PureCycle appoints Dustin Olson CEO, Dan Coombs Executive Chairman after Otworth resignation

PureCycle Technologies, Inc.

Michael Otworth resigns as Chairman and CEO effective Aug 5, 2022; returns to Innventure; no disagreement cited.
Dustin Olson (current COO & Chief Manufacturing Officer) promoted to CEO; joins Board.
Dan Coombs appointed Executive Chairman for 12-month term; compensation: $450K salary, $225K bonus, $325K RSUs.
Olson's new compensation: base salary $773K, STIP target 100%, equity award $1.65M (50% PSUs/50% RSUs).
Otworth receives base salary through Aug 5, $500K partial STIP payout, forfeits unvested equity.

item 5.02 item 9.01

Executive movements

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Appointed

Dustin Olson

Chief Executive Officer

PCT · PureCycle Technologies, Inc.

Effective: 2022-08-05
Filed: June 30, 2022, 7:59 PM ET

the Board has appointed Dustin Olson as the Company’s Chief Executive Officer (“CEO”) as of the Effective Date.

Departed

Michael Otworth

Chairman of the Board and Chief Executive Officer

PCT · PureCycle Technologies, Inc.

Effective: 2022-08-05
Successor: Dustin Olson
Filed: June 30, 2022, 7:59 PM ET

On June 24, 2022, Michael Otworth notified the Board of Directors (“Board”) of PureCycle Technologies, Inc. (the “Company’) of his decision to resign as Chairman of the Board and Chief Executive Officer of the Company effective August 5, 2022 (“Effective Date”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Dustin Olson was appointed as Chief Executive Officer at PureCycle Technologies, Inc..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

the Board has appointed Dustin Olson as the Company’s Chief Executive Officer (“CEO”) as of the Effective Date.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Michael Otworth resigned as Chairman of the Board and Chief Executive Officer at PureCycle Technologies, Inc..

Action: resigned
Role: Chairman of the Board and Chief Executive Officer

Exact text from the filing

On June 24, 2022, Michael Otworth notified the Board of Directors (“Board”) of PureCycle Technologies, Inc. (the “Company’) of his decision to resign as Chairman of the Board and Chief Executive Officer of the Company effective August 5, 2022 (“Effective Date”).

View on SEC.gov

PureCycle Technologies, Inc. filing history →

Source: SEC EDGAR

accession 0001830033-22-000040

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