We are also party to two real estate leases with Casella Associates, LLP, a Vermont
limited liability company owned by Messrs. John Casella and Douglas Casella. These leases relate to our corporate headquarters in Rutland, Vermont, and our Montpelier, Vermont facility, and provide for aggregate monthly payments by us of $27,916,
subject to an annual escalation provision based on increases in the consumer price index, through their expiration in April 2018. These leases include a five year lessee renewal option with terms consistent with the current leases.
From 1977 to 1992, we operated an unlined landfill located in Whitehall, New York, owned by Bola, Inc., a corporation owned by Messrs.
John Casella and Douglas Casella, which operated as a single-purpose real estate holding company. We paid the cost of closing this landfill in 1992, and have agreed to pay all post-closure obligations. From January 1, 2017 to December 31,
2017, we paid an aggregate of $27,400 pursuant to this arrangement. As of December 31, 2017, we had accrued $60,365 for costs related to those post-closure obligations.
In connection with Mr. Douglas Casellas service as President of Casella Waste Management, Inc., our wholly-owned subsidiary, in fiscal 2017 we granted Mr. Douglas Casella a restricted
stock unit award with a grant date fair value of $120,619 and paid $8,883 for life insurance premiums.
Michael Casella, the
son of Mr. John Casella, is employed by the Company as a general manager. From January 1, 2017 through December 31, 2017, Mr. Michael Casella earned $165,627 as salary, bonus, and other benefits related to his employment and
received a restricted stock unit award with a grant date fair value of $8,001.
Elizabeth Casella, the daughter of
Mr. John Casella, is employed by the Company as Director, Solutions Development & Coordination. From January 1, 2017 through December 31, 2017, Ms. Casella earned $142,361 as salary, bonus, and other benefits
related to her employment and received a restricted stock unit award with a grant date fair value of $9,998.
We have entered
into employment agreements with certain of our officers. See Executive and Director Compensation and Related Matters Potential Payments Upon Termination or Change of Control Employment Agreements.
Communicating with the Independent Directors
Our Board will give appropriate attention to written communications that are submitted by stockholders, and will respond if and as appropriate. Our Lead Director, with the assistance of our Chief
Financial Officer and General Counsel, is primarily responsible for monitoring communications from stockholders and for providing copies or summaries to the other directors as he considers appropriate.
Communications are forwarded to all directors if they relate to important substantive matters and include suggestions or comments that
our Lead Director considers to be important for the directors to know. In general, communications relating to corporate governance and long-term corporate strategy are more likely to be forwarded than communications relating to ordinary business
affairs, personal grievances and matters as to which we receive repetitive or duplicative communications.
Stockholders who
wish to send communications on any topic to our Board should address such communications to: Board of Directors, Attn: Corporate Secretary, Casella Waste Systems, Inc., 25 Greens Hill Lane, Rutland, Vermont 05701.
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