4/A: Clean Harbors' Co-CEO Eric Gerstenberg Reports Changes in Beneficial Ownership
SEC Form 4/A
Eric Gerstenberg, Co-CEO of Clean Harbors, files an amended Form 4 detailing changes in his beneficial ownership of company stock due to restricted stock awards and tax liability payments.
Summary
- On February 1, 2025, Eric Gerstenberg, Co-CEO of Clean Harbors, acquired 11,059 shares of common stock through a restricted stock award.
- These shares vest in four equal installments: 25% on February 1, 2026, 25% on February 1, 2027, 25% on February 1, 2028, and 25% on February 1, 2029.
- Additionally, he acquired 5,325 shares through a performance-based restricted stock award that vests 50% on March 15, 2027, and 50% on March 15, 2028, contingent on achieving specific goals between January 1, 2026, and December 31, 2026.
- Gerstenberg also disposed of 6,624 shares to cover tax liabilities related to the vesting of securities at a price of $233 per share.
- An amendment was made to correct an administrative error related to the number of securities acquired or disposed of.
Sentiment
Score: 6
Explanation: The document is a standard regulatory filing detailing stock transactions. It doesn't contain overtly positive or negative information, but the granting of stock awards is generally viewed as a positive sign of aligning management with shareholder interests.
Positives
- The granting of restricted stock awards and performance-based restricted stock awards to the Co-CEO aligns his interests with the long-term success of the company.
- The vesting schedule of the restricted stock awards encourages long-term commitment from the Co-CEO.
Future Outlook
The document outlines the vesting schedules for restricted stock awards, indicating future dates for potential stock ownership changes.
Industry Context
This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies. It provides transparency to investors regarding the alignment of management's interests with shareholder value.
Comparison to Industry Standards
- Executive compensation packages often include restricted stock awards and performance-based incentives to align management's interests with shareholder value, a common practice among publicly traded companies like Waste Management, Republic Services, and Stericycle.
- Vesting schedules for restricted stock typically range from three to five years, similar to the vesting schedule outlined in this filing.
- The use of performance-based awards is also a standard practice, with metrics often tied to revenue growth, profitability, or other key performance indicators.
Stakeholder Impact
- Shareholders may view the granting of restricted stock awards as a positive sign, aligning management's interests with the company's long-term performance.
- The disposal of shares to cover tax liabilities has a neutral impact on stakeholders.
Key Dates
| Date | Description |
|---|---|
| 02/01/2025 | Date of transaction: Acquisition of common stock through restricted stock award and disposal of shares for tax liability. |
| 02/05/2025 | Date of original filing (amended). |
| 03/18/2025 | Date of signature on the amended form. |
| 02/01/2026 | First vesting date (25%) for the restricted stock award. |
| 1/1/2026 12/31/2026 | Performance period for the performance-based restricted stock award. |
| 02/01/2027 | Second vesting date (25%) for the restricted stock award. |
| 03/15/2027 | First vesting date (50%) for the performance-based restricted stock award. |
| 02/01/2028 | Third vesting date (25%) for the restricted stock award. |
| 03/15/2028 | Second vesting date (50%) for the performance-based restricted stock award. |
| 02/01/2029 | Final vesting date (25%) for the restricted stock award. |
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