PureCycle awards $1.38M in 2021 bonuses, grants large 2022 equity; Dee ceases as officer

PureCycle Technologies, Inc.

2021 STIP payouts: Otworth $881,250, Dee $299,250, Brenner $199,750; Somma received $0.
Michael Dee no longer serves as an officer; will not receive 2022 STIP or LTIP payments.
2022 STIP target awards: Otworth 100% ($772.5K base), Somma 70% ($500K base), Brenner 50% ($351.9K base).
2022 LTIP grants: Otworth 226,891 RSUs & 226,891 target PSUs; Somma 58,824 RSUs & 58,823 PSUs; Brenner 42,017 each.
2022 STIP objectives include Ironton commissioning, Augusta/Global expansion milestones.

item 5.02 item 9.01

Executive movements

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Departed

Michael Dee

Other Named Officer

PCT · PureCycle Technologies, Inc.

Effective: 2021-11-15
Successor: Lawrence Somma
Filed: March 8, 2022, 6:59 PM ET

In connection with the appointment of Mr. Somma as the Company’s Chief Financial Officer, Mr. Dee no longer serves as an officer of the Company and therefore will not receive any payments under the 2022 STIP or the 2022 LTIP (each as defined below).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Dee resigned as other_named_officer at PureCycle Technologies, Inc..

Action: resigned

Exact text from the filing

In connection with the appointment of Mr. Somma as the Company’s Chief Financial Officer, Mr. Dee no longer serves as an officer of the Company and therefore will not receive any payments under the 2022 STIP or the 2022 LTIP (each as defined below).

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PureCycle Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001830033-22-000005

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