|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.
The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef