Company: CLH
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000822818-25-000011
Chunk: 43

Company: CLEAN HARBORS INC
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 43
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 is long-term equity incentives designed to align the interests of participants with those of the Company’s shareholders and encourage retention of senior executives. All of the equity incentives provided have been in two forms: (i) performance-based restricted shares (“performance shares”), which are earned and become eligible to vest (subject to continued employment) only if the Company satisfies certain predetermined objective performance goals approved by the C&HC Committee prior to the grant date and (ii) time-vesting restricted shares (“time-vesting shares”) which vest only if the recipient remains employed by the Company through certain specified future dates and which therefore serve as a retention incentive as well as increasing the respective ownership interest of the recipients in the Company during such vesting period. The C&HC Committee granted the 2024 equity awards to Mr. Battles and Mr. Gerstenberg consistent with their offer letters associated with their appointments as the Co-Chief Executive Officers

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of the Company. In 2025, the C&HC Committee, guided by Meridian and with final approval from the Board of Directors, revised the Co-CEOs’ equity award allocation to increase the performance-conditioned portion of the Co-CEOs’ equity awards. All of the equity grants in 2024 were granted under the Company’s 2020 Stock Incentive Plan, which was approved by the Company’s shareholders at the 2020 annual meeting.

Performance Shares

The C&HC Committee grants performance shares as a form of long-term equity incentive with performance goals as described below and additional vesting requirements based on continued employment. In 2024, all of the NEOs received such grants other than Mr. McKim, who does not receive equity compensation, and Mr. Diderich, who was not employed by the Company at the time of the 2024 annual grant.

On January 27, 2024, the C&HC Committee established Adjusted EBITDA Margin and Adjusted Return on Invested Capital (“ROIC”) as the two performance goals (weighted 50% each) for the performance shares granted in 2024 (“2024 Performance Awards”). Consistent with prior years, the selection of these two goals was intended to align compensation with achievement of performance metrics that the C&HC Committee believes will drive shareholder value creation. Each metric under the 2024 Performance Award has a target and threshold level as shown in the table below:

| Metric                 |     | Threshold |     | Target |
| Adjusted EBITDA