The Company has evaluated subsequent events occurring after the balance sheet and has identified the following:
Subsequent to March 31, 2013, the Company issued 51,168 shares of the Company’s common stock, for services, that had previously been subscribed. The shares were valued at a price of $0.70 per share.
On April 19, 2013, John Wesson resigned as a member of the Board of Directors of JBI, Inc. and from each committee of the Board.
On May 1, 2013, Kevin Rauber informed the Board of Directors (the “Board”) of JBI, Inc. (the “Company”) of his resignation from his positions as the Company’s President and Chief Executive Officer and from the Board, effective May 2, 2013. In connection with Mr. Rauber’s resignation, Mr. Rauber and the Company executed a separation agreement (the "Separation Agreement") on May 1, 2013. Pursuant to the terms of the Separation Agreement, Mr. Rauber will receive payment of the equivalent of four months of his base salary ($83,333) payable in accordance with the Company’s payroll practices and immediate accelerated vesting of options to purchase 200,000 shares of the Company’s common stock. The exercise period of the vested options will be extended from ninety (90) days to seven years after execution of the Separation Agreement. The remaining unvested options held by Mr. Rauber will be forfeited. In addition, Mr. Rauber will receive continued coverage under the Company's benefit plans or equivalent coverage through July 31, 2013.
On May 2, 2013, Tony Bogolin, the Company’s Chief Operating Officer, was appointed to the role of the Company's President and Chief Executive Officer as well as a director of the Company.
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