Clean Harbors CEO Executes a Variable Prepaid Forward Transaction.Business Editors BRAINTREE, Mass.--(BUSINESS WIRE)--Jan. 6, 2003 Clean Harbors, Inc. ("Clean Harbors") (Nasdaq: CLHB CLHB Cardiff Local Health Board (UK) ), the leading provider of hazardous waste Hazardous waste Any solid, liquid, or gaseous waste materials that, if improperly managed or disposed of, may pose substantial hazards to human health and the environment. Every industrial country in the world has had problems with managing hazardous wastes. and environmental management services throughout North America, announced today that its Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Alan S. McKim, has entered into a "Variable Prepaid Forward" (VPF VPF vascular permeability factor; see vascular endothelial growth factor, under factor. ) transaction with an affiliate of Credit Suisse First Boston/DLJ. The VPF transaction is essentially a tax deferred forward sale of up to 200,000 shares of Clean Harbors common stock, in which Mr. McKim will retain voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. for all the shares during the three year period and can continue to retain a significant future upside interest in a portion of those shares if the stock price continues to move upward over the next three years. Mr. McKim chose a VPF transaction in order to demonstrate his continued confidence in Clean Harbors while permitting him to satisfy some personal obligations. By entering the transaction and demonstrating his confidence in the future upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar of the stock, Mr. McKim will net fewer proceeds than if he sold these shares outright on the open market. Prior to this transaction Mr. McKim owned 4,231,762 shares of Clean Harbors common stock. The VPF involves only a maximum of 200,000 shares, or 4.7% of his Clean Harbors stock. About Clean Harbors, Inc. Clean Harbors, Inc. through its subsidiaries provides a wide range of environmental and waste management services to a diversified customer base including a majority of the Fortune 500 companies, thousands of smaller private entities and numerous governmental agencies. Within its international footprint, Clean Harbors has service and sales offices located in 40 states, six Canadian provinces, Mexico, and Puerto Rico, and operates over 50 waste management facilities strategically located throughout North America. For more information, visit our Website at www.cleanharbors.com. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion