Plastic2Oil Inc (PTOI)

[flptrnkng]

Exercise Procedure.

i. (i) This Warrant will be deemed to have been exercised at such time as the Company has received all of the following items (the "Exercise Date"):

a. (a) a completed Exercise Agreement, in the form attached hereto as Exhibit 1, executed by the Holder (the "Purchaser"); and

a. (b) a certified check or other immediately available funds payable to the Company in an amount equal to the sum of the product of the Exercise Price multiplied by the number of shares of Common Stock being purchased upon such exercise (the "Cash Exercise") or the Holder may satisfy its obligation to pay the Exercise Price through a cashless exercise (the "Cashless Exercise") in which the Company shall issue to the Holder that number of shares of Common Stock determined as follows:

X = Y [A-B/A].

X = the number of shares of Common Stock.

Y = the number of Warrants being exercised (prior to the Cashless Exercise).

A = the average of the closing bid and asked prices on the primary trading market on which the Company's Common Stock is then listed or quoted for the five (5) trading days immediately prior to but not including the Exercise Date. If the Common Stock is not so listed or quoted and bid and ask prices are not reported, the fair market value shall be the price per share as determined in good faith by the Company's Board of Directors.

B = the Exercise Price.

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I don't see JBI specifically getting any cash in the 'Cashless Exercise' option.