Quarterly report pursuant to Section 13 or 15(d)

SUBSEQUENT EVENTS

v3.21.2
SUBSEQUENT EVENTS
6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
In connection with the preparation of the condensed consolidated interim financial statements for the period ended June 30, 2021, management has evaluated events through August 12, 2021 to determine whether any events required recognition or disclosure in the condensed consolidated interim financial statements. The following subsequent events were identified through the date of these condensed consolidated interim financial statements:

On July 8, 2021, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of the Company and, solely as it relates to the principal executive officer, the Board, approved an annual short-term cash incentive program for fiscal 2021 (the “STIP”) and a long-term equity-based incentive program for fiscal 2021 (the “LTIP”), including awards to the Company’s principal executive officer, principal financial officer and other named executive officer (the “Named Executives”) thereunder. On July 8, 2021, PCT issued 2.6 million RSU and performance share awards to employees of the Company under these programs. On August 11, 2021, the Board approved the issuance of 38 thousand RSU awards to the non-employee members of the Board.
On July 29, 2021, PCT reached an agreement with The Augusta Economic Development Authority to build its first U.S. cluster facility — The Augusta Facility — to produce UPRP from waste polypropylene. PCT expects the approximately 200-acre location in Augusta Corporate Park to ultimately produce up to 650 million pounds/year when fully operational.