Plastic2Oil Inc (PTOI)

[loanranger]

Termination of Employment Agreement
"On January 2, 2015, John Bordynuik resigned from his position as the Company’s Chief of Technology and the employment agreement between the Company and Mr. Bordynuik’s, dated May 15, 2012, was terminated."

That appeared in the 8-K which served the primary purpose of reporting the Item 1.01 Entry into a Material Definitive Agreement with EcoNavigation.
The termination of the Bordynuik agreement should have been filed as an Item 1.02 Termination of a Material Definitive Agreement but the company chose not to do that. Leaving us, as the opaque communication policy of CEO Heddle is wont to do, to guess what the terms of the termination were....or will be. The Agreement lays out certain terms that would apply if he resigned (which required thirty days notice that apparently was not provided), but we have seen in the past that other resignations have resulted in Separation Agreements that differed from the terms that the original employment agreements called for (and that's not unusual).

However, shareholders and prospective shareholders are entitled under the securities laws to be provided with the terms under which a company terminates its material agreements...that's why there's a section in the 8-K for such things. Since the company chose not to provide that information in the 8-K reporting his resignation I wonder whether it will do so in the coming 10-K?

I couldn't help but notice the pervasive theme in your post and others...that "John is gone", "JB as a dart board is just old news" and "JB look(s) real small in the rear view mirror"....and thought I'd highlight the fact that he and his running buddy have managed to kick up some dust on his ride into the sunset that flies in the face of the idea that he is gone, old news and in the rear view mirror. He won't actually be those things until we get to see what his dirty umbrella looks like. Hope we do, but doubt that we will.

Transparency strikes out again.