"This Employment Agreement ("Agreement") is made and entered into, effective May 14, 2012 (the “Effective Date”), by and between JBI, Inc., (the “Company"), and John Bordynuik (the “Employee”)."
"Company and Employee agree that it is in the best interests of Company and Employee, that Employee resign as CEO of Company and enter into this new Employment Agreement to be employed as Chief of Technology of Company."
"Protection of Plastic2Oil Trade Secrets. The Company has certain extremely valuable and confidential information in the nature of trade secrets relating to its Plastic2Oil processor (“Plastic2Oil Trade Secrets”). The Plastic2Oil Trade Secrets consist of know-how, formulas, designs and catalyst compositions. Currently, Employee is the only person with knowledge of these Plastic2Oil Trade Secrets. Company and Employee agree that within three months of the execution of this Agreement, these Plastic2Oil Trade Secrets shall be known to Employee and one other employee of P2O. Such employee will remain nameless and only be known to Matthew Ingham, the Chief Financial Officer of the Company. Due to the sensitive nature of these Trade Secrets, no member of the Company’s Board of Directors or Executive Management shall be privy to this information. Any writings reflecting or relating to these Plastic2Oil Trade Secrets are now and shall in the future be kept locked in a bank vault. That bank vault shall not be opened, except in the event of the death or incapacity of Employee or the other employee and only then upon a resolution of the Company’s Board of Directors. To the extent that this provision is inconsistent with or contrary to anything in the more general provisions of Article IV of this Agreement, this paragraph 1.4 (b) shall govern." https://www.sec.gov/Archives/edgar/data/1381105/000121390012002764/f8k051512ex10ii_jbi.htm
So Matt Ingham, if you can find him, can tell you who the "one other person" is that can tell us the Trade Secrets (if they're above ground). Ingham was inexplicably given a nice thick stack of shares by JB personally and that may have been done to buy Matt's permanent silence on this issue. Wouldn't surprise me if there was no "one other employee"...if there was, that person would have had quite a hammer to hold over JB's head and JB never struck me as the type who would be comfortable with that. It seems that the big secret wasn't so special....the "magic" of it was its ability to sell shares via the intimation of the CEO that only he knew its composition and that it had some unique properties, which it apparently did not. Who'da thunk it?
It's all quite the fantasy. Maybe the "one other employee" might have been related to the author of the news article about JB's hacking of a bank and giving the money back. A guy who uses his Mom and kids to do an end run around the securities laws can always be counted on for entertainment. I kinda miss him...but then again he didn't cost me anything.
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