Company: CLH
Filing Date: 2025-04-11
Form Type: DEF 14A
Source: 0000822818-25-000011
Chunk: 34

Company: CLEAN HARBORS INC
Filing Date: 2025-04-11
Form: DEF 14A
Chunk 34
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 described below during 2024. The broader responsibilities of the C&HC Committee include periodically reviewing succession planning for key positions and the Company’s human capital management functions policies and strategies including, for example, recruitment, retention, engagement, and talent development.

Near the beginning of each fiscal year, the C&HC Committee works with the Company’s management, including the Co-CEOs and the Chief Human Resources Officer, to establish criteria and performance goals for awards under the MIP and equity incentive plan. The Company-wide goals are linked to that fiscal year’s budget, which was approved by the Board the previous December. Over the course of the year, the C&HC Committee determines whether any adjustments are appropriate in consideration of extraordinary events such as a major acquisition or divestiture, or a change in GAAP.

Following the end of each year, the C&HC Committee determines the extent (if any) to which the performance goals for the year were achieved, the amount (if any) of cash bonuses earned by the Co-CEOs and other executive officers for that year, and the number (if any) of performance-based restricted shares that are earned and become eligible to vest, subject to continued future employment, based on the Company’s performance during the year. The C&HC Committee also considers proposals from the Co-CEOs and Chief Human Resources Officer in connection with determination of compensation for other executive officers.

For 2024, the C&HC Committee established performance goals in January of 2024 using inputs from the 2024 budget, which had been approved by the Board in December 2023. In March 2024, the Company acquired two businesses, Noble and Hepaco, for a combined all-cash purchase price of $460.9 million. Consistent with past practice for years in which significant acquisitions have occurred, the C&HC Committee decided to adjust the overall 2024 financial results for purposes of determining the extent to which the 2024 goals used for calculating the potential cash bonuses and vesting of performance shares have been achieved. The Reconciliation of Actual Results for Annual Incentive Performance Measures in Appendix B includes the details of the adjustments approved by the C&HC Committee to account for these significant events when determining the relative achievement for 2024.

The C&HC Committee approves the annual grant of equity compensation under the Company’s Long Term Equity Incentive Plan (“LTIP”) which typically takes place in early February each year. Additionally, during the year, the C&HC Committee will consider proposals