Plastic2Oil Inc (PTOI)

[dipinvester]

Item 1.01 Entry Into a Material Definitive Agreement


On May 19, 2010, JBI, Inc. (the “Company”) announced that the Company has entered into an employment agreement (the Agreement”) with John Bordynuik the Company’s President and Chief Executive Officer. The Agreement was approved by the Company’s compensation committee.


The Agreement has a five year term and may be extended upon the mutual agreement of the Company and Mr. Bordynuik. Pursuant to the Agreement, Mr. Bordynuik will be paid an annual salary of $180,000, which shall commence upon issuance of a production permit for the Company’s first Plastic2Oil processor. In addition, Mr. Bordynuik has been granted option awards which vest and are contingent upon specific milestone achievements of the Company.


The foregoing description of the Agreement is not intended to be complete and is qualified in its entirety by the complete text of the Agreements attached as exhibits to this Current Report on Form 8-K.