Form 4: Clean Harbors EVP Reports Stock Transactions

Clean Harbors EVP Robert W. Harrison reported the disposition of 18 shares for tax purposes and 368 restricted shares due to unmet performance targets.

Summary

• Robert W. Harrison, Executive Vice President of Environmental, Health, and Safety (EHS) at Clean Harbors Inc. (CLH), filed a Statement of Changes in Beneficial Ownership (Form 4).
• On March 13, 2026, Harrison disposed of 18 shares of Common Stock at a price of $288.93 per share to satisfy tax liabilities related to the vesting of securities.
• On the same date, 368 shares of restricted stock were forfeited because Clean Harbors Inc. did not achieve specific performance targets under its Long Term Equity Incentive Program.
• Following these reported transactions, Harrison directly beneficially owns 6,648 shares of Clean Harbors Inc. Common Stock.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as slightly negative due to the forfeiture of a significant number of restricted shares (368) indicating unmet performance targets, although the overall impact on the company's valuation is likely minimal given the small number of shares relative to total outstanding.

Negatives

• The forfeiture of 368 shares of restricted stock indicates that Clean Harbors Inc. did not meet certain 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 operational or financial goals, which could impact future company performance.

Future Outlook

No specific forward-looking statements or guidance are provided in this Form 4 filing.

Industry Context

StockSavvy.ai notes that Form 4 filings are routine disclosures of insider transactions and typically do not provide broad industry context. However, the forfeiture of performance-based restricted stock could signal internal performance challenges, which, if widespread, might reflect broader industry headwinds or company-specific underperformance relative to peers in the environmental and industrial services sector.

Comparison to Industry Standards

• StockSavvy.ai observes that performance-based equity compensation is a common practice across industries, including environmental services. The forfeiture of shares due to unmet targets is a standard outcome when pre-defined metrics are not achieved, aligning with typical corporate governance structures designed to link executive pay to company performance.
• Without specific performance targets or industry benchmarks for Clean Harbors' peers (e.g., Waste Management, Republic Services), a direct comparison of the degree of underperformance is not possible from this filing alone.

Related Party Transactions

• The transactions involve an executive of the company, which is a related party, but these are standard compensation-related transactions rather than unusual dealings.

Stakeholder Impact

• Shareholders: Minor negative signal due to unmet performance targets, but the direct financial impact from these specific transactions is negligible.

Key Dates

Recommendation

The filing details routine insider transactions, including a forfeiture of restricted stock due to unmet performance targets. While the forfeiture is a minor negative signal regarding internal performance, the overall volume of shares is small relative to the company's market capitalization. This Form 4 alone does not provide sufficient information to warrant a change in investment thesis, thus a 'hold' recommendation is appropriate for existing investors.

Keywords

Clean Harbors, CLH, Form 4, insider transaction, executive compensation, restricted stock, performance targets, Robert W. Harrison