Dustin Olson
PureCycle TechnologiesAbout Dustin Olson
Dustin Olson (48) is Chief Executive Officer of PureCycle Technologies (PCT) since August 9, 2022, and a director; he also serves on the Board’s Operational Excellence Committee and is not an independent director. He holds a B.S. in Chemical Engineering (Univ. of Missouri–Rolla), M.S. in Chemical Engineering (Univ. of Houston), and an MBA (Rice University). The Chair/CEO roles are separated at PCT (non-executive Chair: Dan Coombs; Lead Independent Director: Allen Jacoby), which provides structural balance for a CEO-director dual role .
Company performance during Olson’s tenure highlights early commercialization progress but continued financial pressure.
| Metric | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| PCT TSR (Value of $100 from 3/17/2021) | $33.11 | $23.39 | $14.01 | $35.47 |
| Peer Index TSR (S&P SmallCap 600 Materials) | $102.88 | $96.62 | $115.92 | $138.85 |
| Net Income ($k) | ($77,502) | ($84,746) | ($101,715) | ($289,136) |
| EBITDA ($k) | ($68,569) | ($83,744) | ($64,625) | ($206,239) |
Operationally, PCT reported rising Ironton uptime (67% in Dec-2024), a new max feed rate of 12.5 klbs/hr in Feb-2025, a first major sale (Drake Extrusion), and more than 20 application trials (including with P&G brands and Churchill Container) as it moves toward broader commercialization .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| PureCycle Technologies | CEO | Aug 2022–present | Scaling commercialization; operational oversight; director on OpEx Committee |
| PureCycle Technologies | COO | Mar 2022–Aug 2022 | Operational leadership during commissioning/scale-up |
| PureCycle Technologies | Chief Manufacturing Officer | Jan 2021–Mar 2022 | Manufacturing leadership for Ironton and scale-up plans |
| LyondellBasell | VP, Advanced Polymer Solutions (APAC/MEA/India) | 2018–2020 | P&L and commercial leadership across regions |
| LyondellBasell | Director, PP Compounds (APAC/MEA/India) | 2017–2018 | Product/market responsibility for PP compounds |
| LyondellBasell | Director of Manufacturing (Compounding, Catalyst, Ethanol) – Americas | 2015–2017 | Operations responsibility across businesses in the Americas |
External Roles
No current external public-company directorships disclosed for Olson beyond PCT board service .
Fixed Compensation
| Component | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 571,355 | 758,135 | 773,000; unchanged vs 2023 |
| Target Bonus (% of Salary) | — | — | 100% |
| Actual Annual Bonus ($) | — | 301,470 | 0 (below-threshold performance) |
| Perquisites/Other ($) | 13,204 | 24,195 | 18,715 (401k match, phone, group life) |
Notes: 2024 STI target for Olson was $773,000 (100% of salary); payout was 0% due to Ironton EBITDA underperformance .
Performance Compensation
- Short-Term Incentive (STI) 2024
- Design: 70% Company goals + 30% individual; payout range 0–200% of target .
- Company metric: Ironton EBITDA (facility-level), with threshold/target/max levels; actual result below threshold → 0% payout; individual portion not assessed given company result .
| 2024 STI Metric | Weight | Threshold (50%) | Target (100%) | Max (200%) | Result | Payout |
|---|---|---|---|---|---|---|
| Ironton EBITDA (ex corporate allocation) | 100% of Company component (70% of total) | 3 cumulative months breakeven | 6 months cumulative > $15mm | 6 months cumulative > $30mm | Below threshold | 0% |
- Long-Term Incentive (LTI) Mix and 2024 Grants (Olson)
| LTI Type | Grant Date | Quantity | Exercise/Price | Vesting | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| PSUs (target) | 2/21/2024 | 151,685 | — | Performance period ends 12/31/2026; vest post-certification; payout 50–200% of target | 869,155 |
| RSUs | 2/21/2024 | 303,370 | — | 25% per year over 4 years from grant | 1,738,310 |
| Options (NQ) | 2/21/2024 | 148,351 | $5.73 | Cliff vest 2/21/2027; 10-year term | 674,997 |
- LTI Structure and Outcomes
- 2024 PSU framework: three-year performance on value creation (40%), domestic project growth (30%), and advance growth projects (30%); 50–200% payout range; specifics to be disclosed after the performance period .
- 2022–2024 PSU cycle: Forfeited (0% attained) as product volumes were ~7 MM lbs vs. 350 MM lbs threshold and cumulative EBITDA was negative .
Equity Ownership & Alignment
- Beneficial Ownership (as of 3/21/2025): Olson beneficially owns 1,152,815 shares; less than 1% of outstanding; “to our knowledge, no shares … pledged as security” . Shares outstanding at record date: 179,412,172 .
- Stock Ownership Guidelines: CEO required holding = 4x salary; status “On Track” within five years of appointment .
- Anti-Hedging/Pledging: Policy prohibits hedging and pledging of company stock and related derivatives .
Major unvested/equity positions at 12/31/2024 (selected awards; market value assumes $10.25 close):
| Award | Status/Key Terms | Unvested Units/Shares | Market Value ($) |
|---|---|---|---|
| RSUs (7/8/2021) | 25% annual vest; final 7/8/2025 | 45,153 | 462,818 |
| RSUs (3/2/2022) | 25% annual vest; through 3/2/2026 | 29,412 | 301,473 |
| RSUs (5/20/2022) | 25% annual vest; through 5/20/2026 | 10,883 | 111,551 |
| RSUs (8/5/2022) | 25% annual vest; through 8/5/2026 | 56,666 | 580,827 |
| Options (3/22/2023) | 169,300 unexercisable; vest 3/22/2026; $5.72 strike; expire 2033 | 169,300 | — |
| PSUs (3/22/2023) | Perf. period thru 12/31/2025 (target 65,789) | 65,789 | 674,337 |
| RSUs (3/22/2023) | 25% annual vest; through 3/22/2027 | 197,368 | 2,023,022 |
| Options (2/21/2024) | 148,351 unexercisable; vest 2/21/2027; $5.73 strike; expire 2034 | 148,351 | — |
| PSUs (2/21/2024) | Perf. period thru 12/31/2026 (target 75,843) | 75,843 | 777,391 |
| RSUs (2/21/2024) | 25% annual vest; through 2/21/2028 | 303,370 | 3,109,543 |
Vesting cadence in 2025 includes scheduled RSU tranches on 2/21/2025, 3/22/2025, 5/20/2025, 7/8/2025, and 8/5/2025, subject to continued employment and blackout/insider trading policy constraints .
Employment Terms
- Offer Letter (joining PCT in 2021 as Chief Manufacturing Officer): initial $400,000 base; 20% STI target; relocation reimbursement up to $100,000; anticipated future equity post-Ironton commissioning; later promotions adjusted compensation but base offer letter not reissued .
- Clawbacks: (1) 2021 policy enabling recovery upon willful conduct leading to restatement; (2) 2023 Nasdaq Rule 5608-compliant “no-fault” clawback for Section 16 officers for excess incentive-based pay after restatements (3-year recovery period) .
- Anti-Hedging/Anti-Pledging: prohibitions on short sales, options, hedging transactions, and pledging (including margin accounts) .
- Severance Plan (May 2021):
- Termination without cause/good reason (outside CIC): salary continuation equal to 1x base salary and up to 12 months COBRA reimbursement; pro-rata equity vesting per award terms .
- CIC + termination within 12 months (double-trigger): lump sum 1.5x salary + 1.5x target STI; COBRA reimbursement; full vesting of equity (performance awards at target) .
Potential payments for Olson (assumed termination date 12/31/2024):
- Without cause/good reason (no CIC): Salary $773,000; RSU pro-rata $1,696,221; Options pro-rata $888,680; COBRA $25,594; PSU pro-rata $1,417,373; Total $4,800,869 .
- With CIC (double-trigger): Salary $1,159,500; STI $1,159,500; PSUs $4,891,136; RSUs $6,589,233; Options $3,255,923; COBRA $25,594; Total $17,080,886 .
Board Governance
- Roles: Director; member, Operational Excellence Committee (OpEx) (not independent). Compensation, Audit & Finance, and Nominating & Corporate Governance (N&CG) Committees are fully independent .
- Leadership: Non-executive Chair (Coombs); Lead Independent Director (Jacoby) who presides over executive sessions, leads CEO evaluation, and can call meetings of independent directors .
- Meetings/Attendance/Executive Sessions: Board met 10 times in 2024; all directors attended ≥75% of meetings; independent directors held 4 executive sessions .
- Director Pay and Olson’s Board Service: Executives do not receive additional compensation for Board service (Olson receives none for directorship) .
- Shareholder Rights/Influence: Sylebra Capital has rights to designate up to two directors based on ownership; currently designates two nominees; Pure Crown designates one director under a separate agreement .
Director Compensation (context)
Non-employee director program: $75,000 base cash retainer; additional retainers for leadership/committee roles; annual RSU grant (~$125,000 target); ownership guideline of 4x cash retainer; no tax gross-ups .
Other Directorships & Interlocks
No external public company board roles disclosed for Olson; committee interlocks addressed via independent structure and consultant FW Cook (no conflicts) .
Compensation Structure Analysis
- Pay-for-performance alignment signals:
- 2024 STI paid 0% due to Ironton EBITDA below threshold .
- 2022–2024 PSUs forfeited entirely (0% attainment) given low volumes and negative EBITDA .
- 2024 LTI mix includes significant RSUs (50%), with performance risk via PSUs (25%) and upside via options (25%) .
- Changes and controls:
- STI metric shifted to facility-level Ironton EBITDA for 2024, focusing management on commercialization milestones .
- No tax gross-ups; incentive awards capped at 200% of target; limited perquisites .
- Executive stock ownership guideline for CEO = 4x salary (on-track) .
- Say-on-pay: 77% approval of 2023 NEO compensation at 2024 AGM (monitoring point for investors) .
Risk Indicators & Red Flags
- Financial performance: Persistent negative EBITDA and net losses through 2024 despite operational progress .
- CAP vs TSR optics: 2024 “compensation actually paid” to PEO rose to ~$17.6m driven by equity fair value changes while cumulative TSR since listing remains below sector index, a potential governance focal point for investors .
- Related parties and governance: Significant shareholder Sylebra has board designation rights; committees with decision authority on pay/audit are independent, and anti-hedging/pledging policies and dual clawbacks are in place .
- Insider selling pressure: Multiple RSU tranches vest in 2025 per schedules; sales are constrained by blackout and insider trading policies (no hedging/pledging) .
Equity Ownership & Vesting Schedules (detail)
| Category | Detail |
|---|---|
| Beneficial Ownership | Olson: 1,152,815 shares; <1% of outstanding; no shares pledged (to company knowledge) . Shares outstanding: 179,412,172 (3/21/2025) . |
| Guidelines | CEO ownership guideline 4x salary; on-track to meet within five years . |
| 2025 RSU Vests (scheduled) | 2/21/2025, 3/22/2025, 5/20/2025, 7/8/2025, 8/5/2025, subject to service and trading windows . |
| Options | 169,300 options vest 3/22/2026 @ $5.72; 148,351 options vest 2/21/2027 @ $5.73; 10-year terms . |
Performance & Track Record (qualitative highlights)
- Commercial progress: First meaningful sale (Drake Extrusion), Churchill’s “Run It Back” line with up to 100% PureFive resin, >20 active trials including with P&G brands; Ironton onstream ~67% in December 2024; max feed rate 12.5 klbs/hr in Feb-2025 .
- Liquidity and financing: Raised ~$33mm via private placement in Feb-2025 to support operations; Q4 2024 saw unrestricted cash decline as Ironton operations and projects consumed cash .
Compensation Committee & Peer Benchmarking
- Compensation Committee (independent): Chair Bouck; members Burnell and Fieler; advised by FW Cook (no conflicts) .
- Peer group and philosophy: Market-competitive targets with higher LTI emphasis to retain talent during pre-revenue scaling; STI/LTI goals reevaluated annually for rigor and strategic alignment .
Investment Implications
- Incentive alignment: Zero STI payout and forfeited PSUs signal pay consequences for underperformance; 2024 PSU framework continues to tie value to multi-year operational/value-creation milestones .
- Near-term equity supply mechanics: Multiple RSU vest dates in 2025 could increase tradable float when windows open, though anti-hedging/pledging and blackout procedures apply; options begin to vest 2026–2027 .
- Governance balance: CEO-director dual role is mitigated by a separate non-executive Chair, an active LID, and fully independent audit/compensation/N&CG committees; say-on-pay support at 77% suggests room for further alignment focus as performance evolves .
- Execution risk vs. commercialization momentum: Operational metrics (uptime, feed rates, customer trials) are improving, but sustained EBITDA inflection and cash discipline remain critical to justify incentive outcomes and support equity value .