5//SEC Filing
MAGNEGAS CORP 5
Accession 0001144204-16-082382
CIK 0001353487operating
Filed
Feb 15, 7:00 PM ET
Accepted
Feb 16, 2:01 PM ET
Size
6.7 KB
Accession
0001144204-16-082382
Insider Transaction Report
Form 5
MAGNEGAS CORPMNGA
Santilli, Ermanno
DirectorCEO10% Owner
Transactions
- Award
Option to Purchase Common Stock
2015-02-12+150,000→ 600,000 totalExercise: $0.72Exp: 2020-02-12→ Common Stock (150,000 underlying)
Footnotes (2)
- [F1]On February 12, 2015, the Board of Directors of the Issuer (the "Board") approved the granting to the Reporting Person of an option to purchase 150,000 shares of the Issuer's common stock. The Issuer granted the option to the Reporting Person on the same date. The vesting schedule was to be determined by the Board based on the Issuer's achievement of predetermined performance criteria.
- [F2]On August 26, 2015, the Board signed resolutions whereby they agreed that the Issuer had achieved 55% of the pre-determined performance criteria and that the Reporting Person should immediately vest in 55% of the options. This meant that the Reporting Person had vested in the option to purchase 82,500 shares. On January 29, 2016, the Board had a telephonic meeting whereby they agreed that the Issuer had achieved another 40% of the pre-determined performance criteria (for a total of 95%) and that the Reporting Person should immediately vest in an additional 40% of the options. This meant that the Reporting Person had vested in the option to purchase another 60,000 shares (for a total of 142,500 shares). The Reporting Person has not yet vested in 7,500 shares. On February 4, 2016, the Board signed resolutions documenting the decision made at the telephonic board meeting on January 29, 2016.
Documents
Issuer
MAGNEGAS CORP
CIK 0001353487
Entity typeoperating
IncorporatedDE
Related Parties
1- filerCIK 0001353487
Filing Metadata
- Form type
- 5
- Filed
- Feb 15, 7:00 PM ET
- Accepted
- Feb 16, 2:01 PM ET
- Size
- 6.7 KB