Current Report Filing (8-k)
01 November 2016 - 5:29AM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): October 25, 2016
Plastic2Oil,
Inc.
(Exact
name of registrant as specified in its charter)
Nevada
|
|
000-52444
|
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90-0822950
|
(State
or other jurisdiction of
incorporation
or organization)
|
|
(Commission
File
Number)
|
|
IRS
Employer
Identification
No.)
|
20
Iroquois Street
Niagara
Falls, NY
|
|
14303
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(Address
of principal executive offices)
|
|
(Zip
Code)
|
Registrant’s
telephone number, including area code: (716) 278-0015
NA
(Former
name or former address, if changed since the last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
[ ]
Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a -12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d -2(b))
[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e -4(c))
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.
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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.
Item
9.01.
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Financial
Statements and Exhibits
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(d)
Exhibits
Exhibit
Number
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Description
|
|
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10.1
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Incentive
Stock Option Agreement between Plastic2Oil, Inc. and Rahoul S. Banerjea (Option agreement #1)
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10.2
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Incentive
Stock Option Agreement between Plastic2Oil, Inc. and Rahoul S. Banerjea (Option Agreement #2)
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SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
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Plastic2Oil,
Inc.
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Dated:
October 31, 2016
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By:
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/s/
Richard Heddle
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Richard
Heddle
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President,
Chief Executive Officer,
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and
Director
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