X0306 4 2016-09-22 0 0000225648 COVANTA HOLDING CORP CVA 0001221061 RANGER MICHAEL W 366 MADISON AVENUE NEW YORK NY 10017 1 0 0 0 Restricted Stock Units 2016-02-22 4 A 0 2775 0.00 A Common Stock 2775 2775 D Each restricted stock unit represents a contingent right to receive one share of Issuer's common stock. The restricted stock units vest in three equal installments as follows: 925 restricted stock units vest on September 22, 2016; 925 restricted stock units vest on May 5, 2017; and 925 restricted stock units vest on May 5, 2018. The vested restricted stock units will convert into shares of common stock on the date of reporting person's separation from service from the Board of Directors. /s/Michael W. Ranger 2016-09-26