Form 4: Clean Harbors Director Alison Quirk Receives Restricted Stock Award

Clean Harbors, Inc. Director Alison A. Quirk was granted 789 shares of restricted common stock, vesting upon the next annual shareholders' meeting, as part of her compensation.

Summary

• Alison A. Quirk, a Director of Clean Harbors, Inc. (CLH), was awarded 789 shares of common stock.
• The transaction occurred on May 21, 2025, and was an acquisition (A) of securities.
• The shares were awarded at a price of $0, indicating a grant rather than a purchase.
• Following this transaction, Ms. Quirk beneficially owns a total of 3,871 shares of Clean Harbors common stock.
• The awarded restricted stock will vest 100% on the date of the next annual meeting of shareholders.

Sentiment

Score: 5

Explanation: The document reports a routine insider transaction (restricted stock award) which is neutral in sentiment. It's a standard compensation event and does not indicate significant positive or negative operational or financial news.

Positives

• The award of restricted stock aligns the director's interests with those of shareholders, as the value of the award is tied to the company's stock performance.
• It represents a standard compensation practice for non-employee directors, indicating continuity in corporate governance and compensation policies.

Negatives

• The issuance of new shares, even for compensation, can result in minor dilution for existing shareholders, though the amount in this instance is negligible.

Risks

• The value of the restricted stock award is subject to market fluctuations of Clean Harbors' common stock, meaning the ultimate value realized by the director could be lower than the grant-date value if the stock price declines.

Future Outlook

The restricted stock award is set to vest 100% upon the date of the next annual meeting of shareholders, indicating a future milestone for the full realization of the award.

Industry Context

This Form 4 filing is a routine disclosure of an insider equity transaction, common across all publicly traded companies as part of director compensation. It does not provide specific insights into broader industry trends for environmental and industrial services, which is Clean Harbors' primary sector.

Comparison to Industry Standards

• The practice of granting restricted stock to non-employee directors is a common compensation method across various industries, including environmental services, aligning director incentives with long-term shareholder value. Companies like Waste Management (WM) and Republic Services (RSG) also utilize equity-based compensation for their directors.
• The grant of 789 shares is a specific compensation amount for a director at Clean Harbors, which would typically be benchmarked against peer companies' director compensation packages to ensure competitiveness and appropriateness, though specific comparative data is not provided in this filing.

Corporate Governance

Related Party Transactions

• The restricted stock award to Director Alison A. Quirk constitutes a related party transaction, as it involves the company providing compensation to a member of its board of directors.

Stakeholder Impact

• Shareholders: Minor, negligible dilution from the issuance of new shares for compensation, but also a positive alignment of director incentives with shareholder interests.
• Director (Alison A. Quirk): Direct benefit through increased equity ownership in the company, subject to vesting conditions.

Next Steps

• The restricted stock awarded to Alison A. Quirk will vest 100% on the date of the next annual meeting of shareholders.

Key Dates

Keywords

Clean Harbors, CLH, SEC Form 4, Insider Transaction, Restricted Stock Award, Director Compensation, Beneficial Ownership, Equity Grant