Section 5 — Corporate Governance and Management
Post# of 43066
Posted On: 10/31/2016 2:53:57 PM
Section 5 — Corporate Governance and Management
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 25, 2016, Plastic2Oil, Inc. (the “Company”) granted to Rahoul S. Banerjea, the Company’s Chief Financial Officer and Secretary, two awards of incentive stock options to purchase a total of 5,250,000 shares of the Company’s common stock pursuant to the Company’s 2012 Long-Term Incentive Plan. The awards consisted of (i) an award of 2,250,000 option shares, at an exercise price of $0.17 per share, which are fully vested on the date of the grant and (ii) an award of 3,000,000 option shares, at an exercise price of $0.5 per share (representing the closing sales price for shares of the Company’s common stock on the OTCQB Capital Market on the date of grant), which shall vest in equally annual installments over a period of three years beginning on March 18, 2017, subject to acceleration of certain vesting upon the occurrence of a Change in Control or termination of employment for Good Reason or without Cause (as such terms are defined in the relevant Incentive Stock Option Agreement).
A copy of the Incentive Stock Option Agreement for each award is filed as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K. The foregoing summary description of the option awards is qualified in its entirety by each agreement itself, which are incorporated herein by reference.
Section 8 — Other Events
Item 8.01 Other Events. On October 18, 2016, the Company received additional gross proceeds of $400,000 from the sale of secured promissory notes in the previously disclosed private placement.
8K FILED
https://www.sec.gov/Archives/edgar/data/13811...orm8-k.htm
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 25, 2016, Plastic2Oil, Inc. (the “Company”) granted to Rahoul S. Banerjea, the Company’s Chief Financial Officer and Secretary, two awards of incentive stock options to purchase a total of 5,250,000 shares of the Company’s common stock pursuant to the Company’s 2012 Long-Term Incentive Plan. The awards consisted of (i) an award of 2,250,000 option shares, at an exercise price of $0.17 per share, which are fully vested on the date of the grant and (ii) an award of 3,000,000 option shares, at an exercise price of $0.5 per share (representing the closing sales price for shares of the Company’s common stock on the OTCQB Capital Market on the date of grant), which shall vest in equally annual installments over a period of three years beginning on March 18, 2017, subject to acceleration of certain vesting upon the occurrence of a Change in Control or termination of employment for Good Reason or without Cause (as such terms are defined in the relevant Incentive Stock Option Agreement).
A copy of the Incentive Stock Option Agreement for each award is filed as Exhibit 10.1 and 10.2 to this Current Report on Form 8-K. The foregoing summary description of the option awards is qualified in its entirety by each agreement itself, which are incorporated herein by reference.
Section 8 — Other Events
Item 8.01 Other Events. On October 18, 2016, the Company received additional gross proceeds of $400,000 from the sale of secured promissory notes in the previously disclosed private placement.
8K FILED
https://www.sec.gov/Archives/edgar/data/13811...orm8-k.htm
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