Clean Harbors CEO sells stock
Clean Harbors, Inc. announced that Alan S. McKim,
the Company’s founder and chief executive officer has established
a prearranged stock trading plan to sell a portion of his Company
stock over time as part of his individual long-term strategy for
asset diversification and liquidity.
Rule 10(b)(5)-1 allows corporate officers and
directors to adopt written, pre-arranged stock trading plans when
they do not have material, non-public information. Using these plans,
insiders can gradually diversify their investment portfolios, can
spread stock trades out over an extended period of time to reduce
any market impact, and can avoid concerns about whether they had
material, non-public information when they sold their stock.
McKim may sell up to 600,000 shares of stock through
December 31, 2006. Stock being sold by McKim was originally issued
to him by the Company in 1980. If McKim sells all of the shares
in the plan, he will continue to own more than three million shares
of company common stock.