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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Magnegas Applied Tchnlgy Sltns Inc    

MAGNEGAS APPLIED TCHNLGY SLTNS INC

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MAGNEGAS APPLIED TECHNOLOGY SOLUTIONS, INC. : Change in Directors or Principal Officers (form 8-K)

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01/11/2019 | 05:21pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;

          Appointment of Certain Officers; Compensatory Arrangements of Certain
          Officers.



On January 8, 2019, MagneGas Applied Technology Solutions, Inc. (the "Company") entered into a multi-year employment Agreement with Scott Mahoney, the Company's Chief Executive Officer and President, effective as of January 1, 2019. Under the terms of the agreement Mr. Mahoney's annual base pay is $225,000 per year and he will be entitled to receive bonus compensation and adjustments to his compensation, subject to the review and approval of the Company's Compensation Committee of the Board of Directors ("Compensation Committee"). Mr. Mahoney has a target bonus of 50% of his annual base salary for the current fiscal year. In addition, Mr. Mahoney will receive a stock grant of not less than 500,000 shares of free-trading common stock to be vested in equal quarterly installments over a three-year period, subject to 90-day probationary period prior to the initial grant. In addition, Mr. Mahoney will receive a one-time lump sum cash transition support payment in an amount of $75,000. Mr. Mahoney will be eligible to participate in the Company's benefits as may be offered from time to time to other similarly situated employees.

On January 8, 2019, the Company entered into a multi-year employment agreement with Tyler B. Wilson, Esq., the Company's Executive Vice President, General Counsel and corporate Secretary. Under the terms of the agreement Mr. Wilson's annual base pay is $175,000 per year and he will be entitled to receive bonus compensation and adjustments to his compensation, subject to the review and approval of the Company's Compensation Committee. Mr. Wilson has a target bonus of 30% of his annual base salary for the current fiscal year. In addition, Mr. Wilson will receive a stock grant of not less than 250,000 shares of free-trading common stock to be vested in equal quarterly installments over a three-year period, subject to 90-day probationary period prior to the initial grant. In addition, Mr. Wilson will receive a one-time lump sum cash transition support payment in an amount of $35,000. Mr. Wilson will be eligible to participate in the Company's benefits as may be offered from time to time to other similarly situated employees.

On January 8, 2019, the Company entered into a multi-year employment agreement with Richard Conz, the Company's Executive Vice President of Engineering and Technology Development. Under the terms of the agreement Mr. Conz's annual base pay is $180,000 per year and he will be entitled to receive bonus compensation and adjustments to his compensation, subject to the review and approval of the Company's Compensation Committee. Mr. Conz has a target bonus of 15% of his annual base salary for the current fiscal year. In addition, Mr. Conz will receive a stock grant of not less than 250,000 shares of free-trading common stock to be vested in equal quarterly installments over a three-year period, subject to 90-day probationary period prior to the initial grant. Mr. Conz will be eligible to participate in the Company's benefits as may be offered from time to time to other similarly situated employees.

On January 8, 2019, the Company entered into a multi-year employment agreement with Jack Armstrong, the Company's Executive Vice President of Business Development. Under the terms of the agreement Mr. Armstrong's annual base pay is $125,000 per year and he will be entitled to receive bonus compensation and adjustments to his compensation, subject to the review and approval of the Company's Compensation Committee. Mr. Armstrong has a target bonus of 30% of his annual base salary for the current fiscal year. In addition, Mr. Armstrong will receive a stock grant of not less than 250,000 shares of free-trading common stock to be vested in equal quarterly installments over a three-year period, subject to 90-day probationary period prior to the initial grant. Mr. Armstrong will be eligible to participate in the Company's benefits as may be offered from time to time to other similarly situated employees.

On January 8, 2019, the Company entered into a multi-year employment agreement with Timothy Hauck, the Company's Chief Financial Officer. Under the terms of the agreement Mr. Hauck's annual base pay is $125,000 per year and he will be entitled to receive bonus compensation and adjustments to his compensation, subject to the review and approval of the Company's Compensation Committee. Mr. Hauck's has a target bonus of 10% of his annual base salary for the current fiscal year. In addition, Mr. Hauck will receive a stock grant of not less than 250,000 shares of free-trading common stock to be vested in equal quarterly installments over a three-year period, subject to 90-day probationary period prior to the initial grant. Mr. Hauck will be eligible to participate in the Company's benefits as may be offered from time to time to other similarly situated employees.

On January 8, 2019, the Company ratified an employment agreement it entered into with Ermanno Santilli, the Company's Chief Technology Officer on November 2, 2018. Under the terms of the agreement Mr. Santilli will serve in his role for a term of two years with renewal provision for an additional year. Mr. Santilli's annual base pay is $180,000 per year and will be entitled to receive bonus compensation subject to the review and approval of the Company's Compensation Committee with a target bonus of 100% of annual base salary for the current fiscal year. Mr. Santilli will be granted 50,000 shares of free trading stock in accordance with the terms of his agreement. Mr. Santilli will be eligible to participate in the Company's benefits as may be offered from time to time to other similarly situated employees.

On January 8, 2019, the Company ratified an employment agreement it entered into with Clinton Rafe Dean, the Company's Chief Operating Officer on October 19, 2018. Under the terms of the agreement Mr. Dean will serve in his role for a term of three years with renewal provision for one or more additional one-year terms. Mr. Dean's annual base pay is $120,000 per year will be entitled to receive bonus compensation subject to the review and approval of the Company's Compensation Committee with a target bonus of 10% of annual base salary for the current fiscal year. In addition, Mr. Dean will receive a stock grant of not less than 100,000 shares of free-trading common stock to be vested in equal quarterly installments over a three-year period, subject to 90-day probationary period prior to the initial grant. Mr. Dean will be eligible to participate in the Company's benefits as may be offered from time to time to other similarly situated employees.

© Edgar Online, source Glimpses

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Financials ($)
Sales 2019 23,8 M
EBIT 2019 -8,71 M
Net income 2019 -10,7 M
Debt 2019 13,8 M
Yield 2019 -
P/E ratio 2019 -
P/E ratio 2020
Capi. / Sales 2019 1,09x
Capi. / Sales 2020 0,36x
Capitalization 12,1 M
Chart MAGNEGAS APPLIED TCHNLGY SLTNS INC
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Income Statement Evolution
Consensus
 
Mean consensus OUTPERFORM
Number of Analysts 1
Average target price 6,50 $
Spread / Average Target 1 528%
EPS Revisions
Managers
NameTitle
Scott Mahoney President, Chief Executive Officer & Director
Robert L. Dingess Chairman
Clinton Rafe Dean Chief Operating Officer
Timothy Hauck Chief Financial Officer & Controller
Ermanno P. Santilli Chief Technology Officer & Director
Sector and Competitors