Replies to post #225249 on Plastic2Oil Inc (PTOI)

[jcoukr]

Option extended from 90 days to 7 years. Gets your wheels turning

[Johnik]

If he thought that he could establish "Good Cause" he gave up $400k by signing the Separation Agreement. Either he didn't think he could do that or felt it was not worth the effort, net of attorney fees and aggravation.

You mean "good reason," as referred to by Janice? It is a defined term.

3.3.3 Good Reason. “Good Reason” shall mean the Employee’s termination of his employment upon the occurrence of a material reduction in the Employee’s duties, authority, or responsibilities relative to the duties, authority, or responsibilities in effect immediately prior to such reduction. Provided, however that, such termination by the Employee shall only be deemed for Good Reason pursuant to the foregoing definition if: (a) the Employee gives the Company written notice of the intent to terminate for Good Reason within thirty (30) days following the first notice to the Employee of the occurrence of the condition(s) that the Employee believes constitutes Good Reason, which notice shall describe such condition(s);and (b) the Company fails to remedy such condition(s) within thirty (30) days following receipt of the written notice.

http://www.sec.gov/Archives/edgar/data/1381105/000121390012002764/f8k051512ex10iii_jbi.htm

(not sure if the link will work)

I agree with Janice that it does not appear to apply.