PSU | 02/14/25 | — | — | 2,505 | 439,277 |

  40. Outstanding Equity Awards at 2025 Fiscal Year End

    (1) “RSU” refers to restricted share units granted under the 2016 Plan. “PSU” refers to performance-based restricted share units granted under the 2016 Plan. (2) The RSUs vest in equal installments on each of the first four anniversaries of the grant date of February 18, 2022. (3) The RSUs vest in equal installments on each of the first four anniversaries of the grant date of February 17, 2023 (in the case of Mr. Pio, the RSUs vest in equal installments on each of the first three anniversaries of the grant date). The RSUs vest in equal installments on each of the first four anniversaries of the grant date of May 12, 2023. The RSUs vest in equal installments on each of the first four anniversaries of the grant date of February 16, 2024 (in the case of Mr. Pio, the RSUs vest in equal installments on each of the first three anniversaries of the grant date). (6) The RSUs vest in equal installments on each of the first four anniversaries of the grant date of February 14, 2025 (in the case of Mr. Pio, the RSUs vest in equal installments on each of the first three anniversaries of the grant date). (7) Based on the closing price of Common Shares of $175.36 on the NYSE (or CAD$240.72 on the TSX in the case of Mr. Pio) on December 31, 2025, the last trading day of the 2025 fiscal year. (8) Represents unearned Common Shares under the PSU awards granted in February 2023, May 2023, February 2024, and February 2025. Based on guidance provided by the SEC, the targeted potential number of Common Shares for such grants has been assumed. The amounts shown include the full award for the performance periods ending on December 31, 2025, December 31, 2026, and December 31, 2027. The PSUs will vest, if at all, within 15 business days following the date on which the determination by the Compensation Committee is made with respect to the achievement of the performance goals, but in no event shall the vesting be later than March 15, 2026, March 15, 2027, and March 15, 2028, respectively. See “Compensation Discussion and Analysis — Payout for the 3-Year Performance Period Ended December 31, 2025” for information about amounts actually paid for awards with a performance period ending December 31, 2025. (9) Mr. Pio’s equity incentive awards vest in Common Shares traded on the TSX and are thus valued in Canadian currency. For purposes of this presentation, Canadian dollar amounts have been converted to U.S. dollars based on the Bank of Canada average rate of exchange for the period from January 1, 2025 to December 31, 2025, CAD$1.00 = US$0.7154.

  41. Shares Vested in Fiscal Year 2025

    Shares Vested in Fiscal Year 2025 The following table summarizes each vesting of RSUs and PSUs, and related information, for each of our NEOs on an aggregated basis during 2025.

  42. Shares Vested in Fiscal Year 2025

    | | SHARE AWARDS | | | NAME | NUMBER OF SHARES ACQUIRED ON VESTING (#) | VALUE REALIZED ON VESTING ($) | | Ronald J. Mittelstaedt | 11,450 | 2,156,440 | | Mary Anne Whitney | 11,652 | 2,189,657 | | Patrick J. Shea | 10,240 | 1,924,368 | | James M. Little | 9,865 | 1,853,763 | | Domenico D. “Dan” Pio(1) | 5,447 | 1,039,299 |

  43. Pension Benefits in Fiscal Year 2025

    Pension Benefits in Fiscal Year 2025 We do not sponsor any qualified or non-qualified defined benefit plans for any of our NEOs or other corporate officers.

  44. Nonqualified Deferred Compensation in Fiscal Year 2025

    Nonqualified Deferred Compensation in Fiscal Year 2025 The following table summarizes the participation of our NEOs during 2025 in our Nonqualified Deferred Compensation Plan, which is our only plan that provides for the deferral of compensation on a basis that is not tax-qualified.

  45. Nonqualified Deferred Compensation in Fiscal Year 2025

    | NAME | EXECUTIVE CONTRIBUTIONS IN LAST FISCAL YEAR ($)(1) | REGISTRANT CONTRIBUTIONS IN LAST FISCAL YEAR ($)(1) | AGGREGATE EARNINGS IN LAST FISCAL YEAR ($)(2) | AGGREGATE WITHDRAWALS/ DISTRIBUTIONS ($) | AGGREGATE BALANCE AT LAST FISCAL YEAR END ($)(3) | | Ronald J. Mittelstaedt | — | — | — | — | — | | Mary Anne Whitney | 12,706 | — | 83,210 | (31,287) | 577,401 | | Patrick J. Shea | 84,859 | — | 325,769 | — | 1,712,289 | | James M. Little | — | — | 155,673 | — | 918,000 | | Domenico D. “Dan” Pio | — | — | — | — | — |

  46. Nonqualified Deferred Compensation in Fiscal Year 2025

    (1) Amounts in these columns represent base salary and cash annual incentive each NEO elected to defer and our annual matching contributions in lieu of matching contributions under our 401(k) plan. Contributions by an NEO are reported in the Summary Compensation Table under “Salary”, “Bonus” and/or “Non-Equity Incentive Plan Compensation” and matching contributions we make to an NEO’s account are reported in the Summary Compensation Table under “All Other Compensation.” Amounts in this column are not included in any other amounts disclosed in this Proxy Statement, as the amounts are not preferential earnings. Instead, earnings disclosed are determined by reference to the returns on one or more select mutual funds, as determined by the participant, that are also available for investment by the general public. Amounts shown in this column include amounts reported as compensation to the NEO in the Summary Compensation Table in our previous proxy statements or annual reports on Form 10-K. The NEOs and certain other highly compensated employees are entitled to participate in the Nonqualified Deferred Compensation Plan. The Nonqualified Deferred Compensation Plan allows an eligible employee to voluntarily defer receipt of up to 80% of the employee’s base salary, and up to 100% of bonuses and commissions. We make a matching contribution of 100% of every dollar of a participating employee’s pre-tax eligible contributions until the employee’s contributions equal five percent of the employee’s eligible compensation, less the amount of any match we make on behalf of the employee under the Company-sponsored 401(k) plan, and subject to certain deferral limitations imposed by the IRC on 401(k) plans. Our matching contributions are 100% vested when made. The Company also credits an amount reflecting a deemed return to each participant’s deferred compensation account periodically, based on the returns of various mutual funds or measurement funds selected by the participant. The earnings on an employee’s deferred compensation may exceed or fall short of market rate returns, depending on the performance of the funds selected compared to the markets in general. The funds offered as investment options by our plan administrator experienced annual rates of return for the calendar year ended December 31, 2025, of between 3.11% and 41.04%. Distributions from the Nonqualified Deferred Compensation Plan are triggered by the occurrence of certain events, including termination of employment and scheduled in-service distributions as allowed by the Internal Revenue Service. Upon termination of employment or the scheduled in-service date, as applicable, a participant will receive a distribution from the plan in the form he or she previously selected — either in a lump sum or in annual installments over any period selected, up to fifteen years. Payments will commence within 60 days after the last day of the six-month period immediately following the termination date or the scheduled in-service date, as applicable. If a participant becomes disabled, he or she will receive his or her entire account balance in a lump sum within 60 days of the date on which he or she became disabled. Upon the death of a participant during employment or while receiving his or her benefits under the plan following termination of employment, his or her unpaid account balance will be paid to his or her beneficiary in a lump sum within 60 days of the date the plan committee is notified of his or her death. Participants also elect whether to receive a distribution of their entire account balance in a lump sum upon a change in control of the Company, as defined in the plan, or whether to have their account balance remain in the plan after a change in control. In the absence of such an election, a participant will receive a distribution after a change in control occurs. Participants may also choose to receive lump sum distributions of all or a portion of their account balances upon optional, scheduled distribution dates or upon an unforeseeable financial emergency. Optional distribution dates must be a January 1 that is at least three years after the end of the plan year in which the deferral election is made. Optional distributions may be postponed, subject to certain conditions specified in the plan. Distributions upon an unforeseeable financial emergency are also subject to certain restrictions specified in the plan.

  47. Equity Compensation Plan Information

    Equity Compensation Plan Information The following is a summary of all of our equity compensation plans and individual arrangements that provide for the issuance of equity securities as compensation, as of December 31, 2025.

  48. Equity Compensation Plan Information

    | | (A) | (B) | (C) | | EQUITY COMPENSATION PLAN CATEGORY | NUMBER OF SECURITIES TO BE ISSUED UPON EXERCISE OF OUTSTANDING WARRANTS AND RIGHTS | WEIGHTED AVERAGE EXERCISE PRICE OF OUTSTANDING WARRANTS AND RIGHTS | NUMBER OF SECURITIES REMAINING AVAILABLE FOR FUTURE ISSUANCE UNDER EQUITY COMPENSATION PLANS (EXCLUDING SECURITIES REFLECTED IN COLUMN (A)) | | Approved by shareholders(1) | 2,125,857(2) | $153.07(3) | 1,417,371(4) | | Not approved by shareholders | — | — | — | | TOTAL | 2,125,857 | $153.07(3) | 1,417,371 |

  49. Equity Compensation Plan Information

    (1) Consists of the following plans approved by the Company’s and Progressive Waste’s shareholders, as applicable, including the assumptions thereof by the Company on June 1, 2016: (a) the 2016 Plan; (b) the Third Amended and Restated 2004 Equity Incentive Plan; and (c) the Amended and Restated Share Option Plan adopted by Progressive Waste on July 22, 2009. (2) Includes an aggregate of 900,364 RSUs, 211,283 PSUs, 20,271 DSUs and 993,939 warrants. (3) Excludes RSUs, PSUs and DSUs. (4) The remaining 1,417,371 Common Shares reserved for issuance under the 2016 Plan will be issuable upon the exercise of future warrants or share option grants or pursuant to future restricted share, RSU or performance awards that vest upon the completion of designated service periods or the attainment of prescribed performance milestones. The Board of Directors unanimously adopted resolutions in 2014 approving the reduction of the shares available for future issuance under the Third Amended and Restated 2004 Equity Incentive Plan to zero, and the Executive Committee of the Company unanimously adopted resolutions in 2017 approving the reduction of shares available for future issuance under the Amended and Restated Share Option Plan to zero, and as a result no further awards will be granted under the Third Amended and Restated 2004 Equity Incentive Plan or the Amended and Restated Share Option Plan. On June 1, 2016, the Board of Directors adopted the 2016 Plan, which was approved by Progressive Waste’s shareholders on May 26, 2016. On July 24, 2017, and July 24, 2018, the Board of Directors approved certain housekeeping amendments to the 2016 Plan, none of which required approval of the Company’s shareholders. A summary of the 2016 Plan is attached as Appendix B. The 2016 Plan, as amended, is administered by the Compensation Committee and provides that the aggregate number of Common Shares which may be issued pursuant to awards made under the 2016 Plan (not including shares purchased on the open market) is 7,500,000 Common Shares, representing 2.90%(9) of our issued and outstanding Common Shares. Awards under the 2016 Plan may be made to employees, consultants and non-employee directors and may be made in the form of share options, warrants, restricted shares, RSUs, performance awards (which may be paid in cash, Common Shares, or a combination thereof), dividend equivalent awards (representing a right of the holder thereof to receive the equivalent value (which may be paid in cash or Common Shares) of dividends paid on Common Shares), and share payments (a payment in the form of Common Shares or a share option or other right to purchase Common Shares as part of a bonus, defined compensation or other arrangement). The 2016 Plan also provides for awards to non-employee directors in the form of DSUs, which represent the right to receive a cash payment or its equivalent in Common Shares (or a combination of cash and Common Shares), or which may at the time of grant be expressly limited to settlement only in cash and not in Common Shares. As of December 31, 2025, DSUs, RSUs, PSUs and Warrants were the only forms of awards granted under the 2016 Plan. As of December 31, 2025, under the 2016 Plan, there were 20,271 DSUs outstanding, representing 0.008% of our Common Shares then issued and outstanding, 871,272 RSUs outstanding, representing 0.341% of our Common Shares then issued and outstanding, 211,283 PSUs outstanding, representing 0.083% of our Common Shares then issued and outstanding, 993,939 Warrants outstanding, representing 0.389% of our Common Shares then issued and outstanding, and 1,417,371 awards remained available for grant, representing 0.554% of our Common Shares then issued and outstanding. The annual burn rate (excluding warrants issued in connection with acquisitions closed during the applicable fiscal year) under the 2016 Plan for the fiscal years ended 2023, 2024 and 2025 was 0.196%, 0.173% and 0.167%, respectively. The annual burn rate is calculated as (x) the number of securities (i.e., DSUs, RSUs and PSUs) granted thereunder during the applicable fiscal year, divided by (y) the weighted average number of shares outstanding in 2025, calculated in accordance with the CPA Canada Handbook. When warrants issued in connection with acquisitions closed during the applicable fiscal year are included, the annual burn rate under the 2016 Plan for the fiscal years ended 2023, 2024 and 2025 was 0.247%, 0.290% and 0.241%, respectively. Based on 254,847,024 Common Shares outstanding as of the Record Date.

  50. Potential Payments upon Termination or Change in Control

    Potential Payments upon Termination or Change in Control

  51. Severance Arrangements in Effect in 2025

    Severance Arrangements in Effect in 2025 During 2025, (i) Mr. Mittelstaedt, our President and Chief Executive Officer, was eligible to receive separation benefits and change in control payments pursuant to the participation letter agreement under the Separation Benefits Plan that was entered into on April 23, 2023, (ii) Ms. Whitney and Messrs. Shea and Little were eligible to receive separation benefits and change in control payments pursuant to the participation letter agreements under the Separation Benefits Plan that were entered into on July 25, 2019, for Messrs. Shea and Little, and February 1, 2021, for Ms. Whitney, each as amended on November 10, 2022, and (iii) Mr. Pio was eligible to receive separation benefits and change in control payments pursuant to the Employment Agreement that was entered into on October 20, 2023. The following discussion assumes that a termination or resignation of employment occurred on December 31, 2025, as applicable, and describes the terms of these payments and benefits and the circumstances in which they would be paid or provided.

  52. Separation Benefits Plan for NEOs (other than Mr. Pio)

    Separation Benefits Plan for NEOs (other than Mr. Pio) Under the terms of the Separation Benefits Plan and their respective participation letter agreements, each of Ms. Whitney and Messrs. Mittelstaedt, Shea and Little is entitled to receive separation pay upon a termination by us without “cause” or resignation by such NEO for “good reason” prior to a change in control. The amount payable to Ms. Whitney and Messrs. Mittelstaedt, Shea and Little is: (i) a cash payment equal to 2.99x of his or her then-current base salary; and (ii) an amount equal to the target bonus for the year in which the termination occurs, which was 160% of Mr. Mittelstaedt’s base salary at the time of termination, and 100% of Ms. Whitney’s and Messrs. Shea’s and Little’s base salary at the time of termination, payable in three equal installments over the two-year period following termination. In addition, under the terms of the Separation Benefits Plan, if an NEO is entitled to receive separation pay in connection with his or her termination of employment, then (i) the NEO is entitled to full accelerated vesting of his or her outstanding but unvested time-based equity awards; (ii) the designated performance goals of the NEO’s performance-based equity awards shall be deemed to have been satisfied (and, for any award with different levels of potential payment, such performance shall be deemed to be at the target level), any remaining vesting conditions shall be deemed to be satisfied on the NEO’s date of termination and such awards shall be settled as soon as administratively practicable thereafter; and (iii) the post-termination exercise period of any outstanding share options held by the NEO shall be extended through the earlier of the third anniversary of the termination date or the expiration of the original term of such share options. The Company would also pay to each NEO who is entitled to receive separation pay an amount equal to the Company’s portion (but not the NEO’s portion) of the cost of medical, dental and other health plan insurance for the NEO (and the NEO’s spouse and children) at the rate in effect on the date of termination for a period of two years from the date of termination (the “NEO Health Insurance Benefit”). As a condition to an NEO’s receipt of any severance benefits under the Separation Benefits Plan, the NEO is required to release and waive (and not revoke) all claims against the WCI Group. The Separation Benefits Plan defines “WCI Group” as the Company and each of its subsidiaries and affiliates. Each NEO is also entitled to the foregoing benefits if such NEO’s employment is terminated as a result of the NEO’s death or disability, except that in the event of death, the estate shall not receive the NEO Health Insurance Benefit. Upon a termination by us without cause or resignation by the NEO for good reason within two years after a change in control, the NEOs are each entitled to receive the benefits described above for a termination without cause, payable in a lump sum on or within 60 days following the date of termination. Further, the Separation Benefits Plan includes a so-called “best pay” provision where payments and benefits provided on account of a change in control shall be made to such participating NEOs in full or in such lesser amount as would result in no portion of the payments being subject to an excise tax under Section 280G and Section 4999 of the IRC, whichever of the foregoing amounts is greater on an after-tax basis. In consideration of the above severance benefits, the NEOs must abide by certain restrictive covenants in the Separation Benefits Plan, including a commitment by each NEO not to compete with the Company in a restricted territory and not to solicit our customers or employees for 12 months following the date of such NEO’s termination of employment. For purposes of the Separation Benefits Plan, “good reason” is generally defined as: (i) assignment to the NEO of duties inconsistent with and resulting in a diminution of the NEO’s position (including status, offices, titles, responsibilities and reporting requirements), authority, duties or responsibilities as they existed on the effective date of the applicable participation letter agreement; or any other action by the Company which results in a diminution in such position, authority, duties or responsibilities; a substantial alteration in the title(s) of the NEO (so long as the existing corporate structure of the WCI Group is maintained); provided, however, that the NEO’s failure to be in the same position (including status, offices, titles, responsibilities and reporting requirements) with the Company will constitute “good reason”; (ii) the relocation of the NEO’s principal place of employment to a location more than fifty (50) miles from its present location without the NEO’s prior approval; (iii) a material reduction by the Company in the NEO’s total annual cash compensation (base and bonus) without the NEO’s prior approval; (iv) on or after a change in control, a material reduction by the Company in the NEO’s total annual compensation (base, bonus, and equity opportunities) without the NEO’s prior approval; (v) a failure by the WCI Group to continue in effect, without substantial change, any benefit plan or arrangement in which the NEO was participating or the taking of any action by the WCI Group which would adversely affect the NEO’s participation in or materially reduce the NEO’s benefits under any benefit plan (unless such changes apply equally to all other management employees of the Company); (vi) any material breach by the Company of any provision of the Separation Benefits Plan without the NEO having committed any material breach of the NEO’s obligations thereunder, which breach is not cured within twenty (20) days following written notice thereof to the Company of such breach; or (vii) the failure of the Company to obtain the assumption of the plan by any successor entity that causes the NEO to be employed by an entity that is not a member of the WCI Group. For the purposes of the Separation Benefits Plan, “cause” is defined as: (i) a material breach of any of the terms of the agreement or any other agreement with the Company or any member of the WCI Group or any policy of the WCI Group; (ii) a breach of any of the provisions of the confidentiality, property, non-competition and non-solicitation provisions of the Separation Benefits Plan; (iii) gross negligence or willful misconduct of a material nature in connection with the performance of the NEO’s duties; (iv) conviction of (or pleading guilty or no contest or nolo contendere to) a felony; or (v) an intentional act of dishonesty or misappropriation (or attempted misappropriation) of property belonging to the Company or any member of the WCI Group. Further, for the purposes of the Separation Benefits Plan, a “change in control” is deemed to have occurred if: • there shall be consummated (a) any reorganization, liquidation or consolidation of the Company, or any merger or other business combination of the Company with any other corporation, other than any such merger or other business combination that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such transaction; or (b) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company; or • any person (as defined in Section 13(d) and 14(d) of the Exchange Act), shall become the beneficial owner (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the Company’s outstanding voting securities; or •

  53. Employment Agreement with Mr. Pio

    Employment Agreement with Mr. Pio A subsidiary of the Company entered into an employment agreement with Mr. Pio on October 20, 2023 (the “Pio Employment Agreement”). This agreement provides for certain payments to Mr. Pio in the event of his termination without cause (as defined below), in the event of a termination for cause at common law if it is also not a reason for cause under applicable employment standards legislation (as defined below), or upon a change in control (as defined below) of the Company. Under the Pio Employment Agreement, upon a termination by us without cause and upon a termination due to Mr. Pio’s disability or death: (i) Mr. Pio is entitled to receive payments in an amount equal to twelve months of his base salary, to be paid in accordance with our normal payroll practices and not as a lump sum; (ii) Mr. Pio is entitled to receive an amount equal to the target bonus available to Mr. Pio under the Pio Employment Agreement for the year in which the termination occurs, which is 80% of his base salary at the time of termination, to be paid in accordance with our normal payroll practices and not as a lump sum; (iii) Mr. Pio is entitled to receive full accelerated vesting of his outstanding but unvested time-based equity awards; (iv) the designated performance goals of Mr. Pio’s performance-based equity awards shall be deemed to have been satisfied (and, for any award with different levels of potential payment, such performance shall be deemed to be at the target level), any remaining vesting conditions shall be deemed to be satisfied on Mr. Pio’s date of termination and such awards shall be settled as soon as administratively practicable thereafter; and (v) Mr. Pio is entitled to receive an extension of the post-termination exercise period of any outstanding share options held by Mr. Pio through the earlier of (A) the third anniversary of his termination date or (B) the expiration of the original term of such share options. Except in the case of a termination as a result of his death, the Company will also continue the benefit plan contributions necessary to maintain Mr. Pio’s participation in all benefit plans provided to him by the Company immediately before the termination of his employment (except for short-term and long-term disability insurance and life insurance, for which the period of contributions will be the minimum duration required by applicable employment standards legislation in Canada) until the earlier of: (X) the date Mr. Pio obtains alternative coverage and (Y) twelve months from the date of termination (the “Pio Health Insurance Benefit”). In addition, upon a termination by us without cause, we will either (at Mr. Pio’s election) reimburse, as incurred, Mr. Pio’s expenses, up to $15,000, associated with career counseling and résumé development, for expenses incurred within twelve months following his date of termination, or pay a lump sum of $15,000 in lieu of such reimbursement, in each case subject to the conditions set forth in the Pio Employment Agreement. For the purposes of the Pio Employment Agreement, if Mr. Pio is terminated within two years of a change in control of the Company, the termination is generally treated as a termination without cause of Mr. Pio as described above except that the amount payable must be paid as a lump sum payment. In consideration of the payments and benefits provided for in the Pio Employment Agreement, Mr. Pio must abide by certain restrictive covenants in such agreement, including a commitment not to compete with the Company in a restricted territory for the term of the Pio Employment Agreement and for the twelve-month period following the date of his termination. Mr. Pio must abide by a commitment not to solicit our customers or employees for one year following the date of the termination of Mr. Pio’s employment. Payment of any amount above applicable employment standards is also conditioned upon Mr. Pio signing a release. For the purposes of the Pio Employment Agreement, a “termination for cause at common law” is defined as: (a) gross negligence or willful misconduct of a material nature in connection with the performance of Mr. Pio’s duties; (b) Mr. Pio’s conviction of (or pleading guilty to) an indictable offense; (c) a non-de minimis intentional act of dishonesty or misappropriation (or attempted misappropriation) of property belonging to the Company and/or any of its affiliates (other than a good faith expense account dispute related to a business expense); (d) any act, omission or conduct that constitutes just cause at common law; (e) a material breach by Mr. Pio of any of the obligations under this Agreement or any other agreement with the Company or an affiliate of the Company or any policy of the Company or the Parent; or (f) a breach (material or otherwise) of any of the confidentiality, property and electronic resources, and non-competition and non-solicitation provisions of the Pio Employment Agreement, or with respect to Mr. Pio’s fiduciary obligations. On such a termination for cause at common law (if it is not also a reason for cause under the Ontario Employment Standards Act (“ESA”)), Mr. Pio would be entitled to, to the date of termination, his base salary, accrued but unused vacation, unreimbursed business expenses, and any other wages and or entitlements required to be provided to him under the ESA plus the minimum amount of Mr. Pio’s then regular wages in lieu of working notice of termination prescribed by the ESA, plus statutory severance payments and entitlements, which are prescribed by the ESA. In the event Mr. Pio’s employment is terminated for cause pursuant to the ESA (which is defined as willful misconduct, disobedience or willful neglect of duty that is not trivial and has not been condoned by us), he would forfeit any rights to any working notice, pay in lieu of working notice, statutory severance pay, or any other compensation or entitlements. Further, for the purposes of the Pio Employment Agreement, a “change in control” is deemed to have occurred if: • there shall be consummated (a) any reorganization, liquidation or consolidation of the Company, or any merger or other business combination of the Company with any other corporation, other than any such merger or other business combination that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 50% of the total voting power represented by the voting securities of the Company or such surviving entity outstanding immediately after such transaction; or (b) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, of the assets of the Company; • any person (as defined in the applicable agreement), shall become the beneficial owner (as defined in the applicable agreement), directly or indirectly, of 50% or more of the Company’s outstanding voting securities; or • during any period of two consecutive years, individuals who at the beginning of such period constituted the entire Board of Directors shall cease for any reason to constitute at least one-half of the membership thereof unless the election, or the nomination for election by the Company’s shareholders, of each new director was approved by a vote of at least one-half of the directors then still in office who were directors at the beginning of the period.

  54. Potential Payments Tables

    Potential Payments Tables The following tables estimate the payments we would be obligated to make to each of our NEOs who remained with the Company through the end of 2025 as a result of the NEO’s termination (including, in certain cases, in connection with a change in control of the Company) or resignation, assuming such termination or resignation occurred on December 31, 2025. We have calculated the estimated payments to meet SEC disclosure requirements. The estimated payments are not necessarily indicative of the actual amounts any of our NEOs would receive in such circumstances. For illustrative purposes only, the tables assume that: (a) a termination or resignation of employment occurred on December 31, 2025, as applicable; and (b) the price per share of the Common Shares is $175.36, the NYSE closing price on December 31, 2025, the last trading day of the 2025 fiscal year. In addition to the amounts reflected in the tables, each NEO will be entitled to his or her salary through the period ending on the date of termination. In addition, on termination of employment, all vested deferred compensation and other retirement benefits payable to the employee under benefit plans in which he or she then participated would be paid to the NEO in accordance with the provisions of the respective plans. These plans include our voluntary 401(k) plan and our Nonqualified Deferred Compensation Plan. In the event of a change in control, our Compensation Committee may provide, in its sole discretion, for the acceleration of vesting in connection with outstanding but unvested restricted share awards under the 2016 Plan.

  55. Ronald J. Mittelstaedt, President and Chief Executive Officer

    | | TERMINATION FOR CAUSE ($) | TERMINATION WITHOUT CAUSE ($) | TERMINATION ON DISABILITY ($) | TERMINATION ON DEATH ($) | TERMINATION BY EMPLOYEE FOR GOOD REASON ($) | TERMINATION BY EMPLOYEE WITHOUT GOOD REASON ($) | TERMINATION IN CONNECTION WITH CHANGE IN CONTROL ($) | | Cash Severance(1) | — | 5,407,020 | 5,407,020 | 5,407,020 | 5,407,020 | — | 5,407,020 | | RSU Awards(2) | — | 5,091,753 | 5,091,753 | 5,091,753 | 5,091,753 | — | 5,091,753 | | PSU Awards(3) | — | 6,325,761 | 6,325,761 | 6,325,761 | 6,325,761 | — | 6,325,761 | | Health and Welfare Benefits(4) | — | 31,190 | 31,190 | — | 31,190 | — | 31,190 | | TOTAL | — | 16,855,724 | 16,855,724 | 16,824,534 | 16,855,724 | — | 16,855,724 |

  56. Ronald J. Mittelstaedt, President and Chief Executive Officer

    (1) Reflects an amount equal to the sum of (i) 2.99x of Mr. Mittelstaedt’s then-current base salary; and (ii) Mr. Mittelstaedt’s target bonus for the year in which the termination occurs, which was 160% of his base salary at the time of the assumed termination. (2) Reflects the immediate vesting of all of Mr. Mittelstaedt’s outstanding but unvested RSUs as of the date of termination. (3) Reflects the immediate vesting of all of Mr. Mittelstaedt’s outstanding but unvested PSUs as of the date of termination, with performance deemed to have been achieved at the target level for the related award. (4) Reflects the NEO Health Insurance Benefit.

  57. Mary Anne Whitney, Executive Vice President and Chief Financial Officer

    | | TERMINATION FOR CAUSE ($) | TERMINATION WITHOUT CAUSE ($) | TERMINATION ON DISABILITY ($) | TERMINATION ON DEATH ($) | TERMINATION BY EMPLOYEE FOR GOOD REASON ($) | TERMINATION BY EMPLOYEE WITHOUT GOOD REASON ($) | TERMINATION IN CONNECTION WITH CHANGE IN CONTROL ($) | | Cash Severance(1) | — | 2,553,600 | 2,553,600 | 2,553,600 | 2,553,600 | — | 2,553,600 | | RSU Awards(2) | — | 1,813,047 | 1,813,047 | 1,813,047 | 1,813,047 | — | 1,813,047 | | PSU Awards(3) | — | 2,122,733 | 2,122,733 | 2,122,733 | 2,122,733 | — | 2,122,733 | | Health and Welfare Benefits(4) | — | 31,190 | 31,190 | — | 31,190 | — | 31,190 | | TOTAL | — | 6,520,570 | 6,520,570 | 6,489,380 | 6,520,570 | — | 6,520,570 |

  58. Mary Anne Whitney, Executive Vice President and Chief Financial Officer

    (1) Reflects an amount equal to the sum of (i) 2.99x of Ms. Whitney’s then-current base salary; and (ii) Ms. Whitney’s target bonus for the year in which the termination occurs, which was 100% of her base salary at the time of the assumed termination. (2) Reflects the immediate vesting of all of Ms. Whitney’s outstanding but unvested RSUs as of the date of termination. (3) Reflects the immediate vesting of all of Ms. Whitney’s outstanding but unvested PSUs as of the date of termination, with performance deemed to have been achieved at the target level for the related award. (4) Reflects the NEO Health Insurance Benefit.

  59. Patrick J. Shea, Executive Vice President, General Counsel and Secretary

    | | TERMINATION FOR CAUSE ($) | TERMINATION WITHOUT CAUSE ($) | TERMINATION ON DISABILITY ($) | TERMINATION ON DEATH ($) | TERMINATION BY EMPLOYEE FOR GOOD REASON ($) | TERMINATION BY EMPLOYEE WITHOUT GOOD REASON ($) | TERMINATION IN CONNECTION WITH CHANGE IN CONTROL ($) | | Cash Severance(1) | — | 2,250,360 | 2,250,360 | 2,250,360 | 2,250,360 | — | 2,250,360 | | RSU Awards(2) | — | 1,612,260 | 1,612,260 | 1,612,260 | 1,612,260 | — | 1,612,260 | | PSU Awards(3) | — | 1,896,518 | 1,896,518 | 1,896,518 | 1,896,518 | — | 1,896,518 | | Health and Welfare Benefits(4) | — | 46,971 | 46,971 | — | 46,971 | — | 46,971 | | TOTAL | — | 5,806,109 | 5,806,109 | 5,759,138 | 5,806,109 | — | 5,806,109 |

  60. Patrick J. Shea, Executive Vice President, General Counsel and Secretary

    (1) Reflects an amount equal to the sum of (i) 2.99x of Mr. Shea’s then-current base salary; and (ii) Mr. Shea’s target bonus for the year in which the termination occurs, which was 100% of his base salary at the time of the assumed termination. (2) Reflects the immediate vesting of all of Mr. Shea’s outstanding but unvested RSUs as of the date of termination. (3) Reflects the immediate vesting of all of Mr. Shea’s outstanding but unvested PSUs as of the date of termination, with performance deemed to have been achieved at the target level for the related award.

  61. James M. Little, Executive Vice President — Engineering and Disposal

    | | TERMINATION FOR CAUSE ($) | TERMINATION WITHOUT CAUSE ($) | TERMINATION ON DISABILITY ($) | TERMINATION ON DEATH ($) | TERMINATION BY EMPLOYEE FOR GOOD REASON ($) | TERMINATION BY EMPLOYEE WITHOUT GOOD REASON ($) | TERMINATION IN CONNECTION WITH CHANGE IN CONTROL ($) | | Cash Severance(1) | — | 2,066,820 | 2,066,820 | 2,066,820 | 2,066,820 | — | 2,066,820 | | RSU Awards(2) | — | 1,487,930 | 1,487,930 | 1,487,930 | 1,487,930 | — | 1,487,930 | | PSU Awards(3) | — | 1,731,329 | 1,731,329 | 1,731,329 | 1,731,329 | — | 1,731,329 | | Health and Welfare Benefits(4) | — | 46,971 | 46,971 | — | 46,971 | — | 46,971 | | TOTAL | — | 5,333,050 | 5,333,050 | 5,286,079 | 5,333,050 | — | 5,333,050 |

  62. James M. Little, Executive Vice President — Engineering and Disposal

    (1) Reflects an amount equal to the sum of (i) 2.99x of Mr. Little’s then-current base salary; and (ii) Mr. Little’s target bonus for the year in which the termination occurs, which was 100% of his base salary at the time of the assumed termination. (2) Reflects the immediate vesting of all of Mr. Little’s outstanding but unvested RSUs as of the date of termination. (3) Reflects the immediate vesting of all of Mr. Little’s outstanding but unvested PSUs as of the date of termination, with performance deemed to have been achieved at the target level for the related award. (4) Reflects the NEO Health Insurance Benefit.

  63. Domenico D. “Dan” Pio, Senior Vice President — Operations(1)

    (1) Mr. Pio receives his cash compensation in Canadian currency, and his equity incentive awards vest in Common Shares traded on the TSX and are thus valued in Canadian currency. For purposes of this presentation, Canadian dollar amounts have been converted to U.S. dollars based on the Bank of Canada average rate of exchange for the period from January 1, 2025 to December 31, 2025, CAD$1.00 = US$0.7154. (2) Note that in the event of a termination for cause that is not also a reason for termination under the ESA, Mr. Pio would receive additional wages, benefits, payments and entitlements required to be provided under the ESA. (3) Reflects an amount equal to the sum of (i) Mr. Pio’s then-current base salary; and (ii) Mr. Pio’s target bonus for the year in which the termination occurs, which was 80% of his base salary at the time of the assumed termination. These amounts will be paid over a 12 month period in accordance with our normal payroll practices, except that they will be paid in a lump sum in the event of a termination in connection with a change in control. (4) Reflects the immediate vesting of all of Mr. Pio’s outstanding but unvested RSUs as of the date of termination. (5) Reflects the immediate vesting of all of Mr. Pio’s outstanding but unvested PSUs as of the date of termination, with performance deemed to have been achieved at the target level for the related award. (6) Reflects an amount equal to the Pio Health Insurance Benefit. Reflects an amount associated with career counseling and resume development.

  64. CEO Pay Ratio

    CEO Pay Ratio As required by Section 953(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(u) of Regulation S-K, we are providing the following information about the ratio of the annual total compensation, calculated in accordance with the requirements of Item 402(c)(2)(x) of Regulation S-K (the “Annual Total Compensation”) of our median employee and the Annual Total Compensation of our President and CEO, Mr. Mittelstaedt. For 2025, our last completed fiscal year, Mr. Mittelstaedt’s 2025 Annual Total Compensation was $9,757,565, as reflected in the Summary Compensation Table included in this Proxy Statement. Our median employee was determined in accordance with the methodology described below to be a sales representative whose annual total compensation for 2025 was $74,945. The resulting ratio of our CEO’s pay to the pay of our median employee is approximately 130 to 1. As of December 31, 2025, our employee population consisted of 24,214 active employees, 11,347 of whom are commercial truck drivers and 2,020 of whom are mechanics. There were 20,471 employees located in the United States and 3,743 employees located in Canada. We applied a Canadian dollar to U.S. dollar exchange rate to the compensation paid in Canadian dollars based on the average exchange rate in 2025. We determined our median employee by examining 2025 W-2 box 5 amounts and foreign equivalent taxable income amounts for all of our full time and part time employees, excluding our CEO, who were employed by us on December 31, 2025. We did not include those employees on leave as of December 31, 2025. In addition, we did not include temporary agency employees whose compensation is determined by the agency and who are not considered our employees for purposes of the pay ratio calculation. The pay ratio reported above is a reasonable estimate calculated in a manner consistent with SEC rules, based on our internal records and the methodology described above. The SEC rules for identifying the median compensated employee allow companies to adopt a variety of methodologies, to apply certain exclusions and to make reasonable estimates and assumptions that reflect their employee populations and compensation practices. Accordingly, the pay ratio reported by other companies may not be comparable to the pay ratio reported above, as other companies have different employee populations and compensation practices and may use different methodologies, exclusions, estimates and assumptions in calculating their own pay ratios.

  65. Pay Versus Performance

    Pay Versus Performance As required by Section 953(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act, and Item 402(v) of Regulation S-K, presented below is the following information about the relationship between executive “compensation actually paid,” as calculated pursuant to SEC rules, and certain financial performance of the Company. The “compensation actually paid” data reflected in the table below, which make various adjustments to the amounts reported in our Summary Compensation Table, may not reflect amounts actually realized by our NEOs. For further information concerning the Company’s pay-for-performance philosophy and how the Company aligns executive compensation with the Company’s performance, refer to “Executive Compensation — Compensation Discussion and Analysis.”

  66. Pay Versus Performance Table

    Pay Versus Performance Table

  67. Pay Versus Performance Table

    | YEAR | SUMMARY COMPENSATION TABLE TOTAL FOR CURRENT CEO ($) | COMPENSATION ACTUALLY PAID TO CURRENT CEO ($)(1) | SUMMARY COMPENSATION TABLE TOTAL FOR FORMER CEO ($) | COMPENSATION ACTUALLY PAID TO FORMER CEO ($)(1) | AVERAGE SUMMARY COMPENSATION TABLE TOTAL FOR NON-CEO NEOS ($) | AVERAGE COMPENSATION ACTUALLY PAID TO NON-CEO NEOS ($)(1) | VALUE OF INITIAL FIXED $100 INVESTMENT BASED ON: | | COMPANY NET INCOME (IN MILLIONS) ($)(3) | COMPANY ADJUSTED EBITDA (IN MILLIONS) ($)(4) | | | | | | | | | COMPANY TOTAL SHAREHOLDER RETURN ($)(2) | PEER GROUP TOTAL SHAREHOLDER RETURN ($)(2) | | | | 2025 | 9,757,565 | 10,901,916 | — | — | 2,717,573 | 3,155,673 | 177.17 | 195.61 | 1,076.6 | 3,124.6 | | 2024 | 7,276,372 | 8,186,468 | — | — | 2,379,877 | 3,093,749 | 172.14 | 185.73 | 617.6 | 2,901.9 | | 2023 | 5,755,052 | 6,859,562 | 6,297,261 | 6,322,894 | 2,402,293 | 3,546,176 | 148.75 | 155.77 | 762.8 | 2,523.0 | | 2022 | — | — | 6,970,037 | 7,196,745 | 2,422,886 | 2,465,921 | 131.09 | 132.24 | 835.7 | 2,220.7 | | 2021 | — | — | 7,283,867 | 12,134,338 | 2,701,713 | 4,321,291 | 133.80 | 139.79 | 618.0 | 1,919.2 |

  68. Pay Versus Performance Table

    Amounts represent compensation actually paid to our current President and CEO and former President and CEO and the average compensation actually paid to our remaining NEOs for the relevant fiscal year, as determined under SEC rules. Compensation actually paid to our NEOs represents the “Total” compensation reported in the Summary Compensation Table for the applicable fiscal year, adjusted as follows:

  69. Pay Versus Performance Table

    | | 2025 ($) | 2024 ($) | 2023 ($) | 2022 ($) | 2021 ($) | | Summary Compensation for President and CEO Ronald J. Mittelstaedt(5) | 9,757,565 | 7,276,372 | 5,755,052 | — | — | | Deduction for Amounts Reported under the “Share Awards” and “Option Awards” Columns in the Summary Compensation Table | (5,301,060) | (4,179,963) | (2,734,688) | — | — | | Fair Value of Equity Awards Granted during the year that Remain Unvested as of Year-End | 4,917,445 | 4,272,342 | 3,461,944 | — | — | | Fair Value of Equity Awards Granted during year that Vested during the year | — | — | — | — | — | | Change in Fair Value of Awards Granted in Prior Years that were Unvested as of Year-End | 1,246,806 | 613,050 | 215,703 | — | — | | Change in Fair Value of Awards Granted in Prior Years that Vested during the year | 213,536 | 170,346 | 134,740 | — | — | | Change in Fair Value of Awards that were Forfeited during the year | — | — | — | — | — | | Change in Dividends or Dividend Equivalents as of Year-End | 67,624 | 34,321 | 26,810 | — | — | | Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table | — | — | — | — | — | | Compensation Actually Paid for President and CEO Ronald J. Mittelstaedt | 10,901,916 | 8,186,468 | 6,859,562 | — | — |

  70. Pay Versus Performance Table

    | | 2025 ($) | 2024 ($) | 2023 ($) | 2022 ($) | 2021 ($) | | Summary Compensation for Former President and CEO Worthing F. Jackman | — | — | 6,297,261 | 6,970,037 | 7,283,867 | | Deduction for Amounts Reported under the “Share Awards” and “Option Awards” Columns in the Summary Compensation Table | — | — | (4,179,938) | (4,260,047) | (3,723,139) | | Fair Value of Equity Awards Granted during the year that Remain Unvested as of Year-End | — | — | — | 5,133,731 | 6,608,795 | | Fair Value of Equity Awards Granted during year that Vested during the year | — | — | 4,456,021 | — | — | | Change in Fair Value of Awards Granted in Prior Years that were Unvested as of Year-End | — | — | — | (497,785) | 1,954,779 | | Change in Fair Value of Awards Granted in Prior Years that Vested during the year | — | — | (250,450) | (207,460) | (34,004) | | Change in Fair Value of Awards that were Forfeited during the year | — | — | — | — | — | | Change in Dividends or Dividend Equivalents as of Year-End | — | — | — | 58,269 | 44,040 | | Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table | — | — | — | — | — | | Compensation Actually Paid for Former President and CEO Worthing F. Jackman | — | — | 6,322,894 | 7,196,745 | 12,134,338 |

  71. Pay Versus Performance Table

    (2) Based on initial investment of $100 and a cumulative Total Shareholder Return of the Company and the Dow Jones U.S. Waste & Disposal Services Index. (3) All references to “Net income” in this Proxy Statement refer to the financial statement line item “Net income attributable to Waste Connections”. (4) Adjusted EBITDA is a non-GAAP measure. This section should be read in conjunction with information presented in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, under the heading “Non-GAAP Financial Measures”, which includes a reconciliation of the non-GAAP financial measures used in this Proxy Statement to GAAP financial measures. On April 23, 2023, Mr. Mittelstaedt was appointed President and Chief Executive Officer. As a result, 2023 was Mr. Mittelstaedt’s first year as CEO during the periods listed.

  72. Pay Versus Performance Table

    | | 2025(7) ($) | 2024 ($) | 2023 ($) | 2022 ($) | 2021 ($) | | Average Summary Compensation for NEOs(6) | 2,717,573 | 2,379,877 | 2,402,293 | 2,422,886 | 2,701,713 | | Deduction for Amounts Reported under the “Share Awards” and “Option Awards” Columns in the Summary Compensation Table | (1,208,607) | (1,185,498) | (1,141,895) | (1,322,500) | (1,230,434) | | Fair Value of Equity Awards Granted during the year that Remain Unvested as of Year-End | 1,114,195 | 1,211,655 | 1,721,885 | 1,593,722 | 2,184,095 | | Fair Value of Equity Awards Granted during year that Vested during the year | — | — | — | — | — | | Change in Fair Value of Awards Granted in Prior Years that were Unvested as of Year-End | 322,402 | 463,397 | 321,529 | (164,583) | 667,336 | | Change in Fair Value of Awards Granted in Prior Years that Vested during the year | 177,615 | 205,529 | 215,552 | (82,322) | (15,869) | | Change in Fair Value of Awards that were Forfeited during the year | — | — | — | — | — | | Change in Dividends or Dividend Equivalents as of Year-End | 32,494 | 18,789 | 26,811 | 18,717 | 14,450 | | Deduction for Change in the Actuarial Present Values reported under the “Change in Pension Value and Nonqualified Deferred Compensation Earnings” Column of the Summary Compensation Table | — | — | — | — | — | | Average Compensation Actually Paid for NEOs | 3,155,673 | 3,093,749 | 3,546,176 | 2,465,921 | 4,321,291 |

  73. Pay Versus Performance Table

    (6) For 2021 through 2024, the NEOs, other than the CEO, included in these tables consisted of Mary Anne Whitney, Darrell W. Chambliss (our former Executive Vice President and Chief Operating Officer), Patrick J. Shea and James M. Little. For 2025, the NEOs, other than the CEO, included in these tables consisted of Mary Anne Whitney, Patrick J. Shea, James M. Little and Domenico D. “Dan” Pio. (7) Mr. Pio receives his compensation in Canadian currency. For purposes of this presentation, Canadian dollar amounts have been converted to U.S. dollars based on the Bank of Canada average rate of exchange for the period from January 1, 2025 to December 31, 2025, CAD$1.00 = US$0.7154.

  74. Pay Versus Performance Tabular List

    Pay Versus Performance Tabular List We believe the following performance measures represent the most important financial performance measures used by us to link compensation actually paid to our NEOs for the fiscal year ended December 31, 2025:

  75. Pay Versus Performance Tabular List

    | Most Important Financial Performance Measures | | Adjusted EBITDA | | Return on Invested Capital (ROIC) | | Free Cash Flow Per Share (FCFPS) | | Operating Income (EBIT) | | Operating Income as a Percentage of Revenue (EBIT Margin) | | Net Cash Provided by Operating Activities as a Percentage of Revenue (CFFO Margin) |

  76. Pay Versus Performance Tabular List

    For additional details regarding our most important financial performance measures, please see the discussion in the Compensation Discussion and Analysis (CD&A) section of this Proxy Statement.

  77. Relationship Between Compensation Actually Paid and Performance Measures

    Relationship Between Compensation Actually Paid and Performance Measures The graphs below compare the compensation actually paid to our CEO and the average of the compensation actually paid to our remaining NEOs, with: • The Company’s cumulative TSR and the Peer Group’s cumulative TSR; • The Company’s Net Income; and • The Company Selected Measure, which is Adjusted EBITDA.

  78. Compensation Actually Paid vs. Total Shareholder Return

    Compensation Actually Paid vs. Total Shareholder Return

  79. Compensation Actually Paid vs. Net Income

    Compensation Actually Paid vs. Net Income

  80. Compensation Actually Paid vs. Adjusted EBITDA

    Compensation Actually Paid vs. Adjusted EBITDA

  81. Indebtedness of Directors and Officers

    Indebtedness of Directors and Officers As of the date of this Proxy Statement, no current or proposed director, NEO or other corporate officer of the Company, or any former director, NEO or other corporate officer of the Company, or any associate of any of the foregoing, is, or has been at any time during 2025, indebted to the Company or its subsidiaries, either in connection with the purchase of securities of the Company or otherwise.

  82. Authority of Administrator

    Authority of Administrator “Administrator” means the entity that conducts the general administration of the Plan as provided in the Plan. With reference to the duties of the Committee under the Plan which have been delegated to one or more persons, or as to which the Board has assumed, the term “Administrator” shall refer to such person(s) unless the Committee or the Board has revoked such delegation, or the Board has terminated the assumption of such duties. Subject to the Company’s By-law No. 1, the Committee’s Charter, the rules of any securities exchange or automated quotation system on which the Common Shares are listed, quoted or traded, any specific designation in the Plan, the Administrator has the exclusive power, authority and sole discretion to: designate eligible individuals to receive awards; determine the type or types of awards to be granted to each eligible individuals; determine the number of awards to be granted and the number of Common Shares to which an award will relate; determine the terms and conditions of any award granted pursuant to the Plan, including, but not limited to, the exercise price, grant price, purchase price, any performance criteria, any restrictions or limitations on the award, any schedule for vesting, lapse of forfeiture restrictions or restrictions on the exercisability of an award, and accelerations or waivers thereof, and any provisions related to non- competition and recapture of gain on an award, based in each case on such considerations as the Administrator in its sole discretion determines; determine whether, to what extent, and pursuant to what circumstances an award may be settled in, or the exercise price of an award may be paid in cash, Common Shares, other awards, or other property, or an award may be canceled, forfeited, or surrendered; prescribe the form of each Award Agreement, which need not be identical for each participant; decide all other matters that must be determined in connection with an award; establish, adopt, or revise any rules and regulations as it may deem necessary or advisable to administer the Plan; interpret the terms of, and any matter arising pursuant to, the Plan, any Program or any Award Agreement; make all other decisions and determinations that may be required pursuant to the Plan or as the Administrator deems necessary or advisable to administer the Plan; and accelerate wholly or partially the vesting or lapse of restrictions of any award or portion thereof at any time after the grant of an award, subject to whatever terms and conditions it selects and the Plan.

  83. Voluntary Electronic Delivery of Proxy Materials

    | AT WASTE CONNECTIONS, ENVIRONMENTAL STEWARDSHIP THROUGH SUSTAINABILITY INITIATIVES IS INTEGRAL TO AND CONSISTENT WITH OUR STRATEGY AND FOCUS ON LONG-TERM VALUE CREATION FOR OUR SHAREHOLDERS. We encourage our shareholders to receive distributions of our Annual Report and Proxy Statement by electronic delivery, to help contribute to our sustainability efforts. Electronic delivery offers many benefits and convenience, including: • Quickest delivery of the proxy statement, annual report, and related materials to shareholders; • Convenient online voting, available 24 hours a day; • Reduced environmental impact; • Reduced printing and mailing expense; and • The ability to change your preference at any time. HOW TO ENROLL For Shareholders of Record (i.e., if your Common Shares are registered directly in your name with Computershare Investor Services Inc.): • Please visit www.proxyvote.com. When prompted, indicate that you agree to receive or access proxy materials electronically in the future. For Beneficial Owners (i.e., if your shares are held in “street name” in an account at a brokerage firm, bank, broker-dealer or other similar organization): • Follow the instructions provided by your broker, bank or other intermediary to opt into electronic delivery. | |