Form 4: Clean Harbors Co-CEO Battles Reports Stock Transactions

Clean Harbors Co-CEO Michael Battles reported the forfeiture of restricted stock due to unmet performance targets and the disposal of shares for tax obligations.

Summary

• Michael Louis Battles, Co-CEO and Director of Clean Harbors Inc. (CLH), reported two transactions involving common stock on March 13, 2026.
• 1,148 shares of common stock were disposed of at a price of $288.93 per share to cover tax liabilities related to the vesting of securities.
• An additional 2,166 shares of restricted stock were forfeited because the company did not achieve performance targets under its Long Term Equity Incentive Program.
• Following these transactions, Michael Battles beneficially owns 95,387 shares of Clean Harbors common stock directly, which includes 15 shares acquired under the Clean Harbors Employee Stock Purchase Plan.

Sentiment

Score: 3

Explanation: StockSavvy.ai views this filing with a negative sentiment due to the forfeiture of a significant number of restricted shares by a Co-CEO, explicitly attributed to the company not meeting performance targets. This raises concerns about internal operational execution, despite the routine nature of the tax-related share disposal.

Negatives

• 2,166 shares of restricted stock were forfeited due to the company not achieving performance targets under its Long Term Equity Incentive Program.

Risks

• The forfeiture of restricted stock due to unmet performance targets suggests potential challenges in achieving internal operational or financial goals, which could impact future company performance.

Future Outlook

The filing does not contain explicit forward-looking statements or guidance regarding the company's future performance or outlook.

Industry Context

StockSavvy.ai notes that insider transactions, particularly those involving forfeiture due to unmet performance targets, can be a signal for investors to scrutinize the company's operational execution and the effectiveness of its executive incentive programs. While routine tax-related disposals are common, performance-based forfeitures warrant closer attention to broader industry trends and competitive positioning.

Stakeholder Impact

• Shareholders may view the forfeiture of restricted stock due to unmet performance targets as a negative indicator regarding the company's operational performance or the effectiveness of its incentive structures.

Key Dates

Recommendation

The forfeiture of restricted stock by a Co-CEO due to unmet performance targets is a notable negative signal, suggesting potential challenges in achieving internal goals. However, without broader context on the specific performance targets missed or the overall company's financial health, a 'hold' recommendation is prudent. Investors should monitor upcoming earnings reports and management commentary for further insights into the company's operational performance and future outlook before making a definitive investment decision. The tax-related disposal is a routine event and not a concern.

Keywords

CLH, Clean Harbors, Form 4, Insider Transaction, Executive Compensation, Stock Forfeiture, Performance Targets, Equity Incentive Program