PureCycle CFO Michael Dee to depart Jan 15, 2022; receives $1.225M cash severance, accelerated equity

PureCycle Technologies, Inc.

Separation agreement: $1M lump sum on Dec 31, 2021 plus $225K in 12 monthly installments.
Vesting acceleration: 613,497 stock options, 666,667 restricted shares (half on separation, half on Ironton plant operational date).
Additional benefits: 2021 bonus (actual performance), COBRA reimbursement up to 12 months, $20K attorneys' fees.
Dee remains employee until Jan 15, 2022; reaffirms non-compete/non-solicitation covenants.
CFO replacement Lawrence Somma effective Nov 15, 2021 as previously announced.

item 5.02 item 9.01

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Departed

Michael E. Dee

Chief Financial Officer

PCT · PureCycle Technologies, Inc.

Effective: 2022-01-15
Successor: Lawrence Somma
Filed: December 15, 2021, 6:59 PM ET

Pursuant to the Separation Agreement, Mr. Dee’s last day of employment with the Company will occur January 15, 2022

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Michael E. Dee resigned as Chief Financial Officer at PureCycle Technologies, Inc..

Action: resigned
Role: Chief Financial Officer

Exact text from the filing

Pursuant to the Separation Agreement, Mr. Dee’s last day of employment with the Company will occur January 15, 2022

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PureCycle Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-21-150082

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