<SEC-DOCUMENT>0000921895-15-002321.txt : 20151026
<SEC-HEADER>0000921895-15-002321.hdr.sgml : 20151026
<ACCEPTANCE-DATETIME>20151026170726
ACCESSION NUMBER:		0000921895-15-002321
CONFORMED SUBMISSION TYPE:	DFAN14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20151026
DATE AS OF CHANGE:		20151026
EFFECTIVENESS DATE:		20151026

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CASELLA WASTE SYSTEMS INC
		CENTRAL INDEX KEY:			0000911177
		STANDARD INDUSTRIAL CLASSIFICATION:	REFUSE SYSTEMS [4953]
		IRS NUMBER:				030338873
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DFAN14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-23211
		FILM NUMBER:		151175596

	BUSINESS ADDRESS:	
		STREET 1:		25 GREENS HILL ROAD
		CITY:			RUTLAND
		STATE:			VT
		ZIP:			05701
		BUSINESS PHONE:		8027750325

	MAIL ADDRESS:	
		STREET 1:		25 GREENS HILL ROAD
		CITY:			RUTLAND
		STATE:			VT
		ZIP:			05701

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			JCP Investment Management, LLC
		CENTRAL INDEX KEY:			0001461945
		IRS NUMBER:				264654347
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DFAN14A

	BUSINESS ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1650
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
		BUSINESS PHONE:		713-201-6910

	MAIL ADDRESS:	
		STREET 1:		1177 WEST LOOP SOUTH
		STREET 2:		SUITE 1650
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77027
</SEC-HEADER>
<DOCUMENT>
<TYPE>DFAN14A
<SEQUENCE>1
<FILENAME>dfan14a08569015_10262015.htm
<TEXT>
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    <title>dfan14a08569015_10262015.htm</title>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">(Rule 14a-101)</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Filed by the Registrant&#160;&#160;&#160;<font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">o</font></font></font></font></font></font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Filed by a Party other than the Registrant&#160;&#160;&#160;<font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Check the appropriate box:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">o</font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Preliminary Proxy Statement</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Confidential, for Use of the Commission Only (as permitted by Rule14a-6(e)(2))</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings">&#168;</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Definitive Proxy Statement</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Definitive Additional Materials</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">o</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Soliciting Material Under Rule 14a-12</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">CASELLA WASTE SYSTEMS, INC.</font></font></font></font></font></font></font></font></font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP INVESTMENT PARTNERSHIP, LP</font></font></font></font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP INVESTMENT HOLDINGS, LLC</font></font></font></font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP INVESTMENT MANAGEMENT, LLC</font></font></font></font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JAMES C. PAPPAS</font></font></font></font></font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">BRETT W. FRAZIER</font></font></font></font></font></font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Payment of Filing Fee (Check the appropriate box):</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings"><font style="DISPLAY: inline" face="Wingdings">x</font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font></font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;No fee required.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP Investment Management, LLC, together with the other participants named herein (collectively, &#8220;JCP Investment Management&#8221;), has filed a definitive proxy statement with the Securities and Exchange Commission and an accompanying <font style="FONT-WEIGHT: bold; DISPLAY: inline">GOLD</font> proxy card to be used to solicit votes for the election of JCP Investment Management&#8217;s slate of two highly-qualified director nominees to the Board of Directors of Casella Waste Systems, Inc., a Delaware corporation (the &#8220;Company&#8221;), at the Company&#8217;s upcoming 2015 annual meeting of stockholders, or any other meeting of stockholders held in lieu thereof, and any adjournments, postponements, reschedulings or continuations thereof.</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 36pt" align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">On October 26, 2015, JCP Investment Management issued the following press release:</font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">JCP RESPONDS TO ISS RECOMMENDATION REGARDING ELECTION OF DIRECTORS AT UPCOMING CASELLA ANNUAL MEETING</font></font></div>

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<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP believes the Casella Board needs a fresh, shareholder-focused perspective after years of significant value destruction under the leadership of the incumbent Board</font></div>
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<div align="left"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP urges shareholders to follow Glass Lewis&#8217; recommendation by voting on the <font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">GOLD</font><font style="FONT-WEIGHT: bold; DISPLAY: inline">&#160;</font>proxy card <font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">TODAY</font> to elect JCP&#8217;s highly qualified nominees Brett Frazier and James Pappas</font></div>
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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">HOUSTON, TX, October 26, 2015 - JCP Investment Management, LLC (together with its affiliates &#8220;JCP&#8221;), and the other participants in its solicitation, the collective beneficial owners of approximately 5.8% of the outstanding Class A shares of Casella Waste Systems, Inc. (&#8220;Casella&#8221; or the &#8220;Company&#8221;) (NASDAQ:CWST), today responded to Institutional Shareholder Services&#8217; (&#8220;ISS&#8221;) recommendation regarding the election of director candidates to Casella&#8217;s Board of Directors (the &#8220;Board&#8217;) at&#160;&#160;the Company&#8217;s upcoming Annual Meeting to be held on November 6, 2015 (the &#8220;Annual Meeting&#8221;).&#160;&#160;JCP believes ISS has failed to recognize the sense of urgency at Casella and the need for immediate change to the Board.&#160;&#160;JCP therefore strongly urges Casella stockholders to follow the recommendation of Glass, Lewis &amp; Co., LLC (&#8220;Glass Lewis&#8221;), which recommended that Casella stockholders vote on the <font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">GOLD</font> JCP proxy card to elect both of JCP&#8217;s highly-qualified director candidates, Brett W. Frazier and James C. Pappas, at the Annual Meeting.</font></font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#160;</font></div>

<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">James C. Pappas, the Managing Member of JCP, responded to ISS&#8217; report saying, &#8220;The ISS report acknowledged many of the areas of concern JCP has raised. ISS recognized Casella&#8217;s long-term underperformance and poor corporate governance, and even as it credited JCP for recent changes by Casella, ISS acknowledged that challenges remain. However, it is unfortunate that ISS did not recognize the urgency of the need for change on the Board and the apparent inability of the current Board to act in the best interests of Casella stockholders.&#160;&#160;As we have continuously reiterated, we believe a fresh, shareholder-focused perspective is immediately needed on the Board.&#160;&#160;We therefore urge stockholders to follow Glass Lewis&#8217; recommendation by voting the<font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline"> GOLD</font> proxy card today in support of our highly qualified nominees.&#8221;</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">In its report, ISS identified significant concerns at Casella that JCP believes warrant the addition of its two highly-qualified candidates to the Board.&#160;&#160;Specifically, ISS recognized that JCP &#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">is </font><font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">correct in claiming that Casella has materially underperformed its industry peers over a period that even the most patient investor would deem too long</font>&#8221; and that <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">&#8220;[a]llegations that the board may have failed to respond quickly enough are also difficult to dispute.</font>&#8221;&#160;&#160;Further, ISS recognized the need for fresh perspective at the Company:</font></font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">It is worth noting that the company's reconstituted management team, including COO Johnson and CFO Coletta, appears to consist primarily of internal candidates who were promoted from within, as opposed to externally recruited executives. As such, it may be premature to proclaim that this &#8216;new&#8217; team will solve all of the company's challenges or is even capable of overseeing a dramatic change in corporate culture &#8211; particularly given that there has been no change at the CEO level.&#8221;</font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Importantly, ISS assigned the Company a governance QuickScore of &#8220;9&#8221;, the second highest rating possible for a company with a poor corporate governance profile.&#160;&#160;In recognizing the Company&#8217;s governance concerns, ISS stated:</font></font></div>

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<div style="MARGIN-LEFT: 36pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">&#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">The board has not addressed numerous unfortunate provisions of the company's governance profile, including a classified board, a plurality vote standard, and supermajority vote requirements. Shareholders do not have the ability to call special meetings or to act by written consent. The company's dual class structure provides the Chairman/CEO and his brother voting power well in excess of their economic stake.&#8221;</font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP is also pleased that ISS supports its belief that the Company faces significant obstacles.&#160;&#160;Specifically, ISS stated that <font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">&#8220;[s]everal challenges remain, as the dissidents have noted, and investors may understandably wish to see the durability of recent improvements demonstrated over a longer period before fully buying into the turnaround story.&#8221;</font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Notably, ISS credited JCP for helping the Company focus its efforts on the qualifications of its director nominees and recognized the qualifications of JCP nominee Brett W. Frazier, stating that Mr. Frazier &#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">could arguably provide more meaningful input than certain members of the current board</font>&#8221; and &#8220;<font style="FONT-WEIGHT: bold; FONT-STYLE: italic; DISPLAY: inline">seems to be a well-qualified candidate, and his industry experience and understanding of the company's challenges would appear to outweigh any concerns regarding his lack of public board experience.&#8221;</font></font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">Although ISS highlighted significant concerns at Casella, JCP believes it has failed to recognize the need for immediate Board change at the Company.&#160;&#160;JCP therefore urges Casella stockholders to follow Glass Lewis&#8217; recommendation by voting on the <font style="FONT-WEIGHT: bold; TEXT-DECORATION: underline; DISPLAY: inline">GOLD</font> JCP proxy card to elect both of JCP&#8217;s highly-qualified director candidates, Brett W. Frazier and James C. Pappas, at the Annual Meeting.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">CASELLA SHAREHOLDERS, THE TIME FOR ACTION IS NOW. VOTE YOUR <font style="TEXT-DECORATION: underline; DISPLAY: inline">GOLD</font> JCP PROXY CARD FOR BOTH OF THE JCP NOMINEES TODAY.</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="center"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; FONT-WEIGHT: bold; DISPLAY: inline">If you have any questions, or require assistance with your vote, please call InvestorCom, Inc., toll- free at (877) 972-0090 or direct at (203) 972-9300</font></font></div>

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<div style="MARGIN-LEFT: 0pt; DISPLAY: block; MARGIN-RIGHT: 0pt; TEXT-INDENT: 0pt" align="justify"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline"><font style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; DISPLAY: inline">JCP Investment Management, LLC is an investment firm headquartered in Houston, TX that engages in value-based investing across the capital structure.&#160;&#160;JCP follows an opportunistic approach to investing across different equity, credit and distressed securities largely in North America.</font></font></div>

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