Plastic2Oil Inc (PTOI)

[dipinvester]

(b) Stock Options. Subject to the terms and conditions provided in this Agreement, the Company agrees to grant the Executive stock options to purchase a maximum of 250,000 shares of the common stock of the Company in the following manner.


1. The first tranche of 100,000 options at an exercisable at a price of $4.89 and become fully vested on the Effective Date.


2. The second tranche of 75,000 options carrying an exercise price of $4.89, and vesting upon the completion of 5 fully operational Plastic 2 Oil (“P2O”) processors.


3. The third tranche of 75,000 options carrying an exercise price of $4.89, and vesting when the Company’s market capitalization exceeds $500,000,000 as determined by the Company’s independent accounting firm.