Michael W. Ranger - Nov 30, 2021 Form 4 Insider Report for COVANTA HOLDING CORP (CVA)

Role
President and CEO
Signature
/s/ Michael W. Ranger
Stock symbol
CVA
Transactions as of
Nov 30, 2021
Transactions value $
-$12,630,000
Form type
4
Date filed
12/1/2021, 03:18 PM
Previous filing
Oct 1, 2021
Next filing
Jan 3, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CVA Common Stock, $.10 par value Disposed to Issuer -40K -100% 0 Nov 30, 2021 Direct F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction CVA Option to purchase common stock (right to buy) Disposed to Issuer -$12.6M -1M -100% $12.63 0 Nov 30, 2021 Common Stock, $.10 par value 1M $7.62 Direct F2, F3
transaction CVA Restricted Stock Units Disposed to Issuer -57.7K -100% 0 Nov 30, 2021 Common Stock, $.10 par value 57.7K Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Michael W. Ranger is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Pursuant to the merger agreement between EQT Infrastructure and the Issuer, effective as of the date of the merger these shares of the Issuer's common stock were canceled and converted into the right to receive $20.25 in cash per share (the "Merger Consideration").
F2 The stock options which provided for vesting in equal installments over three years beginning October 29, 2021, were canceled in the merger in exchange for a cash payment of $12,630,000, representing the difference between the exercise price of the option and the Merger Consideration.
F3 The stock options expire three years after vesting.
F4 The restricted stock units were canceled in the merger and converted into the right to receive a cash payment equal to the product of (i) the total number of shares of the Issuer's common stock underlying the restricted stock units multiplied by (ii) the Merger Consideration.