Exhibit
No: 10.3


 


Amendment
to Sections 13.1 and 13.2 of Technology License and Referral Agreement


 


Sections
13.1 and 13.2 of the Technology License and Referral Agreement effective January 2, 2015 between the undersigned parties are hereby
amended as follows:


 


Section
13.1


 


Section
13.1 currently reads as follows:


 


Pilot
Program Contingency. Licensee’s obligations under this Agreement shall be and hereby are contingent upon the institution,
completion by that date which is one hundred twenty (120) days after the Effective Date (which date may be extended for an additional
thirty (30) days at Licensee’s option upon prior written notice to P2O), and Licensee’s acceptance, in its sole discretion,
of the results of, of a pilot test program (the “Pilot Program”), whereby Licensee shall utilize, on terms
mutually agreeable to P2O and Licensee, P2O’s facility (the “Test Facility”) at 20 Iroquois Street, Niagara
Falls, New York (the “Pilot Program Contingency”) to ascertain Licensee’s willingness to go forward with
the transactions contemplated herein, and, if so ascertained, to establish Minimum Performance Levels for the Initial Order and
using the relevant feedstock. Immediately upon the execution and delivery of this Agreement by the parties hereto, the parties
shall in good faith diligently negotiate the terms of an agreement for use of the Test Facility for the Pilot Program.


 


Section
13.1 is amended to read as follows:


 


Pilot
Program Contingency. Licensee’s obligations under this Agreement shall be and hereby are contingent upon the institution,
completion by that date which is two hundred ten (210) days after the Effective Date (which date may be extended for an additional
thirty (30) days at Licensee’s option upon prior written notice to P2O), and Licensee’s acceptance, in its sole discretion,
of the results of, of a pilot test program (the “Pilot Program”), whereby Licensee shall utilize, on terms
mutually agreeable to P2O and Licensee, P2O’s facility (the “Test Facility”) at 20 Iroquois Street, Niagara
Falls, New York (the “Pilot Program Contingency”) to ascertain Licensee’s willingness to go forward with
the transactions contemplated herein, and, if so ascertained, to establish Minimum Performance Levels for the Initial Order and
using the relevant feedstock. Immediately upon the execution and delivery of this Agreement by the parties hereto, the parties
shall in good faith diligently negotiate the terms of an agreement for use of the Test Facility for the Pilot Program.


 






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Section
13.2


 


Section
13.2 currently reads as follows:


 


Financing
Contingency. Licensee’s obligations under this Agreement shall be and hereby are contingent upon Licensee obtaining
funding for (i) the Pilot Program on terms acceptable to Licensee in its sole discretion, on or before that date which is thirty
(30) calendar days after the Effective Date, and (ii) the Initial Order and working capital in amounts and upon terms acceptable
to Licensee in Licensee’s sole discretion, on or before that date which is sixty (60) days after Licensee’s written
notice of removal or satisfaction of the Pilot Test Contingency.


 


Section
13.2 is amended to read as follows:


 


Financing
Contingency. Licensee’s obligations under this Agreement shall be and hereby are contingent upon Licensee obtaining
funding for (i) the Pilot Program on terms acceptable to Licensee in its sole discretion, on or before that date which is one
hundred twenty (120) calendar days after the Effective Date, and (ii) the Initial Order and working capital in amounts and upon
terms acceptable to Licensee in Licensee’s sole discretion, on or before that date which is sixty (60) days after Licensee’s
written notice of removal or satisfaction of the Pilot Test Contingency.


 


All
other terms and conditions of the Technology License and Referral Agreement shall remain the same.


 


	Dated:
    May 1, 2015	PLASTIC2OIL, INC., a Nevada corporation
	 	 	 
	 	By:	/s/
    Richard W. Heddle
	 	 	Richard
    W. Heddle
	 	 	President
    & CEO
		 	 
	Dated: May 1, 2015	ECONAVIGATION, LLC, a New York limited liability company
	 	 	 
	 	By:	/s/
    Mark D. Ragus
	 	 	Mark
    D. Ragus
	 	 	President


 






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