Plastic2Oil Inc (PTOI)

[xxxxcslewis]

I am just thinking out loud.

The date for the five Independent Board Members to be appointed is November 15. According to the proxy, the Board has determined that Phillip Bradley is an Independent Director. So four more Independent Directors need to be appointed to comply with the side letter. (Possibly only two Independent Board Members if the November 15 date is missed*)

Rich Heddle and Phillip Bradley were simply appointed to the board. There was no vote I am aware of. I assume that appointment was done by the remaining members of the previous board. Heddle and Bradley are now the board.

So I suppose four additional Independent Directors could simply be "appointed" by Heddle and Bradley by November 15 (or two additional Independent Directors later) and the whole issue may just go away.

My head hurts.

* provided, however, that the triggering event in clause (c) above shall terminate and have no further force or effect on the first day on which one-half of the directors on the Board (but in no event less than three) are Qualified Independent Directors.