Protagenic Therapeutics Inc. (PTIX)

[buckhunter102001]

wouldn't there be a non-compete set in place so Fong could not even go to a competitor?

Great point!!! And yes, there was a non compete agreement in Fong's employee agreement...Can't find EXHIBIT C to determine if there was a certain timeline for the non-compete, but they are typically up to 1-2 years after termination of employment. That'd be a pretty good indicator of the direction this may go.

http://www.sec.gov/Archives/edgar/data/1022899/000114420411064110/v239334_ex10-1.htm

8. Ancillary Agreements. As a material inducement to the Company for entering into this Agreement and as a condition to the obligations of the Company hereunder, Executive is hereby executing and delivering a Non-Competition, Non-Solicitation and Proprietary Information Agreement, dated of even date herewith, by and between Executive and the Company in the form of Exhibit C attached hereto (the “Non-Competition Agreement”). Each of the Company and Executive hereby agrees and acknowledges that the rights and obligations of the parties under the Non-Competition Agreement and the terms and provisions thereof are an integral part of this Agreement and hereby are incorporated in this Agreement as if fully set forth herein. Without limiting any other rights that the Company may have, if Executive materially breaches any provision of the Non-Competition Agreement and fails to cure such breach within ten (10) days of notice from Company of such breach, any right that Executive may have to receive any compensation or payments (other than vested Restricted Stock Units) from the Company hereunder shall be forfeited by Executive and extinguished in all respects.